The Average Salary for Internal Auditors
Internal auditors are accounting professionals who audit their employer's effectiveness and financial controls to ensure funds are used appropriately and legally. These professionals continuously find ways to improve the organization's overall profitability, as well as ensure the organization is adhering to federal regulations and corporate policies. Some organizations use consultative agencies to audit their financials and suggest appropriate changes.
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Education
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Most employers require a bachelor's degree in accounting, finance or a related discipline for internal auditors. A master's degree may increase employment opportunities, as well as the Certified Internal Auditor (CIA) credential which can be obtained from the The Institute of Internal Auditors.
Average Base Salary
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A base salary is the amount of money paid to employees as agreed upon for their hours worked. Based on 1,921 individuals in the occupation reporting, PayScale reported a national average base salary ranging from $42,559 to $58,782 per year in October 2010.
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Additional Compensation
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Along with a base salary, employers offer medical, dental and vision health coverage. Only 10 percent of PayScale respondents reported not receiving any of these benefits. Some employers also offer bonuses and profit sharing for this occupation. Average bonuses ranged from $1,211 to $4,889 per year, and profit sharing ranged from $974 to $3,384 per year. The total average pay for internal auditors ranged from $40,570 to $59,548 per year.
Experience
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Salary often increases as internal auditors gain professional experience. PayScale reported 63 percent of these professionals having between one and four years of experience and 30 percent having over five years of experience. Internal auditors with one to four years of experience earned an average salary ranging from $42,040 to $56,416 per year. For those with 10 to 19 years of experience, the average salary ranged from $46,107 to $66,590 per year.
Job Outlook
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The Bureau of Labor Statistics expects 22 percent growth for accountants and auditors between 2008 and 2018. The increase is expected due to a variety of factors, including changing laws and regulations, as well as increased scrutiny of businesses to provide transparency and accountability.
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References
- Photo Credit financial report image by PaulPaladin from Fotolia.com
