How Much Should I Get Paid as an Internal Auditor?
Internal auditors work to ensure that an organization's financial records are accurate and check for incidences of fraud or waste. The U.S. Department of Labor's Bureau of Labor Statistics classifies internal auditors under the job category "accountants and auditors." A bachelor's degree is the typical educational requirement for an aspiring auditor. Your pay as an internal auditor will depend on factors such as experience level, geographic location and education.
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Features
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As of May 2010, the mean annual wage for internal auditors was $68,960. Salaries ranged from $38,940 for the bottom 10 percent to $106,880 for the top 10 percent. The median wage for this occupation was $61,690, according to the BLS' Occupational Employment Statistics survey. The bureau notes that mean annual wages were calculated by multiplying the mean hourly wage of $33.15 by 2,080, which is the average number of hours worked by a "full-time, year-round" employee.
Industries
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"Accounting, Tax Preparation, Bookkeeping and Payroll Services" was the industry that reported the highest employment levels in the job category "accountants and auditors," with a mean annual wage of $74,250. "Management of Companies and Enterprises" was second at $68,760. As of May 2010, the top-paying industries for internal auditors all paid annual mean wages greater than $80,000, with the federal executive branch leading the way at $89,310.
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Locations
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The states that reported the highest employment levels for internal auditors were California, New York, Texas, Florida and Pennsylvania. Salaries in these states ranged from $63,600 in Florida to $85,230 in New York. New York also ranked as the highest-paying state for internal auditors. Two of the three highest-paying metropolitan areas for internal auditors were in the state of New York, with New York City topping the list at $89,220 per year.
Considerations
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The Bureau of Labor Statistics estimates that employment for auditors will grow about 22 percent by 2018. This is largely because of an increased focus on financial accountability. Job opportunities will be best for candidates who hold a graduate degree and a professional credential from an organization such as the Institute for Internal Auditors, or IIA. However, the BLS cautions that competition will be keen for available positions. In addition to salary, internal auditors typically receive benefits including life and health insurance, retirement plans and paid vacation.
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