10 Years in Internal Audit / Accounting. Here is my story and takeaways:

Reflections on a Decade in Internal Audit and Accounting: Lessons Learned

After spending 10 years in internal Audit and Accounting, I’ve transitioned into a non-Accounting venture. Although I’ve stepped away from the field, I wanted to share my journey and insights—if even one person finds value in this story, I’ll consider it a success.

I graduated into the challenging economic climate of 2008 without a major in accounting. It took me several years, along with a MACC and CPA, to break into the accounting world in my late 20s. My initial plan was to avoid Big 4 firms and start in internal Audit, where I could gain diverse experience and eventually pivot into exciting roles in financial planning and analysis (FPA), treasury, or mergers and acquisitions. While the idea was promising, it didn’t pan out unless you’re at the right company.

I began my career at a Fortune 50 company in the food industry. It took me some time to realize that the available rotations out of internal audit were low-level, unfulfilling accounting positions. I later joined an international pharmaceutical firm with similar ambitions, but concluded that internal audit was undervalued there as well. After six years in the field, I found myself pigeonholed; my extensive internal audit experience made it challenging to transition into a different role, especially since my salary was too high for entry-level positions elsewhere.

Throughout my time in internal audit, I applied for around 15 internal positions, only to find that opportunities often vanished due to budget constraints or went to external candidates with direct experience. This reinforced my belief in the importance of choosing a company that actively invests in employee development.

After 1.5 years of searching and more than 500 applications and interviews, I finally landed a promising position reporting directly to the controller, with aspirations to eventually succeed him. However, just before my start date, the parent company decided to convert the department into a “Shared Services” unit, which I found uninspiring and restrictive. So, I redirected my efforts to building my side hustle in e-commerce, which unexpectedly took off during the pandemic. However, my management noticed my diverted focus, leading to my departure a little over a year later—strangely, I wasn’t upset about it.

Key Takeaways:

1. Do Your Homework: When interviewing, don’t take HR or hiring managers at their word, especially about essential job criteria. Investigate thoroughly. Ask probing questions about aspects that matter to you, as they may downplay boring or dead-end duties.

2. Network Actively: Seek advice from a diverse range of people—don’t rely solely on college professors who may lack corporate experience. Reach out to professionals on LinkedIn for insights. Online forums like Reddit can also be valuable resources.

3. Verify Claims: Always follow up on important promises made during the interview process. Ask for concrete examples and, if possible, talk to former employees to confirm claims about the role.

4. Document Your Aspirations: If you’re in internal audit and want to move to a different position, get that promise in writing.

5. Understand Company Perspectives on Internal Audit: Some organizations view internal audit as a critical talent pipeline for high-profile roles (like GE, GM, and Honeywell), while many see it as a dumping ground for underperforming staff.

6. Gain Varied Experience Early On: If you’re early in your career, try to switch job functions regularly within your company to broaden your experience. The older you get, the harder it is to make these changes. Find a department you enjoy and leverage your exposure to advance your career.

7. Be Aware of Costs vs. Profit Centers: Early in my studies, I didn’t grasp the distinction between cost centers and profit centers. Most accounting roles fall into the cost category. Strive to position yourself as a profit center—it’s challenging but achievable.

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