Is CIA Certification Worth It for Internal Auditors?

Many accountants aspire to become Certified Public Accountants (CPAs), but there's another designation that stands out in the realm of internal auditing: the Certified Internal Auditor (CIA). This article explores the value and benefits of obtaining the CIA certification, addressing common doubts and providing a comprehensive overview of why becoming a CIA can be a valuable career move.

The Reality of CIA Certification

Contrary to popular belief, there's no such thing as a CIA certification in the traditional sense. You are either cleared or you aren't. Once cleared, individuals take an oath and are hired. The focus here isn't on certification but on the benefits of achieving a recognized standard of competency within the field of internal auditing.

Benefits of CIA Certification

Higher Income

The salary associated with a Certified Internal Auditor (CIA) is one of the most attractive aspects of the designation. According to data from the Institute of Internal Auditors (IIA), CIAs earn an average of $38,000 annually. This figure is significantly higher than what non-certified internal auditors earn. The CIA certification can open doors to higher positions such as Internal Audit Director or Chief Audit Executive when combined with years of experience.

More Job Opportunities

The CIA certification can elevate your career within the corporate ladder, providing a range of opportunities that include:

For experienced internal auditors, the CIA certification can lead to promotions to higher positions such as:

Job Security

Internal auditing is a field that demands a high level of expertise and competencies. Being a CIA can provide you with job security and stability, as the role often involves critical decision-making processes and risk management. Employers recognize the value of a CIA designation, leading to a higher level of trust and reliability.

Is the CIA Really Beneficial?

Global Recognition

The CIA designation carries significant value when moving from one country to another. It is a globally accepted certification that demonstrates your competency and professionalism in the field of internal auditing. This recognition can be a deciding factor in landing top positions or even increasing your salary.

Credibility Within the Organization

Many internal auditors are not required to have the CIA certification by their companies, but the designation adds credibility within the organization. Employers often give preference to CIA-certified individuals for key positions that require a high level of expertise and reliability.

Compared to Other Exams

When compared to other foundational exams like the CPA or CFA, the CIA exam is generally considered less time-consuming and easier to prepare for. While the CPA and CFA exams are rigorous, the CIA exam focuses specifically on internal auditing principles, making it more targeted and accessible.

Conclusion

The Certified Internal Auditor (CIA) designation is a valuable tool for any aspiring or experienced internal auditor. It provides a competitive advantage, enables you to demonstrate your proficiency with colleagues and clients, and opens doors to continuous career advancement. The CIA is a proven path to business success within the internal audit field. Whether you are an internal auditor looking to accelerate your career or a future manager with a passion for organizational risk management, becoming a CIA can be a wise investment in your professional future.

Therefore, if you have a plan to become a long-term internal auditor or a future manager with exposure and expertise in organizational risk management, consider obtaining the CIA certification. It can be a significant step in building a successful and rewarding career in internal auditing.