| According to Accountancy Magazine, investment | | | | who are recruiting for audit positions are willing to |
| banks, asset management firms and government | | | | back their searches with more money and more |
| agencies are hiring recently qualified graduates in high | | | | benefits. The median starting salary for newly |
| numbers, thanks to a shortage of qualified candidates | | | | qualified graduates in an audit job is up over 5% - |
| for audit jobs. In fact, a July survey by the | | | | from £22,000 to £23,136. That's just |
| Association of Graduate Recruiters showed that the | | | | the beginning - a survey conducted by predicts that |
| vacancy rate for internal audit jobs is at its highest | | | | salaries for auditor will rise as much as 25% over the |
| since 1995, and audit recruitment firms are scrambling | | | | next two to three years. |
| to find qualified applicants. | | | | The reasons for the upturn in salaries and vacancies |
| There hasn't been a better time to be seeking | | | | in audit jobs are many. During the recent downturn in |
| internal audit jobs in the UK in over ten years. The | | | | the economy, many firms cut back their audit |
| shortage of qualified graduate auditors and the | | | | positions, and left off training programmes, |
| increase in vacant audit jobs have combined to | | | | contributing to a shortage of auditors in key positions. |
| create a wide open field for newly qualified | | | | The slight depression and lowered wages led to |
| accountants. In addition, because of the shortage of | | | | fewer qualified graduates over the past ten years. |
| applicants interested in audit jobs, audit recruitment | | | | The demand for more qualified audit professionals |
| firms and employers are offering higher bonuses and | | | | has grown over the past two years as a natural |
| salaries than they have in years. | | | | result of the upturn in the economy, but that's only |
| According to Morgan McKinley, a premier | | | | part of the equation. |
| accountancy recruitment firm, the average annual | | | | The bigger part of the puzzle is the impact of the |
| bonus for auditors in all positions rose 5% last year. | | | | new regulations brought into place by Sarbanes-Oxley |
| For the newly qualified in audit jobs, that meant a | | | | and IFRS. Firms recognize that they will need |
| holiday bonus of up to 15% of their annual salary. For | | | | increased manpower to deal with compliance of the |
| the top rung audit jobs in product control, the holiday | | | | new rulings. As many as 80% of senior audit |
| bonus was as high as 25% of their annual salary. | | | | professionals surveyed by believe that there needs |
| Even better, those annual salaries are looking up in | | | | to be an increase of up to 25% in the number of |
| the next year as well. In the same survey, employers | | | | auditors in order to keep up with the new regulations. |