The internal audit services market is expected to grow to $54.89 billion by 2030 from $37.43 billion in 2024.
That speaks of the massivity with which the field of internal auditing is growing. It is estimated that there are over 230,000 internal auditors in the world at present, most of them members of the IIA.
One of the main reasons the internal auditor global market is growing is due to the high pay and career advances that professionals in this domain are entitled to.
According to Glassdoor, the average salary of an internal auditor is around ₹8,00,000 per year, ranging between ₹4 lakhs to ₹11 lakhs.
So, the question arises, how do you become an internal auditor? The simple answer, become CIA-certified. Once you hold the prestigious certification of CIA (certified internal auditor), you’ve opened the doors to the field of internal audit.
This blog will cover everything you need to know about the CIA certification, the careers and opportunities awaiting you, and the responsibilities of a CIA-certified professional.
What Does It Mean To be CIA-Certified?
A CIA certification ensures that the individual has the required skills and expertise to work in the field of internal audit. It is a globally recognized certification offered by the Institute of Internal Auditors (IIA) to professionals who seek a career in internal auditing.
The certified internal auditor tag is a gold standard and benchmark that’s been globally acknowledged for over 50 years now. Having been instituted by the IIA in 1974, it has served its purpose and ensures top-quality programs in the field of internal audit.
A student or working professional who seeks to master all the domains in the field of internal audit such as corporate governance, risk management, and control must necessarily hold the CIA certification. This is the only certification that’s globally recognized for internal audit jobs, hence making it the shark of the sea.
The Authenticity of the CIA
Well, one might ask, what makes the CIA the only globally recognized certification for internal auditing? It lies in the fact that the Board of members issuing this certification, essentially the IIA, is an international association that currently has 245,000 members working in various fields of internal audit.
Established in 1941, the IIA is unparalleled when it comes to updating internal audit exam syllabuses according to the latest business and economic trends. The board objectively studies the latest business trends and corporate governance scenarios to frame a syllabus that’s relevant to modern-day internal audits.
So, there you go! You can further visit their website for a deeper understanding of their objectives and goals.
IIA official website - https://www.theiia.org/
As their problem statement is defined, ‘Helping internal auditors deliver strategic advantage that drives organizational success,’ you gain phenomenal advantage from joining their community.
Key Benefits of Being a Certified CIA Professional
There are several benefits that one attains with the CIA certification. Let’s look at the key benefits.
1. Global Recognition
You can work anywhere in the world if you have a CIA certification. It’s the global standard for top-quality internal auditing and you can have a fine work-life balance if you’re in this line of work.
Depending on various factors such as your work experience, expertise, company, and geography, you can significantly grow in earnings and career amplitudes.
This distinguished batch offered by the IIA gives you a solid validation in the field of internal audit which tells Fortune 500 companies that you’re good for the job. You can take weight on holding the certification as the average pass margin of the CIA exam is 41-50%.
2. Career Advancement
Immense scope awaits you in the field of internal audit. As experts suggest, “Internal Auditors are the eyes and ears of an organization.” As the field of internal audit is so broad and requires specific expertise in various organizations, you can advance greatly in modern times.
Coming in fresh with a CIA certification, one can work as an entry-level auditor for companies and learn specific organizational governance styles from senior management.
As you progress in skill and experience, you can switch to various sub-domains of internal auditing and transition to roles such as:
- Risk Manager
- Internal Audit Director
- Compliance Lead
- Audit Manager
- Chief Audit Executive
- Senior IT auditor
The scope of internal audit is ever-changing with the incorporation of the latest technologies such as AI, Blockchain, Metaverse, IoT, and so on.
You need to keep up with the latest happenings and formulate processes that help you stay on top of your game.
For instance, the IIA released the new Global Internal Audit Standards™, on January 9, 2024, which will become effective January 9, 2025. So you need to be in consensus with the latest standards to maintain competitiveness and hold your place in the field.
Several webinars and courses are offered by the IIA and other authentic sources such as MyLogic which will help you stay updated on the latest internal audit trends.
You can check out the course provided by the IIA - Auditing Artificial Intelligence (AI): A Hands-On Course for Internal Auditors to become specialized in AI and its role in the field.
3. Generate High Earnings
As you walk up the ladder and gain significant experience in the field of internal auditing, you can earn big and make it to chief auditor and other senior-level positions.
Several countries are shortlisted by internal audit professionals as they offer higher pay and great work-life satisfaction.
- According to the U.S. Bureau of Labor Statistics, the average annual salary for a Certified Internal Auditor is approximately $76,185.
- Germany comes second in the list with experienced internal auditors earning between €60,000 and €85,000 per year.
- Internal auditors in Canada earn an average annual salary of approximately CAD 88,652.
- In Switzerland, internal auditors can earn around CHF 80,000 to CHF 100,000 based on their experience and skill.
Besides the geographical location and the experience factors, other factors such as company size and industry can also dictate the salary one earns in this field.
4. Work Across Diverse Industries
The CIA certification allows professionals to choose their preferred industry and grow their careers within those limits. Here are some of the industries where you can opt for work.
- Manufacturing
- Banking and Finance
- Information Technology
- Healthcare
- Government
You can have a formidable career in top public accounting firms such as PwC, Deloitte, EY, and KPMG.
Roles and Responsibilities of CIA Professionals
Now, there are several roles and responsibilities that a CIA professional must overlook to ensure the strategic success of their organization.
In simple words, an internal auditor holding the CIA credential needs to adhere to the purpose of internal audit according to global standards.
According to global standards, the purpose of internal audit is to "strengthen an organization's ability to create, protect, and sustain value by providing the board and management with independent, risk-based, and objective assurance, advice, insight, and foresight."
The CIA professional does so by conducting periodic internal audit processes and evaluating organizational compliance, risk factors, governance, and other internal control processes.
The primary responsibility of an internal auditor is to provide an independent assurance/opinion stating that the company is on good terms and mitigating all possible risks.
Here are some other integral responsibilities of a CIA professional
Risk Assessment - Ensure that the organization has internal operational and business procedures that are not at risk to the company’s success. Evaluate the SOPs of particular teams and ensure that they have the right objectives.
Fraud Detection - A CIA professional must look into all aspects of an organization’s operational and financial process and detect necessary fraud. Detailed reports need to be calibrated suggesting measures to mitigate the fraud.
Ensuring Proper Governance and Compliance - Policies and laws change over time. That’s why a certified internal auditor must be adept at knowing the latest policies and ensuring the company adheres to the same.
Provide Useful Insights - The CIA professional who has mastered the skills of stating definitive processes and procedures to enhance the operational efficiency of an organization suggests valuable insights that promote their success.
Serve as Intermediate between Board and External Auditors - It is the role of the certified internal auditor to keep the MoU between the external auditors and the board by conducting ongoing assessments of the company’s internal controls. They share relevant information with the team of external auditors to ensure that there is cognizance of the internal and external faces of the company.
How to Get CIA-Certified?
The CIA exam is a three-part exam that covers all the fundamental topics in the field of internal auditing. The exam syllabus has maintained a consistency over the years but the IIA has recently issued a new syllabus for the 2025 CIA exam.
Check out the 2025 CIA exam as posted by the IIA for a clear understanding. You will find this information on their link: To determine if you will be tested on the 2019 or the 2025 syllabus, please visit www.theiia.org/CIA2025 for an exam release schedule.
That means you need to check out the particular syllabus depending on your exam release schedule.
Enroll For the CIA Online Course Now!
Now that you know what it means to be a CIA certified professional, lets start the preparation process. A strategic CIA course will help you to ace the exam effectively. At My Logic, you can also get access to interactive animated videos that will help you understand complex auditing lessons with ease.
My Logic is a pioneer in catering world-class training in financial professional courses like CIA, CMA (USA), CPA (USA), ACCA, CIMA, etc to students across the globe. We offer top-class online training videos along with online interactive classrooms that help you crack competitive finance and accounting exams.
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