re: Is internal audit a waste of a career?

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It’s for a large financial institution.

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I'm trying to vision what large financial institution that may be.

Having just helped one for 10 months go through their internal audit all I can say is bless you. I would not enjoy that job.

If you get a chance, jump to IRS, spend a few years as an exam agent, and then go tax resolution.

You would be surprised how in demand a tax resolution guy with IRS experience is. You make inroads with local CPA’s at the IRS and then when you go out on your own, you can pull the work that’s not wanted like Offer In Compromises.

Internal auditing isn’t going anywhere, it’s just getting more tech-heavy. Learn how to use AI properly and better than others around you. AI can crunch data and spot patterns, but you need to be able to judge what actually matters and give advice to leadership. TLDR If you have solid audit skills and learn data analytics + AI oversight, you will be more valuable in the future. Then work your way into management,

Accounting degree - Corporate tax for 20+ years. I think IA has more flexibility to move around in the corporate world, although I don't usually see it.

I knew a lot of people in the IA program at LSU. Very few do it anymore. I think its a great stepping stone to something else, as you get great experience. One of my friends who was gung ho on IA for a few years, finally threw in the towel and got his MBA. He is in the financial sector and makes a ton of money. Other friends of mine went to law school.

I used to hear that IA jobs were a sweatshop. Sounds like it still is.

To answer your question, no its not a waste of your career. Most of the people I knew in IA are successful today.

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I recently got my CIA in order to advance and hopefully soon get another promotion. I haven’t pursued the CPA due to personal life stuff (wife, kids)

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Just a note on this

CPAs have a quicker route into CIA. You don't have to take all sections and I think it is only a 150 question exam. They basically take out all the overlap between CPA and CIA exams

The reverse is not true

That's not helpful to you, but it is to any CPA looking for more letters

I've only seen AI integrated in audit work and never taken as accurate or complete without some review. Mostly used in review work. So no, not pigeon holed unless you are stuck waiting on someone to retire so you can move up. And you still have lateral mobility

What type of performer are you relative to your peers? An internal auditor who doesn’t have Big 4 experience and no leadership skills is gonna be capped out relatively early in their career,

I’ve seen lots of folks take that background and top out relatively early and pivot to public accounting, IT audit, etc. CIA is kind of a dead end now with modern financial regs and advanced tech,

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At best you save the company money, at worst you piss off the wrong person.

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I know this will get DV’d but there is some truth to this. Some folks where I work have had difficulty moving from internal audit to other roles.

Here, it’s a cultural issue with audit itself. They come off an heavy handed, smug and self-important. Unfortunately, young auditors often become the face of that.

If the internal audit function you work in is like this, you can work to overcome this pretty easily by not being a douche yourself. Specifically:

-Understand that everything you’re doing is not an urgent priority for everyone else you talk to.

-Refrain from yeeting meetings on calendars with little notice and zero context.

-Actually listen to people when they explain how things work and don’t assume “they should work this way because I need to check this off as accurate and complete”.

-Ask questions that matter. Don’t go fishing for information. Makes you look like a narc.

Not doing these things will make people (future potential hiring managers included) flee from you. If you do them, you’ll stand out in a big way vs your IA peers who are just assimilating with however your IA group functions. Believe me when I say people will definitely notice.

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I haven’t pursued the CPA due to personal life stuff (wife, kids).

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Just bite the bullet and do it. Is it fun? Hell no, but it is worth it with so many accountants these days opting not to do it for the same reasons you listed or that they are just lazy.

When people ask me about the CPA exam, I like to joke that it isn't about how smart you are, it's about how much you hate yourself. That is being dramatic but you do have to be very focused on your end goal and force yourself to take time away from things you enjoy for a while. I did it after I got out of college and had a wife and 3 kids. Wasn't easy at all but has been worth it because now I stand out.

Not at all. I'm in about my 5th year of IA and I've always found it as a great way to learn more about a company/business and allows you to pivot pretty easily if that's what you want.

If you want out of IA I would see what finance/accounting roles are in your current company as it's usually pretty easy to switch in your current company from IA.