Auditors are special accountants that take the time to review the work of others, whether that’s working within a company’s structure, or as an independent consultant. The objectivity of this job is what is making it grow.
In fact, the field of auditing is set to rise sixteen percent over the next ten years, which is above the average of most professions. The effect is most likely resulting from increased security measures, coming from company heads and managers who want to ensure that they are observing legal boundaries.
The number of business scandals in the news, including the economic trouble ethical companies are dealing with, are enough to motivate a company to pay top dollar for expert-level work.
The Minimum vs. The Preferred Background
Stricter laws are now in place, and this is where the industry is coming. Audits are important as they evaluate whether or not lending standards are remaining above average and always in compliance.
The onset of globalization is also a significant trend to follow, and this is leading to increased business, but in niche fields such as international trade. Knowing the legalities of trade, business in a variety of countries, and how to approach mergers is also of great use.
While bachelor’s degrees are the minimum standard, most companies will want to work with a master’s degree or higher CPA, one with certification and licensure, as well as experience. Computer experience, including already knowing how to work common software in the industry, is also a plus.
Reports suggest that the greatest growth in the industry is actually coming from an increase in the total number of businesses, as well as the tighter auditing expectations.
So don’t necessarily limit yourself to big corporations, when there is a lot of money to be made working with smaller companies, especially on an independent basis. The predicted number of jobs by 2018 will be 280,000, which is a formidable number.
Opportunities to Excel
Furthermore, internal auditing seems to have its own source of growth apart from independent auditing. In fact, some experts believe that internal auditing is more recession-proof than independent auditing.
The reason being, companies are more likely to make mistakes when they use internal auditing personnel. Knowing this, executives hire internal auditors to work on a regular basis not merely intervals throughout the year.
Many of the currently working auditors are involved in tax preparation and bookkeeping. Only eight percent are self employed, meaning you are more likely to be hired if you apply as an internal auditor at a number of companies rather than immediately trying to start your own business. Urban areas have the advantage, over rural territories or less populated cities.
There are also an increasing number of companies desiring accountants to give management advice, given their familiarity with the company’s budget and economy. Therefore, studying up on what kind of advice is truly helpful, as regards taxes, management theory, cutting costs, or bookkeeping would be advantageous.
Now is the time to become immersed in this field, right when they need you. You can use your skills to help companies remain legal, turn a profit, and report their numbers correctly and without wasteful spending. You will be an asset.