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Interim Market Report 2011 - Internal Audit Salaries

The average salary increase achieved by internal auditors accepting new positions is currently 14% having fallen from 15% at the start of the year. Both numbers are close to the long term average. The decline can be attributed to the greater number of internal auditors securing positions in industry and commerce rather than financial services where salary increases have historically been higher. Taking that factor out of the average and salary increases between the start of 2011 and mid point of the year have not materially changed.

Outside of a further economic set back and recession the salary increases achieved by internal auditors moving between employers are likely to remain high and therefore underpin the salaries ultimately paid to internal auditors.

Currently most companies will only recruit internal auditors who closely match their requirements. These internal auditors tend to be coveted not only by more than one potential employer but frequently by their existing employer. As a consequence those internal auditors who are successful in the recruitment market tend to influence salary levels for the profession as a whole. However it is the result of supply and demand. Many companies are not prepared to bring in relatively expensive recruits and disrupt established salary levels within their internal audit departments. It is perhaps not surprising that companies decide to out or co-source their departments or as is not presently uncommon leave the vacancies unfilled in the sometimes vain hope an affordable internal auditor will appear. Whilst corporate profitability has recovered, companies outside of the financial services sector, where regulatory pressures are not being brought to bare, are sharply focused on restraining costs.

As ever there are conflicting pressures at play. However, the structural shortage of internal auditors is likely to ensure that the profession as a whole will escape the reduction in real earnings that is manifest in the wider economy.

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.


 

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.

£50,000 - £56,000

£46,000 - £52,000

£39,000 - £45,000

Senior Internal Auditor
Qualified MIIA with internal audit experience in the public sector and private sector.

£50,000 - £55,000

£47,000 - £52,000

£43,000 - £48,000

Senior Internal Auditor
Qualified accountant with at least three years internal audit experience gained in a Big 4 or commerce.

£54,000 - £60,000

£48,000 - £54,000

£42,000 - £49,000

Internal Audit Supervisor
Qualified ACA with experience gained in either a Big 4 risk management services or a commercial internal audit department.

£58,000 - £64,000

£56,000 - £60,000

£52,000 - £56,000

Internal Audit Manager
Qualified CCAB/MIIA with experience in both Big 4 risk management services and internal auditing.

£67,000 - £74,000

£64,000 - £69,000

£58,000 - £66,000

Computer Auditor
Qualified QiCA/CISA with three years computer audit experience gained in Big 4 risk management services.

£47,000 - £56,000

£45,000 - £52,000

£42,000 - £47,000

Senior Computer Auditor
QiCA/CISA qualified with a high level of experience in various IT positions followed by significant experience in computer auditing.

£60,000 - £69,000

£56,000 - £62,000

£52,000 - £58,000

Computer Audit Supervisor/Manager
Qualified ACA with computer audit experience.

£62,000 - £70,000

£57,000 - £65,000

£55,000 - £62,000

Computer Audit Manager
Graduate QiCA/CISA qualified with significant computer audit experience.

£67,000 - £76,000

£61,000 - £70,000

£57,000 - £64,000

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