Certified Internal Auditor (CIA): Salary and Career Prospects
The Institute of Internal Auditors (The IIA) has over 210,000 members, and joining this group of auditing professionals is a smart business move. The United States Bureau of Labor Statistics predicts that in the 10 years between 2016 and 2026 the field of accounting and auditing will grow by almost 140,000 jobs in the United States alone.
Perhaps you are currently looking for a job or career in internal auditing and are considering getting your Certified Internal Auditor (CIA) certification. But, just how much can a CIA earn? And what are the career prospects for CIAs? This article answers those questions.
The Internal Auditor’s Role
As an internal auditor, you oversee all of your company’s operations. You work with the employees in every department to ensure that they follow the protocols and procedures implemented to reduce risk to the company. The internal auditor will also work with the external auditors who are responsible for verifying the accuracy of the company’s financial reporting.
Career Paths & Prospective Salaries
In the United States, the salary for an entry-level auditor is around $60,000. In the United Kingdom, internal auditors who have less than one year of experience will likely earn around £30,000 (∼$41,000 USD). That same entry position in India has a salary of around 390,000 rupees (∼$5,300 USD).
Many of the positions above an auditor will require more experience and certification. Passing the Certified Internal Auditor exam proves that you have an in-depth understanding of the internal auditing field. Being certified can lead not only to a better salary but also open up new career options.
The next level position above an auditor is a senior auditor who would oversee a team of internal auditors. Senior auditors also make the final assessments regarding the company’s financial systems and information, ensuring that all information is accurate before it goes to management to use in decision making. The senior internal auditor’s salary is about $80,000 a year in the U.S., £54,000 in the UK (∼$74,000 USD), and 660,128 rupees in India (∼$9,000 USD).
The audit supervisor is more of a risk management position, and in addition to working with the senior auditors, you would also establish the company’s risk limit and run tests to ensure that the company is not exceeding those limits. Reporting to executive management would also be part of the audit supervisor’s role.
As an audit supervisor, you would make on average about $90,000 a year. This would be around £78,500 in the UK (∼$107,000), and in India, 835,000 rupees (∼$11,500).
Chief Audit Executive
The position of Chief Audit Executive (CAE) is at the top of the ladder. The CAE understands how every area of the company functions and must effectively communicate with all employees and the board of directors to both ensure that the internal audit is operating smoothly and that the results are available to top management.
A chief audit executive’s salary is $150,000 a year on average in the US, roughly £120,000 in the UK (∼$164,000 USD), and about 3.1 million rupees in India (∼$42,000 USD).
Maximize Your Earnings by Becoming a Certified Internal Auditor
As you can see, becoming a Certified Internal Auditor is well worth your time and money. With comprehensive and expert CIA exam preparation from HOCK international, you’ll be prepared to pass the exams on your first attempt and advance your career. Get started today!