Career Definition of Internal Control Analyst
Internal control analysts specialize in identifying weaknesses in an organization's work processes and implementing methods to minimize risks. They can work for a variety of organizations, including financial services providers. These analysts usually work full-time in an office environment.
Specific job duties for internal control analysts may vary depending on their industry. General job responsibilities may include overseeing the process for incident reports, maintaining records for work processes, and providing technical guidance to personnel. Internal control analysts may manage the strategy for work process improvements and inform personnel of changes. These analysts may also perform analyses to identify issues and create and implement solutions.
Internal control analysts could be responsible for reviewing items like change requests and project plans and providing recommendations on improvements. These analysts could also create plans for streamlining work processes and oversee the testing and implementation of them. Internal control analysts may be responsible for producing and communicating reports to organizational management or marketing personnel.
Internal control analysts may collaborate with key internal and external stakeholders, such as quality assurance and outside auditors. These analysts must be well-versed on organizational policies, as well as applicable industry regulations, in order to identify activities outside of acceptable business practices.
|Educational Requirements||Bachelor's degree|
|Job Skills||Excellent analytical abilities, strong technical skills, and effective communication skills|
|Median Salary (2020)*||$58,958|
|Job Outlook (2018-2028)**||6% (Financial Specialists, All Other)|
Sources: *PayScale.com, **U.S. Bureau of Labor Statistics
Individuals will usually need a bachelor's degree, although select positions may be open to those with a high school diploma and specialized experience. A strong background in internal auditing and process improvement will be beneficial. Interested individuals can pursue membership in a professional organization like the Institute for Internal Controls. The organization seeks to encourage organizations to utilize internal controls by offering members education and certification opportunities.
Excellent analytical abilities are the most essential skill for internal control analysts, as they are responsible for evaluating an organization's internal structure. Internal control analysts should have strong technical skills, including experience with Visio and Microsoft programs like Excel and PowerPoint. These analysts should also have effective communication skills in order to collaborate with colleagues on streamlining work processes, as well as interfacing with organizational management and outside auditors.
Career Outlook and Salary
The U.S. Bureau of Labor Statistics (BLS) does not collect information on internal control analysts; however, they predicted a 6% job growth for financial specialists, all other, during 2018-2028. This growth is about as fast as average for all occupations. In May 2020, PayScale.com reported a median annual salary of $58,958 for internal control analysts.
Individuals considering a career as an internal control analyst might also be interested in one of the related careers highlighted below. They offer candidates the opportunity to utilize their skills in other compliance-related professions.