We know that being a Chartered Internal Auditor boosts your career prospects. Members and employers consistently tell us that the specialist knowledge and skills gained though qualification are both essential to and highly regarded by organisations. Now, for the first time, we have some salary data to back this up.
We recently conducted a salary survey to see how chartered status translates to earning power. The research suggests that Chartered Internal Auditors earn approximately £20k more than their non-chartered colleagues.
The average salary bracket is fairly consistent across sectors. In both the financial services sector and public sector the average salary bracket is £41–50k for CMIIAs compared with £20–30k for non-chartered internal auditors.
But there is a more marked difference in the private (non FS) sector, where Chartered Internal Auditors appear to benefit from higher salaries. Here, the average salary bracket for CMIIAs is £61–70k compared with £20–30k for non-CMIIA holders. Data also shows that 83% of CMIIAs in the private sector earn more than £40k, compared with 45% of non-chartered internal auditors. And 52% of CMIIAs earn more than £60k versus 22% of non-chartered practitioners.
Remuneration in the financial services sector favours CMIIAs too. Although their average salary bracket is on par with other sectors at £41–50k, 88% of CMIIAs earn over £40k, compared with 57% of non-CMIIA holders.
The trend continues in the public sector, with 70% of CMIIAs earning over £40k compared with 30% of non-CMIIAs.
Data from 269 respondents was collected in June 2016 via the Chartered IIA website. Sectors of the respondents were as follows: 32% financial services, 31% private (non FS) sector and 38% public sector (not equal to 100% due to rounding). The survey was open to members of the Chartered IIA and non-members.