Perhaps you still don't know what you want to be when you grow up. Don't worry, there's plenty of time to figure it out, but, if I may, don't dismiss the possibility of internal auditing. I'm serious! Yes, most people think probably see it as a sleepy career path of beuracracy and being a stickler, but the function is becoming increasingly important and if you end up a chief audit executive, you'll wind up with a fair amount of clout:
As boards worry more about cyberattacks, regulatory compliance and personal liability, these executives are gaining clout and commanding higher pay.
CAEs are becoming more visible in part because directors are playing a bigger roles in selecting, evaluating and rewarding internal audit chiefs. In North America, about 83% of those executives report to their employer’s full board or audit committee, according to a 2016 report by the Institute of Internal Auditors, a professional association. That’s up from 76% in 2013.
Oh, yes, about that pay:
“Boards will pay a lot more for CAEs with superior risk-management and business acumen in their company’s industry,’’ said Richard Chambers, IIA president.
Recruiters agree. “Chief audit executives hired by large companies now command total pay packages approaching $1 million—about 30% more than a decade ago,’’ said Scott Simmons, a managing director at Crist|Kolder Associates, which recruited nearly 15 current CAEs.
If you see yourself climbing the ladder in a big company, you could do worse.
Anyone pursuing this path? Share your experiences. Sounds like it could be a good option for some people. (And sorry if this ruins it for you.)