Finance News

4 Things You Need To Know About Careers in Internal Auditing

If you have an eye for details, a knack for finding patterns and are interesting in pursuing an accounting career, you may want to consider the fascinating subfield of internal auditing. Open any accounting career guide and internal auditing is sure to be listed as a stable, lucrative option that can provide interesting work for qualified accountants. When you work in auditing, you’ll have the opportunity to use your quantitative analysis skills to ensure that financial records are honest and accurate, ensuring companies’ financial well being. Before you start opening job applications, however, there are a few things you should know about careers in this field.

1. You Can Work in Several Industries

As an accountant, you have more job options available to you than many lines of work do. Because accounting services are foundational to any industry, you’ll have the opportunity to switch sectors throughout your career, expand your knowledge base and explore new interests. This means you won’t have to worry about getting bored or stagnating in your role, since you can always find something else interesting and challenging.

2. You’ll Earn a Good Wage

One of the best perks of working as an accountant in general, and as an internal auditor in particular, is that there’s a good chance you’ll earn a high salary. Across the board, accounting jobs are well known for their high wages; in fact, according to the Bureau of Labor Statistics, accountants and auditors earned a median annual wage of $71,550 in 2019, much more than the national median across all occupations of just under $40,000. If you’re looking for a career that’s both stable and lucrative enough to provide you and your family with a comfortable life, internal auditing could fit the bill.

3. You Could Advance in Seniority Over Time

If you’re interested in more leadership-oriented or managerial positions, starting your career off with an entry-level internal auditor position could be the perfect way to get there. Over time, you can rise up in the ranks to a more senior position. Additionally, earning extra certifications like a CPA along the way could potentially help you climb the corporate ladder quicker.

4. You Could Have Good Work-Life Balance

Finally, if you don’t want to have a job that requires you to work around the clock and having good work-life balance is important to you, internal auditing could be a good choice. Though tax season can be hectic, the rest of the year tends to adhere more to a traditional nine-to-five schedule. Accounting in general is well known for its classic business hours and work-life balance, and internal auditing is no exception.

If you’re a budding accountant with a keen eye for details and a strong interest in pattern finding and fact-checking, a career in internal auditing could be ideal for you. This important area of accounting helps keep financial records accurate and provides a host of benefits for workers. If you’re debating whether a career in internal auditing is right for you, keep these key facts in mind and you’ll be well prepared to make the best choice for your future career.

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