What is the salary for an internal auditor?
(Note: Please note that salaries can differ significantly based on industry, experience and company policies. The above figures are based on estimates taken from glassdoor.co.uk and payscale.com)
Salaries and bonus
The salaries listed above are for entry-level roles for professionals with less than five years of experience. As you gain more experience, you can expect your compensation to increase proportionally. At the top end, Chief Internal Auditors can make anything from EUR 150,000 to EUR 400,000 at some companies.
Large international corporations also tend to pay more than smaller businesses and also offer more benefits. The best way to increase your compensation is by making lateral moves from one role to another across companies and grabbing any opportunities for growth. This does not mean annual job hunts but rather being open to any opportunities that suit your profile.
Most of the compensation for internal auditors is in the form of a fixed annual package. Being a cost centre, incentives and bonuses are usually modest and in the 10% to 20% range early in your career. More senior roles have a slightly higher bonus range, but it still won’t be the major part of your compensation.
Sector and location considerations
Compensation also differs based on your industry. Banks, Big 4 consulting firms and large Fortune 500 companies tend to pay on the higher side because they have more complex operations requiring more advanced skill sets and work experience.
Total compensation is also dependent on your location. Roles that are in large cities or capitals of financial hubs usually pay 10% to 20% more in order to compensate for the higher cost of living. Businesses in such cities are also likely to be bigger with a larger global footprint which offers more opportunities for lateral movements and corresponding salary increments.
Future prospects for internal audit
Internal audit is an “in-demand” role owing to the increasing regulatory complexity around the world. Beset by fraud, cybersecurity breaches, and a more competitive business environment, companies have had to focus evermore on compliance, governance, and control. Internal audit teams have a part to play here and companies around the world have been increasingly hiring more skilled internal auditors and increasing team sizes.
The work has also changed with a greater focus on technology and data-driven approaches. This means that candidates who are technologically savvy can command higher salaries and expect more substantial increments year after year. It is advisable to get the necessary tech training in order to fast track your career.
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