I am currently studying an Msc in Audit Management and Consultancy at Birmingham City University which I will finish in September. My first degree was in History and I have two years banking experience, but not in Internal Audit. I am wondering what the career prospects are for a trainee auditor. I have no audit experience but as part of the course I will be sitting IIA exams during the year. Will this count as experience?
You’re in good company; my first degree was history too! I entered into an Institute of Chartered Accountants training contract with Ernst & Young, undertaking my practical experience in their Audit department. This, of course, is a well-trodden graduate path into audit, indeed a path that you could consider yourself. If you look back at my ‘Agony Aunt’ responses over the last few months, you will find some considerations and advice on this particular route. Your banking experience could prove very appealing to a potential employer if you choose a firm with Financial Services clients.
However, I appreciate that you wish to take into account your IIA qualification. By far, your best port of call for advice is your university careers service as well as the team who are actually delivering your MSc learning. There’s no need to reinvent the wheel as they will be able to share with you examples of how previous students have exploited their IIA qualification. This specific advice will be very valuable because on the face of it many students will be in your position – where the academic qualification is not parallel to the practical experience. Some of your banking experience may be relevant but if you were not involved in auditing itself, most will not be.
The Institute of Internal Auditors lay down the criteria for what constitutes ‘approved practical experience’ and here’s a taster for the PIIA:
· Participation in audit assignments
· Observation/understanding of risk assessment exercises
· Participation in improvement projects within the internal audit function
· Understanding the importance of effective business communications
· Demonstration of practical IT skills
Without a doubt your university department will have worked closely with the IIA on the syllabus, so they will have a good appreciation of how to bridge the gap between the theory and the practice.
Part-qualified IIA jobs are available with a variety of different organisations in both the corporate and public sectors. Worst possible scenario is starting from the bottom in terms of practical experience. However, the fact that you have already completed the exams will give you to a head start over other potential trainees and could make you a more attractive candidate.
But that’s worst possible scenario. Talk to your tutors and career advisors and find out how past students have exploited the qualification before you.
And good luck!
This Q&A first appeared on the audit agony audit page in CareersInAudit.
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