What Is the Average Salary of an Auditor?

Are you good with numbers? Do you consider yourself a person of integrity? If you answered yes, then auditing might be the right career for you. Read on to learn more about the typical salary of an auditor. Schools offering Auditing degrees can also be found in these popular choices.

Job Description

As an auditor, you can work for a company, an accounting firm or a government agency. You can also perform independent contracting. Auditors must verify that the tax-related information provided by a client or company is accurate. This is done by inspecting detailed financial information and analyzing how tax laws apply to the particular case you're working on. Additional job duties are dependent upon your specialization, which could include public accounting, internal auditing, government accounting or management accounting.

Important Facts About This Occupation

Required Education Bachelor's degree
Professional Certification Offered by the Institute of Internal Auditors and ISACA
Key Skills Analytical, organizational, math, and communication skills; attention to detail
Work Environment Office setting; some may work from home
Similar Occupations Budget analyst, financial analyst, cost estimator, management analyst

Average Salary Overview

As of May 2014, the U.S. Bureau of Labor Statistics (BLS) reported that the average income for accountants and auditors was $73,670 (www.bls.gov). If you were in the bottom ten percent of earners, then you made $40,850 or less per year. However, if you were in the top ten percent of workers, then you earned $115,950 or more annually.

Salary by Industry

The BLS reported that accounting, tax preparation, bookkeeping and payroll services employed the most accountants and auditors in May 2014, and the annual mean wage was $77,510. Management of companies and enterprises had the second highest employment level, and its mean wage was $74,430. Securities and commodity contracts intermediation and brokerage had the highest mean wage of $95,970. The federal executive government paid the second highest mean wage of $93,430.

Salary by Location

According to the BLS, states with high average pay for accountants and auditors in May 2014 included the District of Columbia ($90,220), New York ($89,850), New Jersey ($84,160) and Maryland ($80,360). California had the highest employment level at that time, as well as a high mean wage of $78,090. Mean pay was at a lower range of $36,560-$61,970 in states that included Mississippi, South Carolina, Kentucky, Montana, New Mexico and West Virginia.

Salary by Experience

PayScale.com reported that an entry-level internal auditor earned a salary of $38,831-$65,127 as of September 2015. Those who held 5-10 years of experience earned a higher salary of $40,783-$87,455 per year. Those with 10-20 years of experience earned $39,254 - $99,351 annually, while those with 20 or more years of experience earned $39,305-$116,454 per year.

Job Outlook

The BLS projected that accountants and auditors would experience average 11% growth from 2014-2024. As a result, you're expected to see favorable job opportunities, especially if you possess professional certification. This growth is due to new financial laws and regulation changes, an increased demand for organizational accountability and globalization.

The regions with the highest concentration of accountants and auditors as of May 2014 were the District of Columbia, Colorado, New York, Delaware and Massachusetts. If you want to become an auditor in a popular industry, you'll want work for accounting and tax preparation services, company and enterprise management, consulting services or the government.

To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below:

  • 1. Degree Options:
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  • Strayer University

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  • Post University

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