An Audit manager is tasked with managing the internal audit of an organisation. The audit manager is responsible for overseeing the process of audit in the organisation and making the various policies responsible for the proper utilization of the firms’ resources.
The employment opportunities of the Audit Managers is expected to grow by 4% between 2019-2029. The incorporation of the GST and other taxation compliance by the central government has meant that the companies must follow due diligence in each and every step of their business thus improving the job opportunities in India.
To pursue a career as an audit manager the candidates must have an Undergraduate or Postgraduate degree in Audting and Finance Courses. Apart from that they can also pursue courses such as BCom in Accountancy, BCom in Accounts and Finance, MCom, MBA, etc. There are several top Finance Colleges that camdidates can choose to pursue these courses from, such as Christ University, NMIMS Mumbai, Parul University etc.
Most candidates apart from the regular programs take up professional courses such as CA, CFA or CS to get opportunities in the big 4 audit firms in India that include PwC, KPMG. Ernst & Young and Deloitte.
5.1 How to Become an Audit Manager after 12th
6.1 B.Com in Accounting and Finance
7.1 UK
7.2 USA
7.3 Canada
7.4 Australia
9.1 Key Skills of Audit Manager
10.1 Organisation Wise
10.2 Specialization wise
10.3 Experience wise
How to Become an Audit Manager: Quick facts
A table of quick Facts for audit Manager are given below-
Industry | Accountancy and Finance |
Eligibility | Minimum bachelor degree in accounting and finance stream Some companies prefer candidates with professional degrees such as CA/CS and ICWA certificates. Candidates must have certification from bodies such as ISACA, IIA, etc to conduct audit |
Average Starting Salary | INR 8.10 LPA |
Job opportunity | Government Agencies, Finance and Insurance, Public Sector Undertaking (PSUs) Accounting, Tax Preparation, Bookkeeping and Payroll Services etc. |
What does an Audit Manager do?
The following responsibilities comes under the audit manager job description:
- An Audit Manager job description includes preparation of the internal audits of their organisation and management of the internal audit plans. Audit Manager examines the internal processes of a company and analyses them for the overall effectiveness of the organisation process, legal compliance, financial potency, associated risks etc.
- Audit Manager job description does not only include only the auditing responsibilities.Additionally the audit managers job description requires them to administer and prepare report for the top management and present their analysis of the audit report.
- Another responsibility of the Audit Manager is to suggest any changes or updates within the existing processes. The audit manager job description includes correction of the flaws or loopholes within the system of the organisation. Hence,an Audit Manager is responsible for minimizing the financial risks of a company by streamlining their processes and eliminating wastage of resources and workforce.
- They make sure that the financial records of an organization and that taxes are paid properly on time. They additionally assess financial operations and work to assist make sure that firms run with efficiency.
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The audit manager job description includes taking care of the fact that various processes within the company are performed in such a way so that it complies with the laws and regulations set for the respective industry .
How to Become an Audit Manager: Steps to follow
In order to become an audit manager in India the aspirants need to follow a series of steps that would help them smoothly complete the translation from being an aspirant to a successful audit manager. Here are the steps:
Make a decision
- Before a candidate starts pursuing a career in anything, they need to check what is their primary interest and what subject combination that one has to pick up in their 12th so that they can take up the course that would be relevant to become an audit manager.
- A career as an audit manager is usually challenging and hard-to-please. The candidates need to maintain due diligence in every step so that the interest of the company as well as the compliances are met. The Candidates need to have great interest and motivation to work for the companies even in hard conditions.
- Making the right decision about the course that candidates want to pursue creates a large impact in the future so the decision must be taken wisely whether to pursue a diploma after 12th or pursue a bachelor degree which provides an opportunity to go for higher education in this field.
Choosing the correct Subjects
- An academic degree is the most popular and usually the minimum education needed for an audit manager is a bachelor degree in finance or accounts. However, several employers are currently searching for candidates with a master degree, ideally in accounting and finance. In some cases professional courses such as CA, CS are also in great demand
- A candidate must have accounting, finance, mathematics, commerce as mandatory subjects along with good knowledge of grammar, vocabulary and comprehension.
- It is advisable that the students should take up the connerence stream in their 10+2 Level. However, candidates from science and arts are also eligible to pursue the course after the completion of their intermediate or undergraduate course.
Entrance Examination Preparation
- After passing 10+2 or the graduation one will have to appear for the entrance exam and only after qualifying these entrances one would be able to begin with their accounting courses from a reputable college.
- In order to qualify for the entrance examination the candidates need to start preparation for the entrance examination by preparing the various study materials and taking up mock tests related to the examination.
- Some of the common entrance exams conducted by different universities or agencies for providing admission in the various courses for an audit manager are CUET, IPU CET, BHU CET, MAT, CAT, etc.
After qualifying the entrance examination the candidates are required to appear for the interview and group discussion.
Choose the correct college
After qualifying the entrance examination the choice of the is the next best decision the candidates must take. Most of the educational professionals advise the candidates to choose colleges that provide excellent infrastructure facilities as well as placement assistance. The candidates need to take the following steps before selecting a college for their course
- Check out the top colleges in the particular stream based on the ranking provided by the various agencies like NIRF, India Today,Outlook, etc.
- Check out the previous years cutoff of the different colleges and the reviews of the colleges from the students of the previous batch.
- Make comparative analysis of the fees and the future placement option and calculate the return of investment.
After Qualify Course
- After the completion of the course the candidates can look for job opportunities. The candidates can look for placement options during their stay at the college.
- Most colleges provide placement assistance to the candidates.Candidates are mainly absorbed in the manufacturing or production sectors.
- Most of the top colleges provide placement to their top candidates. It is necessary to gain some professional experience before taking a plunge into the worklife. Sometimes candidates after completion of the course start working on part time basis in various audit firms in India understand the job responsibilities of an audit manager.
Types of Audit Managers
There are different job roles come under types of Audit manager, the details of the types of audit manager has been discussed below:
Public accountants
- Public accountants are responsible for maintaining different kinds of activities associated with accounting, auditing, taxation, and consultation. Their customers involve individual people, firms and various government organisations. Public accountants present various financial statements and reports that clients must report to the concerned authorities.
- They provide tax reports and maintain monetary statements that organisations put forward to the different prospective investors. The public accountants specialize in taxation and related aspects, informing organisations on the extra advantages that they can avail in various business selections or processes and improve the revenue generation.
- Public accountants offer recommendations and supply basic financial information to their clients. The Public accountants are responsible for filling the tax returns of the clients and ensure that the taxes are paid in time.
Management accountants
- Management accountants are typically termed as value accountants, corporate, or personal accountants. The documentation made by management accountants is intended for internal use by business executives. The internal audit done by the management accountants helps the organization to understand the various loopholes and flaws present in the financial statement of the company and allows them to correct them.
- Management accountants take care of a company’s accounts. They advise managers concerning the financial implications of business choices to assist growth and profit.
- They supervise a team of accounting technicians and develop and manage financial systems/policies and negotiate and get finance for major business decisions and control and prognosticate financial gain and expenditure.
- Management accountants additionally understands the various trends in the markets and identifies the opportunities of growth and prevents the financial risks and arrange the funding and financing of operations, and monitor and enforce compliance.
Government accountants
- Government accountants manage and review the documents of state departments and audit different firms and entities whose operations are subject to government legislation or taxation.
- Accountants appointed by the state and native governments guarantee the funds that are obtained and endowed in various departments of the government, and maintain compliance with laws and rules. Accounting graduates additionally think about serving within the personal or public industries of accounting, however, jobs in government sectors typically provide opportunities for an undefeated life.
Check Out: How to Become a Cost Accountant
How to become an Audit Manager in India
Indian students have access to certificates, diplomas and graduate and postgraduate degree programmes in accountancy and finance in order to become an audit manager in India. The minimum qualification required for the role of audit manager in India is a bachelor degree. But in some cases the candidates with master degree are prefered for the role.
The following are the different preparation that they can take up to become audit managers at various education level
School level Preparation
- It would be preferable that the students complete the 10+2 level in commerce stream with subjects like accounting, economics, business studies, accounting, and arithmetic with an aggregate mark of 50 % from a recognized board. Students from science or arts streams can also take up courses of audit manager in the future..
- Students are advised to start their preparation for undergraduate entrances from class 11 which helps in scoring high in competitive examinations.
- Most of the syllabus of the entrance examination covers subjects such as arithmetic, general comprehension, english aptitude, etc..
- Solving mock tests and previous year papers would help the candidates to understand the basic structure of these tests and patterns as well.
How to become an Audit Manager after 12th?
After completing their 12th or equivalent examination the candidates can take various undergraduate or diploma courses that would help them in achieving their target in becoming a Audit Manager in India. Full-time degree programmes are generally preferred by the candidates who wish to apply for an Audit Manager course in India.
UG Preparation
- After completion of the 10+2 level examination the candidate should take up relevant courses in the undergraduate level such as BCom in Finance, BCom in Account and finance, BBA in Finance, etc.
- Doing a bachelor degree in a relevant field like finance, accountancy or business is necessary. It will help them to have a clear knowledge about various aspects related to financial statements of the firms related to auditing.
- Students can take certificate courses in accounting, finance to get a much better understanding. A course in Tally can be very helpful.
- While at the graduation level the students should start to prepare for post graduate courses so that they get better opportunities in the future. The candidates should start preparing for the various entrance examinations such as CAT, XAT, MAT, CMAT, etc.
- Students must start to prepare for the campus placement or job interview in their undergraduate level. Candidates should take up internships in different audit firms to gain more intrinsic knowledge.
- Students are expected to elucidate relevant business information in these areas, as well as insurance, accounting, credit administration.
PG Preparation
- After finishing a bachelor programme, students have many choices to elevate their career prospects. Most of the students prefer to take up PG courses such as MBA or MCom in relevant fields.
- Apart from these the candidates also pursue different certificate courses with the PG degrees such as Chartered Accountants (CA) course, Company Secretary (CS) course.
- Those who want to go into the research field should take up PhD courses in the future. The candidates should start preparing for the various entrance examinations required for the PhD program.
For admission to PhD courses one have to qualify these exams
- UGC NET
- XIMB-RAT (Research Aptitude Test)
- IIIT Delhi PhD Admission Test
- Aligarh Muslim University PhD Entrance exam
- Indira Gandhi National Open University (IGNOU) Entrance Exam
Courses to become an Audit Manager
There are several bachelor and postgraduate courses students can pursue to become an audit Manager. Some of the courses has been listed below:
BCom in Accounting and Finance
- BCom Accounting and Finance is an undergraduate course of three years duration (Full time). This course teaches the candidates about the various accounting and finance practices.
- The basic eligibility for this course is finishing 10+2 or its equivalent communicating in commerce/arts or science from a recognized board with a minimum score of 50%. The minimum marks needed by universities to supply admission during this course might vary from college to college.
- This course includes subjects like Income tax, Business economics, Commercial law, Banking theory, financial accounting, etc, that are important for gain knowledge as an auditor in India
Admission process
The admission to the BCom in Accounting and Finance is done either on the basis of merit list or entrance examination.
The details of the admission process has been mentioned below
- The candidates need to visit the college website and find out the eligibility criteria required for admission and also on the mode of admission for the process.
- The students are required to visit the official website of the entrance examination agency or the university website, register themselves and fill up the application form.
- After filling up the application form the students are required to submit the application form and pay the fees and take out a receipt for future reference.
- Visit the website of the institute on a time to time basis for regular updates.
- The concerned college or the entrance agency will put up the list of qualified candidates.
- If qualified then the candidates will have to take up admission by paying the admission fees
Eligibility criteria for CUET 2023
- The candidates need to pass the 12th or equivalent examination in the relevant stream with at least 75% marks.
- The candidates must be 17 years or above to apply for the entrance examination.
How to apply for the CUET 2023?
To fill CUET 2023 application, aspirants will have to follow the steps mentioned below:
- Register for CUET 2023 by visiting the official site.
- Fill all their details like name, address, and every one detail needed to fill the shape.
- Upload scanned documents like passport pic ,marksheet, signature and left-hand thumb impression in jpeg/jpg formats.
- Pay the appliance free through either web banking or bank challan.
- Print the CUET 2023 submission type for future use.
How to prepare for CUET 2023?
- The candidates need to download the syllabus for the CUET entrance examination. The syllabus is available on the website of the agency.
- The candidates need to thoroughly understand the syllabus and identify the areas where they can score more.
- Previous year question papers and question banks can facilitate them to identify the pattern of queries and necessary topics that carry most weightage.
- Prepare a chart of the chapters of different subjects and the weightage of the marks associated with the section. It would help candidates to understand in which section that they should concentrate more.
- Also, it'd develop speed & accuracy that is the key to candidates’ performance on the day of the examination.
- Plan a schedule and follow it strictly until the examination date.
Important Links
BCom Accountancy
- BCom Accountancy is a 3 years undergraduate course that enables candidates to pursue a career within the field of accountants and management. It allows the candidate to gain knowledge in the field of commerce that's banking, accounts, taxes, and management.
- The basic eligibility for BCom Accountancy is (10+2) or equivalent from a recognised board with a minimum score of 50%. The fee structure of the course ranges INR 30,000-INR 100,000.
Admission process
The admissions to BCom Accountancy program are based on either merit or entrance based processes. The candidates need to follow the following steps to take admission in reputed college
- Candidates need to either fill the admission form from the website or offline by visiting the campus. In case of entrance examination the candidates need to go to the agency website and see the eligibility criteria.
- After checking the eligibility criteria the candidates need to register themselves with the college or the entrance exam conducting body.
- After registration Candidates ought to fill the required details with the needed documents and upload them in the correct format.
- After filling up the application form the students are required to submit the application form and pay the fees and take out a receipt for future reference.
- Visit the website of the institute on a time to time basis for regular updates.
- The concerned college or the entrance agency will put up the list of qualified candidates.
- If qualified then the candidates will have to take up admission by paying the admission fees
Eligibility criteria
- NMIMS NPAT aspirants must have passed Mathematics/ Statistics in class 12 examination or equivalent to be eligible for B.B.A / B.Com (Hons) / B.Sc. (Finance) admission through NMIMS NPAT 2023.
- A candidate must have passed 12th or equivalent exam with a minimum 50% aggregate marks in the first attempt including Indian Baccalaureate (IB) Diploma.
- Candidates must have passed Mathematics / Statistics subject in HSC or equivalent to be eligible to apply for NMIMS NPAT 2023.
How to apply for the exam?
The following steps to be followed during the form fill up procedure:
- The candidates should visit the official website and read the eligibility criteria of the different courses and register themselves and develop a Login ID. .
- The candidates need to fill up the application form with the necessary details and must submit the form and the documents in the correct format.
- Before final submission the candidates must check for any kind of error in the application process and rectify them.
- After filling the application form the candidates must submit them with the application fees and take out a receipt of the form for future reference.
How to prepare for the Exam
- It is empirical that the candidates must study strategically: The candidates should prepare a routine in such a way that each and every unit is covered thoroughly.
- Once the routine is prepared the candidates must keep time for proper revision. The syllabus generally covers the entire curriculum of the graduation course so proper revision is necessary to keep every part of the syllabus at the fingertip during exam
- Practise last year's questions thoroughly. Candidates can get the previous years question paper easily from the website of the agency or other third party website. Practising them would help in increasing the speed as well as understand the pattern of paper.
- During the examination, try to do simple questions at the beginning because it can boost your confidence and save some time so that you can attend the tougher questions at the end of the exam.
Important Links:
M.Com Accountancy
- M.Com Accountancy is a 2 year course, that enables the candidates to have knowledge related to the various aspects of accounting sicha as taxation, financial statements, that would be beneficial for the students who wish to pursue a career as an audit manager.
- The average course fee of the MCom Accountancy program is INR 20,000 to INR 150,000
Admission process
The admission to the MCom in Accountancy is done on the basis of entrance examination or merit list
- Admission methods of each Universities or colleges are totally different from each other.
- The candidates need to visit the college website and find out the eligibility criteria required for admission and also on the mode of admission for the process.
- The students are required to visit the official website of the entrance examination agency or the university website, register themselves and fill up the application form.
- After filling up the application form the students are required to submit the application form and pay the fees and take out a receipt for future reference.
- Visit the website of the institute on a time to time basis for regular updates.
- The concerned college or the entrance agency will put up the list of qualified candidates.
- If qualified then the candidates will have to take up admission by paying the admission fees.
Eligibility Criteria for the exam
The following are the eligibility criteria for the IPU CET examination:
- The candidates must be a Indian citizen.
- The candidates should have passed the graduation with at least 50% marks.
- The candidates need to be at least 21 years of age in order to appear in the entrance examination.
- The candidates with physical disabilities such as deaf, dumb or blindness are not eliible for the test.
Check out: IPU CET Eligibility
How to apply for IPU CET 2023?
- Visit the official site of IPU. Click on the “Register for IPUCET 2023” button.
- Register by phone and email. Login id and pass are texted to the candidates.
- Enter the obligatory details: (Name of Candidate, DoB,, Father’s & Mother’s name, Contact details, Email ID, address, Adhaar card, State, City/Town/Village, Year of passing, Qualifying exam)
- Upload the documents: ( photograph, signature, Address proof copy, Qualifying examination certificate).
- Pay the IPUCET application fees on-line. Candidates can pay via mastercard and Netbanking.
How to prepare for the IPU CET
- First download the last year's papers and syllabus from the university website and mark the areas where you are weak.
- Then collect the information about the books that would be useful for the preparation of the entrance examination.
- Prepare a time table for the various subjects and provide them a daily slot so that you can invest proper time in them every day..
- Mark the topics and topics that area unit easy/ tough for you and manage their time hours in such a way so that all topics are covered.(Give longer to weak topics)
- Solve previous year question papers and improve the mistakes you have made in the mock tests.
- Candidates ought to do as several mock tests as possible.
- During the examination, try to do simple questions at the beginning because it can boost your confidence and save some time so that you can attend the tougher questions at the end of the exam.
Important Links:
How to become an Audit Manager Abroad?
Candidates can pursue various courses from abroad in their attempt to be an audit manager. Candidates prefer to do the audit manager courses from foreign universities because they provide the candidates with better infrastructural support along with research facilities and of course a better payment. However, the candidates must keep the following thing in mind before opting for hardware engineering courses abroad.
- University Ranking: Do extensive research over the internet, online forums, friends, colleagues, acquaintances etc who have knowledge on university ranking of the said institute where you are planning for a course.
- Eligibility Criteria & Admission Requirements: Gather sufficient information regarding eligibility criteria for admission into various courses as foreign institutes are very stringent in terms of eligibility criteria. In addition, to study and work abroad it is mandatory to clear any of the following entrance examinations viz. TOEFL, IELTS to satisfy English language proficiency norms along with clearing any one of GRE, GMAT etc to get admission in foreign institutes.
- Student and Work VISA: Every country has its separate visa norms for both study and work.Prior to applying for any course it is essential to have thorough knowledge on existing visa rules for both study and work.
- Fees & Scholarship: Since studying abroad is itself costly it is well advised to get thorough knowledge on fees structure of various institutes along with scholarship facility and criteria for scholarship in such institutes.
UK
UK offers a range of various programmes with a variety of specialisations available that would help the candidates pursue a career as an audit manager.Candidates who wish to study in UK should keep the following things in mind about the admission process.
Admission processes
- Applications for Masters in finance in the UK are principally accepted for the intake during september.
- Incase of the undergraduate courses the admission calendar starts from September every year.
- In case of masters the students should have a bachelor in accountancy and finance or equivalent from a recognised university.
- For undergraduate courses the candidates need to pass the 12th from a recognised board with a minimum score of 65%..
- The candidates need to pass the english proficiency tests such as the TOEFL and IELTS. The minimum score must be 6.5 in case of IELTS and 80 in case of TOEFL.
- The candidates need to submit at least two letters of recommendation and an essay to the individual colleges indicating their purpose of choosing the course.
- The candidates also need to submit their work experience in case of admission to some specific colleges.
Top Colleges/Universities
University/College Names | Total Program Fees |
---|---|
University of Oxford | INR 4,650,464 |
Imperial College of London | INR 3,710,185 |
University of Edinburgh | INR 3,239,953 |
University of Manchester | INR 3,101,008 |
London School of Economics and Political Science | INR 3,822,669 |
University of Bristol | INR 3,059,458 |
University of Warwick | INR 3,668,607 |
University of Glasgow | INR 2,936,870 |
University of Sheffield | INR 2,454,280 |
USA
USA is the world’s most well-liked destination for international students.Every year over 1000 students pursue higher education from the various colleges and universities in the United States.
Candidates who wish to study in USA should keep the following things in mind about the admission process before applying for a relevant course for becoming a audit manager
Admission process
- In case of admission to the postgraduate program the candidates must pass their graduation from a relevant degree from any recognized university. The average marks obtained depends upon the universities but it is preferable that the candidates should score above 60%.
- In the case of undergraduate programs the candidates must score 65% in the 12 th or equivalent exam from a recognized board.
- The candidates must pass the english proficiency tests such as TOEFL and IELTS. In TOEFL the candidates must score at least 70 and in IELTS the candidates need to score overall 5.5.
- The candidates need to appear in the entrance examination such as GRE and GMAT.
- Apart from these the candidates need to provide a letter of recommendation and 2 references to their college.
- The candidates should also submit a written sample of their previous work and a statement of purpose.
Top Colleges/ Universities
University/College Names | Tuition Fee |
---|---|
University of California Berkeley (UC Berkeley) | INR 5,339,585 |
University of California Los Angeles (UCLA) | INR 2,339,473 |
Columbia University | INR 5,125,687 |
University of Southern California (USC) | INR 2,025,378 |
University of Texas at Austin | INR 2,806,086 |
University of Illinois Urbana Champaign | INR 4,001,472 |
Georgia Institute of Technology (Georgia Tech) | INR 1,393,991 |
Georgetown University | INR 3,073,666 |
Boston University | INR 4,131,127 |
Canada
Candidates who wish to study in Canada should keep the following things in mind about the admission process.
Admission process
- In case of admission to the postgraduate program the candidates must pass their graduation from a relevant degree from any recognized university. The average marks obtained depends upon the universities but it is preferable that the candidates should score above 65%.
- In the case of undergraduate programs the candidates must score 65% in the 12 th or equivalent exam from a recognized board. The candidates must have mathematics in their 10+2 level in order to get admission in some of the top universities in Canada.
- The candidates must pass the english proficiency tests such as TOEFL and IELTS. In TOEFL the candidates must score at least 80-85 and in IELTS the candidates need to score overall 6 to 6.5.
- The candidates need to appear in the entrance examination such as the GRE or other university examination.
- Apart from these the candidates need to provide a letter of recommendations and references to their college.
- They need to submit at least 2 pages of personal statements describing their personal and professional statements.
Top Colleges/Universities
University/College Names | Tuition Fees |
---|---|
University of Toronto | INR 3,484,280 |
McGill University | INR 2,411,570 |
Universite de Montreal | INR 1,490,296 |
University of Alberta | INR 576,795 |
York University | INR 4,349,805 |
Concordia University | INR 2,037,961 |
Australia
Australia is emerging to be one of the most sought destination for Indian Students who want to pursue higher education Abroad. The courses in Australia are highly sought because they are comparatively cheaper and the universities are ranked amongst the best in the world.
Candidates who want to study in Australia should keep the following things in mind about the admission process.
Admission process
- In case of application to the post graduate program the candidates need to have a graduate degree in the relevant field such as business, management and commerce. The candidates need to score between 65-70% in their graduation program. In some cases the candidates need to score as high as 80% in graduation.
- In the case of undergraduate programs the candidates need to score 70% in their 12th or equivalent exam from a recognised board. The candidates also need to have english and maths as their compulsory subjects for admission in some of the courses.
- The candidates need to pass the english proficiency tests such as IELTS and TOEFL. THe candidates must score 6.5 in the IELTS and between 75 to 80 in the TOEFL exam.
- A GRE score is needed by only a few universities for master in finance admission. In some cases, students not having minimum eligibility grades within the academic degree will submit a GRE score as a substitute
- Though not an obligatory demand for admission in most of the colleges, relevant work expertise within the field of finance offers students a position within the admission method of masters in finance in Australia
- The candidates need to provide 2 or more letters of recommendation as well as references to the individual colleges.
Top Colleges/Universities
University/ College Names | Tuition Fee |
---|---|
University of Sydney | INR 4,955,626 |
University of New South Wales (UNSW) | INR 2,560,432 |
University of Queensland | INR 4,476,460 |
Australian National University | INR 4,841,273 |
University of Adelaide | INR 4,449,435 |
University of Technology Sydney | INR 3,118,069 |
University of Wollongong | INR 2,380,938 |
Queensland University of Technology | INR 3,509,124 |
Curtin University | INR 3,479,611 |
University of South Australia | INR 3,114,419 |
Benefits of career as an Audit Manager
There are some benefits of pursuing career as audit Manager such as-
Higher financial gain Potential
- Most of the candidates are attracted to the lucrative salary that the profession of Audit Manager offers. Salaries of audit managers are highly fluctuating in comparison to other professions all across the world.
- Career as an Audit Manager offers a huge scope of employment opportunities around the world. According to payscale website, the salary of an audit manager in the USA can go upto INR 66 Lakh per annum, thus, globally the job role of an audit manager is highly lucrative financially.
- The average salary of an Audit Manager is around INR. 8.5 LPA. The average salary of an entry level audit manager in India is INR 4.5 LPA.The salary increases with the gain experience. An audit manager after 5 years of experience can earn around 10 LPA.
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For highly experienced professionals in this field, the annual salary will exceed Rs. 20 lakh.
Better Job Prospects
- A career as audit manager involves employment which will be either permanent or part time in nature. Most of the audit managers in India are employed in various CA firms or directly in the companies. Apart from the full time jobs, audit managers are also hired by different individuals who ask them to audit their business and point out mistakes and loopholes in their business process.
- Thus, this job allows the candidates to even open their own consultancy firms and provides them with job security and extra source of income.
Positive impact of the career
- You have a lot of opportunities to discover new skills in the profession of Audit Manager.They work in different audit firm companies and handle different tasks which helps them to build their skill sets in decision making and problem solving.
- The vital feature of a career as audit manager is that the profile isn't restricted to a specific gender. individuals of all backgrounds and gender might become an audit manager if they have the mandatory qualifications.
- Career of an audit manager allows the candidates to reduce the wastage of resources within the organisation and allows them to minimize the loss and increase the profit of the organisation. Hence it brings certain job satisfaction to the role.
Higher studies
- MCom in Accountancy – This is often one in all the most effective choices for aspirants who want to pursue higher studies within the field. Usually, M.Com is a 2-year Post graduate course. Once finishing M.Com you'll be able to either apply for jobs or enter the analysis field (Ph.D.).
- PhD. – After MCom, you'll be able to directly enroll in the Ph.D. program. This is often a superb alternative for college students who have an interest in analysis and research . Usually, PhD. programs are a 5-year course involving 2 years of theoretical study and a minimum of 3 years of analysis and research work.
- For getting admission in top colleges for pursuing higher courses candidates have to score higher marks in entrance examinations conducted by University.
Progressive career
- The career of an audit manager has no full-stop, completing the undergraduate is just the beginning. Along with an undergraduate degree, Candidates have to earn certifications that would allow them to get placed more easily. After becoming an audit Manager, they can also pursue post-graduation to increase pay packages.
- Students seeking their career in management should pursue MBA programs especially finance. It would help in securing career in the big 4 companies in the finance field more easily.
- Audit manager career is a challenging one. Sometimes candidates have to work for a long time to complete work in time and they have to solve several problems of companies and firms, it provides a progressive approach towards their life.
Top Recruiters for Audit Managers
The following are the top recruiters for audit manager in India
PwC | HDFC Bank | ICICI | Axis Bank | KPMG |
Bajaj Capital | Ernst and Young | Edventus | Deloitte | Accenture |
Key Skills needed to Become an Audit manager
There are many necessities to become an audit manager. We've mentioned below a listing of audit manager skills.
Some other important skills are-
- Knowledge
- Conviction, ImaginativeStrong command over a minimum of 2 languages
- Must be acquainted with regional languages
- Keen observation skills, Creative
- Good social skills
- Ability to figure besieged
- Flexible with inputs from higher authorities
- Passionate
- Disciplined
- Consistency, Persistence
Salary of an audit manager in India
The average, experience wise, specialisation wise salary of different job profiles of audit manager are given below-
Organisation Wise
The following are the salaries of government and private sector salaries of audit managers in India.
Name of organisation | Average annual salary |
---|---|
Government | INR 3.92 LPA |
Private | INR 3.72 LPA |
Specialization wise
The average salary of audit manager based in their specialization are-
Specialisation | Salary |
---|---|
Public accountant | INR 6.9 LPA |
Management accountant | INR 4.56 LPA |
Government accountants | INR 3.92 LPA |
Experience wise
Salaries of audit managers vary according to their skills and experience in their respective fields.
Category | Salary |
---|---|
Minimum Salary | INR 2.74 LPA |
Maximum Salary | INR 8.71 LPA or above |
Average Salary | INR 5.59 LPA |
What After Audit Manager
Candidates can go for higher education or start doing job in different companies , some of the details are given below-
Higher Education
- After completion of an undergraduate programme, candidates have many choices in pursuing a carer path.
- Aspiring people might choose a postgraduate degree programme with no gap within the school year and subsequently begin their career as a fresher or undertake a job, gain experience and then pursue higher education.
- Various students prefer to do certificate courses and diploma courses after their post graduation to enhance skills.
- Some students have keen interest to pursue management courses like MBA in accountancy and finance, they can go for these courses from India as well as from international Universities.
Start Job
- Aspiring people might begin functioning at an entry-level position right after the completion of a bachelor’s degree.
- Candidates who are seeking a highly paid job profile in accountancy should firstly pursue higher education and after then start applying for jobs in different companies.
FAQs
Ques: What is the job outlook of an audit manager?
Ans.: Employment of accountants and audit managers is projected to grow 4% from 2019 to 2029, regarding as quick because the average for all occupations.
Ques.: What does the Audit Manager do?
Ans.: Audit managers are liable for overseeing internal operative controls, processes and practices.
Ques.: Is accountancy a good career?
Ans.: If you have an associate degree and interest in the field of commerce and accountancy likewise as in finance, turning into an audit manager may well be a decent job.
Ques.: What are the minimum qualifications required to be an audit Manager?
Ans.: The minimum qualification required is a bachelor degree in accountancy and finance or related field from a recognised University.
Ques.:How long does it take to be an audit manager?
Ans.: It takes 3 year to complete a bachelor degree and after that candidates be a moderately paid audit manager in India.
Ques.: What are the important skills required?
Ans.: Some of the important skills such that-
Communicational, analytical thinking, leadership, mathematics, creativity are required in an audit manager.
Ques.: Where do audit managers work?
Ans.:Some of the places where Audit Manager work are-
- National stock exchange
- Government organisations etc.
Ques.: Which accountancy courses are skill enhancing?
Ans.: Diploma and certificate courses are the best option for students who are interested in Accountancy.
Ques.: What is the minimum salary of an audit Manager?
Ans.: The average salary of an audit Manager in India varies according to experience. It ranges from INR 8.10 LPA.
Ques: Which undergraduate degree a candidate would prefer to make a career as an audit Manager?
Ans.: Students should be advised to take entrance tests conducted by top universities/colleges to get admission in BCOM Accountancy or BCom finance and Accounts which is preferred mostly by candidates who want to make their career as an audit manager.