Anyone here work as an internal auditor for an investment bank or know someone that does? I’d like to know more about the role, expectations, upward mobility, etc.
if you’re not good everyone will h8 you. everyone.
dont do it kid, for the love of humanity
wake2000 Wrote: ------------------------------------------------------- > dont do it kid, for the love of humanity It’s not my ideal career path, but given my prior work experience that’s all that seems to be available. A 30% increase in base salary and a 20% bonus on top makes things a bit interesting, so I’m trying to take everything into consideration.
If it’s better and pays more than what you currently do, then it’s definitely worth considering. Of course, if you become an auditor, we can no longer be friends.
you’ll be with chicks all day which isnt a bad thing.
wake2000 Wrote: ------------------------------------------------------- > you’ll be with chicks all day which isnt a bad > thing. really? this sounds like a good thing to you?
justin are you batting for the other team?
Zesty Wrote: ------------------------------------------------------- > justin are you batting for the other team? try analyzing deeper than 1-ply.
“deeper”? “1-ply”? I’m confused, what are we talking about again?
I think it depends on the company really. I did a stint with Internal Audit for a bit and it wasn’t bad. The Head of IA had access to all the C-Suite officers and had some good exposure to the audit commottee members. In addition, some of the accounting VPs/controllers did some time in IA and have a decent job. Some companies also have a “Chief Risk Officer” or something similar that many times comes from Internal Audit. However, I’d say that starting in IA is not the best thing one could do. Many times it’s better to be recruited from the outside to a more senior role and then be promoted internally. Kind of like external audit, IA is still a weird dynamic because you have to basically check other people’s work. But if the $'s good then it’s hard to argue against it in the face of nothing else. Besides, it;s seems lie every year we’re moving to more and more regulation. Also, with globalization, IA is really needed to keep tabs on business segments outside the U.S. and make sure they’re operating to the company’s standards.
el duque Wrote: ------------------------------------------------------- > I think it depends on the company really. I did a > stint with Internal Audit for a bit and it wasn’t > bad. The Head of IA had access to all the C-Suite > officers and had some good exposure to the audit > commottee members. In addition, some of the > accounting VPs/controllers did some time in IA and > have a decent job. Some companies also have a > “Chief Risk Officer” or something similar that > many times comes from Internal Audit. > > However, I’d say that starting in IA is not the > best thing one could do. Many times it’s better to > be recruited from the outside to a more senior > role and then be promoted internally. Kind of like > external audit, IA is still a weird dynamic > because you have to basically check other people’s > work. But if the $'s good then it’s hard to argue > against it in the face of nothing else. Besides, > it;s seems lie every year we’re moving to more and > more regulation. Also, with globalization, IA is > really needed to keep tabs on business segments > outside the U.S. and make sure they’re operating > to the company’s standards. Thanks for the feedback. You hit on a couple of interesting points, first one being the demand for individuals regulatory backgrounds. I examined banks for a few years before moving into a consulting role and it seems like that skill set is highly desired given new regulations, conversion to BHCs, etc. Based on the description, which I’ll post below, there might be a chance I can get some exposure to market risk, which would be great. If you don’t mind, I have a few more questions. We can take this offline, my e-mail is bryan.dulog@baruchmail.cuny.edu Description: This role is for an AVP level auditor to that will be assessing the control environment supporting the firm’s risk operations and methodologies. This individual will be responsible for maintaining relationships with and providing control related advice to business stakeholders. The auditor will also be responsible for execution and documentation of the results of their work for audits conducted. The candidate should possess strong analytical and communication skills and have an ability to work with minimal supervision. Audits to be executed will cover a wide range of risk related activities including: Allowance for Loan and Lease Losses, credit costs, collateral management/operations, counterparty credit risk, risk quantification, Basel II, credit approval processes, risk reporting, loan operations, stress testing, risk limits, appraisals, etc. - Participate in all aspects of audit activities including risk assessments, audit planning, audit testing, control evaluation, report drafting, work paper documentation and follow up and verification of issue closure. - Partner with colleagues, clients and control community members to evaluate, test and report on the adequacy and effectiveness of management controls. This is conducted in accordance with department and professional standards and will require the presentation of root cause analysis to senior client management. - Work with global line of business auditors in the early identification of emerging control issues and reporting them to line of business and audit management - Perform monitoring of periodic operational and financial related data to recognize patterns and trends with risk and control implications. - Partner with other groups within Audit (Investment Bank, Commercial Bank, Asset Management, Technology, etc.) to ensure the delivery of a seamless program of audit coverage across xxxx. - Stay up to date with evolving regulatory and market events impacting the firm’s risk organization. - Establish a business climate and culture that encourages integrity, respect, excellence and innovation
Sounds like you’d be making 250k in a couple of years doing stimulating work. You don’t have to be a trader or analyst to live very well on wall street.
Stimulating work?
^^ to add, he would not see $250K until reaching a Director level which takes SEVERAL years.
bpdulog even though IA provides a valuable function, once you are branded as an “auditor” your career path would lead you down the progression of the audit department. your ability to transition to a business side role may be limited. you seem like a smart guy and you probably will make the best decision for yourself. the perks though include being able to travel especially if you are with an investment bank with international operations.
BTON04 I agree that working in any audit function can brand you as an “auditor/accounting” person, but it’s not necessarily the case to stay there. Not sure how the IB industry is, but I’ve seen a couple people go from IA Directors to being in charge of M&A or Corp. Development for the company. Granted, we’re talking small public companies here, so it’s probably more the exception than the rule. Point is though, it can happen if one picks the right place and plays their cards right.
justin88 Wrote: ------------------------------------------------------- > wake2000 Wrote: > -------------------------------------------------- > ----- > > you’ll be with chicks all day which isnt a bad > > thing. > > really? this sounds like a good thing to you? bro, you gay or just a hater?
LBriscoe Wrote: ------------------------------------------------------- > Sounds like you’d be making 250k in a couple of > years doing stimulating work. You don’t have to > be a trader or analyst to live very well on wall > street. IA is far from stimulating. Id probably kill myself if I had to do that for a living.