6 Steps to Become a Certified Internal Auditor

With an average annual salary of $76,000 (and top CIAs easily making six figures), becoming a Certified Internal Auditor is a fantastic career choice for detail-oriented people with a passion for finance.

And it all starts with certification.

This globally-recognized credential opens up a world of opportunities in the internal auditing space and beyond.

But how exactly do you go from zero to CIA? Where do you even start?

I had a similar struggle becoming a CPA. With so much information out there, it can be tough to know who to trust—let alone cobble together dozens of different articles to answer one question.

Luckily, I did all the research for you, so all you have to do is follow these six simple steps. Without further ado, let’s get started!

Key Takeaways

• Education Requirements: To qualify, you’ll need a bachelor’s degree, but alternative paths are available if you have extensive internal audit experience.
• Experience Needed: Most CIA candidates need two years of internal audit experience, though more may be required if you have less formal education.
• Three-Part Exam: The CIA exam includes three parts, each testing different areas of internal auditing knowledge and skills.
• Ongoing Education: Once certified, you’ll need Continuing Professional Education (CPE) credits each year to maintain your certification.
• Career Benefits: Earning the CIA designation can increase your job prospects, boost your earning potential, and enhance professional credibility.

What is a Certified Internal Auditor?

A Certified Internal Auditor (CIA) is a credential awarded to professionals who have demonstrated their expertise in internal auditing. The CIA designation, managed by The Institute of Internal Auditors (IIA), is a recognized gold standard in the field.

Certified internal auditors assess organizations’ internal controls, manage risks, and ensure compliance with regulations—all necessary elements of running a business smoothly and ethically.

Why is CIA Certification Worth It?

Becoming a certified internal auditor isn’t just about passing exams—it’s about building credibility and unlocking career opportunities. Here are some of the top benefits:

• Global Recognition: The CIA designation is respected worldwide, allowing for career mobility across industries and countries.
• Increased Earning Potential: Certified internal auditors typically earn more than non-certified auditors.
• Enhanced Skills and Knowledge: The CIA certification program deepens your understanding of internal audits, risk management, and internal controls.
• Job Security: With a CIA credential, you’ll be better positioned for promotions, making you an asset to potential employers.

CIA Roadmap Checklist

Step 1: Assess Your Education Requirements

Before you dive into the CIA certification journey, make sure you meet the education requirements. Here’s what you’ll need:

• Bachelor’s Degree: Most CIA candidates have a bachelor’s degree, usually in accounting, finance, or a similar field.
• Other Education Options: If you don’t have a bachelor’s, you may qualify with an associate degree and additional internal audit experience, though this path requires more time in the field.
• Alternative Education: High school diploma holders can also qualify, but they’ll need more extensive experience to offset the lower education level.

So basically, it’s complicated. For more detail, here is the exact list from The Institute of Internal Auditors:

To be approved into the CIA program, the candidate must either:

• Hold a Bachelor’s degree or higher, or
• Hold an active Internal Audit Practitioner designation, or
• Possess five years of internal audit experience, or
• Be an active student in your final year of college, or *
• Be an active student with an approved Internal Audit Education Partnership (IAEP) school.*

*Note: You are able to take the CIA exams; however, your certification will not be awarded until your degree is completed and all program requirements are met.

Once you’ve got the education requirement sorted, it’s time to think about experience.

Step 2: Gain Relevant Internal Audit Experience

To become a certified internal auditor, you’ll need a solid foundation of internal audit experience. Here’s how it breaks down:

• Bachelor’s Degree Holders: Typically need two years of verified internal audit experience.
• Associate Degree Holders: Generally need five years of experience in internal auditing.
• Other Credentials: If you hold a related certification (like Certified Public Accountant or Chartered Certified Accountant), you might have some experience requirements waived.
• No Education: If you don’t have any postsecondary credentials, five years of experience in the internal auditing field may be enough.

Working in an internal auditing role, even as an entry-level internal auditor, will give you the hands-on experience and business knowledge essential for passing the CIA exams. Focus on areas like internal controls, risk management, and data analytics to build a strong foundation.

Step 3: Prepare for the CIA Exam

The CIA exam has a pretty low pass rate, between 40% and 50% per part. However, effective preparation has helped hundreds of thousands of candidates earn their credentials. The exam consists of three parts, each covering different areas of internal auditing. Here’s a quick overview of each part:

1. Part 1 – Essentials of Internal Auditing: Covers the basics, including internal control, risk management, and quality assurance.
2. Part 2 – Practice of Internal Auditing: Focuses on internal audit processes, tools, and techniques.
3. Part 3 – Business Knowledge for Internal Auditing: Deals with more advanced topics like data analytics, information security, and financial management.

Each part is designed to test your knowledge and understanding of internal auditing principles and practices. The exams are computer-based and administered at authorized testing centers worldwide.

Study Tips for the CIA Exam

• Create a Study Plan: Break down the syllabus for each part of the exam and allocate time for focused study.
• Use IIA Resources: The IIA offers official study guides, practice exams, and training courses specifically for CIA candidates.
• Join a Study Group: Many candidates find studying with peers helpful, as it allows them to discuss complex topics and quiz each other.
• Practice Mock Exams: Practice tests can help you get comfortable with the format and timing of the computer-based exam.

Step 4: Apply for the CIA Exam

Once you feel prepared, you can apply for the CIA exam. Here’s what the process typically involves:

• Submit Your Application: You’ll need to apply through the IIA’s certification program portal. Be sure to have your official transcripts and proof of experience ready.
• Provide a Character Reference: The IIA requires a character reference, usually from a certified internal auditor, active internal audit practitioner, or a supervisor.
• Pay the Exam Fee: The CIA certification program charges a fee for each part of the exam, so budget accordingly.

After completing your application, it’s time to schedule your exams and start the final stages of prep.

Step 5: Pass the CIA Exam

Passing the CIA exam is the biggest step to becoming a certified internal auditor. Here are a few tips to help you succeed:

• Take Breaks During Study Sessions: Long study sessions can lead to burnout. Short, frequent breaks can help keep you focused.
• Focus on Your Weakest Areas: As you go through practice tests, make note of sections where you’re struggling and allocate extra study time to those.
• Stay Calm and Focused: Exam day can be nerve-wracking, but keeping a calm mind will help you perform better.

Step 6: Fulfill Continuing Professional Education Requirements

Once you’ve earned your CIA designation, you’re not entirely finished. Certified internal auditors are required to maintain their skills and knowledge through Continuing Professional Education (CPE) credits.

• Annual CPE Requirements: You’ll need to earn a certain number of CPE hours each year. The exact number depends on the IIA’s requirements, which may change periodically.
• Approved CPE Activities: Activities like attending workshops, webinars, or completing training courses can count toward your CPE.
• Stay Updated with Changes: Internal auditing practices evolve, so staying current with industry updates, data analytics, and risk management strategies is crucial.

Conclusion

Becoming a certified internal auditor isn’t an easy journey, but with the right preparation, organization, and a fair amount of perspiration, it’s absolutely doable.

By meeting the education and experience requirements, studying effectively for the CIA exams, and maintaining your certification through ongoing education, you’ll establish yourself as a credible and skilled internal auditor. This designation can help you build a strong auditing career, whether you’re just starting out or looking to boost your existing career.

You got this!

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