To become an internal auditor, a bachelor's degree in accounting, finance, or a related business field is generally required, along with strong analytical and communication skills. While entry-level roles may only require a degree, professional certification (specifically the Certified Internal Auditor (CIA) designation) is highly encouraged, requiring passing a three-part exam and having 1–2 years of relevant work experience.
Certified Internal Auditor requirements: CIA program
Master's degree (or equivalent): 1 year of internal audit experience. Bachelor's degree (or equivalent): 2 years of internal audit experience.
Many employers require internal auditor candidates to hold a CPA credential. If you find that the types of roles you're interested in require this certification, start studying for the Uniform CPA examination and register for a test date.
You'll need to be a member of the The Chartered Institute of Public Finance and Accountancy to carry out audits in the public sector. If you're qualified as an accountant with the Chartered Institute of Management Accountants (CIMA), you can carry out internal audits.
Is CIA harder than CFA? No, the CIA is considered easier compared to the CFA course because it addresses some of the significantly challenging financial topics.
Internal Employees: As per Rule 13, Companies (Accounts) Rules, 2014, Companies can appoint a qualified employee with relevant experience to serve as the internal auditor. Statutory Auditor: A statutory auditor cannot be an internal auditor as per Section 144(b) of the Corporations Act 2013.
Based on Career Goals
The pass rates hover between 40-50% meaning on average, more candidates fail the exam than pass. Since a career as a CIA requires a sophisticated and technical skill set, this exam is intentionally difficult. Don't let that discourage you! If you do fail any portion of the test, not all hope is lost.
Essential Internal Audit Skills
The CIA exam costs about $740-1,515 depending on your IIA membership status. The CIA exam is offered around the world via Pearson VUE testing centers. A CIA exam review course can help you earn a passing score. Candidates have a maximum of three years to pass the exam and meet all exit requirements.
Requirements to Become a Certified Internal Auditor
To become a Certified Internal Auditor (CIA), one must meet the following requirements: Education – Hold a Bachelor's degree or higher, possess an active Internal Audit Practitioner designation, or have five years of internal audit experience.
Auditors typically earn more money than accountants because employers tend to pay for their services at higher rates.
While CPAs often work in auditing, it's not a requirement for many internal auditing positions. Common job titles: Compliance Auditor. Risk Analyst.
While AI can automate many routine tasks, its primary benefit is enhancing what auditors do—enabling deeper, broader, and more frequent analyses. Rather than replacing auditors, AI should be seen as a tool that allows auditors to do more valuable, strategic work.
Types of Internal audits include compliance audits, operational audits, financial audits, and an information technology audits.
With fewer graduates entering the field and many experienced professionals retiring or changing careers, the talent pipeline for accounting—and related functions like internal audit—is far from robust. The accountant shortage isn't just making hiring in the audit field more challenging.
The CFA is often seen as the most rigorous and respected credential, but designations like FMVA® and CPA are also highly valued depending on the career path.
In spite of all odds, average students pass CFA exams regularly by: Employing study schedules with an emphasis on key subjects. Focusing on ethics and key notions, which have high exam weighting. Utilising quality preparation materials and practice exams.