Transitioning from Internal Audit to Compliance: Is It the Right Move?
The job market can be unpredictable, and career changes often come unexpectedly. Recently, I found myself navigating this very situation. After being laid off from my internal Audit position, I applied for a Compliance Analyst role and successfully made it through the first interview round.
Initially, I approached the interview with caution. I’ve typically avoided discussing salary during initial interviews, especially since the job listing did not specify a compensation range. With over 15 years in internal Audit, the new role seemed to be an entry-level position according to the job description, leading me to question whether this was the right step for my career.
Like many professionals who face a sudden career transition, I was curious if others had experienced a similar pivot. Is it worth accepting a role that seems a step below my experience level, especially when I’m still hoping to continue in internal audit? With my second interview approaching next week, I’m at a crossroads, deciding whether to pursue this opportunity in compliance or keep searching for a role in internal audit.
I’m keen to hear from readers who have faced a similar situation. Did you find that transitioning to compliance offered new opportunities and growth? Any insights would be invaluable as I contemplate my next career move.
One response
Making the transition from Internal Auditing (IA) to Compliance is a path many professionals consider, especially in the circumstances you’ve described. Here are some points to ponder as you navigate this potential pivot:
Understanding the Transition
Skill Transferability: Your extensive experience in IA will serve you well in Compliance. Both fields require a keen eye for detail, knowledge of regulatory environments, and strong analytical skills. Highlight these transferable skills during your interviews to show how your background complements the Compliance role.
Role Dynamics: While the Compliance Analyst position might seem entry-level on paper, consider the organizational context. In some companies, these roles are robust and integral to broader business objectives. Ensure you fully understand the scope of responsibilities; ask about growth opportunities within the department during your upcoming interview.
Financial Considerations
Salary Discussions: It’s common to avoid salary discussions in a first interview, but given your extensive experience, preparing for negotiation at later stages is crucial. Research average salaries for Compliance Analysts in your area to ensure you have a baseline understanding of a fair compensation package.
Leveraging Experience: Consider how your 15+ years in IA can justify a higher salary, even for an entry-level role. During salary discussions, articulate how your skills could bring added value and potentially elevate the Compliance department.
Career Satisfaction
Long-Term Goals: Evaluate how this shift aligns with your long-term career aspirations. If a role in Compliance could eventually lead to a leadership position or another compelling opportunity, it may be worth pursuing.
Stay Open: While you’re focused on returning to IA, remaining open to new experiences can sometimes reveal rewarding career paths you hadn’t previously considered.
Alternative Strategies
Networking: Given current challenges in securing an IA role, consider expanding your professional network. Engage in forums, attend industry events, or join IA-related groups on LinkedIn. Networking can sometimes lead to unexpected opportunities.
Continued Job Search: If you decide to proceed with the Compliance role, there’s no harm in continuing your search for IA positions in parallel. You’re not obligated to finalize any offer until you’re confident in your decision.
In conclusion, assess the Compliance role against your personal and professional priorities. Even if temporary, this position could serve as a strategic placeholder, helping you maintain industry relevance while providing a new perspective on regulatory affairs—a valuable asset if you return to IA in the future.