Overview
The average salary increase achieved by internal auditors accepting new positions was 10% in the second half of 2009. Whilst this was a multi-year low it was only down from 12% in 2008 and it was a higher percentage than was achieved in any other area of corporate governance. The reason for the relatively higher average is that the majority of internal auditors who accepted new positions during the period were already employed. They therefore had no reason to accept anything other than an increase in their existing salary. Another issue has been bonuses which are generally better at retaining existing staff than attracting new ones. Those people weighing up salary offers tend to include the bonus they are paid by their exiting employer but exclude the potential bonus from their prospective employer. Not surprisingly people are more sceptical about the potential bonuses on offer from prospective employers and are more likely to bargain for higher base salaries as compensation.
Outlook
Even though general unemployment is likely to rise for some months yet, on current trends, internal auditors should retain their relatively strong bargaining position. Notwithstanding that the majority of companies will still be looking to reduce costs, the shortage of internal auditors that has remained a lasting feature of the recruitment market will continue. Rising demand should ensure that the salary increases achieved by internal auditors changing jobs are likely to be higher in 2010 than they were in 2009.
Salary Survey
Barclay Simpson analyses the salary data that accumulates from the placements we make in the UK. This provides a useful guide to salaries and salary trends for internal audit professionals.
To give as accurate a picture as possible, we have taken a range of different internal audit profiles and provided an approximate salary range that they could realistically earn. The profiles are for good rather than exceptional individuals and take no account of other benefits in addition to the salary that usually accrues to internal auditors, such as bonuses, profit sharing arrangements or pension benefits.
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London |
South East |
Rest of UK |
Auditor
Qualified PIIA with internal audit experience gained in an external provider of internal audit services. |
£26,000 - £30,000 |
£23,000 - £29,000 |
£20,000 - £26,000 |
Internal Auditor
Partially qualified accountant of graduate calibre, with three years experience in the private sector. |
£29,000 - £36,000 |
£27,000 - £34,000 |
£24,000 - £32,000 |
Internal Auditor
Unqualified multi-site auditor with a high level of field audit experience. |
£25,000 - £30,000 |
£23,000 - £29,000 |
£21,000 - £28,000 |
Internal Audit Manager
Unqualified multisite audit manager with a high level of experience |
£40,000 - £50,000 |
£38,000 - £45,000 |
£35,000 - £42,000 |
Senior Internal Auditor
Graduate qualified CIPFA with at least one years PQE experience gained in local government. |
£35,000 - £42,000 |
£34,000 - £40,000 |
£32,000 - £38,000 |
Senior Internal Auditor
MIIA qualified with four years internal audit experience In the Civil Service. |
£36,000 - £46,000 |
£32,000 - £39,000 |
£30,000 - £37,000 |
Senior Internal Auditor
Qualified accountant with experience that includes some exposure to internal auditing in a Big 4. |
£48,000 - £54,000 |
£44,000 - £50,000 |
£38,000 - £44,000 |
Senior Internal Auditor
Qualified MIIA with internal audit experience in the public sector and private sector. |
£49,000 - £54,000 |
£46,000 - £51,000 |
£42,000 - £47,000 |
Senior Internal Auditor
Qualified accountant with at least three years internal audit experience gained in a Big 4 or commerce. |
£52,000 - £58,000 |
£46,000 - £52,000 |
£40,000 - £47,000 |
Internal Audit Supervisor
Qualified ACA with experience gained in either a Big 4 risk management services or a commercial internal audit department. |
£56,000 - £62,000 |
£54,000 - £58,000 |
£50,000 - £54,000 |
Internal Audit Manager
Qualified CCAB/MIIA with experience in both Big 4 risk management services and internal auditing. |
£65,000 - £72,000 |
£62,000 - £68,000 |
£57,000 - £64,000 |
Computer Auditor
Qualified QiCA/CISA with three years computer audit experience gained in Big 4 risk management services. |
£45,000 - £54,000 |
£43,000 - £50,000 |
£41,000 - £46,000 |
Senior Computer Auditor
QiCA/CISA qualified with a high level of experience in various IT positions followed by significant experience in computer auditing. |
£58,000 - £66,000 |
£54,000 - £60,000 |
£50,000 - £56,000 |
Computer Audit Supervisor/Manager
Qualified ACA with computer audit experience. |
£60,000 - £68,000 |
£55,000 - £63,000 |
£53,000 - £60,000 |
Computer Audit Manager
Graduate QiCA/CISA qualified with significant computer audit experience. |
£65,000 - £74,000 |
£59,000 - £68,000 |
£55,000 - £62,000 | |
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