Internal audit vs External audit
Hi guys, I hope you guys can give me some experienced opinions on my offers.
I have 2 offers to consider as a graduate:
Macquarie Group Internal Audit within its Risk Management Group
or
Big 4 Accounting Audit (External) within Financial Services
I think in both cases I will be commencing chartered accountancy diploma but I ultimately want to break into AM or ER. I don't think I can get any other offer in this economy.
Some info to consider based on my limited understanding:
At the Macquarie interview, the associate directors emphasized that internal auditors move FO within the bank and there will be opportunities to travel to regional offices on assignments.
At the Big 4, I will most likely be placed in banks so the exposure should be somewhat similar but really only different from an internal vs external perspective. Based on my internship with them, I am likely to be auditing a BBIB but usually that will not be the only job throughout the year.
The pay at Macquarie is substantially higher but I am not sure what this actually mean other than in monetary terms.
Which do you guys think will set me up better down the line in 2-5 years in getting into AM or ER?
Do you buy the MO to FO talk?
It's a long shot either way, but Big4 probably gives you the best chance since it's in Financial Services audit. You will be in a position to build relationships at the companies you want to work at, and might be able to leverage those.
I am considering doing a summer internship in Internal Audit at Macquarie. Are you in the USA/UK? What is the difference between the pay? Is it that significant?
Going into ER or AM from either of those options is going to be pretty difficult. Neither position is really relevant to your career goals, but both should help you develop general skills that will help you in your career later. Your best bet would be to do one of your two options for a couple years, then either go back for your MBA to hit that one-time reset button on your career, or get the CFA credential after you finish the CA. I'm a Big 4 external auditor, and I've seen coworkers take both of these paths into ER/AM, so I know the external audit route can work if you work hard enough.
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