What Are The CIA Requirements?
CIA stands for Certified Internal Auditor and is a professional designation awarded by the Institute of Internal Auditors. It is granted after passing the three components of the CIA exam and completing the mandatory IIA training. It is the most sought-after, recognized, and respected internal audit qualification in the world. The CIA certification is a mark of excellence, conferring distinction and a sense of achievement.
The CIA credential requires a combination of necessary experience, professional dedication, and hard work to acquire. It is accorded to experienced internal auditors who can demonstrate their competence in related fields. The exact requirements to become a Certified Internal Auditor vary by country and region, but they all involve a number of steps.
Education Requirements
The CIA certification requirements are based on education, training and experience. To become a Certified Internal Auditor, you must have a university degree or equivalent professional experience. The educational component consists of four parts: track knowledge, professional practice and analysis, continuing professional education and ethics.
Most CIA certification programs require at least a bachelor’s degree. For those without a university degree, the IIA requires applicants to demonstrate five years of professional experience in an internal audit or related field. In addition, applicants must complete a track knowledge component specific to their region.
The Certified Internal Auditor track knowledge component consists of exams and coursework on the fundamentals of auditing, accounting concepts and standards and other related topics. Depending on the country or region, you may also have to complete one or more additional track knowledge examinations.
CIA Professional Practice Examination and Work Experience
After achieving the required education component, all CIA candidates must pass the Professional Practice Examination (PPE). This exam covers general auditing practice and procedure and is a comprehensive assessment of the candidate’s knowledge and experience.
The PPE, and the remaining two examination components, must be completed in the prescribed order. The exams test the candidate’s understanding of auditing concepts, quality control principles and industry regulation. Beyond passing the examinations, applicants must demonstrate two years of relevant work experience in order to be eligible for the CIA certification.
Continuing Professional Education Requirements
In order to be eligible for the CIA certification, candidates must become a member of The Institute of Internal Auditors. To renew their certification, members must complete 40 hours of professional continuing education (CPEs) every year. It is essential that the CPEs are relevant to the candidate’s job role.
The IIA also requires members to comply with the Code of Professional Ethics, which is designed to ensure the integrity of the CIAs. These requirements must be met constantly for maintaining the credentials.
Advantages of CIA
Having a CIA credential provides an edge in the job market, as it demonstrates an individual’s commitment and understanding of the profession. According to The Economic Times, CIAs receive higher salaries than non-CIAs. In addition, most internal audit work positions require a CIA certification.
Being a CIA demonstrates a greater level of competency and credibility within the internal audit profession. It also ensures that internal auditors have the necessary technical and ethical skills to perform the internal audit function effectively. Moreover, becoming a Certified Internal Auditor provides a strong sense of professional accomplishment.
Market Demand for CIAs
The CIA is a globally recognized certification, and has seen increased demand across the world. According to the IIA, the number of CIAs worldwide has been growing steadily over the past five years. This is largely due to an increase in the need for qualified internal auditors, especially in developed countries.
There are a variety of industries where the CIA certification is useful, including banking, finance, accounting, and healthcare. As more organizations recognize the importance of reducing risk, internal auditors are becoming increasingly in-demand.
Too Intimidating for Some
Though the CIA is extremely beneficial, some view the exam process as intimidating. It requires considerable time and investment in order to maintain the CIA designation. Furthermore, the examinations are extremely challenging and require rigorous study habits.
For those comfortable with these exacting standards and dedicated to internal auditing, the CIA is a powerful tool for career development and growth. Not only does earning the certification showcase an individual’s proficiency in the field, but it can also open up new opportunities for advancement or a higher salary.
Cost Of Certification
The cost of earning the CIA certification depends on the region and the educational requirements. On average, it costs $2,400 to become a CIA, including the application fee, the examination registration fees, and the cost of the professional practice exams, courses and continuing education. In addition, the IIA charges a maintenance fee of $50 every two years.
The CIA designation is one of the most prestigious certifications within the field of auditing. It is difficult to obtain and maintain, however, the rewards it brings in the form of higher salaries and career advancement make the effort worthwhile.
Other Certifications to Consider
For those looking for other internal auditing certifications aside from the CIA, a few high-profile options include the Certified Public Accountant (CPA), Certified Internal Auditor of Canada (CIA-C), and Certified Information Systems Auditor (CISA). Each one requires different measures of education and work experience.
The CPA is suitable for those who have substantial experience in public accounting and a solid understanding of sophisticated auditing and financial operations. The CIA-C is applicable to those who are based in Canada and has very similar requirements to the CIA. The CISA is suitable for those who have a deep understanding of information systems and the risk they pose.
The Advent of Automation
In recent years, the role of internal auditors has had to adapt with the proliferation of automation, cloud-based services and the Internet. This means that those who achieve the CIA credential must maintain an awareness of new tools and best practices if they want to remain competitive.
Automation has changed the landscape of the value internal auditors can bring to a business. In addition to carrying out financial and operational audits, modern internal auditors can offer a wealth of additional insights, such as capitalizing on opportunities for process improvement and optimizing risk management initiatives.
Training and Professional Enrichment
The Institute of Internal Auditors provides a range of training and educational programs for those who have completed their CIA certification. These programs are designed to enhance an individual’s professional development and maintain their knowledge up to date.
Training and professional enrichment courses cover topics such as IT governance, capital risk management, business analytics, and cyber risk management. The courses are developed to provide a basic understanding of best practices and serve as a framework for further study.
Robust Job Opportunities
The CIA’s strong reputation makes it a highly sought-after qualification amongst employers. The majority of internal audit roles require the CIA credentials and come with attractive salary packages. Working with a CIA credential can also open up many other job opportunities, including managerial positions in large corporations and financial institutions.
Non-audit sectors also recognize the value of the CIA certification. A wide range of job openings from consulting firms, investment banks, and other companies are available to those with the credential. Having a CIA certification ensures that these roles are filled by highly trained internal auditors.
Conclusion
The Certified Internal Auditor (CIA) designations is a globally-recognized credential that offers potential reward to those possessing the necessary dedication and commitment. The CIA offers a wealth of benefits to individuals, such as recognition, higher salaries and job opportunities. Though the process is challenging and requires a great deal of effort and hard work, the long-term rewards make the effort worthwhile.
