7 reasons you should consider getting Certified

SK Author

7 reasons you should consider Certified Internal Auditor certification

Let's face the facts, the world is becoming more competitive every hour.

What should one do to remain competitive? Well, one of the available choices is to consider gaining the Certified Internal Auditor designation.

I'll be presenting seven reasons why you should seriously consider the CIA certification.

1. CIA is difficult.

Yes, this is NOT a typo😊 This is one of the most important factors CIA exam being so valuable.  

It is a rigorous, comprehensive and challenging examination that has been developed to provide individuals with the skills and knowledge to become effective business leaders and it is aimed at people who are ambitious, dedicated and determined.

In 2020, only 41% of people passed the CIA exam worldwide. This is arguably the lowest pass rate among most business qualifications like CMA, CPA, or ACCA. 

Don't let the low pass rate among most business qualifications make you doubt yourself. With the right attitude and strategy, it can be done. 

2. It is recognized worldwide.

All organizations around the globe recognize CIA certification to be the most important and likely the only certification in internal audit. You will find that many internal audit job ads around the world state that CIA certification should be a mandatory or preferred qualification or that candidates should be working towards it. If you are interested in a career as an internal auditor, then the CIA is your best choice.

3. It gives you wings.

A role in the internal audit department will most likely give you wings to fly higher in the organization and in your career.

Until late 2020 General Electric - GE ran one of the most rigorous multiyear rotation programs for grooming future leaders - the corporate audit staff program. It was one of the most formally structured internal audit staffing programs in the world - a real pioneer - which was applied in different shapes and forms by organizations worldwide to hire the brightest minds in internal audit departments. And being in the internal audit department will equip them for various operational leadership roles in the organization.

Even though the formal program was discontinued in November 2020, in the opinion of Richard chambers - former president of the institute of internal auditors-, the internal audit department will continue to be the pipeline of talent to the business.

4. You don't need to be an accountant or to become one😊.

Against popular belief, you don't need to have an accounting background to pursue CIA certification or a career in internal audit.

In my opinion, the Institute of Internal Auditors - IIA actually encourage people from varied backgrounds to become internal auditors.

Think about it, - a manufacturing company wants to ensure that its maintenance program is adequately designed and implemented, or a pharmaceutical company needs assurance that it followed all health & compliance protocols in the development of a new drug - who do you think would be better suited - an accountant or a person with a mechanical engineering/ pharmacy background respectively - obviously the later - all they need is training and knowledge in internal auditing standards and processes and they will surely able to add value to the organization.

To begin your CIA career, you'll need at least a bachelor's degree (or equivalent) in ANY discipline.  Less than that and you can still apply if you've worked in a relevant field like audit, quality assurance, risk management etc. Check out the detailed eligibility criteria at CIA Eligibility Requirements

5. Equips you with the skills for today's and tomorrow's challenges.

When it comes to the required expertise, the CIA certification makes no assumptions. In addition to the core topics of internal auditing, expect to be immersed in topics such as financial and managerial accounting, financial management, fraud and risk management, information technology, information and cyber security, corporate governance and culture, ethics and compliance, organizational structures, management models, business and industry analysis, business processes management, performance measurement and management - the list goes on.

IIA doesn't expect you to become an expert in all these domains but expect various levels of proficiency and expects you to take deep dives in the areas you fancy - all you need is the requisite level of academic rigour and a desire to excel and learn.

6. Demonstrate your willingness and credibility.

Similar to other demanding qualifications & certifications which when you achieve signify that you are committed to improving your shortlist skillset and are ready to commit yourself to a challenge.

CIA tells prospective employers and clients your achieved level of excellence.

7. It pays off.

Ok, the picture is a tiny bit exaggerated but you will get a range of opinions on how much internal auditors make financially, which are usually not too off the mark. If you look at payscale.com you will find that early-career internal auditors earn anywhere from 40 k USD to 60 k USD and it naturally increases with experience and certification with internal audit manager level roles earning from 90k to 128k on average. Obviously, salary depends on many other factors such as industry, organization, location but having a CIA certification definitely provides you with a solid base for a solid earning potential.

What's next.

If you believe this is something you want to pursue, Skdemy is here to assist you along the way.

Because the CIA is a self-study program, it is important that you prepare thoroughly and with appropriate resources. There are a few well-known review course providers on the market, including the IIA, and we recommend that you check into their offers by browsing the free resources and conducting your own research.

We acknowledge their experience, but we believe their approach is outmoded and old-school. The majority of them provide books and practice materials, with some also providing video courses. If reading 600 pages or watching videos of someone going point by point doesn't work for you, then we can help. Try our Preview Course and see how it changes your outlook. It's risk-free and allows you to try us out with no commitment! 

We believe in learning that sticks!

Categories: : Certified Internal Auditor - CIA