Accounting[4] X Research source Advanced mathematics coursework[5] X Research source Economics[6] X Research source Finance[7] X Research source
Many auditors major in accounting or a related field. However, some colleges offer highly-specialized majors like internal auditing for prospective auditors. [9] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source If you cannot find a college program in auditing, pursue a bachelor’s degree in accounting, finance, or economics. [10] X Research source
Consider doing an internship over the summer when you’re not in school.
If you want to advance your career in the field of auditing, then you will need to become certified as a CIA (Certified Internal Auditor) or CPA (Certified Public Accountant). To earn a CIA certification, you will need to have a combination of education and experience. To earn a CPA certification, you will need 150 semester hours of coursework, which is equivalent to a 5-year accounting degree.
When choosing a second language to learn, focus on what would be most pragmatic for your field and your location. For example, if you plan to work in southern California, New Mexico, or Texas, being able to speak Spanish would be a valuable asset for most financial firms. If you want to work in a state in the northeastern United States, knowing French may be beneficial due to the close proximity to the Canadian border.
Of all the types of certification, the CPA is generally considered the most credible and desirable for auditors to have. That credibility is important, given that auditors work with employees, managers, executives, and members of the board, as well as external agencies and representatives. [15] X Research source CPAs tend to make up to 10 percent more than non-CPAs, and typically have more job security. [16] X Research source Be aware that almost all states require CPAs to engage in some form of continuing education (called Continuing Professional Education) to maintain the CPA license. [17] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Most states follow the CPE standards of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA), which is to earn 40 hours of CPE per year.
After passing the exam, some states mandate a minimum of one year of public accounting work experience before the CPA license will be granted. Other states permit different types of work experience to stand in for the minimum requirement. [19] X Research source Candidates who earned an education in the United States must submit a $100 fee and an official copy of all college transcripts for the Advisory Evaluation. Not all NASBA jurisdictions offer the Advisory Evaluation. It is primarily offered in Colorado, Delaware, Georgia, Indiana, Louisiana, Massachusetts, Michigan, Missouri, Nebraska, New Hampshire, Pennsylvania, Puerto Rico, Utah, and Washington. If you do not live in a corresponding jurisdiction, you must contact the Board of Accountancy in your home state to determine where you can have the Advisory Evaluation performed. [20] X Research source Keep in mind that Advisory Evaluation is optional. Check your state’s requirements for obtaining a CPA license to determine if you need to do this. Candidates who earned an education through an international institution must submit a $200 fee and an official copy of all college transcripts for the Advisory Evaluation. Contact your local Board of Accountancy to have the Advisory Evaluation performed. [21] X Research source This report is used for professional examination and licensure by the Boards of Accountancy. [22] X Research source
Content and Skill Specification Outlines (CSOs/SSOs) address the content covered in each section of the Exam, and are available online at the American Institute of CPAs (AICPA) website. [24] X Research source
The FAR section covers planning and reviewing, internal controls, obtaining and making records of information, and preparing communications between auditor/accountant and the organization. This section is generally considered the most difficult, and generally takes up to 180 hours of planning and studying to adequately prepare. [27] X Research source The AUD section is difficult, but generally considered easier if taken after the FAR section. The AUD covers the standards of financial statements, the content required within a financial statement, and how to account and report for a variety of different employers. It typically takes approximately 130 hours of planning and study time. [28] X Research source The REG section addresses ethics and professional responsibility, business law, and tax and accounting procedures. It also takes approximately 130 hours of planning and study time. [29] X Research source The BEC section is generally considered one of the easiest of the four sections. It addresses business structure, economic concepts, financial management, and information technology. The BEC is multiple-choice in format and takes upwards of 100 hours of planning and studying to prepare for the Exam. [30] X Research source
The AICPA recommends scheduling each test session a minimum of 45 days before the Exam. [32] X Research source The NASBA charges a total of $729. 08 to take all four sections of the Exam. There is also an initial application fee that applies to all first-time candidates, and that fee ranges from $30 to $200, depending on where the candidate resides and will be taking the Exam. [33] X Research source The four sections of the Exam do not have to be taken at once. This would be exceedingly difficult, given the amount of preparation time required for each section. However, most states require candidates to take and successfully pass all remaining sections within 18 months of passing the first section. [34] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source
Public accounting, law, and consulting partner/shareholder/owner/sole practitioner - $465[35] X Research source Public accounting, law, and consulting staff - $275[36] X Research source Business and industry president/CEO/COO/CFO/officer - $465[37] X Research source Business and industry management/staff/internal auditor - $275[38] X Research source Education faculty/administration - $275[39] X Research source Government employee at the federal/state/local/international level - $275[40] X Research source
In most states, you will need to abide by the CPE requirements of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA). These requirements state that members must earn 120 hours (minimum of 20 hours per year) over a rolling three-year renewal period. [42] X Research source College courses count towards CPE hours. The number of relevant CPE hours is determined by multiplying the number of semester hours by 15, or if the college uses the quarter system, multiplying the number of quarter hours by 10. [43] X Research source A number of professional associations offer programs that count towards CPE hours. The number of relevant CPE hours is determined by multiplying the number of continuing education units taken through that association by 10. [44] X Research source For programs that do not have a predetermined number of hours, the number of relevant CPE hours is determined by dividing the number of minutes actually spent in the program by 50. [45] X Research source CPE hours are documented by keeping track of the class or program’s sponsor, the title and description of the class/program’s content, the dates and location of that class/program, and the number of CPE contact hours earned from that class or program. [46] X Research source You will be required to submit all of your certificates and other documentation verifying that you have obtained the required 120 hours of CPE. You will also need to total these hours by category.
strong personal and professional ethics[47] X Research source A close attention to detail[48] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Analytical skills[49] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Communication skills[50] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Interpersonal skills[51] X Research source Math skills[52] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Organizational skills[53] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Professional skepticism[54] X Research source
Accounting, tax preparation, bookkeeping, and payroll services[56] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Finance and insurance[57] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Company or enterprise management[58] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source Manufacturing[59] X Trustworthy Source US Bureau of Labor Statistics U. S. government agency that collects and reports labor-related information Go to source
Listing relevant coursework, including any classes that taught skills which were not derived from previous employment experience Showing quantifiable results from your past work experience - for example, detailing how much of an organization’s operating budget did you control, how much overtime pay your cost-reducing initiatives saved, or how much (in percentage) company productivity increased after your employment Emphasizing how, specifically, your degree sets your education apart from other candidates’ educational backgrounds Using relevant industry terms and phrases Detailing your achievements and accomplishments
Read financial publications, and be prepared to talk about those publications. Some experts recommend reading The Wall Street Journal and Financial Times to gain a general knowledge of current events and issues relevant to the financial industry. [62] X Research source Brush up on financial concepts. The employer conducting the interview may quiz you on your knowledge of relevant concepts and your ability to make hypothetical decisions based on core concepts and financial models. [63] X Research source Be prepared to prove your math skills during the interview. Not every employer will expect you to perform calculations during the interview, but it’s not unheard of in the financial world. [64] X Research source Ask your own thought-provoking questions. To do this, you may need to conduct a little research into the company’s history, business model, and business practices. Don’t ask “gotcha” questions, just form a sincere inquiry that will show that you’ve researched the company and have a genuine interest in learning more about it. [65] X Research source
Expand your group of professional connections to include both superiors and inferiors. Your peers are a good start, but a diverse network of connections is important in any job search. [67] X Research source Always carry business cards. You never know when you might meet a potential connection, including at social events. [68] X Research source Be honest and upfront about what you’re looking for professionally, and what you need your connections to do. If you need a recommendation, ask for one. If you need someone to set up an interview, see if anyone can help you with that. [69] X Research source Always thank people for their time and assistance. Whether it’s a prospective employer who granted you an interview, a former employer who gave you a glowing recommendation, or a professional contact who gave you a tip on an upcoming job announcement, always show your gratitude to everyone in your professional network. And any time you can, offer to help others out who are a part of your network. [70] X Research source
