Salary Information for Internal AuditorsCareer News November 15, 2013
Internal auditors are auditors that work exclusively for a company or corporation. Since they give up their independence to work under a company name, they are well compensated for loyalty and performance. Auditors have the responsibility of analyzing the accounts, checkbooks, and company reports to check for any problems or suspicious entries. They prepare information for government agencies, businesses interested in acquisitions, and many other top-level analysts.
How Much Can Internal Auditors Expect to Make?
The median salary for this profession is $50,655, according to HR reports from around the nation. Naturally, this salary changes according to certain job descriptions. Accounting department auditors are paid differently than bankers or entry-level workers. Big cities tend to pay higher salaries since they work with more money and entrust their auditors to protect the company from audits from the government. The salary for an auditor reaches $46,000 per year or soars to $93,000.
Hourly jobs start at $17 though many entry-level auditors earn higher than $50,000, even with minimal experience starting out. Internal auditors are seeing an increase in their salaries, up by about three percent in modern years. The Institute of Internal Auditors ran a compensation study and determined that a whopping 87 percent of firms’ state that they expect salary increases.
What determines the capacity for higher salaries? More hard work is required of these professionals, since they are responsible in overseeing stringent regulatory compliance issues. They do not merely review numbers, but have skills in problem solving and identifying risk factors, helping the company to reach major financial decisions.
Specialization May be the Key
Specializing in a sub-field like fraud cases, IT, forensics, health or safety is an option worth considering. These auditors typically do earn above average salaries because of the extra skills and knowledge involved, as opposed to workers who merely take on financial audits.
Certification also helped boost salary quotes, as internal auditors earned an average of $20,000 more than non-certified workers. There is also the option of unique and nontraditional bonuses, which are given along with a base salary. Perks of the job might include cash awards, gifts, better working conditions, wellness programs, educational reimbursement, and travel arrangements, free of charge.
The best way to ensure that you will maximize earning potential is to study in advance in a reputable college, learning government guidelines, proper accounting methods, and focusing in on local departments of an entity. Cultivating people skills is also effective, as well as earning a top-level degree from a trusted university. A bachelor’s degree in accounting is the degree to aim for, though other students might find related fields such as business administration, managing or a niche field, to be useful for their career aims.
Now is the time to make a change in your life by taking the initiative and furthering your education in a relevant field. It won’t be easy, but when you finish your coursework, you will be happy with how the job market opens up avenues for your skills.