Top 11 Financial Auditor Certifications

Certifications for financial auditors are important in the job market because they demonstrate an auditor’s expertise and knowledge of the field. A certification signals to employers that an auditor is qualified and knowledgeable about the standards, regulations, and practices necessary to perform audits effectively. In addition, certifications can give auditors a competitive edge when applying for jobs or promotions. They also provide assurance to employers that their auditor has the necessary skills and experience to be successful in the role. Finally, certifications provide a way for auditors to stay up-to-date on industry developments, as many professional organizations offer continuing education opportunities associated with their certification programs.

The purpose of this article is to review the most beneficial certifications for financial auditors and explain how they can enhance their career prospects.

What are Financial Auditor Certifications?

Financial auditor certification is a professional credential that demonstrates an individual’s expertise in auditing and assurance services. This certification is typically awarded by professional organizations, such as the Institute of Internal Auditors (IIA) or the Association of Chartered Certified Accountants (ACCA). Financial auditor certification ensures that an individual possesses the knowledge, skills, and experience necessary to perform financial audits effectively.

Having a financial auditor certification can help auditors demonstrate their commitment to their profession and enhance their credibility when conducting financial audits. This can be beneficial for both employers and clients. Employers may be more likely to hire certified auditors due to their demonstrated commitment and expertise in the field. Clients may also feel more confident that the audit will be conducted properly and accurately if it is being performed by a certified auditor.

In addition, some employers may require auditors to have financial auditor certification as part of their hiring criteria. Having this credential makes an individual eligible for certain positions or promotions that would otherwise not be available without it. Furthermore, having this certification may make individuals more competitive in the job market by distinguishing them from other non-certified applicants.

Overall, having a financial auditor certification can help individuals demonstrate their commitment to the profession and provide clients with peace of mind when conducting financial audits. It can also make them more competitive in the job market and open up potential opportunities they would not have been eligible for without it.

Pro Tip: When pursuing financial auditor certification, make sure to research the various certifications available in order to determine which one best suits your career goals. Additionally, be sure to stay up-to-date on changes in the field and take advantage of any continuing education opportunities that may be available to help you maintain your certification.

Related: What does a Financial Auditor do?

Top 11 Financial Auditor Certifications

Here’s our list of the best certifications available to Financial Auditors today.

1. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). The CIA is a globally recognized designation that demonstrates expertise in internal auditing, control, and risk management. It is designed to help internal audit professionals build their knowledge and skills in areas such as governance, risk management, and compliance.

The CIA certification requires passing three examinations: Part 1 – Internal Audit Basics; Part 2 – Practice of Internal Auditing; and Part 3 – Business Knowledge for Internal Auditing. Each exam consists of multiple-choice questions and takes approximately 4 hours to complete.

To become a Certified Internal Auditor, you must meet certain eligibility requirements which include having a bachelor’s degree from an accredited college or university with at least 24 semester hours of accounting or auditing courses. You must also have two years of full-time work experience in internal auditing, control, or related activities within the past 10 years.

The cost to take each part of the CIA exam varies depending on where you take it but generally ranges from $125-$225 per part. The total cost for all three parts typically ranges from $375-$675. Additionally, there is an annual fee of $90 to maintain the certification.

2. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have met certain educational, experience and examination requirements set by the state in which they practice. CPAs are licensed by their respective states and must adhere to a code of professional conduct.

To become a CPA, individuals must typically complete 150 semester hours of college-level coursework, including 24 semester hours in accounting topics and 24 semester hours in business-related topics. They must also pass the Uniform CPA Examination administered by the American Institute of Certified Public Accountants (AICPA). The exam consists of four sections: Auditing and Attestation; Business Environment and Concepts; Financial Accounting and Reporting; and Regulation.

The amount of time it takes to become a CPA depends on each individual's educational background and state requirements. Generally, it can take between two to five years to complete all the necessary requirements for licensure.

In addition to meeting educational requirements, candidates must also meet experience requirements set forth by their state board. This typically includes one year or more of public accounting experience under the supervision of an active CPA.

The cost associated with becoming a CPA varies from state to state but generally includes application fees, examination fees, licensing fees, continuing education fees, etc. The total cost can range anywhere from $500-$2,500 depending on the state where you are applying for your license.

3. Certified Fraud Examiner (CFE)

Certified Fraud Examiner (CFE) is a professional certification offered by the Association of Certified Fraud Examiners (ACFE). It is designed to help professionals identify, detect, and prevent fraud in their organizations. The CFE credential demonstrates an individual’s ability to investigate complex financial crimes and other forms of fraud.

It typically takes between six months and one year to become a CFE, depending on the amount of time you are able to dedicate to studying and preparing for the exam. To become a CFE, you must first complete the ACFE's online coursework, which covers topics such as fraud risk assessment, investigation techniques, legal elements of fraud, and more. After completing the coursework, you must pass the CFE Exam with a score of 75% or higher.

The cost for becoming a CFE varies based on whether or not you are an ACFE member. For non-members, it costs $450 USD for the online course and $400 USD for the exam fee. For members of the ACFE, it costs $250 USD for the online course and $300 USD for the exam fee.

4. Certified Government Auditing Professional (CGAP)

Certified Government Auditing Professional (CGAP) is a professional certification for individuals who specialize in auditing government entities. It is administered by the Institute of Internal Auditors (IIA). The CGAP designation demonstrates an individual’s knowledge and understanding of government auditing standards, principles, and practices.

The CGAP exam consists of 150 multiple-choice questions that cover topics such as risk assessment, internal control systems, audit planning and execution, reporting, compliance testing, fraud detection, and more. The exam takes approximately four hours to complete.

To be eligible to take the CGAP exam, applicants must meet certain educational requirements: they must have a bachelor’s degree in accounting or related field and at least two years of relevant experience in government auditing. Applicants must also successfully complete the IIA’s Certified Government Auditing Professional (CGAP) program prior to taking the exam. This program includes self-study materials that cover all aspects of government auditing and can be completed online or through classroom instruction.

The cost of the CGAP exam is $450 for members of the IIA and $550 for non-members. After passing the exam, individuals must pay an annual renewal fee of $100 to maintain their certification.

5. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation awarded by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). It recognizes the expertise of management accountants in finance, strategy, and business performance.

The CGMA designation requires that applicants have a minimum of three years of experience in management accounting or related fields, such as financial reporting, budgeting, cost accounting, or financial analysis. Applicants must also pass an exam administered by the AICPA and CIMA. The exam consists of two parts: a multiple-choice section and an essay section.

It typically takes between six months to one year to complete the requirements for the CGMA designation. This includes studying for and passing the exam, submitting work experience documentation to AICPA/CIMA, and completing additional training courses if needed.

The cost to obtain the CGMA designation varies depending on where you take your exam, but it typically ranges from $500-$1,000 USD. This cost covers the registration fee for both parts of the exam as well as any additional training courses required for certification.

6. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional certification offered by the CFA Institute, a global association of investment professionals. The CFA designation is widely recognized as the highest standard of excellence in investment analysis and portfolio management. It is awarded to individuals who have demonstrated mastery of a rigorous curriculum covering topics such as ethics, quantitative methods, economics, financial reporting and analysis, corporate finance, portfolio management and equity investments.

The CFA Program consists of three levels: Level I, Level II, and Level III. Each level requires passing an exam that covers a wide range of topics related to investment analysis and portfolio management. To become a CFA charterholder, candidates must pass all three exams within five years and meet certain professional requirements such as having at least four years of qualified work experience in the investment industry.

In order to sit for the exams, candidates must register with the CFA Institute and pay an exam registration fee for each level. The fees vary depending on when you register but typically range from $650 to $1,000 per exam. Additionally, candidates are required to purchase study materials for each level which can cost up to several hundred dollars more.

In total it can take up to four years or longer to complete all three levels of the CFA Program depending on how quickly you progress through each level. Once you have completed all three levels successfully and met all other requirements you will be eligible to receive your CFA charter and become a Chartered Financial Analyst (CFA).

7. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is a professional certification awarded by the Information Systems Audit and Control Association (ISACA). It is designed to recognize individuals who have achieved a high level of knowledge and experience in the field of information systems auditing, control, and security. The CISA certification is highly sought after by employers looking for qualified professionals in this field.

The CISA exam consists of 200 multiple-choice questions that must be answered within four hours. Candidates must score at least 450 out of 800 points to pass the exam. In order to become certified, candidates must also meet certain educational and experience requirements as outlined by ISACA.

To get the CISA certification, candidates must first register with ISACA and pay an application fee. Once registered, they can then begin studying for the exam using training materials provided by ISACA or other third-party vendors. After studying, candidates can then schedule their exam date with Pearson VUE or Prometric Testing Centers.

The cost of taking the CISA exam varies depending on where you take it and when you take it. Generally speaking, it costs between $575-$750 USD to take the exam. Additionally, there are other fees associated with obtaining your CISA certification such as membership fees and renewal fees which range from $45-$125 USD per year depending on your membership type.

8. Certified Financial Services Auditor (CFSA)

The Certified Financial Services Auditor (CFSA) is a professional certification offered by the Institute of Internal Auditors (IIA) to individuals who have demonstrated proficiency in auditing financial services organizations. The CFSA credential is designed to provide assurance that the individual has the knowledge and skills necessary to perform an effective audit of financial services organizations.

In order to obtain the CFSA credential, individuals must meet certain eligibility requirements, such as having at least three years of experience in auditing or related activities and passing a comprehensive exam. The exam consists of four parts: financial services industry knowledge, internal control concepts, risk assessment, and audit planning and execution. It takes approximately four hours to complete the entire exam.

The cost of obtaining the CFSA credential varies depending on which IIA membership level you choose. The cost for the basic membership is $99 per year; however, if you choose the premium membership level, it can cost up to $399 per year.

Once you have obtained your CFSA credential, it is valid for three years from the date of issuance. To maintain your certification status, you must complete at least 20 hours of continuing professional education every two years and pay an annual renewal fee.

9. Certified Investment Management Analyst (CIMA)

Certified Investment Management Analyst (CIMA) is a professional designation offered by the Investment Management Consultants Association (IMCA). It is designed to provide financial advisors and other investment professionals with the knowledge and skills to effectively manage investments for their clients. CIMA certification requires passing an exam that covers topics such as portfolio management, asset allocation, and risk management.

The CIMA exam takes approximately four hours to complete and consists of 150 multiple-choice questions. The exam fee is $595 for IMCA members or $695 for non-members. To be eligible to take the exam, applicants must have at least three years of full-time experience in investment management or related fields.

In order to maintain the CIMA designation, individuals must complete 40 hours of continuing education every two years. Additionally, individuals must pay an annual maintenance fee of $125 for IMCA members or $175 for non-members.

10. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a designation offered by the American Society of Appraisers (ASA). It is designed for professionals who want to specialize in business valuation. The ABV credential requires a minimum of three years of experience in business valuation and completion of an approved course in business valuation theory and methodology. It also requires passing a comprehensive exam, which covers topics such as financial statement analysis, economic conditions, market analysis, and other related topics.

The ABV designation typically takes between two to four years to obtain depending on the individual’s experience level and the number of courses taken. To get started, the individual must first become a member of the ASA and then submit an application for the ABV program. Once accepted into the program, they will need to complete all required coursework within three years and pass the comprehensive exam.

The cost of obtaining an ABV designation varies depending on what type of membership you have with ASA and how many courses you take. Generally speaking, it can range anywhere from $500-$2,500 or more. Additionally, there are annual fees associated with maintaining your ABV status that can range from $100-$200 per year.

11. Chartered Professional Accountant (CPA Canada/CPA Australia).

Chartered Professional Accountant (CPA) is a designation given to professional accountants who have met the educational, experience and examination requirements of a recognized professional accounting body. CPA Canada and CPA Australia are two such bodies that offer the Chartered Professional Accountant designation.

To become a CPA in either Canada or Australia, you must meet certain educational requirements, complete an approved program of study, and pass the Uniform Evaluation (UFE). The UFE is a three-day assessment that tests knowledge and skills in financial reporting, assurance services, taxation, law, business strategy and management.

In addition to meeting the educational requirements for CPA status, candidates must also complete an approved program of practical experience. This can include working as an accountant in industry or public practice for at least three years under the supervision of a qualified CPA.

The cost of becoming a CPA varies depending on which country you are applying from. In Canada, the cost can range from $1,000 to $2,500 CAD depending on your province or territory. In Australia, it can range from $1,000 to $3,000 AUD depending on your state or territory.

The time it takes to become a CPA depends on how quickly you complete your education and practical experience requirements as well as how quickly you pass the UFE exam. Generally speaking it will take at least four years to become a CPA in either country but this may vary depending on individual circumstances.

Do You Really Need a Financial Auditor Certificate?

The short answer is no. A financial auditor certificate is not a legal requirement for many jobs, and it is not necessary for most individuals to have one.

However, there are certain circumstances where having a financial auditor certificate can be beneficial. For instance, if you are working in an industry that requires specialized knowledge of accounting and auditing principles, such as public accounting firms or the banking industry, then having a financial auditor certificate may give you an edge over other applicants. It may also be useful if you plan to start your own business or take on a leadership role in an organization.

In addition, having a financial auditor certificate can help demonstrate your commitment to the profession and show potential employers that you have taken the time to gain the necessary skills and knowledge needed to do the job well. Moreover, some certifications may offer additional benefits such as access to continuing education courses and discounts on professional services or software.

Ultimately, whether or not you need a financial auditor certificate will depend on your individual career goals and the requirements of the position you are applying for. If you believe that having this certification will help advance your career prospects then it may be worth pursuing.

Related: Financial Auditor Resume Examples

FAQs About Financial Auditor Certifications

1. What qualifications do I need to become a financial auditor?

A: Generally, you must have a bachelor’s degree in accounting or a related field and at least two years of professional experience in auditing or accounting. In some cases, you may also be required to hold a professional certification, such as Certified Public Accountant (CPA) or Certified Internal Auditor (CIA).

2. How long does it take to become certified as a financial auditor?

A: The amount of time it takes to become certified depends on the type of certification you are pursuing and the requirements for that particular program. Generally, most certifications require several months of study and preparation before taking the exam.

3. What is the difference between CPA and CIA certifications?

A: A Certified Public Accountant (CPA) is an accountant who has completed additional education and passed an exam administered by their state board of accountancy. A Certified Internal Auditor (CIA) is an internal auditor who has completed additional education and passed an exam administered by The Institute of Internal Auditors (IIA).

4. Are there any other certifications I can pursue to become a financial auditor?

A: Yes, there are several other certifications that you can pursue, such as Chartered Financial Analyst (CFA), Certified Fraud Examiner (CFE), Certified Management Accountant (CMA), Chartered Global Management Accountant (CGMA), and Chartered Professional Accountants (CPA). Each certification has its own set of requirements that must be met before taking the exam.

5. Are there any online courses available to help me prepare for financial auditor certification exams?

A: Yes, there are many online courses available that can help prepare you for financial auditor certifications exams. These courses typically provide comprehensive instruction on topics related to auditing and accounting principles, as well as practice tests to help you gauge your knowledge level prior to taking the actual exam.