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Job market for internal audit/audit profession?
Posted on 6/25/24 at 10:59 am
Posted on 6/25/24 at 10:59 am
Hi all,
I was recently let go from my job as an internal auditor. Pretty shaken up about it as this is my first time experiencing something like this. I only have about 4 years of experience and most of it is at the senior level. The company said they were “going in a different direction” and “they didn’t see the need for my services going forward”. The company is a well respected public accounting firm.
Out of curiosity, what is the job market out there like for the industry. Don’t have a CPA, but I am currently pursing the CIA and hopefully the CISA after. I’m scared shiteless that it’ll be forever before I find anything given how things are going in this economy. Wife works but her income alone will not cut it. Have about 6 months saved up in emergency funds and about 6 more months if I pulled out of my 401k but obviously I don’t want to do that.
Edit: I was never told why and was never on a PIP, but I do feel as though they let me go for performance. I was ex-big 4 and came in with a higher salary than some of my peers. As such, I think they had a little higher expectations from me. The firm I went to was a regional firm
Appreciate any all insight or just anyone who wants to calm my nerves.
I was recently let go from my job as an internal auditor. Pretty shaken up about it as this is my first time experiencing something like this. I only have about 4 years of experience and most of it is at the senior level. The company said they were “going in a different direction” and “they didn’t see the need for my services going forward”. The company is a well respected public accounting firm.
Out of curiosity, what is the job market out there like for the industry. Don’t have a CPA, but I am currently pursing the CIA and hopefully the CISA after. I’m scared shiteless that it’ll be forever before I find anything given how things are going in this economy. Wife works but her income alone will not cut it. Have about 6 months saved up in emergency funds and about 6 more months if I pulled out of my 401k but obviously I don’t want to do that.
Edit: I was never told why and was never on a PIP, but I do feel as though they let me go for performance. I was ex-big 4 and came in with a higher salary than some of my peers. As such, I think they had a little higher expectations from me. The firm I went to was a regional firm
Appreciate any all insight or just anyone who wants to calm my nerves.
This post was edited on 6/25/24 at 2:31 pm
20
Posted on 6/25/24 at 11:00 am to bctiger7
Seems like AI is gonna crush jobs in accounting
Posted on 6/25/24 at 11:02 am to bctiger7
It seems all markets are struggling to hire and retain accountants/CPAs, not sure if IA directly, but it's relatively easy to jump into a slightly lower role (say fund accounting or external audit senior) and quickly work up to manager.
Posted on 6/25/24 at 11:03 am to bctiger7
quote:
“going in a different direction”
quote:
“they didn’t see the need for my services going forward”.
This is corporate speak for you're a terrible employee. You'll be able to find another job but you probably need to look in the mirror and really self assess your performance.
Posted on 6/25/24 at 11:04 am to Cosmo
quote:
Seems like AI is gonna crush jobs in accounting
Depends on the job. Basic input of entries? Sure that's already occuring. Basic tax (HR Blocks) yep. Controller work, exemption testing, and various other types of accounting won't get hit until everyone else gets hit as well.
Posted on 6/25/24 at 11:07 am to bctiger7
BTW contact a recruiter...they'll be able to find you a job at that same level in a few minutes. Unless you have already established yourself as a bad employee amongst your industry.
Posted on 6/25/24 at 11:09 am to Cosmo
quote:Thats as foolish as saying it will crush jobs in medicine
Seems like AI is gonna crush jobs in accounting
To the OP, you should be able to have another job lined up in two weeks as a senior if you are willing to stay in public accounting
Assuming you didn’t do something really bad
Posted on 6/25/24 at 11:15 am to bctiger7
The CIA is nice, but unless you want the entirety of your career to focus on IT risk, controls & governance, don't do the CISA. I can not put in strong enough terms how much you should focus on completing your CPA. THIS should be your #1 priority. Even if you want an audit career, and want to be a VP of Audit at a company some day, the CPA is everything.
Posted on 6/25/24 at 11:28 am to bctiger7
Where do you live? There's tons of audit jobs in Houston. I'm in New Orleans and Ochsner is posting job openings in Internal Audit all the time.
Edit: also, if you want to stay in internal audit, start studying for the CIA
Edit: also, if you want to stay in internal audit, start studying for the CIA
This post was edited on 6/25/24 at 11:29 am
Posted on 6/25/24 at 11:35 am to StrongOffer
I wouldn’t recommend doing internal audit for industry unless you lost your drive. You are an expense item to the company and will always be viewed as such
Posted on 6/25/24 at 12:02 pm to lsupride87
quote:Yeah that's not true haha. I would very much recommend working industry as opposed to a big 4. I make a little less than I would for same level in big 4, but I don't hate my life. And have time to be on TD most of the day.
I wouldn’t recommend doing internal audit for industry unless you lost your drive. You are an expense item to the company and will always be viewed as such
Posted on 6/25/24 at 12:05 pm to StrongOffer
I worked in internal audit for a company before coming back to public
I didn’t say it sucked. But you are absolutely an expense item and not a revenue generator anymore. There are pluses and minuses with that
If your ultimate goal is big growth and opportunity, you limit yourself. But yes quality of life and workload is absolutely better
As a senior manager I make more now than 90% of CAEs do, but I have far more work and responsibility as well
Pick your poison
I didn’t say it sucked. But you are absolutely an expense item and not a revenue generator anymore. There are pluses and minuses with that
If your ultimate goal is big growth and opportunity, you limit yourself. But yes quality of life and workload is absolutely better
As a senior manager I make more now than 90% of CAEs do, but I have far more work and responsibility as well
Pick your poison
This post was edited on 6/25/24 at 12:07 pm
Posted on 6/25/24 at 12:08 pm to lsupride87
quote:I guess that's fair.
If your ultimate goal is big growth and opportunity, you limit yourself.
quote:We are absolutely a revenue generator. If your internal audit department is run correctly, you add value to the bottom line. The last vendor audit we did, we found over $300K in revenue owed by the vendor. I'd say that's a revenue generator.
But you are absolutely an expense item and not a revenue generator anymore
Posted on 6/25/24 at 12:10 pm to StrongOffer
quote:You aren’t. Will you find savings, prevent penalties, etc? Yes of course. But you aren’t a revenue generating department when in internal audit.
We are absolutely a revenue generator.
Not being a dick it’s just how it is
Posted on 6/25/24 at 12:13 pm to lsupride87
quote:
lsupride87
What's the avg senior manager salary these days in public/big 4/other firms?
Posted on 6/25/24 at 12:15 pm to sidewalkside
quote:
What's the avg senior manager salary these days in public/big 4/other firms?
Average for senior manager I’d say is right at 160k before bonuses
This post was edited on 6/25/24 at 12:15 pm
Posted on 6/25/24 at 12:17 pm to lsupride87
quote:
Average for senior manager I’d say is right at 160k before bonuses
In industry mgr/sr mgr roles are paying this for sure. And Director is high 100's to low 200's easily.
Posted on 6/25/24 at 12:19 pm to lsupride87
If you want to be technical about revenue generator, sure. We don't produce things that can be sold for profit. But finding lost savings, preventing penalties, making processes more efficient...all adds to the bottom line. Maybe I'm wrong, but you're coming across as saying IA is just about compliance and SOX work. IA departments that do operational and financial audits absolutely add value to the bottom line of a company. If you don't want to call that "revenue generator" whatever, but it's the same thing.
Posted on 6/25/24 at 12:19 pm to sidewalkside
quote:coming from internal audit at one of the largest employers in the entire state
In industry mgr/sr mgr roles are paying this for sure. And Director is high 100's to low 200's easily.
Manager-110k
Director-130k
CAE-155k
No bonus structure
Now the best way to make money with internal audit in industry is use it as a spring board into actual management and operations. The. You can get into some real money quickly
This post was edited on 6/25/24 at 12:20 pm
Posted on 6/25/24 at 12:20 pm to lsupride87
quote:
coming from internal audit at one of the largest employers in the entire state
I'm quoting Houston rates. OP needs to relocate.
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