Internal auditors pursue careers with private firms; public companies; financial institutions; and federal, state, and local government agencies. These professionals help organizations run efficiently and ensure that public records are accurate. They also analyze and communicate financial information, and make sure organizations file tax returns on time.
Enrolling in the online Master of Business Administration (MBA) in Accounting and Finance program from Florida Institute of Technology is an excellent step in the internal auditor career path. This comprehensive business management degree program prepares students to excel in a wide array of high-level accounting and finance leadership positions.
Job Outlook for Internal Auditors
The U.S. Bureau of Labor Statistics (BLS) projects that employment of auditors and accountants will increase by 6% between 2023 and 2033, faster than the average growth rate for all occupations. Combined with the need to replace workers who leave the occupation, this growth should equate to roughly 130,800 job openings for accountants and auditors each year.
A number of factors drive steady demand for these professionals, such as a growing economy, globalization, changing financial laws and corporate regulations, and evolving technologies and applications. Career prospects should be brightest for candidates with advanced educational qualifications — such as an MBA in accounting and finance — along with professional designations, Certified Public Accountant (CPA) and Certified Internal Auditor (CIA) being prime examples.
What Does an Internal Auditor Do? Internal Auditor Job Description
Internal auditors check for waste and fraud throughout an organization. They examine financial records and procedures while establishing controls to increase accuracy and efficiency within a company’s operations. Internal auditors use specialized software to track data in real-time, and they may also verify the integrity and reliability of the data.
Internal auditor duties may overlap with other departments as well. For instance, those with strong computer skills may assist the IT department in developing auditing software to meet the data analysis needs of specific organizations and industries. They may also focus on developing technology plans and implementing and monitoring computer systems and networks.
What Is a Typical Internal Auditor Salary?
According to BLS wage data, the median annual salary for auditors and accountants nationwide was $79,880 in 2023. Robert Half Inc. reports that internal auditors in corporate accounting with 1-3 years of experience earn a median annual salary of $84,750, while senior internal auditors earn $103,250 per year.
Logically, these figures rise with leadership opportunities. For example, according to Robert Half Inc., internal audit managers earn a median salary of $131,750 annually. The median annual salary for director of internal audit roles is an impressive $199,000, with typical earnings ranging from $141,500 to $228,500.
Higher-level positions often require advanced educational qualifications, certifications and professional experience. Numerous factors determine potential salary ranges and employment opportunities, including a candidate’s education, credentials and work history, an employer’s size and type, and local market conditions.
What Are the Educational Requirements for an Internal Auditor?
Internal auditor positions typically require at least a bachelor’s degree in accounting or a related field. Many professionals choose to become CPAs or attain CIA designation from The Institute of Internal Auditors to advance their careers. Some employers may prefer to hire applicants with a master’s degree in accounting or finance, such as the online MBA offered by Florida Tech.
Previous experience in accounting may also be attractive to employers, and students may participate in summer jobs or internship programs while pursuing a degree in accounting. Conveniently, students enrolled in an online MBA program can continue working full time and earning an income while completing their career-advancing degree. Graduates of an accounting and finance MBA program should be able to do the following:
- accurately conduct internal auditing procedures
- adhere to the latest industry rules and regulations
- use specialized software to conduct auditing tasks
- investigate financial records and identify instances of fraud and waste
- competently manage auditing teams and processes
The Path to an Internal Auditor Career
There are many paths to a career as an internal auditor, often based on an individual’s experience and education levels. Some may start as an audit associate before advancing their education and progressing to a senior internal auditor or managerial-level position.
Internal auditors should have a variety of skills, such as critical thinking, communication, decision-making and complex problem-solving, as well as integrity and a commitment to upholding the principles of the auditing profession. Interested professionals can develop these skills and highly specialized expertise through the online MBA in Accounting and Finance program from Florida Tech.
Learn more about Florida Tech’s online MBA in Accounting and Finance program.
