Get myCPE Unlimited Access @ $499 $199/Annually
In finance and accounting, Certified Internal Auditor (CIA) and Certified Public Accountant (CPA) are the top recognized certifications. A CPA is a trained accounting, finance, tax, and auditing professional who requires a state license. In contrast, the CIA is specialized in auditing and carries micro-internal auditing skills. It is important to note that the CIA is an international designation, while the CPA is recognized in the United States.
So, are you someone who wants to become a certified finance and accounting professional but is confused between CIA vs CPA? I agree; there are a lot of questions arising into your mind about whether to opt for CPA or CIA or CPA and CIA. Ultimately, your education and career goals determine whether you want to become a CIA or a CPA.
To simplify your journey in selecting the right profession, we will let you know about both the qualifications and their respective career opportunities.
Certified Internal Auditor (CIA) certification is a globally recognized qualification conferred by the Institute of Internal Auditors (IIA). The CIA certification demonstrates expertise in internal audit principles and practices. To hold CIA certification, one must fulfill the CPE requirements by earning credits through attending courses that meet the International Standards for the Practice of Internal Auditing.
To maintain CIA certification, professionals must complete 40 hours of continuing education every year, including 2 hours of ethics. For non-practicing CIAs, the CPE credit requirement is set at 20 hours annually. Continuing education can be in the form of online courses, seminars, webinars, or conferences related to internal audits or other relevant topics, including:
The CIA certification opens up a variety of career opportunities for professionals, including:
1. Internal auditor,
2. Internal audit manager,
3. Director of the internal audit
Internal auditors can explore their careers working in the finance industry, healthcare centers, and government offices.
Roles and salaries for some of the most common roles are as follows:
A Certified Public Accountant (CPA), is the US designation conferred by AICPA. A CPA provides financial planning and goal-achieving services to individuals, businesses, and organizations. By earning CPA certification, one will be able to fast-track their career into influential positions across every industry.
To maintain a CPA license, professionals must complete 120 hours of continuing education every three-year rolling period (*each state regulatory body has its own state-specific CPE credit requirement). Continuing education can be in the form of live courses, seminars, self-study courses, conferences, etc. These courses must be related to relevant subject areas, including:
The certification in accounting opens up various career opportunities for professionals. There is no limit to the size of firms you can work for in public accounting. You may work within the firm in a variety of areas, including CPA internal audit; you also play a role in tax planning and management consulting. Likewise, you can develop a career in business and industry by engaging in diverse areas.
In addition to accounting services, CPAs can provide financial forensics, personal financial planning, business valuation, and IT consulting. Whether you're at the federal, state, or local level of government, you can create a path to success. Additionally, many diverse opportunities are available through non-profits and education.
A CPA has a diverse job role in an organization, and they earn relatively more than a CIA, but it depends on what the CPA does. Anyhow, CPA salary will mostly depend on your geographical location, title, and years of experience. For CPAs, being a domestic designation, the salary is highly dependent on their state.
According to the Bureau of Labor Statistics, a CPA, on average, earns a salary of $86,470.
Both the CIA and CPA certifications are highly respected in the finance and accounting industry. Certified Internal Auditor is an internationally recognized designation, whereas the Certified Public Accountant is a domestic but highly reputed designation. Despite those difference, he earning and salaries of the both designation is more or less similar, differing from state and quality of service.
However, the choice between pursuing one or the other depends on individual career goals and interests. Pursuing both certifications can enhance a professional's career opportunities but requires a significant commitment of time and effort.
If an individual is interested in internal audit, the CIA certification may be a better choice. The CIA certification is designed for internal audit professionals and covers risk management, governance, and business acumen.
On the other hand, if you like accounting or finance subject areas, then CPA certification may be a better choice. This is because the CPA certification covers financial accounting, auditing, taxation, and business environment and concepts. This makes it a more comprehensive certification for accounting professionals.
Securing both certifications could be motivated by a desire to switch jobs.
The fact that you don't have a CPA may not matter to your current employer if you are a proven performer and/or already hold the CIA certificate. You can, however, distinguish yourself in the leadership track by getting a CPA if you plan to change companies. The CPA will increase your chances of landing a promotion or job interview by twice.
Unless your employer requires them, many of you do not think that both CIA and CPA are necessary. Having a CPA can negate the need for a CIA as well. You might still be required to get a CPA if you earn the CIA certificate first. It seems that earning the CIA is generally considered more valuable than earning a CPA from my friends and colleagues in the field.
-(1).webp-1698067393 "Best Tax Return Workshop On S Corporation (1120S)")
Imtiaz Munshi, CPA
Imtiaz Munshi, CPA
