Financial Auditor Careers Information
Like their accounting counterparts, financial auditors work with the financial data at the heart of every business. Rather than setting up the systems that organize payroll, tax, and investment data, however, financial auditors use their skills to judge the effectiveness of such systems. In other words, a financial auditor is charged with double checking a company or person’s finances and suggesting improvements that may increase efficiency and, in turn, profits or personal wealth.
Financial Auditor Careers & Degrees
- Colorado Technical University - Undergraduate: Undergraduate - Online
Jones International University: Online
American Intercontinental University: Online
Financial auditors may work for the government, be employed by a company, or hired by a private client. For those who work for the government, their work most often consists of checking companies’ financial data to make sure they are abiding by all laws and paying the required taxes. Many such government auditors work for the Internal Revenue Service. Those who are hired by a company perform much of the same work in order to stave off government sanctions and also increase efficiency. Those auditors hired by private clients may perform accounting duties and/or offer advice on how to increase wealth, in essence making them a type of personal financial advisor.
Financial Auditor Careers Path
Financial auditors, much like accountants, need to have at least a Bachelor’s degree in accounting or in a related field. Some firms and government agencies prefer auditors to have a Master’s degree in accounting or even business administration, especially for upper level work. For all types of positions, most financial auditors are hired to work under a more experienced employee until he or she is deemed capable of taking on more responsibility.
Furthermore, most financial auditors, because they are a type of accountant, must have the proper licensure. This may include passing the exam to be a certified public accountant (CPA) or some other test particular to the state where the financial auditor plans to work.
Financial Auditor Careers: Compatible Personality Traits
Excellent mathematic and computer skills, strong analytic skills, good with facts and figures, good communicator, willing to work odd hours (especially during the end of fiscal cycles), excellent research skills.
Financial Auditor Careers: Salary Expectations
The average salary for a financial auditor is $54,630 a year, with the middle fifty percent earning between $42,520 and $71,960. For those employed by the federal government, the average entry level salary is $28,862, though those with a higher degree and/or more experience may begin at over $40,000 a year. Financial auditors employed a private firm generally receive standard benefits, such as health insurance, retirement plans, and annual paid leave; those who move into higher level positions may also gain perks like the use of an expense account and/or company car.
Financial Auditor Careers: Job Outlook
Amid the financial scandals at major corporations in the past decade, demand for financial auditors has increased and should continue to rise. The Sarbanes-Oxley Act of 2002, which imposed tougher penalties on companies with fraudulent finances, including a clause that holds the CEO personally responsible for any malfeasance, has made companies more diligent in keeping their financials clean. This has meant more work for both IRS auditors who search for crimes and the internal financial auditors who seek to prevent their occurrence. Those financial auditors with more education, experience, and licenses should be the most likely to find a good job.
Slightly off the Footpath
- Accountant
- Forensic Accounting
- Financial Officer
- Fund Administrator
Source: bls.gov/oco/ocos001.htm
