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Kaizen Recruitment uses in-depth market knowledge to help guide and consult our candidates and clients within the financial services industries. To ensure this data reflects recent changes and trends, our Senior Recruitment Consultant, Selene Madsen, gathers insights from our network of risk and compliance professionals.<\/em><\/p>\n Kaizen Recruitment has observed that the internal audit landscape in Australia is undergoing a significant transformation, particularly within the superannuation sector. As superannuation funds strive to enhance efficiency, align with regulatory demands, and better serve their members, a notable shift is occurring\u2014moving away from outsourced consultants towards developing robust in-house teams.<\/p>\n This evolution not only influences the way funds operate but also impacts the career opportunities and earning potential for professionals within assurance and internal audit.<\/p>\n This, combined with increased demand for niche skill sets\u2014such as transformation assurance, technology and data analytics, and superannuation regulatory expertise\u2014as well as the need for high-calibre senior candidates to support large, multi-year transformations and mergers, has placed upward pressure on salaries. Demand has also been fueled by regulatory penalties and a heightened focus on building strong internal audit capabilities to prevent future compliance issues.<\/p>\n Superannuation funds are increasingly building in-house internal audit teams for several compelling reasons. One key driver is cost efficiency\u2014internal teams can reduce reliance on external consultants, lowering operational expenses and ultimately benefiting fund members. Additionally, in-house teams provide greater control and responsiveness, allowing funds to tailor audit processes to their specific needs and adapt quickly to regulatory changes or emerging risks.<\/p>\n Another significant factor is expertise development. By investing in internal capabilities, superannuation funds can attract and retain skilled professionals who understand the intricacies of their operations. This approach fosters a deeper alignment with the fund’s strategic goals and enhances the quality of audits.<\/p>\n Regulatory pressures also play a role. APRA has emphasised the importance of robust governance and oversight, encouraging funds to internalise audit functions to meet stricter compliance standards. Finally, in-house teams enable better alignment with member interests, ensuring that audit processes support long-term objectives like sustainability and ethical investment practices.<\/p>\n *The figures above relate to the financial services industry and reflect base salary including superannuation and do not take into account bonuses.<\/em><\/p>\n <\/p>\n Internal audit professionals in financial services typically hold the following responsibilities:<\/p>\n Kaizen has noted a key theme regarding demand from industry clients looking to hire internal audit professionals at the Senior Consultant and Manager level. Candidates at this level have broad experience, project management and stakeholder management skills allowing them to step into dedicated audit, risk, compliance or accounting roles. At this level, candidates see a significant salary increase as opposed to candidates at the Senior Manager or Director levels who find themselves making lateral salary moves.<\/p>\n There are very few roles that provide access to the entirety of an organisation. This is beneficial as internal auditors are visible to many senior stakeholders, which allows them to create and grow their professional brand. Many senior executives have spent time in Internal Audit to hone their skills in relationship management, risk judgement, business control and organisational oversight. Internal Auditors often move into management, project and senior leadership roles, depending on their experience and subject matter expertise.<\/p>\n Recruiting for superannuation internal audit positions at the 3\u20135-year level has been the most challenging due to a number of factors. Superannuation faces competition from banking and insurance to attract and retain this talent. These organisations lack Analyst and Senior Analyst titles within their hierarchy, thus offering candidates Manager titles despite this being the most junior position within their teams, which can be extremely attractive to consulting candidates. Salaries within banking and insurance tend to be 10-15% higher at the junior level, with a bonus component of 10-20%.<\/p>\n The shift towards in-house audit teams in superannuation funds has created new opportunities, Kaizen Recruitment continues to partner with these organisations as they seek professionals who can provide tailored insights and align closely with their strategic goals. This evolving landscape is driving demand for high quality candidates and will continue into 2025.<\/p>\n <\/p>\n <\/p>\n Author: Selene Madsen, Senior Recruitment Consultant for Risk and Compliance<\/em><\/p>\n <\/p>\n Based in Melbourne and Sydney, Kaizen Recruitment specialises in financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. If you\u2019d like to discuss candidate career drivers and the current state of the market within the financial services recruitment landscape, feel free to reach out to us with your details below.\u00a0<\/span><\/p>\nIntroduction<\/h2>\n
Supply Vs. Demand<\/h2>\n
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Top talent in the space remains shallow, and competition for skilled professionals has intensified. Financial service organisations continue to place high priority on maintaining robust and efficient internal audit functions. The resilience and significance of these teams are evident, as they remained largely unaffected by market fluctuations, economic pressures, and cost-cutting measures that brought significant changes to first and second-line functions throughout 2023 and 2024.<\/p>\n<\/h2>\n
Internal Audit Salary and Market Update<\/h2>\n
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<\/p>\nWhat do internal audit professionals cover in their role?<\/h2>\n
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<\/h2>\nTechnical Expertise<\/h3>\n
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Stakeholder Engagement<\/h3>\n
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Subject Matter Expertise<\/h3>\n
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Career Pathways<\/h2>\n
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Most internal audit professionals commence their professional careers as consultants within the Big 4 consulting firms. Many young professionals choose to enter consulting due to the diverse nature of the work, both from an industry perspective and in broad spectrum of internal audit, operational risk, and compliance exposure.<\/p>\nConclusion<\/h2>\n
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