With more and more companies putting a focus on middle and back-office operations, internal auditors — and especially Certified Internal Auditors ® — are in high demand. As a result, internal auditor salaries and compensation are increasing.
Salaries Climbing for Auditors At All Levels
Internal auditors are fast becoming essential to ensuring efficient operations and responding to a variety of emerging risks and challenges, including new and ever-changing auditing requirements. In fact, according to recruiting firm Robert Half’s latest Salary Guide for Accounting and Finance , internal auditors – across the board – can expect to see a 3.5%-4% bump in overall salary this year.
According to the report, the starting salary for an early career (a year’s worth of experience) internal auditor in corporate accounting ranges from$58,000 to $68,750. For those with CIA certification — which requires a minimum of two verifiable years of audit work — the figure is much higher, as a senior auditor can expect to earn between $88,250 to $115,000 at large company.
For some balance to these numbers, we’re including public data from salary tracker Payscale.com . While slightly lower than Robert Half’s figures for mid and late-career positions, the data confirms a strong entry level salary for internal auditors.
Common Functions & Responsibilities
While roles can vary widely from organization to organization, in general, internal auditors work to improve company operations, especially in the areas of risk management and control. Responsibilities can include:
- Examining financial statements for accuracy and regulatory compliance
- Assessing financial operations and advising management on related decisions
- Suggesting ways to reduce costs and improve revenue and profits
- Identifying risk management issues and areas of operational concern
Stand Out with Certification
As demand rises for internal auditing capabilities, a bachelor’s degree in accounting or a related field is now a must, but some companies prefer a master’s degree or specialized certification such as the CIA or the CFSA (certified financial services auditor).
Why are these advanced credentials in demand? Because they carry the weight of the IIA and demonstrate an auditor’s understanding of current techniques and best practices as well as their commitment to continuous learning.
For in-depth information about the latest internal auditor salaries, be sure to download the latest Robert Half salary report.