The Institute of Internal Auditors provides a number of certifications out of which the Certificate of Internal Auditors is one of the most popular ones.
This is the only internationally accepted certification for internal auditors whereby a candidate can become a competent and professional internal auditor.
To pursue a CIA certification, a candidate needs to know the following eligibility criteria:
Education:A candidate needs to have a minimum 3 or 4 years post-secondary degree to be eligible to apply for CIA certification. Recently, however, for candidates who do not hold a post-secondary degree, the Global Board of Directors has provided for an alternate path for eligibility. Candidates can now apply for a CPA certification provided they have a post-secondary education of at least two years and five years of work experience as an internal auditor or its equivalent or hold seven years of work experience as an internal auditor or its equivalent. All work experience has to be duly verified.
Work Experience: A candidate needs to clear certain work experience related eligibility before being certified as a CIA. A candidate must have 24 months of work experience as an internal auditor or its equivalent along with the 4 years’ post-secondary degree. In case a candidate holds a Masters degree, the work experience criteria are relaxed for 12 months instead of 24 months.
A candidate can apply for the programme and take the examination prior to completing the work experience requirement. However, the certificate will not be issued unless the work experience criteria is met.
Character Certificate: A candidate applying for the CIA Certification must possess high moral and professional character. The same has to be certified through a Character Reference Form duly signed by a CIA, CGAP, CCSA, CFSA, CRMA or the candidate’s supervisor.
Companies Looking for CIA Holders
Obtaining a CIA certificate can help a candidate land up with a dream job. With the growing complexity of the world economy, doing business is becoming increasingly risky. Hence, keeping internal check and balances in place is of utmost importance. Thus, Internal Auditors are of extreme importance in all companies across the world. Internal auditors ensure that a company runs its business ethically, there are no sudden fallouts and thus help enterprises stay clear of legal and regulatory complicacies.
Companies across the world, however big or small are looking for internal auditors. Out of all kinds of certifications issued for internal auditors, CIA is the premier one and has the maximum value in the job market. Big brands seek CIA holders to run their business ethically. From audit companies to consultancies to banks, CIA holders are employed by renowned enterprises all over the world. Notable companies which employ internal auditors include Ernst and Young, Price Waterhouse Coopers, J.P Morgan & Chase Co., KPMG LLP, etc.
The current pay scale of a CIA holder ranges from USD 57,000 to USD 162,000. In India, salary of a CIA holder ranges from Rs 406,000 to Rs 390,0000. The top paying jobs as a CIA holder include employment as a Senior Internal Auditor, Internal Auditor, Internal Auditing Manager, Internal Audit Director and Senior Director.
Through various surveys, it has been found that 56% CIA holders are males while 44% are females. Hardly any salary disparity has been found between packages received by males and females.