As a CPA, A career as a Certified Internal Auditor (CIA) offers more than just a professional pathway; it comes with a promising financial outlook. Although the average internal auditor salary is just $65,496 according to Payscale salary statistics, this number can shoot up more than $31,000 after certification.
Why is this?
Certified Internal Auditors earn significantly more than their non-certified counterparts. This is due to the specialized accounting and audit expertise that the CIA designation represents, which is highly valued by employers for ensuring compliance and effective risk management. Additionally, the certification signals a commitment to the profession and a mastery of complex auditing standards, making CIAs more attractive for higher-level, higher-paying roles within organizations.
Here’s a detailed look at what auditors can expect to earn as a CIA and the factors that influence their salary according to labor statistics.
Key Takeaways
- Substantial Earnings Increase: After obtaining CIA certification, internal auditors see their average salary jump to approximately $97,000 per year, compared to $65,496 for those without certification.
- Varied Salary Ranges: Salaries for CIAs vary by role, with Internal Auditing Managers earning up to $137,000 and Senior Manager Auditors reaching up to $175,000 annually.
- Factors Influencing Salaries: CIA salaries are influenced by location, experience, additional qualifications, and industry, with urban centers and finance sectors typically offering higher pay.
- Career Advancement Opportunities: CIA certification opens doors to higher-level roles and significantly enhances career progression and job security.
- Recognition and Trust: CIAs are highly valued for their specialized knowledge in auditing standards and risk management, making them essential for maintaining financial integrity in organizations.
Salary Insights for CIAs
The average base salary for a Certified Internal Auditor in the United States stands at approximately $97,000 per year, reflecting the crucial role these professionals play in financial oversight and compliance. However, earnings for CIAs can vary widely depending on experience, job title, and other key factors.
CIA Salary Breakdown by Job Title
- Internal Auditing Manager: Earning between $81,000 and $137,000 annually, with an average of $104,904, managers in this role are responsible for overseeing audit teams and ensuring accurate and effective audits.
- Senior Internal Auditor: With an annual range from $75,000 to $106,000, the average salary for this role is $88,121. Senior auditors handle more complex audit processes and guide less experienced auditors as they work through financial statements.
- Internal Auditor: Entry-level to mid-level auditors earn between $53,000 and $98,000, with an average salary of $71,893. They are fundamental in executing audit plans and ensuring compliance with internal standards.
- Internal Audit Director: At the higher end of the spectrum, the median salary for directors is between $98,000 and $182,000, with an average of $137,088. This role involves strategic oversight of auditing functions and long-term planning.
- Senior Auditor: This role commands an average salary of $86,957, with earnings ranging from $66,000 to $116,000. Senior auditors often take on supervisory roles and are crucial in the review process.
- Quality Assurance Manager: These managers oversee the quality and consistency of audit reports and earn between $59,000 and $130,000, averaging $94,517 in annual salary.
- Senior Manager Auditor: At the top, these professionals earn between $112,000 and $175,000, with an average salary of $140,163. They are typically responsible for multiple audit teams and strategic audit planning.
How Certified Internal Auditor Salaries Are Determined
CIA salary numbers are influenced by several factors. The salaries for internal auditors are often influenced by the following:
- Geographical Location: Urban centers typically offer higher salaries compared to CIA jobs in rural areas due to the higher cost of living and concentration of business services.
- Years of Experience: More experience usually equates to higher pay, as seasoned professionals bring deeper insights and greater expertise to their roles.
- Additional Skills and Education: CIAs with additional certifications like CPA or advanced degrees in related fields often see enhanced earning potential.
- Industry Sector: Some industries, such as finance or government, may offer higher CIA salaries due to the complexity and regulatory requirements of their auditing needs.
The Financial Impact of CIA Certification on Auditor Salaries
Certified Internal Auditors (CIAs) often command higher salaries than their non-certified peers, reflecting the substantial impact of the CIA designation on an auditor’s career trajectory. This certification is recognized globally and showcases a professional’s ability to handle complex financial records and compliance issues more effectively.
Key Reasons CIAs Earn Higher Salaries
- Advanced Expertise: CIAs have a deeper understanding of auditing standards and methodologies they may have learned from CIA prep courses, enhancing their capability to manage complex audits and financial assessments.
- Increased Responsibilities: Holding a CIA designation often leads to roles with greater responsibility, such as overseeing larger teams or managing more significant audit projects.
- Risk Management Skills: CIAs are equipped with skills to effectively identify and mitigate risks, a crucial attribute that adds to their value within any organization.
- Employer Trust and Reliability: Certified auditors are trusted more for their adherence to ethical standards and their ability to ensure compliance with financial regulations, making them critical assets to their companies.
Employers value CIAs for their advanced expertise in internal auditing, risk management, and adherence to stringent auditing standards, which are critical in safeguarding the company’s financial integrity. As such, CIAs are integral to the audit team, often taking on pivotal roles that demand a higher remuneration due to the responsibilities and specialized knowledge they bring to the position.
FAQ
A Certified Internal Auditor has the role of assessing a company’s financial records, compliance procedures, and risk management to ensure accuracy and accountability within financial operations.
The average salary for a CIA/Certified Internal Auditor in the U.S. is around $97,000 annually, but this salary base can vary widely based on experience, location, and the specific industry.
Salaries for CIAs are influenced by several factors, including geographical location, years of experience, additional certifications, and the industry in which they work.
Yes, Certified Internal Auditors are in high demand due to their specialized skills in auditing, risk management, and compliance, which are critical for maintaining financial integrity and meeting business regulatory standards. Titles like “internal audit manager” and “chief financial officer” are often filled with external auditors who have the CIA certification over non-certified internal auditors.
Career progression for CIAs can include advancing from entry-level auditor positions to roles such as Senior Auditor, Internal Auditing Manager, and even Chief Audit Executive, depending on experience and additional qualifications.
An “internal audit” is a critical function that assesses a company’s operations and controls, aiming to enhance efficiency and risk management. “Internal audits” involve conducting these assessments regularly, ensuring continuous improvement and compliance across various departments, thereby supporting the company’s overall success and financial health.
