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The world of accounting offers many different career opportunities. While general accountants and CPAs often get the most attention, another promising career path is internal auditing. Many aspiring accounting professionals may not know about the Certified Internal Auditor (CIA) designation and the career opportunities it affords.
According to Robert Half International, the world's first and largest accounting and finance staffing firm, internal audit is one of the most in-demand finance and accounting positions in today's market. As organizations push to improve internal controls and transparency, internal auditors play a vital role in accomplishing these goals.
This article will break down the role of a Certified Internal Auditor (CIA), the career outlook for CIAs, and how to become a CIA in order to help you make an informed decision about your career.
The role of the internal auditor is to be an independent and objective party who oversees the financial operations of a business. Internal auditors work on behalf of the organization they’re auditing, although they’re not always full-time employees. Many internal auditors work for publicly traded companies, in highly regulated industries or consulting firms that provide internal audit services.
Certified Internal Auditors (CIAs) are a subset of internal auditors who have been certified for their expertise, experience and ethical standing within the field of internal auditing. The responsibilities of these professionals typically fall into three categories:
But what does being an internal auditor actually entail? Let’s get inside the mind and mission of the internal auditor.
Internal auditors have strong earning potential, especially as they rise through the ranks of the accounting industry. Let’s break down earnings potential for internal auditors based on role and experience.
According to The Institute of Internal Auditors (IIA), Certified Internal Auditors in the U.S. earn an average of $38,000 more annually than those without the certification. That means certified internal auditors are likely to earn on the higher end of the wage spectrum for internal auditing roles.
Other ways to increase your earning potential include:
The Certified Internal Auditor designation is governed by The Institute of Internal Auditors (IIA). This international professional organization is recognized as the internal audit profession's global voice, recognized authority, acknowledged leader, chief advocate and principal educator. The IIA has more than 210,000 members across the globe.
The Certified Internal Auditor is the premiere certification in the field. The CIA designation is the only globally recognized internal audit certification. Becoming a Certified Internal Auditor is the ideal way to showcase the expertise required to effectively perform the professional responsibilities for an internal audit, anywhere in the world.
To become a Certified Internal Auditor, you must meet the Four E’s of Eligibility, which include:
The Certified Internal Auditor eligibility period is three years from the date you received approval of your CIA program application. You have three years to complete all of the CIA certification requirements, including passing the CIA exam. For even more detail on eligibility, visit the IIA’s website.
The length of time it takes to become a Certified Internal Auditor varies from person to person. The maximum time to complete the CIA certification program is three years, however this does not account for the years of preparation it takes to become a Certified Internal Auditor.
On average, it takes six to seven years to meet the combination of education and experience requirements to become a Certified Internal Auditor. It’s possible to overlap your three-year eligibility period and pass the CIA exam before completing your experience requirement. However, you must complete your professional experience requirement within the three year period.
If you choose to take the exam after meeting the education and experience requirements, it can take up to 10 consecutive years.
If you’re at the beginning of your career, you may wonder if the time and energy you need to devote to becoming a Certified Internal Auditor is worth it. Based on quantitative factors outlined in this article—such as job demand and salary expectations—Certified Internal Auditor can be a prosperous career path. But is it a job that people find professionally satisfying?
Here are five aspects of internal auditing that makes this career rewarding:
A bachelor’s degree in accounting is typically the first step to a career as an internal auditor. A bachelor’s degree program will teach you Generally Accepted Accounting Principles, as well as foundational skills such as evidence gathering, internal control review and standard audit procedures.
Franklin University offers a 100% online B.S. in Accounting program that is accredited by the International Accreditation Council for Business Education for adhering to industry best-practice standards. Franklin’s flexible degrees allow you to focus on auditing through electives in fraud examination, interviewing techniques for fraud investigations, corporate internal control assessment, accounting ethics and more.
Franklin’s bachelor’s degree in accounting can help you take the first step toward becoming a Certified Internal Auditor. If you already have a bachelor’s degree, a master's degree in accounting can help you meet the education requirement to become a Certified Internal Auditor, while reducing the experience requirement. Franklin University’s master’s in accounting program can help you take your auditing, data analytics and risk management skills to the next level, preparing you for the CIA exam.
Learn more about Franklin’s M.S. in Accounting to see how it can help you reach your goals.