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Become An Internal Audit Manager

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Working As An Internal Audit Manager

  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Guiding, Directing, and Motivating Subordinates
  • Coaching and Developing Others
  • Establishing and Maintaining Interpersonal Relationships
  • Deal with People

  • Unpleasant/Angry People

  • Mostly Sitting

  • Make Decisions

  • $83,246

    Average Salary

What Does An Internal Audit Manager Do

Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.

Duties

Financial managers typically do the following:

  • Prepare financial statements, business activity reports, and forecasts
  • Monitor financial details to ensure that legal requirements are met
  • Supervise employees who do financial reporting and budgeting
  • Review company financial reports and seek ways to reduce costs
  • Analyze market trends to maximize profits and find expansion opportunities
  • Help management make financial decisions

The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.

Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about topics in healthcare finance. Moreover, financial managers must be knowledgeable about special tax laws and regulations that affect their industry.

The following are examples of types of financial managers:

Chief financial officers (CFOs) are accountable for the accuracy of a company’s or organization’s financial reporting, especially among publicly traded companies. As head of a company’s entire financial department, they manage the lower level financial managers. They oversee the company’s financial goals, objectives, and budgets.

Controllers direct the preparation of financial reports that summarize and forecast the organization’s financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are in charge of preparing special reports required by governmental agencies that regulate businesses. Often, controllers oversee the accounting, audit, and budget departments of their organization.

Treasurers and finance officers direct their organization’s budgets to meet its financial goals. They oversee the investment of funds and carry out strategies to raise capital (such as issuing stocks or bonds) to support the firm’s expansion. They also develop financial plans for mergers (two companies joining together) and acquisitions (one company buying another).

Credit managers oversee their firm’s credit business. They set credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts.

Cash managers monitor and control the flow of cash that comes in and goes out of the company to meet the company’s business and investment needs. For example, they must project cash flow (amounts coming in and going out) to determine whether the company will have a shortage or surplus of cash. 

Risk managers control financial risk by using strategies to limit or offset the probability of a financial loss or a company’s exposure to financial uncertainty. Among the risks they try to limit are those that stem from currency or commodity price changes.

Insurance managers decide how best to limit a company’s losses by obtaining insurance against risks, such as the need to make disability payments for an employee who gets hurt on the job or the costs imposed by a lawsuit against the company.

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How To Become An Internal Audit Manager

Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst.

Education

A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software.

Licenses, Certifications, and Registrations

Professional certification is not required, but some financial managers still get it to demonstrate a level of competence. The CFA Institute confers the Chartered Financial Analyst (CFA) certification to investment professionals who have at least a bachelor’s degree, 4 years of work experience, and pass three exams. The Association for Financial Professionals confers the Certified Treasury Professional credential to those who pass an exam and have a minimum of 2 years of relevant experience.

Work Experience in a Related Occupation

Financial managers usually have experience in another business or financial occupation. For example, they may have worked as a loan officer, accountant, securities sales agent, or financial analyst. 

In some cases, companies provide formal management training programs to help prepare highly motivated and skilled financial workers to become financial managers.

Important Qualities

Analytical skills. Financial managers increasingly are assisting executives in making decisions that affect their organization, a task which requires analytical ability.

Communication skills. Excellent communication skills are essential because financial managers must explain and justify complex financial transactions.

Detail oriented. In preparing and analyzing reports such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors.

Math skills. Financial managers must be skilled in math, including algebra. An understanding of international finance and complex financial documents also is important.

Organizational skills. Financial managers deal with a range of information and documents and so they must stay organized to do their jobs effectively.

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Internal Audit Manager jobs

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Internal Audit Manager Career Paths

Internal Audit Manager

Internal Audit Manager Demographics

Gender

Male

64.6%

Female

32.0%

Unknown

3.3%
Ethnicity

White

75.5%

Hispanic or Latino

10.4%

Asian

10.1%

Unknown

2.3%

Black or African American

1.6%
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Languages Spoken

Spanish

41.4%

French

12.1%

Portuguese

8.6%

Chinese

8.6%

Japanese

5.2%

Mandarin

5.2%

German

3.4%

Cantonese

3.4%

Arabic

3.4%

Luganda

1.7%

Amharic

1.7%

Dakota

1.7%

Korean

1.7%

Italian

1.7%
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Internal Audit Manager Education

Schools

University of Phoenix

10.2%

Pennsylvania State University

7.6%

George Mason University

6.8%

Louisiana State University and A&M College

6.8%

DePaul University

5.1%

Northern Illinois University

5.1%

New York University

4.2%

Michigan State University

4.2%

Auburn University

4.2%

Illinois State University

4.2%

Ohio State University

4.2%

University of Montana

4.2%

Fordham University

4.2%

University of Southern Mississippi

4.2%

Cornell University

4.2%

University of Washington

4.2%

University of Denver

4.2%

Northeastern University

4.2%

Weber State University

4.2%

University of Tennessee - Knoxville

3.4%
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Majors

Accounting

45.5%

Business

30.3%

Finance

9.3%

Management

2.7%

Computer Science

1.3%

Economics

1.3%

Information Systems

1.2%

Political Science

0.8%

Management Information Systems

0.8%

Human Resources Management

0.8%

Computer Information Systems

0.7%

Business Economics

0.7%

Operations Management

0.7%

Criminal Justice

0.7%

International Business

0.5%

Marketing

0.5%

Taxation

0.5%

Accounting And Computer Science

0.5%

English

0.5%

General Studies

0.5%
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Degrees

Bachelors

45.6%

Masters

39.5%

Other

9.2%

Certificate

1.9%

Associate

1.6%

Diploma

1.2%

Doctorate

0.8%

License

0.1%
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Real Internal Audit Manager Salaries

Job Title Company Location Start Date Salary
Manager of Internal Audit Bechtel Global Corporation Reston, VA Jan 15, 2016 $260,000 -
$395,000
Manager of Internal Audit Bechtel Global Corporation Glendale, AZ Apr 01, 2015 $260,000 -
$395,000
Manager of Internal Audit Bechtel U.S. Services, Inc. Glendale, AZ Aug 13, 2013 $255,000 -
$390,000
Global Head of Internal Audit The Chanel Company Limited Piscataway, NJ Oct 01, 2015 $210,000
Internal Audit and SOX Manager Pine River Capital Management L.P. Minnetonka, MN Jul 07, 2016 $160,248
Internal Audit Senior Manager-Finance Oracle America, Inc. CA Mar 13, 2014 $152,454 -
$155,000
Manager, Internal Audit Anglogold Ashanti North America Inc. Centennial, CO Jan 09, 2016 $150,000 -
$175,000
Global Head of Internal Audit The Chanel Company Limited Piscataway, NJ Apr 14, 2015 $145,000
Head of Internal Audit Arab Banking Corporation (B.S.C)-New York Branch New York, NY Mar 01, 2015 $139,922
Head of Internal Audit Arab Banking Corporation (B.S.C.) New York, NY Jan 15, 2015 $139,922
IT Internal Audit Manager Molina Healthcare, Inc. Long Beach, CA Nov 12, 2016 $139,225
Internal Audit Manager KLA-Tencor Corporation Milpitas, CA May 05, 2014 $135,000
Manager, Internal Audit Linkedin Corporation Sunnyvale, CA May 12, 2016 $134,971 -
$187,900
Internal Audit Manager Linkedin Corporation Sunnyvale, CA Aug 18, 2016 $132,300 -
$187,900
Internal Audit Manager Willis North America Inc. New York, NY Jan 10, 2016 $113,133
Internal Audit Manager Willis North America Inc. New York, NY Nov 05, 2016 $112,840
Manager, Internal Audit Linkedin Corporation Sunnyvale, CA Jul 23, 2016 $112,700 -
$187,900
Internal Audit Manager Equinix, Inc. Redwood City, CA Oct 25, 2013 $112,000
Internal Audit Manager Activision Publishing, Inc. Santa Monica, CA Jan 03, 2016 $110,745
Internal Audit Manager Sunpower Corporation San Jose, CA Aug 26, 2016 $110,344
Internal Audit Manager Newegg Inc. Industry, CA May 19, 2014 $110,000 -
$130,000
Internal Audit Manager WPP Group USA, Inc. New York, NY Feb 11, 2015 $110,000
Internal Audit Manager Core-Mark International South San Francisco, CA Mar 30, 2016 $101,421 -
$115,000
Internal Audit Manager Trinity Industries, Inc. Dallas, TX Mar 25, 2016 $101,100
Internal Audit Manager FUHU, Inc. El Segundo, CA Feb 21, 2015 $100,089
Manager, Internal Audit Hilton Worldwide, Inc. McLean, VA Mar 25, 2013 $100,000
Audit Manager, Internal Audit The Hershey Company Hershey, PA Dec 06, 2016 $100,000
Senior Internal Audit Program Manager Lenovo (United States) Inc. Morrisville, NC Jan 09, 2016 $100,000 -
$110,000
Manager of Internal Audit Saint-Gobain Corporation Valley, PA Apr 06, 2015 $100,000 -
$110,000
Manager, Internal Audit-Data Analytics Starwood Hotels & Resorts Worldwide, Inc. Scottsdale, AZ Dec 23, 2015 $98,969

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Top Skills for An Internal Audit Manager

InternalAuditDepartmentComplianceAuditsFinancialStatementsInternalControlWeaknessesAnnualRiskAssessmentAuditCommitteeSarbanes-OxleySOXInternalAuditProgramsExternalAuditorsAnnualAuditPlanAuditReportsAuditFindingsInternalAuditStaffRiskManagementBusinessProcessOperationalAuditsProcessImprovementInternalAuditFunctionPayroll

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Top Internal Audit Manager Skills

  1. Internal Audit Department
  2. Compliance Audits
  3. Financial Statements
You can check out examples of real life uses of top skills on resumes here:
  • Manage internal audit department, develop audit systems for company departments, and enhance internal control requirements.
  • Managed the financial, operations, and compliance audits and reported the result to the Audit Committee and Senior Management.
  • Analyzed processes and financial statements resulting in successful credit recoveries, fees adjustment proposals, or relationship termination.
  • Identified the internal control weaknesses and created workable solutions to remedy defects.
  • Conducted special audit engagements driven by an annual risk assessment and recommended by the Audit Committee and the CFO.

Top Internal Audit Manager Employers

Internal Audit Manager Videos

Internal Audit Manager Description

Audit Manager: Describe the process of an audit?

Why is Internal Audit a Great Career Choice?

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