Auditors write, organize, and file financial records and are often employed by businesses to ensure compliance with federal financial obligations and to keep track of business finances. One type of business that relies heavily on auditors is banking. You'll need a college degree and experience to take the bank auditor's certification exam.
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Certified Bank Auditors are financial professionals who specialize in bank and internal auditing, accounting, regulations and business law. To become a Certified Bank Auditor (CBA), individuals must maintain the standards of the Banking Administration Institute (BAI) and meet minimum education and experience requirements. Candidates seeking CBA certification must complete all necessary examinations in less than three years.
|Required Education||A bachelor's degree in accounting, finance or business; associate's degree option requires more experience|
|Other Requirements||Minimum of 2 years of experience for those with bachelor's degrees; pass certification exams|
|Projected Job Growth (2014-2024)||11% for all accountants and auditors*|
|Median Annual Salary (2015)||$67,190 for all accountants and auditors*|
Source: *U.S. Bureau of Labor Statistics
Education Requirements for a Certified Bank Auditor (CBA)
Except in certain circumstances, candidates for certification as a bank auditor must possess a bachelor's degree from an accredited institution of higher education. Degrees in accounting, finance and business prepare individuals for employment as a CBA, certified by the Banking Administration Institute (BAI). Undergraduate and graduate finance and business students take courses in quantitative business analysis, marketing and real estate.
The BAI may waive education requirements for potential CBA candidates who possess a significant amount of financial industry work experience. Earning a CBA without undergraduate education requires six years of industry practice in bank and internal auditing. All applicants must possess a minimum of two years of professional experience in bank auditing before starting the CBA process, at which time they have three years to pass the certification exams. Students working toward associate's degrees can also become a CBA with significant professional experience.
The U.S. Bureau of Labor Statistics (BLS) anticipates that available job openings for accountants and auditors will increase 11% between 2014 and 2024, which is faster than average for that period. While jobs are available nationwide, California, Texas and New York employ the most accountants and auditors, according to 2015 BLS statistics.
As a result of professional experience and education, auditors earn wages significantly higher than the national average salary. The BLS reported that accountants and auditors earned a mean hourly wage of $36.19 in May 2015, and the national average hourly wage that year was $23.23. States where accountants and auditors earned the highest average annual salaries in 2015 were the District of Columbia, New York, New Jersey, Massachusetts and Alaska. Accountants and auditors employed in securities and commodities brokerages and exchanges earned some of the profession's highest average salaries.
Besides a degree in accounting, business administration, or internal auditing, CBAs will also need some experience under their belt and will have to pass certification exams. As the economy grows, demand for CBAs is expected to increase.