Mary Anne Burke

Your Professional Internal Your Professional Internal Audit CareerAudit Career

AgendaAgenda

1. Why it is important to understand the 1. Why it is important to understand the hiring process – i.e getting a jobhiring process – i.e getting a job

2. Challenges companies face today 2. Challenges companies face today

3. What skill sets do you need to get 3. What skill sets do you need to get aheadahead

4. How can you benefit your career4. How can you benefit your career

5. Social Networking5. Social Networking

6. Resume, References, and Interviews …6. Resume, References, and Interviews …

7. Certifications and your career choices7. Certifications and your career choices

Why it is important to understand the hiring Why it is important to understand the hiring processprocess

Why it is important to understand the hiring Why it is important to understand the hiring

processprocess

Why it is important to understand the Why it is important to understand the

hiring processhiring process ETHICAL CODE OF CONDUCTETHICAL CODE OF CONDUCT Interviews that embody universal qualities, traits strength of Interviews that embody universal qualities, traits strength of

purpose, purpose, courage of one’s convictions, moral integrity…courage of one’s convictions, moral integrity… Passion, talent, commitment and practice…Passion, talent, commitment and practice… Trustworthy, respectful and caring…Trustworthy, respectful and caring… Balanced btwn, “doing” and “being” literate and culturally self Balanced btwn, “doing” and “being” literate and culturally self

aware.aware. MUST be able to take on responsibilityMUST be able to take on responsibility for developing new for developing new

initiatives initiatives and and leadership roles in the futureleadership roles in the future.. A critical condition is clear, credible and inspiring organizational A critical condition is clear, credible and inspiring organizational

purpose; in effect, it’s a “reason for being” that translates into purpose; in effect, it’s a “reason for being” that translates into “reason for being there”. “reason for being there”.

Organizations to which we belong and to which we are asked to Organizations to which we belong and to which we are asked to give our talent and loyalty we value and expect a lot.give our talent and loyalty we value and expect a lot.

Change is ConstantChange is Constant

You will need skills to ride the waves of changeYou will need skills to ride the waves of change As corporations try to find As corporations try to find

their way out of the economic their way out of the economic crisis and back into healthy crisis and back into healthy growth, boards may be growth, boards may be leaning more on internal audit leaning more on internal audit departments to help them departments to help them find the way.find the way.

A wave of consensus is A wave of consensus is emerging among internal emerging among internal auditors that the problems auditors that the problems they should be worried about they should be worried about revolve around operational or revolve around operational or risk-management issues- not risk-management issues- not financial reporting and the financial reporting and the internal controls over it, which internal controls over it, which dominated corporate dominated corporate governance thinking a decade governance thinking a decade ago.ago.

Why it is important to understand the Why it is important to understand the

hiring processhiring process Navigator of TalentNavigator of Talent

Take a long term view – stay on courseTake a long term view – stay on course Keeping current with regulatory changes, Keeping current with regulatory changes,

global challenges and economic and global challenges and economic and financial reforms financial reforms

CommunicationCommunication StrategyStrategy Research Research ““A Players” ..where are they?A Players” ..where are they?

The talent war has gone global—and so have The talent war has gone global—and so have

talent shortagestalent shortages

Challenges Employers Face Today …Challenges Employers Face Today …

Challenges Employers Face TodayChallenges Employers Face Today #1 #1

Companies are now gaining insights that managing Companies are now gaining insights that managing talent within the auditing world is critical to the long talent within the auditing world is critical to the long term term success for their companies.success for their companies.

Employers need to be more responsive: and to maintain Employers need to be more responsive: and to maintain and keep their investments i.e. people and keep their investments i.e. people

People are a company's most cherished People are a company's most cherished intellectual asset.  intellectual asset. 

Second:  Second:   It is essential that the global skills inventory  It is essential that the global skills inventory of the "best and the brightest" be challenged.  of the "best and the brightest" be challenged. 

We must constantly ask ourselves:We must constantly ask ourselves:

“ “What can we do to improve the audit industry and to What can we do to improve the audit industry and to improve our own career?”  improve our own career?”  

As we all know ‘one person can make a As we all know ‘one person can make a difference’.difference’.

Challenges Employers Face Today #2Challenges Employers Face Today #2

Shortage of talent. Shortage of talent. The key to success is in the The key to success is in the

fabric of our people.  fabric of our people.  Keeping Keeping people to stay at a people to stay at a firm is critical.firm is critical.

* One of the most important things I tell my clients is * One of the most important things I tell my clients is once we hire an audit professional we need to once we hire an audit professional we need to boost the long term employability – to keep skills, boost the long term employability – to keep skills, and share knowledge…motivate … keep career and share knowledge…motivate … keep career sustainability…sustainability…

Challenges Employers Face Today Challenges Employers Face Today #3 #3

Challenges Employers Face Today # 4Challenges Employers Face Today # 4

Developing a Global Workforce Developing a Global Workforce

Changes in demographicsChanges in demographics The demands of Gen Y and XThe demands of Gen Y and X Increasing diversityIncreasing diversity New technologies have eliminated barriers of distance, New technologies have eliminated barriers of distance,

time, boundaries.time, boundaries. Changing risk profileChanging risk profile Are we hiring the right skills for the task?Are we hiring the right skills for the task?

What skill sets do you need to get ahead ?What skill sets do you need to get ahead ?

What skill sets do What skill sets do you need to get you need to get

aheadahead BRAIN POWERBRAIN POWER

What skill sets do you What skill sets do you need to get aheadneed to get ahead

Optimism Up But Full Recovery Still Optimism Up But Full Recovery Still

Years AwayYears Away

What skill sets do you What skill sets do you need to get aheadneed to get ahead

Key leadership characteristics:Key leadership characteristics: IntegrityIntegrity People skillsPeople skills

Other critical skills:Other critical skills: Networking and relationship buildingNetworking and relationship building Negotiation and influencingNegotiation and influencing Change/project management and strategic thinkingChange/project management and strategic thinking Driven, self-motivated, and positive attitudeDriven, self-motivated, and positive attitude Facilitation and political savvyFacilitation and political savvy Verbal and written communicationVerbal and written communication Flexibility and multi-taskingFlexibility and multi-tasking Internal controls and risk managementInternal controls and risk management

What do Auditors do ?What do Auditors do ?

Operational AuditsOperational Audits Process FlowProcess Flow Internal ControlsInternal Controls Gains in efficiencyGains in efficiency Lean conceptsLean concepts Continuous Continuous

improvementimprovement

Financial AuditsFinancial Audits Balance Sheet ReviewBalance Sheet Review Payables & ReceivablesPayables & Receivables InventoryInventory Fixed AssetsFixed Assets Critical Control ReviewsCritical Control Reviews

Process & Controls Process & Controls AuditsAudits

Risk AuditsRisk Audits Environmental AuditsEnvironmental Audits Security AuditsSecurity Audits Information Information

Technology AuditsTechnology Audits ERMERM

Who will you interact with as an Who will you interact with as an Auditor?Auditor?

CEO,CFO, COO, CKO, CRO, CAOCEO,CFO, COO, CKO, CRO, CAO Senior LeadershipSenior Leadership Business Unit ManagementBusiness Unit Management Process OwnersProcess Owners External AuditorsExternal Auditors RegulatorsRegulators

What skill sets do you need to get ahead / functions What skill sets do you need to get ahead / functions

that you will learn about as an Auditorthat you will learn about as an Auditor

Business leaders in these areas:Business leaders in these areas: Sales & MarketingSales & Marketing Supply ChainSupply Chain TreasuryTreasury Manufacturing/OperationsManufacturing/Operations ContractsContracts Customer SupportCustomer Support QualityQuality LegalLegal Finance-General AccountingFinance-General Accounting Human ResourcesHuman Resources

What skill sets do you What skill sets do you need to get aheadneed to get ahead

Understanding Corporate CultureUnderstanding Corporate Culture Collaborative, supportive Collaborative, supportive

team players ID who you team players ID who you areare

Desirable place to workDesirable place to work Provide interaction with Provide interaction with

managementmanagement Personal contributions and Personal contributions and

success of the businesssuccess of the business Encourage networking Encourage networking Give employees more Give employees more

responsibilityresponsibility Negotiate wellNegotiate well Goal drivenGoal driven Solid leadership skillsSolid leadership skills Great communicationGreat communication

How can you benefit your career ?How can you benefit your career ?

How can I benefit from a career How can I benefit from a career in Audit?in Audit?

You see every facet of the businessYou see every facet of the business You learn real leadership skillsYou learn real leadership skills You will learn more in two years than You will learn more in two years than

most people learn in 10most people learn in 10 You get high visibility You get high visibility You get to travel - see the world!You get to travel - see the world!

Your Career and Your ChoicesYour Career and Your Choices

Unique – always changingUnique – always changing Industry Industry credentialscredentials and and

certifications are keycertifications are key Education advancement Education advancement Various soft skills and Various soft skills and

characteristicscharacteristics Flexible solutionsFlexible solutions Sustainable goalsSustainable goals Continuous improvementContinuous improvement Guiding and integrating Guiding and integrating

the autonomous but the autonomous but interconnected interconnected work of highly skilled work of highly skilled people.people.

Designing a Career in Designing a Career in Auditing Auditing

Time consumingTime consuming A badge of honorA badge of honor GratifyingGratifying UncertainUncertain ExcitingExciting A learning experienceA learning experience Positive Positive Complex when dealing withComplex when dealing with scheduling conflicts, and scheduling conflicts, and

traveltravel

People skillsPeople skills DisciplineDiscipline Vision: knowing what Vision: knowing what

you want …and being you want …and being able to attain itable to attain it

Momentum / CyclicalMomentum / Cyclical TimingTiming ChallengingChallenging Rewarding experience Rewarding experience

for all for all Critical to your Critical to your

successsuccess

Empower Your Audit Career Empower Your Audit Career TodayToday

Attend networking groupsAttend networking groups Listen carefullyListen carefully Update your resumeUpdate your resume Hear with your eyesHear with your eyes Find a mentorFind a mentor Share your knowledge with othersShare your knowledge with others Mentor othersMentor others Sharing is powerSharing is power

Think and listen more carefully Think and listen more carefully than never beforethan never before

Share your energy and your Share your energy and your knowledgeknowledge

Make interviewing part of your Make interviewing part of your every day communicationevery day communication

Teach others about what you have Teach others about what you have learned here at U of MD learned here at U of MD

Be proud of you and your Be proud of you and your auditing careerauditing career

People around the world depend People around the world depend on you on you

The government agencies The government agencies with the highest rates of job with the highest rates of job

satisfactionsatisfaction 1. Office of Management and Budget1. Office of Management and Budget 2. Nuclear Regulatory Commission2. Nuclear Regulatory Commission 3. NASA3. NASA 4. National Science Foundation4. National Science Foundation 5. Justice Department5. Justice Department 6. State Department6. State Department 7. National Credit Union Administration7. National Credit Union Administration 8. Social Security Administration8. Social Security Administration 9. U.S. Agency for International Development9. U.S. Agency for International Development 10. General Services Administration10. General Services Administration

Resume, References, and InterviewsResume, References, and Interviews

The ResumeThe Resume

The InterviewThe Interview

Demand for salaries… Demand for salaries… balancing perception balancing perception with reality and with reality and expectationexpectation

Pulse of the industryPulse of the industry Commitment Commitment PreparednessPreparedness Sustainability of your Sustainability of your

career with the career with the company, agency, firm, company, agency, firm, organizationorganization

Rock Star Status !Rock Star Status !

SituationSituation TaskTask ActionAction ResultsResults

What do you know about our company?What do you know about our company? Before you go into the interviewBefore you go into the interview, you , you

want to research the company so you know want to research the company so you know as much as possible about its as much as possible about its productsproducts, , size,size, quarterly revenuesquarterly revenues, , image,image, reputation,reputation, managementmanagement, , historyhistory, , philosophyphilosophy, , goals,goals, problems,problems,

and competitorsand competitors. Communicate that you . Communicate that you have made a conscious choice to target have made a conscious choice to target this company because of the great things this company because of the great things that you know about it.that you know about it.

“Be prepared for questions”

The ReferencesThe References

Social NetworkingSocial Networking

Networks and Social MediaNetworks and Social Media

FacebookFacebook TwitterTwitter Linked-InLinked-In

Certifications and your career choicesCertifications and your career choices

Knowledge is PowerKnowledge is Power

Get as many certifications as you can Get as many certifications as you can Worldwide RecognitionWorldwide Recognition Although certification may not be mandatory Although certification may not be mandatory

for you at this time, a growing number of for you at this time, a growing number of organizations are recommending that organizations are recommending that employees become certified. To help ensure employees become certified. To help ensure success in the global marketplace, it is vital success in the global marketplace, it is vital to select a certification program based on to select a certification program based on universally accepted technical practicesuniversally accepted technical practices..

How to Earn Your How to Earn Your CertificationsCertifications

To learn more about obtaining your desiredTo learn more about obtaining your desiredcertification – visit the professionalcertification – visit the professionalorganization web siteorganization web site  

Step 1:Register for the Exam Step 1:Register for the Exam Step 2:Prepare for the Exam Step 2:Prepare for the Exam Step 3:Take the Exam Step 3:Take the Exam Step 4:Apply for Certification Step 4:Apply for Certification Step 5:Step 5: maintain certification over the span of maintain certification over the span of

your careeryour career

Be all you can be with anBe all you can be with an Auditing, Accounting Career Auditing, Accounting Career Certified Public Accountant (Certified Public Accountant (CPACPA)) Certified Internal Auditor (Certified Internal Auditor (CIACIA) *) * Certified Financial Services Auditor Certified Financial Services Auditor

((CFSACFSA)*)* Certified in Gov’t Auditing Professional Certified in Gov’t Auditing Professional

(CGAP)*(CGAP)* Certified in Control Self-Assessment Certified in Control Self-Assessment

(CCSA)*(CCSA)* Certified Information Systems Auditor Certified Information Systems Auditor

((CISACISA)) Certified Fraud Examiner Certified Fraud Examiner (CFE)(CFE) Certified Bank Auditor (Certified Bank Auditor (CBACBA))

Chartered Financial Analyst (CFA)Chartered Financial Analyst (CFA) Certified Management Accountant (CMA) Certified Management Accountant (CMA) Certified in Financial Management (CFM)Certified in Financial Management (CFM) Certified Government Financial Manager Certified Government Financial Manager

(CGFM)(CGFM) Government Valuation Analyst (GVA)Government Valuation Analyst (GVA) Healthcare Financial Management Association Healthcare Financial Management Association

(HFMA)(HFMA) Accredited in Business Valuation (ABV)Accredited in Business Valuation (ABV) Certified Valuation Analyst (CVA)Certified Valuation Analyst (CVA) Certified Computer Professional (Certified Computer Professional (CCPCCP)) Personal Financial Specialist (PFS)Personal Financial Specialist (PFS) Certified Financial Planner (CFP)Certified Financial Planner (CFP)

* IIA specialty certification programs for practitioners* IIA specialty certification programs for practitioners

Certified Public Accountant Certified Public Accountant CPACPA

The requirements to obtain CPA status vary from The requirements to obtain CPA status vary from state to state. However, candidates typically face state to state. However, candidates typically face an educational requirement and an experience an educational requirement and an experience requirement, in addition to successful completion of requirement, in addition to successful completion of the Uniform Certified Public Accountant Exam. In the Uniform Certified Public Accountant Exam. In many states the educational requirement has been many states the educational requirement has been extended beyond the bachelor's degree, to include extended beyond the bachelor's degree, to include 150 semester hours of college credit. The CPA exam 150 semester hours of college credit. The CPA exam is prepared by the American Institute of Certified is prepared by the American Institute of Certified Public Accountants (AICPA), an organization of over Public Accountants (AICPA), an organization of over 330,000 CPA members, and is administered locally 330,000 CPA members, and is administered locally throughout the United States.throughout the United States.

Certification in Internal Certification in Internal Auditing CIAAuditing CIA

Certified Internal Auditors (CIA), Certified Internal Auditors (CIA), experts in internal auditingexperts in internal auditing, are , are recognized worldwide. The Institute of Internal Auditors (IIA) awards the CIA recognized worldwide. The Institute of Internal Auditors (IIA) awards the CIA designation and has a membership of 170,000 members in 165 countries designation and has a membership of 170,000 members in 165 countries and territories.and territories.

Requirements of certificationRequirements of certification as an internal auditor include: (1) a as an internal auditor include: (1) a

bachelor's degree or equivalent from an accredited college-level institution, bachelor's degree or equivalent from an accredited college-level institution, (2) character reference, (3) work experience 2 years, and (4) successful (2) character reference, (3) work experience 2 years, and (4) successful completion of an examination which is taken in 4 parts in any order over a completion of an examination which is taken in 4 parts in any order over a 4 year span.4 year span.

Why Become Certified?Why Become Certified?There are many reasons to obtain an official IIA certification designation. There are many reasons to obtain an official IIA certification designation. Whether it's the hallmark designation of internal audit - the Certified Whether it's the hallmark designation of internal audit - the Certified Internal Auditor® (CIA®) designation - or one of the three specialty Internal Auditor® (CIA®) designation - or one of the three specialty industry certifications, obtaining a certification is professionalism industry certifications, obtaining a certification is professionalism

Very soon,Very soon, The Institute of Internal Auditors will confer the The Institute of Internal Auditors will confer the 100,000th 100,000th Certified Internal Auditor certified.Certified Internal Auditor certified.

Certification in Control Self Certification in Control Self Assessment Assessment CCSACCSA

The Certification in Control Self-Assessment® The Certification in Control Self-Assessment® (CCSA®) is a specialty certification program (CCSA®) is a specialty certification program designed for practitioners of control self-designed for practitioners of control self-assessment (CSA). Individuals at any CSA assessment (CSA). Individuals at any CSA experience level will benefit from this experience level will benefit from this comprehensive program. Gaining the required comprehensive program. Gaining the required knowledge of areas such as risk and control knowledge of areas such as risk and control models — often considered the realm of auditors models — often considered the realm of auditors only — exposes CSA practitioners from all only — exposes CSA practitioners from all backgrounds to concepts that are vital in backgrounds to concepts that are vital in effectively using CSA to help clients achieve their effectively using CSA to help clients achieve their objectives.objectives.

Certified Financial Services Certified Financial Services Auditor Auditor CFSACFSA

  The Certified Financial Services Auditor® The Certified Financial Services Auditor® (CFSA®) is one of The IIA's specialty (CFSA®) is one of The IIA's specialty certifications that measures an individual's certifications that measures an individual's knowledge of, and proficiency in, audit knowledge of, and proficiency in, audit principles and practices within the banking, principles and practices within the banking, insurance, and securities financial services insurance, and securities financial services industries. The exam format offers industries. The exam format offers candidates a choice of three financial candidates a choice of three financial services disciplines — services disciplines — banking, insurance banking, insurance and securities.and securities.

Certified Gov’t Auditing Certified Gov’t Auditing Professional Professional

CGAPCGAP The Certified Government Auditing The Certified Government Auditing

Professional® (CGAP®) is a specialty Professional® (CGAP®) is a specialty certification designed for and by public-certification designed for and by public-sector internal auditing practitioners. The sector internal auditing practitioners. The exam tests a candidate's knowledge of the exam tests a candidate's knowledge of the unique features of public-sector internal unique features of public-sector internal auditing — fund accounting, grants, auditing — fund accounting, grants, legislative oversight, confidentiality rights, legislative oversight, confidentiality rights, and more. The program’s broad scope and more. The program’s broad scope emphasizes the internal auditor’s role in emphasizes the internal auditor’s role in strengthening accountability to the public strengthening accountability to the public and improving government services and improving government services

Certified Information Systems Certified Information Systems Auditor Auditor

CISACISA Accountants interested in both computers and Accountants interested in both computers and

internal auditing might consider joining The internal auditing might consider joining The Information Systems Audit and Control Information Systems Audit and Control Association, (ISACAF), Inc., and becoming a Association, (ISACAF), Inc., and becoming a Certified Information Systems Auditor (CISA). The Certified Information Systems Auditor (CISA). The ISACAF, an organization with more than 17,000 ISACAF, an organization with more than 17,000 information systems professionals, publishes the information systems professionals, publishes the IS Audit & Control Journal. Requirements of the IS Audit & Control Journal. Requirements of the CISA designation include: (1) the completion of an CISA designation include: (1) the completion of an examination, (2) experience in information examination, (2) experience in information systems auditing, control or security experience, systems auditing, control or security experience, and (3) abiding by its code of professional ethics.and (3) abiding by its code of professional ethics.

Certified Fraud ExaminersCertified Fraud Examiners CFE CFE

Certified Fraud Examiners (CFE) specialize in the detection, investigation, Certified Fraud Examiners (CFE) specialize in the detection, investigation, and deterrence of fraud and white-collar crime. This certification was and deterrence of fraud and white-collar crime. This certification was created in 1988 by the Association of Certified Fraud Examiners, an created in 1988 by the Association of Certified Fraud Examiners, an organization with 20,000 members and a mission to fight fraud and white-organization with 20,000 members and a mission to fight fraud and white-collar crime world-wide.collar crime world-wide.As a CFE, you might be involved with breaking up the crime rings of the As a CFE, you might be involved with breaking up the crime rings of the Italian Mafia, Asian triads, Japanese Yakuza, Spanish Cartels, or the Russian Italian Mafia, Asian triads, Japanese Yakuza, Spanish Cartels, or the Russian Mafia. Charles J. Bock Jr., CFE, reports that these crime rings have Mafia. Charles J. Bock Jr., CFE, reports that these crime rings have developed partnerships that infiltrate financial institutions around the developed partnerships that infiltrate financial institutions around the world. CFEs are extremely important at a time when information thefts world. CFEs are extremely important at a time when information thefts average $800,000 with only two percent of the perpetrators caught.average $800,000 with only two percent of the perpetrators caught.An individual seeking CFE status must: (1) have a bachelors degree from a An individual seeking CFE status must: (1) have a bachelors degree from a recognized institution of higher learning, (2) have two or more years of recognized institution of higher learning, (2) have two or more years of professional experience in a field related to fraud examination, (3) professional experience in a field related to fraud examination, (3) successfully complete the Uniform CFE Examination, (4) abide by a Code of successfully complete the Uniform CFE Examination, (4) abide by a Code of Professional Ethics, and (5) have the highest moral and professional Professional Ethics, and (5) have the highest moral and professional character.character.

Certified Bank Auditor Certified Bank Auditor CBACBA

The Bank Administration Institute (BAI) organization has a The Bank Administration Institute (BAI) organization has a membership of 5,000 Certified Bank Auditors (CBA) across membership of 5,000 Certified Bank Auditors (CBA) across the United States and abroad. Member organizations the United States and abroad. Member organizations include Barnett Banks, Citicorp/Citibank, and NationsBank. include Barnett Banks, Citicorp/Citibank, and NationsBank. Publications of the BAI include Bank Fraud Newsletter, Publications of the BAI include Bank Fraud Newsletter, published for members only. The requirements of a CBA published for members only. The requirements of a CBA include: (1) a bachelors degree, (2) successful completion include: (1) a bachelors degree, (2) successful completion of an examination, (3) work experience, and (4) abiding by of an examination, (3) work experience, and (4) abiding by a code of ethics. The CBA projects to future employers a a code of ethics. The CBA projects to future employers a high level of skill and knowledge relating to accounting; high level of skill and knowledge relating to accounting; auditing principles and bank regulations; auditing practices; auditing principles and bank regulations; auditing practices; and general business.and general business.

Certified Computer Certified Computer Professional Professional CCPCCP

In January of 1994, ICCP began offering a In January of 1994, ICCP began offering a single designation, the CCP for Certified single designation, the CCP for Certified Computing Professional. Since 2004 this Computing Professional. Since 2004 this has been broadened to include CBIP, has been broadened to include CBIP, CDMP and ISA. ICCP continues to support CDMP and ISA. ICCP continues to support its existing and earlier certifications as its existing and earlier certifications as shown below: (a.k.a. grandfathering)shown below: (a.k.a. grandfathering)

CDP - Certificate in Data Processing CDP - Certificate in Data Processing CCP - Certified Computer Programmer CCP - Certified Computer Programmer CSP - Certified Systems Professional CSP - Certified Systems Professional

Personal Financial Specialist Personal Financial Specialist PFSPFS

The AICPA established a certification for CPAs that The AICPA established a certification for CPAs that specialize in personal financial planning. The personal specialize in personal financial planning. The personal financial specialist (PFS) certification provides evidence of financial specialist (PFS) certification provides evidence of expertise in the area. expertise in the area.

An individual interested in obtaining the PFS designation An individual interested in obtaining the PFS designation must: (1) be an AICPA member in good standing, (2) hold a must: (1) be an AICPA member in good standing, (2) hold a CPA certificate, (3) have at least 250 hours of experience in CPA certificate, (3) have at least 250 hours of experience in personal financial planning for each of three years prior to personal financial planning for each of three years prior to applying for PFS status, and (4) pass the PFS Examination. applying for PFS status, and (4) pass the PFS Examination. After passing the examination and providing references After passing the examination and providing references letters, PFS status is awarded. letters, PFS status is awarded.

Certified Financial Planner Certified Financial Planner CFPCFP

The College for Financial Planning and the Certified The College for Financial Planning and the Certified Financial Planner Board of Standards, Inc. grants the Financial Planner Board of Standards, Inc. grants the Certified Financial Planner (CFP) designation. CFPs carry the Certified Financial Planner (CFP) designation. CFPs carry the skills and knowledge necessary to advise clients on skills and knowledge necessary to advise clients on investments, estate planning, individual income taxes, investments, estate planning, individual income taxes, retirement planning, risk management, insurance and retirement planning, risk management, insurance and finance. Requirements for this designation include: (1) finance. Requirements for this designation include: (1) completing an educational program registered with the CFP completing an educational program registered with the CFP Board of Standards, (2) passing a certification examination Board of Standards, (2) passing a certification examination given by the CFP Board, (3) a bachelor's degree, (4) a given by the CFP Board, (3) a bachelor's degree, (4) a minimum of three years of experience in the financial minimum of three years of experience in the financial services field, and (5) signing an ethics statement form services field, and (5) signing an ethics statement form provided by the CFP Board.provided by the CFP Board.

Chartered Financial Analyst Chartered Financial Analyst CFACFA

The Association for Investment Management and Research The Association for Investment Management and Research (AIMR), in existence since 1963, awards the chartered financial (AIMR), in existence since 1963, awards the chartered financial analyst (CFA) designation. The organization has a membership analyst (CFA) designation. The organization has a membership of 24,000 investment professionals with job titles that include of 24,000 investment professionals with job titles that include accountants, auditors, business appraisers, corporate chief accountants, auditors, business appraisers, corporate chief financial officers, and financial planners. The CFA designation financial officers, and financial planners. The CFA designation is earned by an individual that: (1) has three years of is earned by an individual that: (1) has three years of professional experience in investment decision-making professional experience in investment decision-making process, (2) has applied for membership in AIMR and in a local process, (2) has applied for membership in AIMR and in a local Financial Analyst Federation (FAF) society, (3) holds a Financial Analyst Federation (FAF) society, (3) holds a bachelor's degree or equivalent education or work experience, bachelor's degree or equivalent education or work experience, (4) signs a statement agreeing to comply with AIMR and ICFA (4) signs a statement agreeing to comply with AIMR and ICFA rules and regulations, and (5) acknowledges the authority of rules and regulations, and (5) acknowledges the authority of AIMR's Professional Conduct Program to enforce the Code of AIMR's Professional Conduct Program to enforce the Code of Ethics and Standards of Professional Conduct.Ethics and Standards of Professional Conduct.

Certified Management Accountant Certified Management Accountant CMACMA

The Institute of Management Accountants (IMA) administers The Institute of Management Accountants (IMA) administers and implements both the Certified Management Accountant and implements both the Certified Management Accountant (CMA) and Certified in Financial Management (CFM) (CMA) and Certified in Financial Management (CFM) programs. The IMA has approximately 80,000 members who programs. The IMA has approximately 80,000 members who hold titles such as chief financial officer, chief executive hold titles such as chief financial officer, chief executive officer, controller, and accountant. The CMA designation officer, controller, and accountant. The CMA designation dates back to 1972 and is currently endorsed by more than dates back to 1972 and is currently endorsed by more than 200 corporate and academic organizations.200 corporate and academic organizations.

Certification requires: (1) membership in the IMA, (2) a Certification requires: (1) membership in the IMA, (2) a bachelor's degree or a CPA license to practice, (3) successful bachelor's degree or a CPA license to practice, (3) successful completion of the CMA examination, (4) an experience completion of the CMA examination, (4) an experience requirement, and (5) complying with the Standards of Ethical requirement, and (5) complying with the Standards of Ethical Conduct.Conduct.

Certified in Financial Management Certified in Financial Management CFMCFM

The Certified in Financial Management (CFM) The Certified in Financial Management (CFM) program has the same requirements as the program has the same requirements as the CMA and is also sponsored by the IMA. The CMA and is also sponsored by the IMA. The CFM is a more recent development that CFM is a more recent development that provides evidence of an individual's expertise provides evidence of an individual's expertise and skills in financial management. A CMA and skills in financial management. A CMA holder need not take the entire examination holder need not take the entire examination for CFM status, but must pass an additional for CFM status, but must pass an additional part of the examination which covers part of the examination which covers corporate financial management.corporate financial management.

Certified Government Financial Certified Government Financial Manager CGFMManager CGFM

The Certified Government Financial Manager (CGFM) of the The Certified Government Financial Manager (CGFM) of the Association of Government Accountants (AGA) provides an Association of Government Accountants (AGA) provides an opportunity for accountants interested in government to opportunity for accountants interested in government to exhibit their knowledge and competence in governmental exhibit their knowledge and competence in governmental financial management. The CGFM provides evidence of the financial management. The CGFM provides evidence of the knowledge and skills needed in the governmental knowledge and skills needed in the governmental environment: governmental accounting, financial reporting, environment: governmental accounting, financial reporting, and budgeting; and governmental financial management and and budgeting; and governmental financial management and control. More than 13,000 individuals currently hold the CGFM control. More than 13,000 individuals currently hold the CGFM designation and work at every level of government---federal, designation and work at every level of government---federal, state, and local. Requirements for the CGFM include: (1) an state, and local. Requirements for the CGFM include: (1) an earned bachelor's degree with college hours in accounting, earned bachelor's degree with college hours in accounting, auditing, or other business disciplines, (2) professional auditing, or other business disciplines, (2) professional experience, (3) an agreement to abide by the AGA's code of experience, (3) an agreement to abide by the AGA's code of ethics, and (4) successful completion of an examination.ethics, and (4) successful completion of an examination.

Government Valuation Analyst Government Valuation Analyst GVAGVA

A certification available to government employees, the A certification available to government employees, the government valuation analyst (GVA), provides evidence of government valuation analyst (GVA), provides evidence of the certificate holder's experience as a government the certificate holder's experience as a government employed business valuator and successful completion of employed business valuator and successful completion of the GVA examination. Requirements of the GVA certification the GVA examination. Requirements of the GVA certification include: (1) a four-year college degree, (2) experience in include: (1) a four-year college degree, (2) experience in business valuation, (3) a minimum governmental job-level business valuation, (3) a minimum governmental job-level rating, (4) current employment with a federal or state rating, (4) current employment with a federal or state government agency, (5) complete program of study government agency, (5) complete program of study prescribed the National Association of Certified Valuation prescribed the National Association of Certified Valuation Analysts (NACVA), and (6) passing a comprehensive Analysts (NACVA), and (6) passing a comprehensive examination.examination.

Healthcare Financial Healthcare Financial Management HFMAManagement HFMA

An accountant interested in the healthcare or medical profession An accountant interested in the healthcare or medical profession might consider the Healthcare Financial Management Association might consider the Healthcare Financial Management Association (HFMA) designation. The HFMA is the nation's leading for more than (HFMA) designation. The HFMA is the nation's leading for more than 35,000 financial management professionals employed by hospitals, 35,000 financial management professionals employed by hospitals, integrated healthcare delivery systems, long-term and ambulatory integrated healthcare delivery systems, long-term and ambulatory care facilities, managed care organizations, medical group care facilities, managed care organizations, medical group practices, public accounting and consulting firms, insurance practices, public accounting and consulting firms, insurance companies, government agencies, and other healthcare companies, government agencies, and other healthcare organizations. This organization serves the United States and organizations. This organization serves the United States and Puerto Rico. Member positions include chief executive officers, chief Puerto Rico. Member positions include chief executive officers, chief financial officers, controllers, accountants, and other professionals financial officers, controllers, accountants, and other professionals who seek excellence in the financial management of integrated who seek excellence in the financial management of integrated health systems and other healthcare organizations. The health systems and other healthcare organizations. The requirements of the HFMA certification include: (1) membership in requirements of the HFMA certification include: (1) membership in the HFMA, (2) successful completion of an examination, (3) the HFMA, (2) successful completion of an examination, (3) references, (4) earning Founder's Award points as defined by the references, (4) earning Founder's Award points as defined by the HFMA, and (5) work experience.HFMA, and (5) work experience.

Accredited in Business Valuation Accredited in Business Valuation ABVABV

The AICPA offered the first Accredited in Business The AICPA offered the first Accredited in Business Valuation (ABV) examination in November of 1997. Valuation (ABV) examination in November of 1997. Five-hundred and twenty CPAs earned the Five-hundred and twenty CPAs earned the designation CPA/ABV specialist. CPA/ABVs provide designation CPA/ABV specialist. CPA/ABVs provide clients valuation services for use in selling a clients valuation services for use in selling a business, obtaining loans from a bank, divorce business, obtaining loans from a bank, divorce settlements, filing insurance claims, and mergers and settlements, filing insurance claims, and mergers and acquisitions. Designation as a CPA/ABV requires the acquisitions. Designation as a CPA/ABV requires the individual to: (1) be an AICPA member in good individual to: (1) be an AICPA member in good standing, (2) hold a CPA certificate, (3) have standing, (2) hold a CPA certificate, (3) have experience, and (4) pass a written examination.experience, and (4) pass a written examination.

Certified Valuation Analyst Certified Valuation Analyst CVACVA

More than 2,500 individuals have their Certified More than 2,500 individuals have their Certified Valuation Analyst (CVA) designation. This Valuation Analyst (CVA) designation. This designation was instituted in the early 1990s and designation was instituted in the early 1990s and is recognized throughout the United States and is recognized throughout the United States and other parts of the world. Qualification for the CVA other parts of the world. Qualification for the CVA certification include: (1) membership in the AICPA certification include: (1) membership in the AICPA in good standing, (2) current CPA certificate, (3) in good standing, (2) current CPA certificate, (3) member in good standing in the National member in good standing in the National Association of Certified Valuation Analysts Association of Certified Valuation Analysts (NACVA), (4) completion of a training program (NACVA), (4) completion of a training program prescribed by the NACVA, and (5) completion of prescribed by the NACVA, and (5) completion of an examination.an examination.

Certification vs. Salaries Certification vs. Salaries Internal Auditor Salary Survey Dec. Internal Auditor Salary Survey Dec.

20102010    

For information on the certifications and For information on the certifications and organizations which grant the certifications visit organizations which grant the certifications visit

the web sites at:the web sites at:

www.theiia.orgwww.theiia.orgwww.aicpa.orgwww.aicpa.orgwww.acfe.comwww.acfe.comwww.bai.orgwww.bai.orgwww.aimr.orgwww.aimr.orgwww.cfenet.comwww.cfenet.comwww.cfp-board.orgwww.cfp-board.orgwww.isaca.orgwww.isaca.orgwww.imanet.orgwww.imanet.orgwww.nacva.comwww.nacva.comwww.hfma.orgwww.hfma.org

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