Audit Associate: Careers and Job Information
Audit associates examine the operations of a company from start to finish. This role offers a terrific opportunity to be introduced to a wide variety of clients and really see how business in a specific industry works. During the first year as an audit associate, there is usually a rotation of assignments that will expose you to a range of clients before you decide to specialize in a particular industry.
Job Outlook for Audit Associates
According to the U.S. Bureau of Labor Statistics (BLS), auditors are expected to experience much faster than average employment growth from 2008 to 2018, with a projected 22% increase. Job opportunities should be favorable; auditors who have professional certifications, especially a CPA degree, should have the best prospects.
Job Duties
As an audit associate, your day is varied – you can expect to perform a range of accounting tasks. Your duties might include examining financial statements for completeness, accuracy and compliance with uniform accounting classifications; reconciling reports and financial data; preparing relatively simple financial statements; and preparing charts and tables to include in reports.
Job Environment
Audit associates report that no two work days are alike; you will likely encounter new and different work situations on a regular basis. The nature of the profession is that certain times will be very busy, and other periods will be slower. While the hours may sometimes be long, audit associates typically enjoy a lot of flexibility in their position.
BLS statistics note that accountants and auditors represented approximately 1.3 million jobs in 2008. These professionals work throughout private industry and government, with roughly 24% of accountants and auditors working for accounting, tax preparation, bookkeeping and payroll services firms. Approximately 8% of accountants and auditors are self-employed.
Audit Associate Salary Potential
The BLS reports that the median annual wages of accountants and auditors were $60,340 in May 2009. Salaries ranged from $37,690 to $104,450, with the middle half of the profession earning between $46,740 and $79,470 per year.
Associate’s degree holders in this field will generally start off in entry-level positions at a lower rate of pay than the salaries listed here, as these figures represent the income potential for auditors and accountants with a bachelor’s degree and industry certification. However, further education and experience will lead to better job opportunities and higher earnings.
Education and Training
The first step for those looking to become an audit associate can be an associate’s degree in accounting.
A typical accounting education program teaches graduates to:
- Estimate the value of liabilities and equities.
- Prepare and apply accounting standards to financial presentations.
- Incorporate cost-accounting fundamentals into daily practice.
- Exercise critical-thinking methods to identify and solve problems.
After receiving your AA in Accounting degree, you’ll want to pursue a bachelor’s degree in accounting or a related field. Moving forward in your career may mean obtaining a master’s degree in accounting, or a master’s degree in business administration with a concentration in accounting.
Is an Audit Associate Job Right for You?
If you like the unexpected and enjoy learning something new every day, then an audit associate job may be the career for you. Previous experience – such as an accounting or auditing internship or work-study program – can help you land a job. An aptitude for mathematics and the ability to analyze, compare, and interpret facts and figures quickly is a must!
