Do you want to specialize in internal auditing and aren't sure how to make a move in that direction? This profession has a long history that goes back centuries. However, today's fast-paced innovations require experts who can stay on top of constantly changing compliance and regulatory changes.
Where is the demand coming from? Internal auditors are the professionals who ensure corporate governance stays on track. They mitigate risks and establish internal control and operations in every industry imaginable. There is a growing number of open positions for this work, and it's in the top ten hot finance and accounting positions in today's economy.
Compliance and risk are main concerns for many organizations. Banking, healthcare, and insurance firms are top employers, as well as financial services. As organizations build up transparency, they're seeking internal auditors and IT auditors. What would convince you to try internal auditing as a career path?
Reasons to Work in Internal Auditing
1. High Demand
As organizations push compliance, employers create internal auditor jobs, many employers are willing to train you to perform in order to fill their needs. According to the Bureau of Labor Statistics (BLS), auditor jobs will grow by 11 percent by 2024, which is faster than the average of all jobs.
Entry-level internal auditing is a great way to break into this career path. You should also look into risk assessment specialists, auditing specialists, financial analysts, lead internal auditors, information systems auditors, and internal controls auditors to see if these are viable career choices for you. There are also management opportunities for senior internal auditors, supervisors, and managers.
2. Salaries are Strong
This demanding field provides high salaries and flexibility, pushing employers to strive to compete for the best resources. Top candidates receive promises of home and work life balances. As of 2018, you can achieve $60,500 to $76,100 to start and up to $93,400 for a senior position. Managers who work in internal auditing gross up to $131,900. If you climb high enough up the ladder, you might land a position heading up an internal audit department for around $161,400 to $253,200.
3. It's in Corporate Spotlight
Internal auditors receive an in-depth look at the business that can be invaluable in later positions. You can also become quite astute at discussing and reviewing the policies, procedures, and processes of the company. By partnering with those who run the company, internal auditors gain priceless exposure to operational knowledge of companies and access to the board of directors. It can be a career-defining moment.
If you go to work for financial services institutions, they rely mainly on internal audit teams to keep data safe. Besides transparency and accountability, they balance the generation of cash with regulatory directives. Other factors include finding new startup costs and new capital structures.
Here are things you might do as an internal auditor:
- Analyze operations and procedures
- Safeguard assurances
- Perform compliance review
- Evaluate internal controls
Earn your bachelors before pursuing a place as an internal auditor. You can start by becoming a public accountant, then move into internal auditing. This gives you a safe place to experience the new field. You may be one of those people and want to dive into the new rules. Education backed up by certifications and credentials shows your ability and willingness to see beyond the general operations to find the skeletons in the closet. Certifications can also be required after you become an auditor.
As you progress in your career, you may be asked for additional certifications. Let them know you are working on one of these:
- Fraud Examiner (CFE)
- Government Auditing Professional (CGAP)
- Public Accountant (CPA)
- Information Systems Auditor (CISA)
- Internal Auditor (CIA)
Hiring firms consider it critical to put the right people in internal auditing roles. These include those with a great grasp of global regulatory changes and technologies. Accounting and finance professionals are leading the way in the role of internal auditing. With ongoing changes, this is likely to last a long time. Become an internal auditor to raise or double your salary and gain valuable insight into your company.
Are You Going to Take The Internal Auditor Path?
If you're looking for a job in internal auditing, or are just beginning down the path, we're here to help. Browse through our open jobs to see what's out there for you. Don't be afraid to reach out and see how our recruiters can help you get further in your career. Here at ICS, we're all about making your experience the best it can be, and that includes getting you where you need to be.