Here are the questions we are most frequently asked by internal and computer auditors looking to develop their careers, along with the general answers we give. If you have a question which is not answered below, please call Adrian Simpson as@barclaysimpson.com or Tim Sandwell ts@barclaysimpson.com on 020 7936 2601.
General questions
- Should I finish my professional qualifications before looking for a job?
- Will a future employer offer a study package?
- Do I have to stay with an employer for at least 2 years?
- Should a CV never be longer than 2 pages?
- Will a new employer provide a relocation package?
- Should I tell my existing employer that I am looking for a new position?
- How much can I increase my salary by changing job?
- Is lying on my CV a significant risk?
- Should I give up my permanent job and do contract work while I am looking for a new position?
Specific questions
- Should I do an MIIA or an accountancy qualification?
- Should I do QiCA or CISA examinations?
- Can I get into computer auditing without any experience?
- When should I move out of the public sector?
- How do I get into management?
- Is it worth completing an MBA?
- Should I consider working for a Big 4 accounting firm?
- How can I work abroad?
1. Should I finish my professional examinations before looking for a job?
If you are approaching final stage examinations you are probably better staying with your existing employer. It is far better to go into the recruitment market having completed your professional examinations than being part-qualified, no matter how close you are to completion. As a qualified candidate there will be a wider selection of opportunities open to you and potential employers are likely to pay a much higher salary.
Changing job can also be disruptive. Not only will there be new routines, but you will feel under pressure to perform in your new role. There is a danger this could distract you from what should be your primary goal, to study and get qualified as quickly as possible.
As a general rule, if you are within 6 months of completing your examinations, you should stay with your existing employer.
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2. Will a future employer offer a study package?
Most companies and public sector organisations will support study towards a relevant professional qualification. The question is to what extent? You can usually expect the financial costs of a first sitting to be met and the examination days given as study leave. Many internal audit departments will additionally give up to 2 or 3 days per paper and very occasionally more. As a general rule, public sector organisations tend to be more generous than private sector companies. What you are unlikely to secure, particularly as an internal auditor, is day release or any extended period of block release.
Study packages are often highly negotiable and it is important to formally agree an entitlement before accepting a new position.
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3. Do I have to stay with an employer for at least 2 years?
There seems to be a common misapprehension that if you stay less than 2 years with an employer it will reflect badly on you in a future selection process. Arbitrary time limits should not be applied to any decision as to when to look for another position. If, after 3 months you are totally convinced you have made the wrong move and you have legitimate justification, then it is unlikely that a future employer will discriminate against you. Everyone is entitled to make a mistake. What is important is that your CV does not reflect a pattern of only staying with employers for a short period of time – you need to be able to demonstrate commitment. A pattern of frequent moves will begin to affect your credibility in the recruitment market. You can make one but not three mistakes.
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4. Should a CV never be longer than 2 pages?
People often seem to think that a CV should never be longer than 2 pages. However, a CV should be whatever length it needs to be to efficiently and effectively describe your life and career to date. As a general rule a CV should not be longer than 3 pages and anyone reading your CV should be able, within 2 or 3 minutes, to have a clear idea of your background and experience. Nobody wants to read anything longer. In fact, providing a CV that is either too long or one that is too short and fails to address obvious issues, will result in a question mark about your judgement. Is this the way you write audit reports?
It is also inappropriate to include with your CV copies of certificates, staff appraisals, job specifications and references from previous employers. These only add to the amount of paper and can distract the person reading your CV. Guidance on CV preparation is available under the Creating a strong CV section.
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5. Will a new employer provide a relocation package?
The majority of companies are prepared to pay relocation expenses, though are more likely to do so for senior positions and it should not be taken for granted. To best understand the company’s position, imagine you are a Chief Internal Auditor, selecting from two otherwise equal internal auditors, one of whom does not need to relocate. Relocation will then have an impact on the decision. Essentially companies will only pay relocation if they feel they need to. The more marketable you are as an internal auditor in terms of skills, experience and qualifications, the more likely a company is to pay relocation.
Generally a relocation package will pay all the direct costs such as estate agent and legal fees, removal expenses and stamp duty. Normally it will also include a period during which temporary accommodation will be paid. More comprehensive packages may include disturbance allowances of either a fixed amount or a percentage of your salary. Totally comprehensive packages, although uncommon, will provide you with a guaranteed price for selling your home.
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6. Should I tell my existing employer that I am looking for a new position?
Generally, the fewer people who know you are looking for another job the better. Whilst telling your existing employer that you are looking for a new position may make it easier to take time off to attend interviews, there are a number of disadvantages.
First, you will most likely be excluded from any future career progression. For example, whilst you are looking there may be developments within your existing department that would otherwise have been advantageous to you.
Secondly, you do not know how long it is going to take to find another position. Having made your announcement it will be rather embarrassing it you have still not found a position 6 months later. The danger is that you will feel pressurised into accepting a position that you would have otherwise not considered.
Finally, you may start to feel isolated. If your manager believes that you will be leaving shortly, there is probably little incentive to keep you as an integral part of the team.
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7. How much can I increase my salary by changing job?
Most potential employers will make an offer that they believe is fair. They will almost invariably look at your existing salary and make an offer based on that. Generally, an increase will be in the order of 10 to 15% in total package terms. However, if you have a reason why your salary is particularly low or have skills and experience that are in short supply, then it is possible to get more. If a company makes an offer which you believe it is too low, you can attempt to negotiate the offer up. Before you do so, make sure your reasoning is clear. Many companies will increase an initial offer if they can see a justification. Obviously your bargaining position will be strengthened by having another offer at a higher salary. If that is the case, be careful you do not end up accepting a position that you do not really want, just because it has the highest salary.
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8. Is lying on my CV a significant risk?
There are essentially two types of lies that are contained in CV’s. First are matters of verifiable fact. Your qualifications, the periods of time you spent working for previous employers, your job titles, etc. Outside of taking up references from your previous employers, very little other formal verification is made of your CV. However, if your employer discovers that you obtained a position on the basis of a CV that contains a material misrepresentation of a verifiable matter of fact, you will almost certainly be summarily dismissed and possibly prosecuted. It is a risk and cannot be encouraged.
The second type of lie, and by far the more common, is the embellishment and exaggeration of professional experience. Such representations are intangible and therefore less risky to make. Formally you may not have been a manager. On your CV, this does not stop you describing all kinds of responsibilities and achievements that belie a rather more modest job title. As a candidate in a selection interview you may embarrass yourself or, more problematically, be offered and accept a position that is beyond your capabilities. The former is quite common, the latter quite rare. A Chief Internal Auditor, on discovering that an internal auditor did not quite have the experience they were led to believe would probably allow them a short period to become proficient.
Many companies are now relying less on assertions made on a CV’s and far more on their own objective based selection processes. These involve applicants demonstrating the skills and experience they describe on their CV’s and make any misrepresentations rather more problematical.
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9. Should I give up my permanent job and do contract work while I am looking for a new position?
Unless there are some compelling circumstances that make it impossible to look for a new position or your personal circumstances are such that you can afford to take the risk, it is generally unwise to give up a permanent position. The contract market may be quite buoyant, however it is rarely possible to be entirely certain how quickly you can secure a contract position and what the rate of pay will be. Furthermore, potential permanent employers may be put off by the fact that you have resigned one position without having another to go to.
However, if you are confident of persuading a potential employer of the rationale of your decision, the advantage is that you will be able to attend interviews more easily and a new employer will not have to wait for you to complete a notice period.
Before you make such a decision you should seek advice, given your background and experience, on the availability of contract work and how long it may take to secure a permanent position.
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10. Should I do MIIA or an accountancy qualification?
Whatever professional qualifications you are proposing to complete, investigate all the possibilities fully and establish quite clearly the likelihood of you completing the examinations as quickly as possible and what your future career plans are. An accountancy qualification such as ACCA or CIMA is generally more valued by companies who use their internal audit function as a way of recruiting future finance managers. Historically the MIIA qualification has been valued by public sector and financial services organisations that have accommodated career internal auditors. However, the profile of the MIIA qualification continues to improve and this reflects the change and development in internal auditing that is currently taking place. The MIIA qualification is now recognised by a greater range of employers than previously and therefore has greater value in the internal audit recruitment market.
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11. Should I do QiCA or CISA examinations?
In the recruitment market it makes no difference, QiCA and CISA are interchangeable. If a potential employer is prepared to accept QiCA, they will invariably accept CISA and vice versa. CISA is a more practical test and is a test of competence, but does not attempt to teach the theory or practice of computer auditing. QiCA is more academic and is probably better for developing students with limited computer audit experience. Further information is available under our guide to professional qualifications.
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12. Can I get into computer auditing without any experience?
If you wish to transfer into computer audit, your best opportunity is usually with your existing employer. If that is impossible your only other way is via the recruitment market, in which case you really need to have some tangible evidence demonstrating your interest and commitment. Try and ensure that you get whatever experience is available with your existing employer. Talk to computer auditors and read up on the subject, gain as much knowledge as possible. Even better, sit, if necessary at your own expense, either QiCA or CISA examinations or undertake an academic course such as a diploma in computing. If you have a good academic background and realistic salary expectations, provided you can demonstrate real commitment and some tangible evidence of your interest, it is quite possible to transfer into computer auditing via the recruitment market.
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13. When should I move out of the public sector?
If you are working in the public sector and have ambitions to transfer into the private sector then, generally, the sooner you transfer, the better. There are a number of exceptions.
First, you will need a critical amount of experience. It is pointless looking for a position in the private sector on the basis of 6 months internal audit experience. You need some tangible experience to sell.
Secondly, study packages in the public sector are generally better than in the private sector. It is far better to get qualified quickly in the public sector and then transfer, than transfer and spend many more months or years completing professional examinations.
Thirdly, what is the quality of the experience you are gaining? If for example you have the opportunity to develop computer audit skills with your existing employer in the public sector and it is something you wish to do, then you are far better spending a further year in the public sector and gaining some credible experience.
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14. How do I get into management?
Most internal auditors who achieve management positions are promoted internally. Rule number one is to work for an internal audit department that allows for regular promotion into management positions. If you are working for a department and it is clear you are not going to get promoted, then look outside. If you are able to, choose a sector that you enjoy working in and then, as far as possible, stay in that sector. Most companies will at least prefer, and often require, their internal audit managers to have previous experience of their sector.
As the economy becomes more reliant on I.T., computer audit experience is increasingly sought after and, as a prospective manager, you should attempt to become as familiar with it as possible. Smaller, perhaps less well-known companies can be a good introduction to management. You may only manage two internal auditors but you still have to confront all the problems of management without recourse to a higher authority. It can be a good stepping-stone into a bigger company and department. Be prepared to relocate to wherever the opportunities are. The more flexible you are, the more the potential opportunities that will become available.
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15. Is it worth completing an MBA?
An MBA can certainly enhance your CV. However, it is rarely worthwhile giving up your job to pursue an MBA full-time. When recruiting, most Chief Internal Auditors are primarily interested in a candidate’s academic results, their professional qualifications and, most importantly, their internal audit experience. An MBA is rarely a significant factor in an internal audit recruitment decision. A Chief Internal Auditor is more likely to dwell on why you thought it necessary to give up your job and is unlikely to consider it a justification for offering you a demonstrably better job as a result of completing an MBA.
Most internal auditors who complete an MBA continue working and do not disrupt the pattern of their careers. They complete them on a part-time basis. For internal auditors who are already professionally qualified, an MBA will enhance their CV and most potential employers will regard it favourably. For those internal auditors who are not professionally qualified, an MBA can at least partially fill an otherwise large hole on their CV.
An MBA can without doubt increase your confidence, improve your skills and make you a more marketable internal auditor. An MBA however, regardless of what the sales literature from your chosen business school may say, cannot turns a pig’s ear into a silk purse.
If you are interested in exploring doing an MBA, there are an increasing number of academic institutions and associated business schools offering MBA courses and they tend to be flexible and customer focused. Go for the best name you can afford and the one that will allow you to study according to your desired work patterns. A copy of the ABS (Association of Business Schools) directory, will contain most of the information you will need.
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16. Should I consider working for a Big 4 accounting firm?
Without doubt, the Big 4 accounting firms and, to a lesser extent, their smaller rivals, offer excellent internal audit experience across a range of sectors. In many respects, the Big 4 are at the leading edge of developments in internal auditing and risk management. To help develop your career in internal auditing, a period spent with a Big 4 firm will certainly make your CV appear more rounded. In addition, if you are not ACA qualified, 2 years spent with one of the Big 4 will go some way to ensuring that you will be considered equivalent in the recruitment market. If you are considering working for one of the Big 4, it is probably better to do it earlier in your career rather than later.
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17. How can I work abroad?
Depending on your background and experience, it is quite feasible to work overseas. Most internal auditors who work overseas do so by transferring with their existing employer. Therefore, finding a company that would initially employ you in the UK and then allow you to transfer to an overseas internal audit department, can be a good way of achieving your goal. Furthermore, it can also provide you with the opportunity to transfer back to the UK without having the difficulty of returning to the UK without a job.
If this is not possible or desirable then the better qualified you are and the more marketable your skills, for example having good I.T. audit experience, the easier you will find it to secure a position.
There are good opportunities in the EU, as UK nationals have the right to work anywhere in the EU and internal audit skills are in short supply in Europe. Whilst it is possible to secure a position without a European language, reasonable fluency will make it far easier.
In non-English speaking other parts of the world, such as South America and Asia, it is usually a requirement to speak the local language, but, if you do, your skills as an internal auditor will generally make it possible to find work in those countries.
The old commonwealth countries such as Australia, New Zealand, Canada, Singapore, Hong Kong and including the United States share a common language and similar business environments, and are the most popular destinations. The Big 4 often have opportunities for internal auditors to work in these locations and, if you have specialist skills, it is possible to get a company to sponsor you.
The Middle East countries, particularly if you have banking or oil industry experience, are reasonably easy to secure a position in. One of the attractions for internal auditors used to be generous tax-free incomes, however the salaries are not as attractive as they once were.
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