[Anonymous]

I’m interviewing for an internal audit position for one of the largest and well respected publicly traded companies on the planet. It would potentially allow me to learn controls/procedures on a company which does everything (quite literally).

Does anybody have an opinion on going into internal audit and the career paths that may be possible? I’ve read conflicting opinions on internal auditors, their worth to companies and potential career options. I’m currently in tax and was interested in departing the compliance world into GL accounting or internal auditing.

I would appreciate any advice/insight from the masses.

[h0wdyus]

@kay

Thanks for the description.

FAR - 81 29th Aug 2013
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REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[UNC MAcc]

Howdy

Most of what you said is fairly true, but you're overestimating the ease of transition into the LOb. Even if I audit treasury for 5 years, they'll still prefer someone with 5 years treasury experience over me. I'm not saying it doesn't happen, I just don't think IA is as much of a talent source for lines of business other than risk/compliance and other 2nd line if defense functions as it is hyped to be.

B - 89
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CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[Pumpkins]

“Are there enough jobs out there in IA to able to change jobs to get a raise, In your opinion.”

I think so, all large companies have internal audit departments. Turnover in audit departments is high, so there are usually a lot of open positions out there.

I've been in internal audit for a year now, so I'm far from being ready to leave audit, but it seems easy enough for people I know who have tried.

AUD- 93
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CIA Exams Passed in March, 2014

[h0wdyus]

Thank pumpkins. Eventually you will have to get me a job in IA . 🙂 🙂

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[Anonymous]

@UNA I think the difference is that normally companies will try to hire internally before they go external, for most positions. So likely, someone in IA is going to be in the best position out of most other people in the company to be hired for that treasury position

[h0wdyus]

@Amanda

Here is what I think.

All the big companies tout there “internal mobility” programs. They routinely encourage employees to move cross platform. It is a sort of a propaganda they do to make the company appear employee friendly.

That being said, we can use this “internal mobility” structure of the company via the HR route to move into an intended postion.

I am going to try that first in my company after passing the exam.

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
Using Yager

FROM NJ

[UNC MAcc]

Propaganda is the right word

B - 89
A - 80
R - 78
F - 86

CIA, CFSA, MBA, MAcc (too many f'ing degrees and certs, I know, trust me)

[fuzyfro89]

It's hardly an “easy” transition to switch any type of career. Do you think finance people at Google switch over to writing code? I know they're a super employee friendly place, but I'll bet your money that's RARE.

Like anything, working in IA is like two sides of a coin. Some positives, some negatives, depending on your LT goals.

If you want to get into treasury/finance/FP&A/etc, IA isn't directly helpful other than seeing a high-level view of the operations, and doing some audit testing here and there. Even audit testing is at an eagle's eye view compared to what the FP&A analyst does. IA spends a few hours reviewing a cash flow forecast for accuracy, it's data feeds, outputs, model parameters, etc, while the analyst probably spent a week or more compiling the information, updating drivers/variables, and so on.

*However*, at a large global company, IA will see other cities, locations, countries, and learn a lot of soft skills that will be greatly valuable to their career and the company as they progress. The FP&A analyst probably will travel 1-2x/year for a few days and otherwise never see the global nature of the company, never be an “agent of change” in a company, rarely have tough conversations with management who have been doing their jobs for years.

Imagine yourself in 15 years. Will you regret 1-3 years in IA, or think your time would have been better spent elsewhere? If yes, then do something else. If no, then give it a try and see how it goes.

[Anonymous]

fuzy strikes again…

[h0wdyus]

@fuzyfro89

I work in IT as of now. Wanting to change Gear. I am not just out of college candidate here. So for me to make a career change, I have to see where I can start and gain experience. Also since I work in an Investment Bank, I want to move inside in the company itself, gives me a little bit of a head start in a situation where all other factors are not aligned in my favor. If I take the B4 route and then come in, I would have spent a lot of time. I want max bang for buck here. I am already sitting in NYC in a Investment bank, trying to think, what I should tell my manager and HR, where I want to move. (if) I can move to Back Office, Controller staff or IA or Front Office( which I don't think is possible ). I am trying to figure this out. I have one shot with HR want to make the best of this. I prefer being in the hot seat than in the audience seat.

If you are wondering why I want to switch. In short, I work in IT infrastructure, Always on call, work nearly every weekend, no certainty about when the blackberry will go off. On top of it, it is thankless job, and you are only good till you make your first mistake.

I am willing to put in the hours and work hard on my assignments, but I want to be in a position of value in the next 5 years. Please let me know your thoughts.

This forum and the people on here are fantastic and have so many valuable suggestions, can't find any other person or place to discuss my plans better than here.

FAR - 81 29th Aug 2013
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REG - 82
BEC - 89 29th Aug 2014
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FROM NJ

[fuzyfro89]

Howdy:

Didn't read all your posts, but I'll give it a shot.

I will agree mostly that most companies over-promise and under-deliver (since when does the opposite happen?) when it comes to “internal mobility”.

Going from IT to accounting/finance? I wish I knew more specific ways to assist. It will be an uphill battle. Be ready for it.

I think the most logical first step is to demonstrate financial literacy. Getting a CPA and moving into IA/accounting/reporting is a good start. Try your hand at a few different areas. I imagine IT audit shouldn't be a huge step if you get your CPA and CISA/CISSA/CISSP (not sure what these are but have seen them around IT auditors). From there, maybe try and get onto some financial/operational audits as you transition away from the IT landscape. Make your goals known, and regularly network and talk to people. From there, financial/operational audit to Controllers staffcould be a logical move.

Front office? I'll be blunt. Unlikely without getting your MBA. It's a big stretch from accounting to FO… it's a 15 mile hike up a snowy cliff to do it from IT. Maybe better chances if you got your computer science or programming degree from MIT or Carnegie Mellon, but otherwise pedigree won't help you either.

Good luck on the transition. It's a hard one. IT is very thankless work, so get out (unless you enjoy it, obviously). IA at a large bank can be quite lucrative in its own way (not front office lucrative, but still pretty good). In order to audit the various desks and operating units, you'll have to understand operationally how everything goes down. That is, a public equity offering, public debt offering, private transactions, securitization, trading desks, etc.

Right now, governance is booming in the financial sector. Regulatory risk is huge and all the banks are beefing up their risk mgmt/internal audit/controls and related positions very heavily. It's a good place to be if you find a good fit for your skills/interests.

Get on that CPA, and then get looking! Good luck

[philb]

“can't find any other person or place to discuss my plans better than here.”

Might want to work on that 🙂

[h0wdyus]

@fuzyfro89

Thanks for the time you took. I will try my level best. Trying to network at work. I have not told anyone at work about CPA. Its all being done quietly on the side. So as soon as I finish, I will start openly canvassing.

Done with IT, but IT can help get me a foot in the door in IT audits in one of the big firms. I have substantial experience with Disaster Recovery; Hardware, OS , networks , firewalls, like really administrative stuff. I know what goes on in the IT departments.

CISA is certified Information Systems Auditor. I may end up doing that. The goal though is to get away from IT and be decision maker of some worth in the next 5 years.

FAR - 81 29th Aug 2013
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FROM NJ

[h0wdyus]

@philb

I will be out there as soon as I pass the exam. 🙂 Before that, I have to keep a low profile.

Here on the forum, we have collection of future CPA's,is a very good resource, getting free CPA advise. 🙂 🙂 🙂

FAR - 81 29th Aug 2013
AUD - 84
REG - 82
BEC - 89 29th Aug 2014
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FROM NJ

[Author]

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