The 2017 Internal Audit Compensation Study Reports That Organizations Are Pulling Back On Salary Raises
Breaking a seven-year trend, The IIA’s 2017 Internal Audit Compensation Study reports an increase in the number of organizations in the U.S. that are tightening their salary belts by not awarding raises this year. The figure somersaulted from 8 percent in 2015 to a whopping 17 percent this year. And although the trend to award raises in Canadian organizations is still on the rise, pay increases for auditors are expected to be less than those of their nonauditor peers.
What should auditors do to increase their salaries? According to the study, three trends were identified to increased compensation: obtaining a master’s degree, certification, and industry specialization. The study reports that median salary for auditors with master’s degrees was shown to be 14 percent greater than those with a bachelor’s in the U.S. and 25 percent more in Canada. Regarding certifications, the pay gap continues to widen, with those that have multiple certifications banking in the most. As for specialization, IT auditors in the U.S. and fraud/forensic audits in Canada having the highest median salary.
Want to learn more about compensation trends and practices in the U.S. and Canada? Purchase The IIA’s 2017 Internal Audit Compensation Study, the most comprehensive study on internal audit compensation.