The Controversy And Pros Of CIA Certification
CIA certification has become a matter of controversy due to its high cost and the fact that most employers expect you to already have the credentials. With that in mind, there are still many benefits to doing the certification, especially for those people who want to pursue a career in accounting or internal auditing. In this article, we’ll look at some of the pros and cons of getting the certification, and how it could help you in the long run.
Completing the CIA certification requires substantial investment in terms of cost, time and energy. After completing the three parts of the exam, you’ll receive the credentials of the Certified Internal Auditor (CIA). This will give you access to greater knowledge, a higher earning potential, deeper industry connections and much more. However, there are some drawbacks too, such as the lack of recognition in some areas and the need to stay up to date with changes to the exam requirements.
Advantages Of Earning The CIA Certification
CIA certification is considered to be one of the most comprehensive professional certifications available within the financial services industry. It has been awarded to professionals who are responsible for a wide range of duties, from ensuring that audit plans are effectively executed to providing insights on governance and risk management procedures.
The CIA credentials will enable you to stand out from the competition when it comes to job applications. Having a certification from the organization is a reliable sign of integrity, knowledge and experience that sets you apart. It will also open up conversations for promotions among potential employers and peers. Plus, having the credentials may give you the confidence to apply for higher positions than you would otherwise be able to.
The certification will also give you access to a network of professionals working in the same field. This will provide invaluable connections that could impact your career. The knowledge you gain during the process can also help you become a better internal audit professional. You’ll understand the rules, regulations and international standards that are used to guide the performance of the internal audit process.
Disadvantages Of Becoming A CIA Certified Professional
The drawback of being a CIA certified professional is that you will have to maintain your certification by keeping up to date with changes to the exam and standards. Unfortunately, it is also extremely expensive, with three parts of the exam costing almost $2,200. It should be noted, however, that this is a one-time cost – a candidate only has to pay this fee to receive the credentials.
In addition, it can often be difficult to get the recognition that you deserve within the industry. As the CIA certification is highly respected within the industry, employers and peers may expect you to already have the credentials – as such, you may feel that you need to meet these expectations.
What Other Experts Say About CIA Certification
Several experts and professionals have spoken out in favour of the CIA certification. Accountant, journalist and financial literacy activist Jen Hemphill, for example, recently praised the certification as ‘the gold standard’ for internal audit professionals. She argued that it was ‘the best way to ensure that all internal auditors have the credentials needed to tackle their professional tasks.’
Similarly, a number of professionals have also voiced their support for the certification. According to the Institute of Internal Auditors, the CIA certification is ‘the standard of excellence that is respected throughout the internal audit profession’. The American Institute of Certified Public Accountants (AICPA) also praised the certification as ‘a great starting point for finance professionals who want to be the best’.
Should You Choose CIA Certification?
The CIA certification can be a great way to build your career, but it’s important to evaluate the pros and cons before making the decision to go ahead. You should weigh up the cost, the time you need to invest and the lack of recognition in some areas. However, if you are keen to build a career in internal audit or accounting, this certification could open up greater opportunities, give you access to a supportive professional network, and demonstrate your commitment and expertise.
Opportunities After Achieving CIA Certification
Having the CIA certification can open up new opportunities such as gaining a leadership role in an organization, taking up more responsibility or moving up the corporate ladder. Holding the credentials can also give you the confidence to challenge yourself and take on difficult tasks. This could mean getting involved in complicated projects or challenging the status quo, both of which can be beneficial for your personal growth.
Having the certification can also give you the recognition you need to explore new areas and seek out opportunities, such as furthering your career through professional development. This can help you to stay up to date with the industry standards, as well as achieving any professional goals you have set.
In addition, being a CIA certified professional could give you the chance to speak at events, write blog posts and join specialized groups in your area. This would enable you to have a platform to share your insights and engage with other professionals in the industry.
The Impact Of Certification On Your Earnings
Having the CIA certification can improve your salary, as it is one of the highest credentials offered within the industry. The US Bureau of Labor Statistics reported that the median salary for internal auditors with the certification is $107,950 per year. This is significantly more than the median income of those without the certification, which stands at around $60,000. Furthermore, many employers will also offer a salary bonus for those with the certification.
Holding the certification may also open up more job opportunities, as those with the credentials usually have the edge in the hiring process. In addition, you may be able to negotiate higher salaries and be in the frame for senior positions.
Is It Necessary To Get The CIA Certification?
Having the CIA certification is not required to become an internal auditor or accountant. However, it could give you an edge over other candidates and open up opportunities that may not be available otherwise. Furthermore, it could also provide you with the credentials and recognition you need to further your career.
That said, it is ultimately up to you to decide whether the CIA certification is worth it for you. Do your research and evaluate the pros and cons of getting the certification, as well as assess whether you have the necessary time and money to invest. This will help you to decide whether or not to go ahead.
The Financial Implications Of The Certification
It is important to be aware of the financial implications of completing the CIA certification. As previously mentioned, the three parts of the exam cost almost $2,200. This cost can be further increased if you have to take into account additional study materials and/or exam prep workshops. Furthermore, this is a one-time fee – you will need to pay the full amount regardless of how many times you take the exam.
It’s also worth noting that you may have to pay additional fees for renewing the certification every five years. This cost is usually between $100 and $200, although some courses may include a discounted price for renewal. It’s a good idea to consider how much will you’re likely to spend over the course of your career to keep the certification up to date.
Maximizing The Benefits Of CIA Certification
If you decide to pursue the certification, there are a few things you can do to get the most out of the process. The first is to set up a study plan and make sure you dedicate enough time to preparing. You should also invest in good quality materials, such as practice exams and exam prep workshops. This will ensure that you are well-prepared and have the best possible chance of succeeding.
You should also stay up to date with changes to the exam and standards throughout your career. This will keep your skills and knowledge relevant, ensure you are well-prepared for the exam and maximize the benefits of holding the certification. Finally, it’s also important to use the networks you gain via the certification, as this can open up a range of opportunities.
