I am doing ACCA and I am in final part and I have been offered for a job in a bank as Grade 3 officer. But I want to be an auditor and always wanted join an audit firm to gain experience. My question is after working for the bank for 3-4 years will my banking experience be counted in the industry ? I don’t want to work in a bank for my whole life. I’ll work in the internal audit department of the bank but would the experience gained from the bank be counted in multinational companies or big National companies if I apply for any position. My friend told be that your banking experience will have no worth or value in the Industry, a bank experience will only have value if you apply in another bank. Your advice will be greatly appreciated
The age old problem of people not understanding a thing about working experience has yet again surfaced. Experience in accounting is experience in accounting, full stop.
The key questions to ask then are what kind of experiences can I get in a bank and will this be applicable in other industry?
A simple answer is that the experiences you get will be many and varied. A bank is a business like any other business. It must generate revenue and it must spend money in order to generate this revenue. Thus there are many aspects to the operation, many of these will provide transferable experience. One of the key features of being in a banking environment is that you will gain a better knowledge of banking regulations and treasury management and which company would not want an individual with treasury management experience?
Can my internal auditing experience enable me to become an external auditor?
Internal auditing is internal audit. This is much wider than external auditing since in addition to making checks on the various aspects that contribute to the financial statement preparation process, you will also be exposed to auditing policies, principles, people, procedures and adherence to regulations (banking, finance, stock exchange, labour, etc.) The problem though is that in most jurisdictions, the requirement to be considered an external auditor is that you have to complete an internship under the guidance of a suitably qualified external (public) auditor.
Will working for the bank fulfill the requirements to become a chartered certified accountant with ACCA?
Yes, provided it is a suitable role (accounting, finance) then it will qualify. Your superior will need to be a member of ACCA or another suitably recognised body, or where this is not the case, then a your supervisor, in conjunction with a suitably qualified accountant can sign you off.
So in short, working with a bank will give you skills and experiences which can be transferred to other industries. Additionally you may gain additional experiences, esp working in internal auditing which could put you in good stead to get a better job should you decide to move on from banking.
Thank you for the advice
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