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What is the Job Market Outlook for Internal Auditors?

Job Market Outlook October 14, 2013

An internal auditor is a promising profession and is showing an increase of 16 percent up until the year 2020. This is about average, meaning it is not as high as some other professions which are rapidly growing. However, despite the fact that it is averagely growing, the jobs that are in internal auditing are tight and trained personnel are in high demand.

New Regulations Drive Better Business

Stringent laws have come into effect, and companies are desperately trying to avoid financial scandals, the likes of which is horrible for brand reputation and long-term survival. This means auditors are being hired to evaluate the company’s finances and identify any fraudulent action.

Third party auditors are often requested to ensure full compliance, but it has certainly escalated to the point that big companies cannot afford to procrastinate investigation. They want internal auditors working for them, and working day by day, to ensure no errors or fraud instances go unnoticed.

If you have accounting expertise, then you can put your skills to good use. There are also companies that need help in overseeing international trade, mergers, acquisitions and the like. Pursuing CPA certification is a wise move since they will have the best prospects open up to them.

While a four-year degree is the minimum standard, the facts show that employers actually prefer a master’s degree with business or accounting concentration. You can decide whether private or public positions suit you, and whether you want to work for government offices.

One thing is for sure: internal auditing is an important job and one that companies are willing to pay for all year round if it means less hassle from the IRS and state/federal law offices. A CPA education will prepare you for many of these legal situations, giving you a solid education in the legality of finance.

More Education and Other Skills Will Boost Your Profile

As of late, there is more need to travel than ever before, since time is of the essence for many of these financial tasks. Some workers are employed at home, while others have to travel for meetings and client negotiations. The salary quote is impressive, since the top line of workers makes over $104,000 per year, whereas the lower earners make about $37,000 a year.

A bachelor’s degree with little work experience will probably land you an entry-level position. However, when you apply yourself and build a stronger resume you earn more financial reward. Specialized training also helps tremendously, as more firms are niche-focusing in an effort to stay competitive with national, as well as local competition.

In addition to CPA certification, you can also pursue CIA (Certified Internal Auditor) status, which will show employers that you have above average accounting skills and know precisely what to look for, when conducting an audit.

Computer know-how is certainly a skill to cite, as is using specialized software. You can train for popular programs in advance; even if the company does not use the same software you know, you can learn quickly based on a thorough understanding of such an application and what main features it uses.

The career is not bursting, but it will definitely be a crowded field for the considerable future. Auditing literally saves companies millions and prevents them from bankruptcy, lawsuits and government fines. They need you, and they are willing to pay for your above average expertise.

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