A recent study conducted by the Institute of Internal Auditors (IIA) shows the median salaries for U.S. internal audit positions have decreased despite the modest pay raises received this past year.
Surveying 10 internal audit positions, the 2015 internal audit compensation study showed the median salary dropped by an average of 2.8 percent from the previous year. Yet, 80 percent of U.S. organizations participating reported giving internal audit employees a base salary increase between 2 percent and 4 percent. Thatâ€™s up just one percent from 79 percent of organizations in 2014.
With 72 percent of the participating U.S. organizations anticipating giving their internal audit employees a base salary increase this year, most internal auditors can expect a raise in the coming 12 months.
Up the Ante
In order to maximize pay increases, internal auditors can look to higher education. Those with a masterâ€™s degree earn 13 percent more than those with a bachelorâ€™s degree. In addition to higher levels of education, possessing expertise in high-demand areas, such as fraud/forensic accounting, information technology or environmental auditing can help significantly increase pay. According to the study, salaries increased by about $9,700 for each additional area of expertise.
For more information on the 2015 internal audit compensation study visit IIAâ€™s website.