The secrets to success for jobseekers and employers in Internal Audit

Andrew Kitchen 15.04.2019

Internal Audit professionals have to be flexible and prepared to move into new markets; being adaptable has been key to success so far this year.

Employer trends seen across Internal Audit at the start of 2019

Big banks have been sluggish in their hiring, therefore the highest volume of roles has been coming from within the smaller banks. As a consequence of the reluctance from big banks to hire, consultancies have capitalised and continue to expand their own outsourced Internal Audit capabilities. There has also been a fair amount of demand for VPs as employers have looked to strengthen their workforce with increased technical expertise and experience.

Attraction and retention of Internal Audit professionals

In order to attract and retain top talent in the profession, employers have to:

  • Offer flexible working that allows for a better work-life balance
  • Increase salaries in line with the wider market
  • Demonstrate clear promotion and progression opportunities
  • Give counter-offers at resignation or be prepared to ‘buy-out’ professionals’ bonuses - this has been more prevalent in 2019 than in recent years

What have professionals done to succeed in their roles?

In a climate that is constantly changing, professionals have to be flexible and prepared to adapt to new markets. Where a candidate has limited options for internal promotion, many are happy to accept a sideways move in terms of salary if it results in increased career prospects or for an improved working environment - the search for the perfect work-life balance is now a priority for many.

What has influenced Internal Audit recruitment?

The big banks have hired too much over recent years. Many have become significantly top heavy, which has led to reduced internal promotions as well as reduced ability to hire externally. Despite this, regulatory and compliance audit roles have remained in demand due to continued pressure from the regulators.

Although it hasn’t had a huge effect on hiring, Brexit has clearly caused both hiring managers and jobseekers to exercise an element of caution.

Andrew Kitchen's picture
Principal Consultant