CIA (Certified Internal Auditor) is a certification offered to the accountants who conduct internal audits. Becoming a CIA will help the candidate enhance his auditing career to the next level. It’s a designation conferred by IIA (Institute of Internal Auditors). CIA works in the audit department of financial institutions, corporations, and government agencies.
CIA aspirants must meet the following educational requirements to sit for the CIA exam.
- The candidate must graduate with a 3 or 4-year degree (or higher) or should have an associate’s degree satisfying the requirements of IIA.
- The degree is not needed to be in a specific field. It may be in the fields of applied science, business, health care, or any other field.
- Candidates having seven years of experience in internal auditing or its equivalent can also be eligible for the CIA exam.
CIA Exam Format:
The CIA exam is entirely computer-based, and it consists of 3 sections of MCQs (Multiple Choice Questions).
Part: 1 – Internal Audit Basics
- Internal Control / Risk (25-35%)
- Mandatory Guidance (35-45%)
- Audit Tools & Techniques – Conducting Internal Audit Engagements (25-35%)
Part: 2 – Internal Audit Practice
- Managing Individual Engagements (40-50%)
- Managing the Internal Audit Function (40-50%)
- Fraud Risks and Controls (5-15%)
Part: 3 – Internal Audit Knowledge Elements
- Business Processes/Organizational Structure(15-25%)
- Governance/Business Ethics (5-15%)
- Communication (5-10%)
- Risk Management (10-20%)
- IT/Business Continuity (15-25%)
- Leadership/Management Principles (10-20%)
- Global Business Environment (0-10%)
- Financial Management (10-20%)
|sections||No. of Questions||Exam Duration|
|Internal Audit Basics (Part -1)||125||2.5 hours|
|Internal Audit Practice (Part -2)||100||2 hours|
|Internal Audit Knowledge Elements(Part -3)||100||2 hours|
CIA Course Benefits:
The benefits of the CIA course are listed below.
1. Higher Income:
The salary of a Certified Internal Auditor is one of the most appealing aspects of the CIA course. According to the IIA reports, CIAs earn an average of $38,000 annually. This shows that CIAs are getting more than 50% salary than non-certified peers. The CIA certification qualifies you for higher positions such as Internal Audit Director or Chief Audit Executive when combined with years of experience.
2. More Job Opportunities:
With the CIA certification, internal auditors can reach the top of the corporate ladder. Also, with this certification, entry-level internal auditors can be placed in roles such as:
- Compliance auditor
- Information systems auditor
- Lead internal auditor
- Auditing specialist
- Financial analyst
- Internal controls auditor
- Risk assessment specialist
The experienced internal auditors with CIA certification will be up for promotions to higher internal audit supervisor positions like:
- Internal audit director
- Senior internal auditor
- Audit manager
- Risk manager
- Chief Financial Officer
- Finance Director
- Chief Audit Executive
- Internal Audit Director
3. Job Security:
Internal Auditors are considered a hot commodity in the accounting and finance hiring market. Organizations improve their transparency and internal controls which leads to higher demand for internal auditing professionals.CIOs are good in supply assurance on corporate governance, risk management, and internal controls in all kinds of business conditions. Hence, companies want to recruit and retain CIAs.
4. Heightened Respect and Admiration:
CIAs know how to improve the business, hence they can experience privileges such as admiration and universal credibility.
Hope the above information helps you know more about the CIA course details including educational requirements, exam format, CIA course benefits,s and so on. Although if you have any queries, please comment below.