Bank Auditor: Career Definition, Occupational Outlook and Education Prerequisites

Bank auditors are the individuals who inspect, analyze and rate the financial operations and practices of banks. Generally, bank auditors hold at least an undergraduate degree in accounting or a related field, such as finance. Many bank auditors go on to earn a master's degree, which some employers may require. Schools offering Auditing degrees can also be found in these popular choices.

What You Need to Know

Utilizing skills in business, accounting and computer technology, bank auditors schedule and carry out the inspection of the financial practices of savings institutions, usually on an annual basis. In this process, the bank auditor sees that procedures to prevent fraud are in place and operational.

Degrees Bachelor of science in accountancy or finance; graduate degrees, such as master of business administration (MBA) with concentrations in accountancy or finance
Base Salary (May 2017) $69,350 per year (Median annual salary for accountants and auditors)
Job Outlook (2016-2026) 10% Growth

Source: U.S. Bureau of Labor Statistics (BLS)

What are the Educational Prerequisites?

Employment as a bank auditor requires a baccalaureate degree, usually a Bachelor of Science in Accountancy or a Bachelor of Science in Finance. Earning a graduate degree, such as a Master of Business Administration (MBA) with a concentration in accountancy or finance, can enhance your marketability as a bank auditor. Courses you are likely to take in a degree program include:

  • Financial accounting
  • Cost accounting
  • Accounting information systems
  • Taxes and auditing

What are Some Job Duties?

Protecting against fraud and ensuring sound business activities are the primary duties of a bank auditor. The accuracy of a bank's reports and compliance with regulations are of prime concern. Security of a bank's assets also falls under the purview of a bank auditor.

What is the Occupational Outlook?

According to a study done by the Bureau of Labor Statistics, in 2017 there were nearly 1.3 million individuals employed in the United States as accountants and auditors. This figure includes bank auditors. The number of accounting and auditing jobs is projected to rise by 10%, adding 139,900 jobs, over the 10-year period from 2016-2026. According to the BLS, those who have earned professional certifications may be the most competitive in the job market. As of 2017, the median annual salary for all accountants and auditors was $69,350, with the top 10% earning a median average of $122,220 per year.

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  • Colorado Christian University

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