How much am I worth? Junior accountant, internal audit, leading international institution

A panel of headhunters give their assessment of typical London pay packages: salary 35,000-40,000 (€52,000-€60,000). Bonus: 15%-20%.

For the non-accountant, carving out a career in internal audit might seem the professional equivalent of a living your life as the school sneak: viewed with suspicion by your peers, your main function ensuring that internal graft and corruption are held in check and that everything that happens is above suspicion. Not exactly a role in which you would hope to make and keep friends. However, according to Jamie Risso-Gill of Robert Walters, internal audit has had a bad rap.

"We are seeing increasing numbers of people move into this area, and soon after graduation. Being in internal audit gives you a good overview of the bank or organisation, contact with the front, middle and back office and thus a good perspective of how things work," he says.

It also has the advantage of being secure - after the financial scandals of the last few years, few banks will ever want to be seen to be downsizing this department - and giving the individual broad scope to move sideways as well as upwards within the business.

Often specializing in a key area (such as equities or fixed income or forex) for which they are soon expected to take responsibility, many internal auditors move onto other areas of finance, especially risk-related areas, traditionally a large part of their focus.

"It can be a high profile position in which it is easy to impress: that means the best individuals are those who are mature beyond their years and comfortable from the start with dealing with quite senior people on a regular basis," says Risso-Gill.

If that weren't enough reason for changing your mind about internal audit, current employment prospects might tip the balance.

"The market for entry-level accountants remains strong and judging by recent hiring levels, the outlook for the remainder of 2004 looks extremely positive," says Richie Holliday, associate director, Morgan McKinley. He suggests that larger institutions in particular are on the look out for individuals with genuine potential to learn and grow into the role, with the long-term aim of becoming managers.

So what sort of package can an entry-level internal auditor expect? Holliday suggests a basic in the region of 25,000-35,000 with banking benefits and discretionary bonuses awarded on top of that. Risso-Gill is more sanguine, suggesting many newly qualified accountants can start on 45,000 (with a bonus around 15%-20%) rising to 55,000-60,000 after three years experience.

Clearly the accountant with the most flair will be better paid, but what should the fledgling internal auditor be able to demonstrate? Obviously, a passion for numbers and being a stickler for accuracy are important but so too is personality: enthusiasm, the ability to communicate effectively and flexibility are all key.

"A 'controls' based mentality and an inquisitive mind will be popular assets to have in the internal audit department of any major institution," says Morgan McKinley's Holliday.

Also important is the desire to get ahead. Many internal auditors in the big banks get their big break via a university outplacement and after securing the necessary professional qualifications, work their way through the ranks. Though at present, employment prospects look so good that knocking on the front door and handing across your CV could work equally well.

"There are more internal audit opportunities than at any time I can remember: the last six months have been good, yet the market continues to look even better," suggests Robert Walter's Risso-Gill.

So if you're still in university and love Maths, don't throw that slide rule away yet.

Figures and commentary by Morgan McKinley and Robert Walters