If you’re considering becoming a Certified Internal Auditor (CIA), you’re asking yourself one big question: Does the salary make all the hard work worth it?/
You don’t need to look further than Benjamin Franklin for an answer:
“An investment in knowledge pays the best interest.”
Earning a CIA certification isn’t a walk in the park, but the payoff—both financially and professionally—can be significant. Let’s dive into what you can expect as a Certified Internal Auditor and why it might just be the best career move you’ll ever make.
Key Takeaways
- CIA Certification Boosts Earnings: Certified Internal Auditors earn significantly more than their non-certified counterparts, with salaries 25% higher on average.
- Leadership Roles Mean Higher Pay: Advancing to positions like Internal Audit Manager or Chief Audit Executive can lead to six-figure salaries and beyond.
- Industry and Location Matter: Working in high-paying sectors like tech or finance or in cities like San Francisco can greatly increase your earning potential.
- Certification is a Smart Investment: The effort to earn a CIA pays off through higher salaries, job stability, and global recognition.
- Soft Skills Drive Career Growth: Leadership, communication, and collaboration are key to maximizing opportunities and pay in the field of internal auditing.
The Basics: What Is a Certified Internal Auditor?
First, a quick refresher.
A Certified Internal Auditor is a globally recognized professional who specializes in internal auditing. Unlike external auditors, who focus on financial statements for public disclosure, CIAs evaluate a company’s financial operations, risk management strategies, and compliance with regulatory requirements. Their work ensures businesses stay on track and avoid costly mistakes.
But let’s get to the real reason you’re here: the salary.
How Much Do Certified Internal Auditors Earn?
Entry-Level Certified Internal Auditor Salary
Salary Range: $50,000 to $70,000
Starting out as an entry-level internal auditor, your salary will likely range between $50,000 and $70,000 annually. While this might not sound like a windfall, consider that this is a launching pad. With a CIA certification under your belt, you’ll quickly stand out from your peers who lack certification. Non-certified internal auditors generally earn less—sometimes by25% or more.
The Mid-Level Range: Senior Internal Auditor and Beyond
Salary Range: $80,000 to $110,000
After a few years of experience, many CIAs move up to roles like Senior Internal Auditor or Internal Auditing Manager. These positions command higher salaries, typically between $80,000 and $110,000. Senior auditors take on more responsibility, such as leading internal audits, mentoring audit teams, and conducting complex risk assessments. This is where the CIA designation really starts to pay off.
Leadership Roles: Internal Audit Manager to Chief Audit Executive
Salary Range: $120,000 to $200,000+
If climbing the corporate ladder is your goal, roles like Internal Audit Manager, Internal Audit Director, or even Chief Audit Executive could be in your future. Salaries in these roles can soar into the $120,000 to $200,000+ range, depending on the size of the company and its location. Larger companies and financial hubs like San Francisco or New York typically offer higher pay.
What Affects Certified Internal Auditor Salaries?
Several factors play into how much you’ll earn as a CIA, including:
- Experience Level: More experience = higher salary. That’s a no-brainer.
- Location: Cities with a high cost of living, like San Francisco, often pay more.
- Industry: Sectors like financial services, healthcare, and tech tend to offer higher salaries for internal auditors.
- Additional Certifications: Adding a Certified Public Accountant (CPA) or similar credential can boost your earning potential.
- Soft Skills: Strong communication and leadership abilities can set you apart.
Comparing CIA Salaries to Non-Certified Internal Auditors
Wondering if the CIA certification is worth the effort?
Though we’ve been using a 25% increase in salary on average, the IIA’s 2017 Internal Audit Compensation Study found that American internal auditors could increase earning potential by up to 51% simply by getting certified.
For the sake of maintaining accuracy, however, here’s a quick comparison to help you decide using the 25% average decrease:
| Job Title | Non-Certified Salary | Certified Salary |
|---|---|---|
| Entry-Level Internal Auditor | $38,000 – $53,000 | $50,000 – $70,000 |
| Senior Internal Auditor | $64,000 – $90,000 | $85,000 – $120,000 |
| Director of Internal Audit | $105,000 – $173,000 | $140,000 – $230,000 |
Clearly, the CIA certification opens doors to higher salaries and better opportunities.
So, to answer the question you’re probably thinking: if you want to be an internal auditor, the benefits of certification are well worth the investment.
Why Does a CIA Earn More?
As with all jobs, factors like education, specialization, and return on investment play a huge role in determining the amount of money CIAs make.
CIAs are invaluable to their employers. Their specialized knowledge and ability to assess financial operations, ensure compliance, and plan audits effectively can save companies a bundle in the long run. CIAs are trusted advisors who help guide strategic decisions, and their salaries reflect it.
Plus, while certification shows employers that you have the skills required to do your job well, it also says something to you. 76% of people with a professional certification say that they have the skills they need for the job they want to have in the next 5 years. This number drops to 61% with non-certified professionals.
You can read this in a number of ways, but I see it as confidence. You’ve proven to yourself that you can get the job you want. That unshakeable confidence can lead to better performance in interviews and salary negotiations down the line.
Additional Perks of a CIA Career
Beyond the paycheck, here’s why becoming a CIA is a smart move:
- Job Stability: Companies always need internal auditors to ensure compliance and reduce risks.
- Career Growth: The CIA certification positions you for leadership roles, whether as a Chief Audit Executive or even a Chief Financial Officer.
- Variety: You’ll work across various departments, gaining a deep understanding of a company’s operations.
- Higher Pay Over Time: The more you grow, the more your salary does, especially with additional certifications or a master’s degree.
How to Maximize Your CIA Salary
Here are some tips to ensure you’re earning top dollar as a CIA:
- Choose the Right Industry: Look for roles in high-paying sectors like finance or tech.
- Pick a Company with Upward Mobility: Look for roles with the opportunity to climb the corporate ladder.
- Get Additional Certifications: Adding a CPA or a risk management certification can boost your pay.
- Pursue Leadership Roles: Don’t be afraid to aim for titles like Internal Audit Manager or Chief Audit Executive.
- Consider Location: Be strategic about where you work—larger cities and companies typically offer higher salaries.
So, Is It Worth It?
Let’s cut to the chase: Is becoming a Certified Internal Auditor worth the effort? If you’re looking for a stable, well-paying career with room to grow, the answer is a resounding yes.
While the journey to certification takes time and effort, the salary potential and professional recognition make it a worthwhile investment.
You’ll earn more than non-certified internal auditors, enjoy a variety of job opportunities, and have a globally recognized credential. Plus, the skills you develop as a CIA—like analyzing financial records and ensuring compliance—are valuable across industries.
Ready to start your CIA journey? Check out these top CIA prep courses and be on your way to passing the CIA exam.
FAQs
The average salary for a CIA typically ranges between $80,000 and $120,000, depending on experience, location, and industry. A senior auditor will earn more than an entry-level auditor.
Yes, CIAs earn significantly more than non-certified internal auditors. The average internal auditor salary for non-certified auditors is 25% less on average.
The process generally takes 1-3 years, including passing the three-part CIA exam and meeting professional experience requirements.
Yes, the CIA is a globally recognized credential, making it valuable for professionals who want to work internationally.
Certifications like the CPA (Certified Public Accountant) or certifications in risk management can further increase earning potential and career opportunities. However, this can depend on your career goals and industry.
