If you’re interested in finding patterns in numerical data, have an affinity for finance and accounting and are fascinated by the business world, a career in internal auditing could be a good fit for you. As a subset of accountants, internal auditors are consistently in demand across a variety of organizations and play a key role in keeping financial records accurate and honest. Whether you’re interested in pure numbers, operational management or even information security issues, you can find a role as an internal auditor that could allow you to work on your areas of interest. In this article, you can learn more about the field of internal auditing, the daily tasks it involves and the qualifications you’ll need. Here are a few of the top reasons budding accountants should consider pursuing a career in the interesting and dynamic field of internal auditing.
1. You Can Work Up to Senior Level
While most internal auditors begin their careers in entry-level positions, the longer you stick with a company or the more experience you have under your belt, the quicker you’ll be able to work your way up to senior levels. For instance, you could eventually take on more leadership and managerial responsibilities as the senior internal auditor. Having more of an educational background could help here. For instance, if you were to complete a master’s degree through an on-campus or online program, you could potentially get promoted sooner than your bachelor-holding colleagues.
2. You Can Work in Several Organizations
Because accountants in general, and internal auditors in particular, are so foundational to the finances of any company, you’ll be able to find roles across a variety of organizations. This means you can potentially switch sectors until you find something you truly enjoy, and may even be able to combine your interests. Whether you’re hoping to work for a nonprofit, a big corporation, a law firm or a government agency, becoming an internal auditor could give you the opportunity to work in the environment you want.
3. You’ll Be Well Paid
One of the biggest advantages to working as an internal auditor is that because your work is so indispensable to the company, you’ll likely be well paid. In fact, according to the Bureau of Labor Statistics, accountants and auditors made a median annual salary of $71,550 in 2019, significantly more than the median for all occupations. Additionally, the more senior you become, the better your chances of earning even more. By the time you become a senior internal auditor, you could be earning over $80,000 a year.
4. You’ll Earn Your CPA
Finally, working as an internal auditor gives you a strong accounting background for building the rest of your career, even if you decide to switch gears later on. For example, you could earn your CPA while working, which would help give you a boost up the corporate ladder and qualify you to open your own firm later on.
For people who are fascinated by patterns, data-driven and enjoy working with businesses, a career in internal auditing could be ideal. If you’re unsure whether internal auditing is the right career for you, keep these reasons in mind and you’ll be ready to make the right decision.