Should I choose an internal Audit position at an “IBaB” instead of pursuing public Accounting?
I recently received an offer for a summer 2025 internship in internal Audit at an IBaB. Initially, I focused my search primarily on public Accounting firms, as that’s typically what my school encourages, but I didn’t manage to secure a position there. Now, I’m struggling to identify the downsides of taking this internal Audit role compared to public Accounting, where the hours are notoriously grueling and the starting salaries aren’t as competitive.
Am I overlooking something? Is it more challenging to advance my career this way? Is the work-life balance really as good as it seems? Will it be tougher to find exit opportunities later on? Have I stumbled upon a pathway that many overlook?
I would really appreciate any insights, especially as I’m considering whether to pursue additional credits to become CPA eligible.
One response
It’s great that you received an internship offer! Choosing between internal Audit at an IBaB (Investment Bank-like Alternative Business) and public Accounting is indeed a significant decision, and both paths have their pros and cons.
Pros of Internal Audit:
1. Work-life Balance: Generally, internal Audit positions tend to offer better hours compared to public Accounting, especially during busy seasons. You might have more predictable hours and potentially less travel.
2. Environment: Working in-house may provide a more stable work environment as opposed to the fast-paced changes often associated with public Accounting firms.
3. Business Insight: You’ll gain a deep understanding of how one specific organization operates, which can be beneficial if you wish to stay in that industry or even target roles in risk management, compliance, or other internal functions later.
Potential Downsides:
1. Career Progression: Advancement may not be as clear-cut or rapid as it is in public accounting, especially if you’re considering long-term career goals. Public accounting often has a structured path toward partnership.
2. Skill Diversification: Public accounting exposes you to a variety of industries and services, which can be beneficial if you’re ever looking to pivot in your career. Internal audit at an IBaB may limit the breadth of experience you gain.
3. CPA Requirements: If you’re not obtaining the required credits for CPA eligibility, you may limit future opportunities, especially in roles that require or prefer CPA credentials. Public accounting often pushes for CPA licensure, which can be an asset in many financial roles.
4. Exit Opportunities: While internal audit offers valuable experience, public accounting can sometimes offer broader exit opportunities since firms work with various clients across different sectors.
Considerations:
– Long-term Goals: Think about where you see yourself in 5-10 years. If you want to work in finance or corporate roles, internal audit can be very aligned with that. If you’re leaning toward consulting or a wide array of finance roles, public accounting might give you a broader platform.
– Networking Opportunities: Public accounting can offer extensive networking opportunities, especially if you’re aiming for roles in external audit, consulting, or advisory in the future.
In summary, there isn’t a right or wrong answer; it really depends on your goals and what type of work environment you desire. If you feel that the internal audit position aligns with your career aspirations and lifestyle preferences, it could be an excellent opportunity. If public accounting holds more weight for your goals and development, that is also a solid path. Good luck with your decision!