It’s no secret that the deluge of regulations being enforced across the globe is hugely impacting hiring agendas, with the banking and financial services sectors seeing a substantial increase in headcount last year, a trend set to continue in 2016. Particularly, with the recent implementation of IFRS 102, the market for internal audit jobs in London will most certainly see a significant rise in demand.
A continuing trend from last year, which saw businesses seeking a hybrid internal audit and compliance candidate looks set to remain in 2016, as companies navigate the guidelines from regulatory bodies and manage the increased volume of data in their regulatory reporting in response to current and emerging regulations.
Despite the negative impact of rising interest rates and UK property prices, falling global commodities prices and the insecurity surrounding the impending Brexit referendum, which are affecting other areas of London and UK recruitment, the internal audit job market remains strong.
The banking sector it appears is the most lucrative destination for internal auditors currently, as a shortfall of recently qualified accounting talent means the competition is stiff and the salaries rewarding. Internal auditors looking for opportunities in a banking firm can expect to earn around £55,000 – 60,000, whereas same calibre candidates seeking internal audit jobs within commerce and industry will earn considerably less with typical salaries averaging between £47,000 – 50,000. Organisations across commerce and industry are applying a more selective set of criteria to their recruitment processes making internal audit opportunities less accessible in these sectors. Candidates who show proven ambition and desire for career development will more likely impress those hiring managers looking to fill internal audit jobs within commerce and industry in London.
For more senior internal auditors, with greater number years of experience, the banking route is one that appeals and as regulatory bodies continue to weigh down on the finance industry, the opportunities are many. There is also expected to be a considerable upturn is in the demand for contractors, as industries respond to potential job losses within banking and accounting with temporary solutions.
Internal auditors looking at permanent options will find that plenty of internal audit jobs in London are available at the Big Four firms, as well as the top 20 and mid-tier firms who are all in the market for both recently qualified and mid-level auditors. Conditional offers are already in motion to those candidates due to complete exams in the coming months. Internal audit professionals should expect longer working hours during busy season and some degree of international travel as part of the role with salaries at junior and mid-level averaging out at £45,000 – 50,000.
It would also be remiss not to consider the need for a more hands-on approach to cybersecurity in relation to the internal audit function. There is now a greater expectation for internal auditors to get more involved in identifying possible cyber risks regardless of technological expertise, as businesses work harder to strengthen their organisations against the increasingly prevalent threat from cyber-attacks. Larger companies are looking at Commonwealth countries for candidates in light of a skills shortage, though candidates with European language skills continue to be a priority when it comes to hiring Internal Auditors in London.