dabigchina wrote:I don't think designing bullshit sox controls qualifies as "grooming for leadership". Some management training programs might have people do a stint in internal audit, but these people are not internal auditors.
IMO nothing slaps you with the "beancounter" label faster than 2 years in public accounting + internal audit. People have definitely transitioned out if it, but it's not easy. FP&A is a much easier sell because its less bullshit compliance.
OP doesn't have FP&A on the table right now.
You also have an outdated view of internal audit. "Bullshit SOX controls" used to the thing back in like 2003, but it has since evolved to be much more than SOX compliance at a lot of organizations.
https://www.grantthornton.com/staticfil ... y-2011.pdf
"Nearly seven in 10 CAEs see internal audit as a springboard
for advancement into other executive management positions at
their own companies or into a CAE role with greater authority
at a larger company. "
Study done by EY:
http://www.tapestrynetworks.com/upload/ ... _Apr11.pdf
“There is a trend toward a robust rotation plan that is [two-way].
Internal audit is becoming a pipeline for talent … and talent is
being attracted to the function from [other parts of] the company.
Some internal audit functions, as part of their regular reporting
package to the audit committee, are tracking executive career
paths to chart (and in some cases, ensure) a ‘tour of duty’ in
internal audit as part of their internal resume.” Participants said
that internal audit acts as a springboard, providing employees
with an enhanced understanding of business areas.
http://ww2.cfo.com/human-capital-career ... es-of-age/
For Michael Fung, CFO of Wal-Mart’s North American stores division, a four-year seeming sidestep from head of global procurement into internal audit in 2003 proved just what he needed to graduate to a chief finance role. “You have a chance to really learn and help improve the business,” he said. “You build relationships with the board and the major business leaders. You can move internal audit to more value-added processes. And it builds your ability to manage people and work with cross-functional teams.”
At the Fortune 1000 companies, at least 486 audit executives have moved into other roles within the past three years, according to Paula Park, another Korn/Ferry recruiter who heads the firm’s internal audit and compliance practice. Their new titles, she said, span the gamut: chief accounting officer, chief compliance officer, chief risk officer, controller, treasurer, VP finance, divisional CFO, and CFO.
My organization constantly pulls the people in internal audit out to become directors/assistant directors in various areas, sometimes on a temporary basis, sometimes permanently. Someone I know just left internal audit at a firm and moved into a VP of Planning role at a huge multinational public company (market cap is 5B+).
Internal audit has really evolved over the last 5-10 years in a good way. It's not really something you want to do for a decade (but anything really specific will be hard to transition out of after specializing in it for a decade), but for a few years out of university it can be a great opportunity. The key to remember about internal audit is that organizations are using it more and more in operations and business processes (most orgs have SOX embedded now and are figuring out better ways to use internal audit), and internal audit generally reports straight to the board or the CEO. There's fewer levels you need to go through to catch managements eye. Our new fresh out of college internal auditor attends meetings with the CEO, VPs, and even some board meetings. They know his name, know who he is, like him, and like what he brings to the table. FP&A would also be a great opportunity, but the OP hasn't mentioned it. Also in a FP&A role there will be multiple levels of management to get through before you can start to catch someones eye.
