A career as an internal auditor provides professionals with lucrative and satisfying opportunities examining financial records. Organizations rely on financial decision-making experts to help create a strong job market, which keeps the need for auditing professionals in high demand. In fact, the Bureau of Labor Statistics (BLS) projects this field to grow 6% from 2018 to 2028.
If you enjoy analyzing and crunching numbers, helping others make smart decisions, and studying economic trends, a career as an internal auditor may fit your needs. Read on for more information about internal auditor salaries, job growth prospects, and the education requirements needed to pursue this rewarding career.
HOW MUCH DO INTERNAL AUDITORS MAKE?
Internal auditors enjoy a comfortable pay rate for the high level of work they perform. According to the BLS, the average internal auditor salary was $70,500 in 2018. Keep in mind that this number fluctuates depending on experience, degree level, and location.
As with most professions, compensation for internal auditors varies by experience level. The following table breaks down the average internal auditor salary by years employed, beginning with less than a year and ending at 19 years. These numbers vary by job but should provide a good idea as to what you may earn as an internal auditor.
Salary by Degree
Different degree levels receive varying compensation rates. The following table illustrates the salary you might make based on the educational experience you hold. Many jobs don’t require a master’s degree, but receiving one can open up more career opportunities and often sets applicants apart from other applicants.
Median Salary: $69,000
Median Salary: $91,000
This career presents many opportunities for growth. Use the following chart to determine some potential jobs that follow an internal auditor career. Often, these jobs require experience, continued education, and additional certifications.
|POTENTIAL NEXT STEP||SALARY|
|Senior Internal Auditor||$77,106|
|Internal Auditing Manager||$98,4443|
What Are the Top States for Internal Auditor Pay?
A need for internal auditors exists throughout the U.S., but some states statistically hold more positions in this profession. The following table uses data from the BLS to display the top states for internal auditors. Even if the list leaves off your state, keep in mind that job growth continues in general for this career.
- CALIFORNIAAnnual Median Wage: $84,430
- TEXASAnnual Median Wage: $80,200
- NEW YORKAnnual Median Wage: $96,300
- FLORIDAAnnual Median Wage: $71,790
- ILLINOISAnnual Median Wage: $81,060
Internal auditors play a vital role in virtually every type of organization and business. Having an expert examine finances and assess current practices allows industry leaders to make confident financial decisions. The following table shows the top industries for internal auditors and their average annual salary.
|INDUSTRY||ANNUAL MEDIAN WAGE|
|Accounting, Tax Preparation, Bookkeeping, and Payroll Services||$83,710|
|Management of Companies and Enterprises||$80,020|
|Local Government, excluding schools and hospitals||$80,030|
|State Government, excluding schools and hospitals||$63,920|
|Management, Scientific, and Technical Consulting Services||$82,410|
ARE INTERNAL AUDITORS IN DEMAND?
Historical Career Growth
Internal auditors have historically been a necessity for businesses in the United States. Find more information about the field’s growth at Projections Central.
Future Career Growth
Job prospects remain high over the next ten years. Jobs in this field are projected to grow by 6% from 2018-28. Short-term growth looks promising as well, with all states projecting growth in varying amounts, the highest being Arizona, Utah, Georgia, Nevada, and North Carolina.
Top States for Job Growth
Each state projects different growth rates, but each also show growth over the next ten years. Consult the table below to view the top five states for job growth in this industry.
32.7% Change from 2016-2026
24.8% Change from 2016-2026
24.7% Change from 2016-2026
23.6% Change from 2016-2026
20% Change from 2016-2026
HOW DO INTERNAL AUDITORS COMPARE TO OTHER ACCOUNTING JOBS?
Internal auditors enjoy careers with competitive pay and benefits. Salary varies by job, but your experience typically affects overall pay. General accountants, which do not hold the same specialized credentials as internal auditors, generally earn an average of $52,200.
A career as an internal auditor often leads to higher paying careers that require more experience. This could include a project manager, which earns approximately $73,400 a year, and a financial controller, which earns on average $81,900.
TAKE THE FIRST STEP IN YOUR CAREER TODAY
LEARN MORE ABOUT INTERNAL AUDITOR SALARIES AND JOB GROWTH
- Bureau of Labor StatisticsThe BLS’ Occupational Outlook Handbook includes key information about nearly every career, including accounting and auditor careers. Follow the link to learn more about job outlook, pay, responsibilities, and data specific to different states or areas.
- PayScale.comPayScale gathers salary information about different careers to compile general job statistics. You can also find information on job duties, demographic breakdowns, and typical career paths employees take.
- Projections CentralFor digestible data on projected job growth in different fields, Projections Central provides helpful career information. Users may break data down in several ways, including by state and long-term or short-term growth.
- Center on Education and the WorkforceProvided by Georgetown University, this helpful tool uses data from 137 college majors and the average wage earned by program graduates. Users may break it down by undergraduate or graduate degrees to see how the level of education affects salary.
- O-Net OnlineO-Net Online serves as a tool to find occupations that meet specific criteria and provides information on each of these careers. Career information includes typical duties, suggested skills, and wage details.
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