Navigating the Transition: Exploring Career Opportunities for IA Managers in Financial Services
Have you ever considered making the leap from an Internal Audit (IA) consulting position to an in-house IA role within the financial services sector? If you have, you might be pondering what the new career horizons could look like and how they might affect your journey. Let’s delve into what you could realistically anticipate if you’re weighing this transition.
Understanding Your Worth: Salary Expectations
If you’re a manager with seven years of experience—three in external Audit with a firm like the Big Four and four in IA consulting—you may be wondering about your compensation prospects. As a Certified Public Accountant (CPA), you have a strong foundation, but are your salary expectations of between $135,000 to $150,000 for a managerial role reasonable? Alternatively, should you aim for a senior auditor position instead?
The Challenge of Limited SOX Experience
One hurdle you might face is the lack of experience with the Sarbanes-Oxley Act (SOX). Although SOX expertise is often valued, your current salary of $133,000 in a moderately high cost of living area suggests that you are competitive. To ensure a successful transition while starting a family, you’re likely aiming for a better work-life balance and possibly a salary increase.
Exploring New Horizons: Beyond the Financial Sector
While your current experience is rooted in working with banks, it’s worth considering other industries that match your salary expectations. Financial services remain a strong contender, but sectors such as technology, healthcare, or large-scale retail corporations sometimes offer comparable compensation packages for IA roles. Exploring these fields could broaden your potential career paths while satisfying both your financial and lifestyle aspirations.
Your insight and participation are crucial as you navigate these considerations. Embarking on this journey will not only open new opportunities but also help you achieve the balance you seek while advancing in your career.
One response
Transitioning from internal Audit consulting to an in-house role within the financial services (FS) industry or another sector can indeed offer various opportunities, both in terms of career growth and compensation. Let’s delve into your queries and explore practical strategies that might align with your career goals.
Exit Opportunities from Internal Audit Consulting
Financial Services Industry Roles: Given your experience and CPA qualification, transitioning to a manager-level role within a bank or financial institution is certainly feasible. Financial institutions value the consulting expertise as it often brings a broader business perspective and a problem-solving mindset. You might explore roles such as Internal Audit Manager, Risk Manager, or even positions within compliance or operational risk, depending on your interests and skills.
Compensation Expectations: A salary range of $135k-$150k for a Manager-level role with your background seems reasonable, although it can vary depending on the specific market, the institution’s size, and its compensation policies. Keep an eye on the benefits package as well, as those can significantly affect work-life balance (WLB), which you’ve mentioned as a priority.
SOX Exposure and Skills Development: Although you may not have had specific SOX experience, your CPA designation and extensive audit background are highly regarded. You might consider upskilling through online courses or certifications that offer a crash course in SOX, as it solidifies your profile for many FS industry positions.
Work-Life Balance (WLB) Considerations
Exploring Opportunities Beyond Financial Services
While you’ve focused on the FS sector, several other industries are keen on hiring professionals with a background in audit and consulting:
Technology Firms: Tech companies often seek auditors for roles in internal control and compliance, especially as they scale. These industries can offer competitive salaries and excellent perks.
Healthcare Companies: With stringent regulatory requirements, healthcare firms value insights from individuals with a strong audit background. They are known to offer robust work-life balance policies.
Manufacturing and Consumer Goods: These sectors provide opportunities in internal audit and compliance, often combining operations and financial auditing.
Practical Strategies for Transition