[Anonymous]

Hey everyone,

I accepted a job about a few months ago with Bank of America doing Internal Audit through their Corporate Audit Analyst 2 year development program and I will be starting in June after I graduate in a few months. While I was initially excited for the opportunity to delve in to a business as a whole, after reading more and more about internal audit I am concerned I made a big mistake. I was led to believe that Internal Audit was a great pipeline to many areas in a business within a certain company (particularly corporate finance/industry since my degree is in Finance from University of Texas at Austin). Apparently that wasn’t the case since Internal Audit is seen as an exit opportunity for auditors. Now I am seriously thinking I made the wrong choice since possibility of a pigeonhole is very very possible and I don’t want that to happen!

My goal is to transition to corporate finance at a Fortune 500 company after the program is over at Bank of America. Honestly, how difficult would it be to lateral after the program was over to a Fortune 500 in their finance department (i.e: GE, Boeing, or even Bank of America)? Would internal audit experience be seen as valuable and relevant to corporate finance positions at Fortune 500 companies? Or will it be seen as useless experience therefore leaving me stuck in internal audit forever?

I would greatly appreciate feedback and guidance

[ruggercpa2b]

I am confused at that you say that you read that internal audit is an exit opportunity for auditors so now you think you made a big mistake? I mean its an exit opportunity for those in external audit because people find that they love being auditors but want work life balance. You get that being an auditor in industry vs in public accounting.

I work in audit and just left public accounting. You are exposed to different departments. It allows you to see how each area of the business works and also help you decide what direction you want to go if you dont want to be an auditor for long. I am in healthcare and am exposed to CEO and CFOs on the different hospital audits I go on. If your department is well established you will form relationships with different executives in your company.

A lot of internal auditors transition to becoming Financial Analysts. You are on the right path. Dont base your decisions on what you have read. Clearly something about that position and the people you talked to during your interviews was attractive enough for you to accept an offer.

At the end of the day you have to put in the work and learn as much as you can knowing your end goal.

AUD - NINJA in Training
BEC - NINJA in Training
FAR - NINJA in Training
REG - NINJA in Training

AUD - 1/6/18
FAR - TBD
REG - TBD
BEC - TBD

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[Anonymous]

Accounting firm experience is good and sometimes preferred. So people may think “well, maybe those companies prefer people from big 4”.

Well, it is not true. If you are an experienced internal auditor in BoA and you are looking for other internal audit position or relevant position, you pretty much are as competitive as audit people from accounting firms.

So you absolutely can transfer to the place you want to be once you have this BoA experience.

And most important thing is that you should have a network. Sometimes the scenario is that people with poor network can't hop to a better position.

[mla1169]

It would depend on where someone was working in internal audit, IMHO. From B of A , I'd say it's very likely to transition to a F500 in accounting and possibly finance.

FAR- 77
AUD -49, 71, 84
REG -56,75!
BEC -75

Massachusetts CPA (non reporting) since 3/12.

[Michael]

I work in Internal Audit for one the largest insurance companies in the world, and what is nice is you get to learn so much from various departments that you can decide later on which area of the business you may want to get into. My team only audits the investments so you have to almost become an expert in each type of investment the companies makes. Later down the line we've had people switch out of audit and join the business side.

REG - 63,74,70,81!!!
FAR - 44,73, 81!!!!
AUD - 51,81!
BEC - 73,77!!

3 years later and I'm officially done. Never give up no matter what!

[How many letters do you need]

I think it's certainly transferable but I don't understand something. If you wanted to do corporate finance, why not do a corporate finacne rotational program? GE and most of the name brand F500 are famous for them (In fact GE pretty much invented them). Did you just realize recently that you wanted to do finance?

MBA,CMA,CPA, CFF?, ABV?

[Anonymous]

Thanks for the reply guys.

@rugger: When I meant that it was an exit opportunity I meant that it was a possible end goal for auditors where they can settle down and do IA for the rest of their lives (since they would get better hours w/ better pay in Internal Audit as opposed to Big 4/External audit). From this I thought Internal Audit has no exit opportunities because it IS the exit opportunity (esp. for Big 4 auditors) and if there was an exit opportunity it would be more internal audit.

@howmanylettersdoyouneed: It's funny you mention that because I did apply to many of the corporate finance rotational programs, got passed the resume screening, and got passed the first interview but I never heard back from them regarding the status of the interview process so I just assumed they were rejections on my part after following up with them and waiting after they told me to wait. I knew I wanted to do finance for a while ever since I declared it at the end of my sophomore year. The internal audit offer was the next best opportunity for me (at least I thought so initially), so I took it and ran.

[Anonymous]

What do you guys recommend I do if I really want to make the switch?

[Anonymous]

Not to hijack your thread Artful, but I'm also in Internal Audit and its kinda my first “real” accounting job. In my interview I was sold on the idea that its a good launching board to other areas. I looked at it as a learning experience and as something that will be a good resume builder for my next job.

Is this not the case? Is it hard to get out of IA?

[Gabe]

@corp I have only worked in IA a short time (worked in Public prior), but from my experience and from seeing co-workers advance, IA seems to be a good launch pad to higher positions in other departments. I guess it also depends on what industry you're in….

CPA, CFE
CISA- Experience will be completed by August 2016

[TNCPA16]

It's true a lot of people in public accounting move to internal audit, but it is by no means a dead end. Where I work, the business and operations people love to recruit internal auditors (especially for CFO positions), just because we know so much about the company. Granted, I work for a company that respects and values IA…not all companies are like that.

[Gabe]

Agree 100% with Jilly

CPA, CFE
CISA- Experience will be completed by August 2016

[Anonymous]

My company is kinda on the small ish side it seems. So I'm thinkin I will probably have to leave to find a new job, which I think may would hurt me in the job hunt.

[fuzyfro89]

@Artful:

Any job will pigeonhole you if you don't continuously develop your skills and abilities. Someone who works in FP&A for a long time without having a good understanding of accounting or the product side of the business will also have a tough time transitioning or progressing.

Some people do get “stuck” in internal audit, but the same happens in other areas like reporting, tax, etc.

Fashion your IA experience as a place to learn how to design processes, how to react and plan for operating and financial reporting risks, understand the basics of SOX, learn soft skills in working with people who may or may not like you, and fill in any gaps in technical knowledge through learning programs (CPA, CFA, FRM, online courses, company trainings, etc).

Even in a “corporate finance” role (of which there are many different kinds), you still have to develop your skills to stay relevant.

[IACPALA]

One of the big benefits of IA is that you might discover an area of work that you really enjoy and you might decide to pursue that line of work instead. I would look at this as a great opportunity to learn as much as you can.

BEC 80
FAR 83
REG 75
AUD 77

[Anonymous]

Is it realistic for me to think that I can spend a few years in internal audit and make a jump to Sr. at a public firm (probably not big 4)

[Author]

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