How to negotiate a higher internal auditor salary in 2024

Skills

Article

Employers are hungry for skilled talent as they move into 2024. Headcounts are increasing despite the economic uncertainty, and internal auditors with the right intel are in a solid position to negotiate a higher salary for themselves moving into the new year.

Our recruitment experts reveal key information about the hiring landscape, recruitment trends, salaries by region, and which skills employers are willing to pay more for. If you want to increase your earning potential next year, this is everything you'll need to know.

Internal auditors are among the five most challenging roles to hire for in the finance and accounting sector, with employers stating they're actively looking for skilled talent. And it's no surprise — audit fees paid by the UK's largest 500 companies have risen by 14% this year. Fees have risen to meet the increased need for more robust audits and to compensate for the lack of skilled talent able to perform them. Businesses are looking to bring talent in-house and are willing to pay for experience and skill.

As businesses rush to adopt more disruptive technology, like AI, automation, and blockchain, any competitive edge they gain is underpinned by a wealth of new risk. Internal auditors must be fast, agile, and able to manage complex risks as they support business initiatives going into the new year. Companies are also preparing to meet new regulatory and ESG standards in 2024, which will attempt to regulate ESG criteria for sustainable investments.

According to data collected for the Robert Half Salary Guide, 61% of financial services business leaders plan to hire for permanent roles in the coming year. Auditors are also high-demand contract professionals, likely spurred by employers attempting to fill crucial skills gaps with flexible recruitment strategies while they find the right permanent employee.

Read more: Robert Half 2024 Salary Guide

Corporate accounting offers the most generous internal auditor salaries in the UK. You stand to earn £50,000 at the lowest end of the pay scale, £53,250 if you sit in the 50th percentile, and £58,750 at the highest end of the pay scale. In the financial services sector, an internal auditor can hope to start at £28,750 and earn up to £49,250 at the highest end of the pay scale.

Professionals in London can command the highest salaries in the UK at £64,965 for mid-range professionals with average experience and most of the necessary skills. Internal auditors in the East of England could earn a mid-range salary of £56,445; in Yorkshire, the mid-range salary drops to £51,652 and rises to £58,575 in the Southeast. Outside of England, internal auditors in the mid-range percentile in Scotland can earn £58,042; in Wales, this drops to £52,185.

Shifting to a contract auditor role can also help increase professional demand for 2024. Auditors are listed as one of the top 5 in-demand contract roles for financial services, potentially increasing your bargaining power for a higher salary and greater employment flexibility. You could also increase your value by applying to high-demand sectors like tech, FMCG, and consultancy.

Find your next opportunity here

Research for the 2024 Robert Half Salary Guide showed that employers are actively hunting for professionals with experience in operational risk and operational resilience. Internal auditors with experience in data management skills, tax, and IFRS 9 stand a strong chance of negotiating higher salaries in 2024, as these are some of the most in-demand skills for the year ahead.

In terms of high-demand soft skills for internal auditors, employers may be willing to negotiate a higher salary for workers who can prove they have good initiative and can work flexibly. Analytical skills, communication skills, and digital proficiency are also some of the most in-demand skills for 2024.

Now that you’re equipped with the information you’ll need for rock-solid negotiation, browse internal auditor roles, or download a free copy of the 2024 Salary Guide for more information. To learn more about career development, visit the Robert Half advice blog.

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