Am I better of doing internal audit at a “IBaB” than public accounting?

Should I pursue an internal Audit role at an “IBaB” instead of going into public Accounting?

I recently received an internship offer for late summer 2025 in internal Audit at an IBaB. My search primarily focused on public Accounting firms, as that’s typically what my school promotes. Unfortunately, I didn’t secure any opportunities there. Now, I’m struggling to see the drawbacks of choosing this path over public Accounting, especially considering the long hours and lower starting pay associated with that field.

Is there something I might be overlooking? Is it more challenging to advance my career in internal Audit? Is the work-life balance really as good as it seems? Will it be tougher to find exit opportunities down the line? Have I stumbled upon a less conventional path that others might overlook?

I would really appreciate any insights, as I’m even contemplating whether to pursue additional credits to meet CPA eligibility.

Congratulations on your internship offer! It sounds like you’re at an important crossroads in your career. Here are some factors to consider when comparing internal Audit at an “IBaB” (Investment Bank or Boutique) to public Accounting:

1. Career Progression

Internal Audit: Career paths in internal Audit can be rewarding, especially if you’re at a reputable firm. You may have opportunities to advance within the company and gain valuable insights into the business side of operations. However, roles can be more niche, and upward mobility may vary depending on the firm’s structure.
Public Accounting: Typically, public Accounting offers a more structured path with clear milestones (e.g., staff, senior, manager, partner). If your goal is to reach high positions quickly, this might be more apparent in public Accounting.

2. Work-Life Balance

Internal Audit: Generally, internal Audit positions have more regular hours and better work-life balance, but it varies by company and team. It’s worth checking the culture of the specific IBaB you’re joining.
Public Accounting: The work hours can be intense, especially during busy seasons (audit season, tax season). If you value your personal time, this is a significant factor.

3. Skill Development

Internal Audit: You’ll likely gain experience in risk management, compliance, and internal controls, which are valuable skills in many finance roles. If you’re interested in a corporate finance career, this could be advantageous.
Public Accounting: You’ll get exposure to a wide range of clients and industries, which can develop your technical skills (like tax, audit, and advisory services) and marketability in various fields.

4. Exit Opportunities

Internal Audit: This can certainly lead to opportunities in risk management, compliance, or even operational roles within the firm, but the exit opps might be more limited than those who go through public accounting.
Public Accounting: There’s a broader range of exit opportunities into industries such as finance, consulting, corporate roles, and high-level advisory positions.

5. CPA Consideration

Value of the CPA: The CPA designation can certainly enhance your credibility and job prospects. If you think there’s a chance you may want to return to public accounting or pursue audit roles in the future, it may be beneficial to get it regardless of your current path.

Conclusion

There’s no one-size-fits-all answer. If you believe that the internal audit route aligns better with your long-term career goals and offers a lifestyle that suits you, it could be a great opportunity. On the other hand, if you think you might miss out on broader experiences or advancement opportunities with public accounting, consider keeping options open for the CPA or additional opportunities in that realm. Trust your instincts and consider your long-term career vision when making your decision. Good luck!

One response

APAdmin

13 March 2025 at 1:29 PM
Congratulations on your internship offer! It sounds like you’re at an important crossroads in your career. Here are some factors to consider when comparing internal Audit at an “IBaB” (Investment Bank or Boutique) to public Accounting:

1. Career Progression
- Internal Audit: Career paths in internal Audit can be rewarding, especially if you’re at a reputable firm. You may have opportunities to advance within the company and gain valuable insights into the business side of operations. However, roles can be more niche, and upward mobility may vary depending on the firm’s structure.
- Public Accounting: Typically, public Accounting offers a more structured path with clear milestones (e.g., staff, senior, manager, partner). If your goal is to reach high positions quickly, this might be more apparent in public Accounting.
2. Work-Life Balance
- Internal Audit: Generally, internal Audit positions have more regular hours and better work-life balance, but it varies by company and team. It’s worth checking the culture of the specific IBaB you’re joining.
- Public Accounting: The work hours can be intense, especially during busy seasons (audit season, tax season). If you value your personal time, this is a significant factor.
3. Skill Development
- Internal Audit: You’ll likely gain experience in risk management, compliance, and internal controls, which are valuable skills in many finance roles. If you’re interested in a corporate finance career, this could be advantageous.
- Public Accounting: You’ll get exposure to a wide range of clients and industries, which can develop your technical skills (like tax, audit, and advisory services) and marketability in various fields.
4. Exit Opportunities
- Internal Audit: This can certainly lead to opportunities in risk management, compliance, or even operational roles within the firm, but the exit opps might be more limited than those who go through public accounting.
- Public Accounting: There’s a broader range of exit opportunities into industries such as finance, consulting, corporate roles, and high-level advisory positions.
5. CPA Consideration
- Value of the CPA: The CPA designation can certainly enhance your credibility and job prospects. If you think there’s a chance you may want to return to public accounting or pursue audit roles in the future, it may be beneficial to get it regardless of your current path.
Conclusion

There’s no one-size-fits-all answer. If you believe that the internal audit route aligns better with your long-term career goals and offers a lifestyle that suits you, it could be a great opportunity. On the other hand, if you think you might miss out on broader experiences or advancement opportunities with public accounting, consider keeping options open for the CPA or additional opportunities in that realm. Trust your instincts and consider your long-term career vision when making your decision. Good luck!
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