Salary Forecast: Internal Auditor
Internal auditors are in a pivotal position. They make sure financial controls within an organization work well, and they keep all of the records of business policies and processes, according to Indeed.com. They also work to better customer service by implementing advancements in the audit and financial control systems. Additionally, internal auditors make sure vulnerabilities don’t cause problems to the organization, and they come up with new forms of auditing and make suggestions about financial management. The Bureau of Labor Statistics states that they ensure an organization’s money is managed properly.
You’ll need at least a bachelor’s degree in accounting or a related field to get started in this profession, and you may need a master’s in business administration with an accounting focus to work for some employers. Some programs offer internal auditing bachelor’s degrees.
You may become a Certified Internal Auditor with the Institute of Internal Auditors when you have worked for 2 years in the position and pass a test.
For statistical reporting purposes, the Bureau of Labor Statistics groups accountants and auditors in the same occupational category. The average hourly wage was $36.89, or $76,730 per year, as of May 2016. The median salary was an average of $68,150 per year, or $32.76 per hour. Those earning in the lowest 25th percentile earned $20.60 per hour, or $53,240 per year, while those in the 75th percentile earned $90,670 per year, or $43.59 per year.
The highest-paying industry was Other Investment Pools and Funds with an hourly mean wage of $49.01, or $101,950 per year. In second place was the Securities and Commodity Exchanges industry at $96,120 per year, on average, or $46.21 per hour. The Federal Executive Branch (OES Designation) came in third place at $46.07 per hour on average, and $95,810 per year.
If you worked as an internal auditor in New York, you’d be living in the highest-paying state for this profession with an annual mean salary of $93,280 per year, or $44.85 per hour. The District of Columbia was in second place with an hourly average wage of $44.81, or $93,210 per year. New Jersey came in third place at $42.76 per hour, on average, or $88,940 per year. Fourth place belonged to Virginia at $40.09 per hour, on average, or $83,380 per year. The fifth highest-paying state was California at $39.72 per hour, or $82,620 per year, on average.
The San Rafael, CA metropolitan area had the highest hourly mean wage for metro areas at $56.03, or $116,530 per year. Next came San Jose-Sunnyvale-Santa Clara, CA at an average of $48.59 per hour, or $101,070 per year. The New York-Jersey City-White Plains, NY-NJ area came in third place at $47.35 per hour, on average, or $98,480 per year.
The highest-paying non-metro area was southwestern Idaho at an average of $42.90 per hour, or $89,230 per year. Next was Nantucket Island and Martha’s Vineyard at $42.21 per hour, on average, or $85,720 per year. Third place belonged to southwestern Alaska at $39.92 per hour, on average, or $83,020 per year.