If you like math and are interested in a job that offers opportunities in many different industries, then a career in account auditing might be a good fit for you. Continue reading to learn more about job duties, employment outlook, salaries and required education for accountants and auditors.
Is Account Auditing for Me?
Auditors collect, analyze and examine financial records. As an auditor, you'll find discrepancies in spending, determine the accuracy of records and ensure that financial transactions are in compliance with the law. Required skills include an aptitude for math and attention to detail.
Employment and Salary Information
The U.S. Bureau of Labor Statistics (BLS) reported that employment in the accounting and auditing field was projected to increase by an average rate of 13% from 2012-2022. Competition at high-end firms is expected to be fierce; auditors and accountants with master's degrees in accounting and business, or who have earned their Certified Public Accountant (CPA) credential, may have the best job opportunities. According to the BLS, auditors and accountants earned a median annual salary of $65,080 in May 2013 (www.bls.gov).
How Can I Become an Account Auditor?
A bachelor's degree in accounting or a related field will usually suffice for most auditing positions, but some employers prefer that you have a master's degree in business administration, according to the BLS.
A bachelor's degree program with a focus on auditing can give you an opportunity to take courses in auditing, corporate accounting and taxation. Students who already have a bachelor's degree in a different field can complete a Master of Accountancy program. This program is designed for students who do not have any previous experience in accounting or auditing. Course options for this graduate program include business law, assurance services and financial reporting.
A Master of Business Administration in Accounting can prepare you for a career in auditing that can lead to a high-level position, such as a financial consultant, audit manager or managing partner. Some master's programs offer an internship in auditing in addition to coursework.
Auditor certifications are also important for aspiring auditors. There are too many certifications to list here, but a common designation is the Certified Internal Auditor offered by The Institute of Internal Auditors (IIA). This IIA certification requires completion of a 4-year degree program, two years of auditing experience and passing scores on a series of exams (www.theiia.org). Additional designations are also available for auditors who work in specific industries.