Understanding the Perception of Internal Auditing: A New Grad’s Perspective
Embarking on a career in Internal Auditing (IA) can be a bit daunting, especially when faced with mixed perceptions and stigma within the industry. As someone who’s freshly graduated and stepping into this field, I’m eager to unravel the truths and challenges that come with it.
My Journey into IA
Graduating with a pristine 4.0 in Economics from a reputable state university, I found myself navigating the turbulent waters of today’s job market. The search was extensive, with 170 applications sent out between September and March, resulting in just two interviews. Ultimately, I secured a role in IA development at a leading consumer bank in the U.S., viewing it as a strategic stepping stone—an opportunity to understand banking intricacies and potentially transition to another department after my two-year contract if it doesn’t align with my aspirations.
Confronting the Stigma
Despite my enthusiasm, there’s no denying the shadow that seems to loom over the IA profession. Both online and among peers, there’s a noticeable air of skepticism. Many view this sector as a career dead-end. Admittedly, my academic and professional background is not rooted in Accounting or auditing, but rather in market analysis, adding another layer of uncertainty to my new role.
Seeking Insight and Advice
Given this backdrop, I’m genuinely curious about the real-world experiences of others in IA. What challenges have you faced? How does the role measure up against its reputation? I look forward to your insights and shared experiences that could illuminate this path for someone like me who’s proactive yet walking into unfamiliar territory.
A Note of Thanks
I appreciate the overwhelming feedback and personal anecdotes shared in response to my queries. Your insights are invaluable as I begin to shape my understanding of what lies ahead in Internal Auditing.
Thank you all for the guidance and for helping me paint a clearer picture of this promising—yet intriguing—career path.
One response
First off, congratulations on landing a position in what is undeniably a challenging job market for new graduates. Entering the field of Internal Auditing (IA) with an open mind, as well as your impressive academic background in Economics, can actually provide a solid foundation for your new role.
Understanding the Stigma
It’s important to recognize that the stigma surrounding IA often stems from misconceptions and a lack of understanding about the field. Internal Auditors are sometimes perceived as the “watchdogs” of the organization, which can make them unpopular. This critical role involves evaluating processes, ensuring compliance, and identifying risks, which might lead to the perception that IA’s sole purpose is to point out mistakes. Yet, this perception overlooks the immense value that IA adds through risk management, improving operational efficiency, and protecting the organization’s integrity.
The True Value of IA
IA plays a pivotal role in maintaining and enhancing the efficiency of an organization. Internal Auditors help develop and refine organizational processes, ensure compliance with laws and regulations, and provide insights into areas that require improvements. This aligns well with your skills in market analysis — think of it as analyzing the “market” within the organization to identify opportunities, risks, and areas of potential growth or optimization.
What to Expect in Your Role
Learning Curve: You will likely experience a steep learning curve, especially since you haven’t taken Accounting courses or have background experience in auditing. However, your critical thinking and analytical skills gained through studying Economics will be immensely beneficial.
Skill Development: Expect to develop a diverse skill set that is applicable beyond IA. This includes detail-oriented analysis, problem-solving, and excellent communication skills, as you’ll need to present findings and recommendations effectively.
Cross-Departmental Exposure: IA provides unique insights into different parts of the organization. This cross-departmental exposure will not only help you understand the bank’s operations deeply but also position you favorably should you decide to transition into a different department later.
Cybersecurity and Emerging Technologies: Modern IA positions often involve learning about cybersecurity measures and new technologies. You’ll gain knowledge about data analytics, which is becoming increasingly critical in this digital age.
Practical Advice
Leverage Existing Knowledge: While IA might seem far from your Economics background, principles such as cost-benefit analysis, understanding incentives, and market structures have parallels in assessing the efficiency and effectiveness of organizational processes.
Continuous Learning: Take