Become A Certified Internal Auditor With An Accounting Degree!
When it comes to accounting, probably the most respected, in and out of business, is the Certified Internal Auditor. Of the four major classifications of this field, including Certified Management Accountants, Accredited Business Accountants, and Certified Public Accounts, the skills required by those who do internal auditing (the cops of finance) are significant.
With 150,000 members, the Institute of Internal Auditors lists 65,000 of those members as auditors. This is a growing profession, with a 22% increase projected between 2008 and 2018, as reported by the Bureau of Labor Statistics. Gaining the education to enter this field can start with an online bachelor degree and go from there.
Where a standard Certified Public Accountant prepares financial statements, an auditor verifies them and checks for mismanagement, waste, or fraud. They also evaluate to assure records and controls are accurate. Because computers now so dominate finances, auditors also evaluate the effectiveness of their controls based on real-time data. Sometimes they go under titles such as information technology auditors, environmental auditors, and compliance auditors, but the job function is still the same.
Becoming an auditor requires not only a strong knowledge of accounting, as well as management processes. The top auditors are also extremely sharp at investigating. Strong computer skills and knowledge of business law have become essential. As such, it's highly advised to start with a BBA, although a BS in Accounting will also do nicely.
There is a professional organization that governs auditors, the Institute of Internal Auditors. They state constant education is the foundation of the profession. So while auditors are working, they are usually taking online courses and seminars to keep up on the latest news. The Institute lists a number of locations where auditors can do this. They also source a number of places for scholarships and grants. Many companies will also pay for their employees' continued education. In fact, they have a special program called the Internal Auditor Education Program to assist in these endeavors.
The mean salary is slightly over $50,000, but auditors are in a position to move up in a number of different ways. They evaluate profit margins, management processes and being ever vigilant regarding economic malfeasance, being an auditor is a fast track to upper executive positions in major corporations. After all, an auditor's job is to oversee the inner workings of a corporate entity.
This gives them excellent insight for what works and what doesn't. Powerful government institutions such as the IRS, the FBI and General Accounting Office also employ small armies of auditors due to this. It should also be noted that there are many Auditors who eventually branch out of the field. They often move on to private practice or politics in general.
Forensic Accounting is a rapidly growing part of this field. They uncover evidence of embezzlement, money laundering, fraud, tax avoidance or theft. Skilled at examining financial records, transactions and spotting irregularities; forensic was what brought Al Capone down.
In these days of Enron, AIG and bank collapses, their skills are needed more than ever. Salaries for forensic experts can range from $39,000 to $67,000 per year depending on experience, but can go over $100,000.
If someone wants to go into law or finance, becoming an auditor is a good way to acquire the needed skills. Obtaining your online bachelor degree is the first step to entering a field with multiple possibilities for employment. Your business degree will not only help in these fields, but will be a strong asset in many different careers.
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