Mary Anne Burke

Your Professional Internal Audit Career

Agenda

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

2. Challenges companies face today 3. What skill sets do you need to get ahead 4. How can you benefit your career 5. Social Networking 6. Resume, References, and Interviews … 7. Certifications and your career choices

Why it is important to understand the hiring process

Why it is important to understand the hiring process

Why it is important to understand the hiring process ETHICAL CODE OF CONDUCT Interviews that embody universal qualities, traits strength of

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

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

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

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

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

Change is Constant You will need skills to ride the waves of change

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

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

Why it is important to understand the hiring process Navigator of Talent

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

global challenges and economic and financial reforms Communication Strategy Research “A Players” ..where are they?

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

Challenges Employers Face Today…

Challenges Employers Face Today #1

Companies are now gaining insights that managing talent within the auditing world is critical to the long term success for their companies. Employers need to be more responsive: and to maintain and keep their investments i.e. people

People are a company's most cherished intellectual asset.

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

We must constantly ask ourselves: “What can we do to improve the audit industry and to

improve our own career?” As we all know ‘one person can make a

difference’.

Challenges Employers Face Today #2

Shortage of talent.

The key to success is in the fabric of our people. Keeping people to stay at a firm is critical.

* One of the most important things I tell my clients is

once we hire an audit professional we need to boost the long term employability – to keep skills, and share knowledge…motivate … keep career sustainability…

Challenges Employers Face Today #3

Challenges Employers Face Today # 4

Developing a Global Workforce Changes in demographics The demands of Gen Y and X Increasing diversity New technologies have eliminated barriers of distance, time,

boundaries. Changing risk profile 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?

BRAIN POWER.

Optimism Up But Full Recovery Still Years Away

What skill sets do you need to get ahead?

Key leadership characteristics: Integrity People skills

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

What skill sets do you need to get ahead?

What do Auditors do?

Operational Audits - Process Flow - Internal Controls - Gains in efficiency - Lean concepts - Continuous

improvement

Financial Audits - Balance Sheet Review - Payables &

Receivables - Inventory - Fixed Assets - Critical Control

Reviews

Process & Controls Audits Risk Audits Environmental Audits Security Audits Information Technology

Audits ERM

Who will you interact with as an Auditor?

CEO,CFO, COO, CKO, CRO, CAO Senior Leadership Business Unit Management Process Owners External Auditors Regulators

What skill sets do you need to get ahead / functions that you will learn about as an Auditor

Business leaders in these areas: - Sales & Marketing - Supply Chain - Treasury - Manufacturing/Operations - Contracts - Customer Support - Quality - Legal - Finance-General Accounting - Human Resources

What skill sets do you need to get ahead? Understanding Corporate Culture

Collaborative, supportive team players ID who you are

Desirable place to work Provide interaction with

management Personal contributions and

success of the business Encourage networking Give employees more

responsibility Negotiate well Goal driven Solid leadership skills Great communication

How can you benefit your career?

How can I benefit from a career in Audit?

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

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

Your Career and Your Choices

Unique – always changing Industry credentials and

certifications are key Education advancement Various soft skills and

characteristics Flexible solutions Sustainable goals Continuous improvement Guiding and integrating

the autonomous but interconnected work of highly skilled people.

Designing a Career in Auditing

Time consuming A badge of honor Gratifying Uncertain Exciting A learning experience Positive Complex when dealing with scheduling conflicts, and travel

People skills Discipline Vision: knowing what

you want …and being able to attain it

Momentum / Cyclical Timing Challenging Rewarding experience

for all Critical to your success

Empower Your Audit Career Today

Attend networking groups Listen carefully Update your resume Hear with your eyes Find a mentor Share your knowledge

with others Mentor others Sharing is power

Think and listen more carefully than never before

Share your energy and your knowledge

Make interviewing part of your every day communication

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

Be proud of you and your auditing career

People around the world depend on you

The government agencies with the highest rates of job satisfaction

1. Office of Management and Budget 2. Nuclear Regulatory Commission 3. NASA 4. National Science Foundation 5. Justice Department 6. State Department 7. National Credit Union Administration 8. Social Security Administration 9. U.S. Agency for International Development 10. General Services Administration

Resume, References, and Interviews

The Resume

The Interview

Demand for salaries… balancing perception with reality and expectation

Pulse of the industry Commitment Preparedness Sustainability of your

career with the company, agency, firm, organization

Rock Star Status!

Situation Task Action Results

What do you know about our company? - Be prepared for questions Before you go into the interview, you want

to research the company so you know as much as possible about its products, size, quarterly revenues, image, reputation, management, history, philosophy, goals, problems, and competitors. Communicate that you have made a conscious choice to target this company because of the great things that you know about it.

The References

Social Networking

Networks and Social Media

Certifications and your career choices

Knowledge is Power

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

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

How to Earn Your Certifications To learn more about obtaining your desired certification – visit the professional organization web site

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

your career

Be all you can be with an Auditing, Accounting Career

Certified Public Accountant (CPA)

Certified Internal Auditor (CIA) * Certified Financial Services

Auditor (CFSA)* Certified in Gov’t Auditing

Professional (CGAP)* Certified in Control Self-

Assessment (CCSA)* Certified Information Systems

Auditor (CISA) Certified Fraud Examiner (CFE) Certified Bank Auditor (CBA)

Chartered Financial Analyst (CFA) Certified Management Accountant

(CMA) Certified in Financial Management

(CFM) Certified Government Financial

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

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

* IIA specialty certification programs for practitioners

Certified Public Accountant CPA

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

Certification in Internal Auditing CIA Certified Internal Auditors (CIA), experts in internal auditing, are

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

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

bachelor's degree or equivalent from an accredited college-level institution, (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 4 year span.

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

Very soon, The Institute of Internal Auditors will confer the 100,000th

Certified Internal Auditor certified.

Certification in Control Self Assessment CCSA The Certification in Control Self-Assessment®

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

Certified Financial Services Auditor CFSA

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

Certified Gov’t Auditing Professional CGAP

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

Certified Information Systems Auditor CISA Accountants interested in both computers and

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

Certified Fraud Examiners CFE Certified Fraud Examiners (CFE) specialize in the detection,

investigation, and deterrence of fraud and white-collar crime. This certification was created in 1988 by the Association of Certified Fraud Examiners, an organization with 20,000 members and a mission to fight fraud and white-collar crime world-wide. 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 Mafia. Charles J. Bock Jr., CFE, reports that these crime rings have developed partnerships that infiltrate financial institutions around the world. CFEs are extremely important at a time when information thefts average $800,000 with only two percent of the perpetrators caught. 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 professional experience in a field related to fraud examination, (3) successfully complete the Uniform CFE Examination, (4) abide by a Code of Professional Ethics, and (5) have the highest moral and professional character.

Certified Bank Auditor CBA The Bank Administration Institute (BAI) organization has a

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

Certified Computer Professional CCP

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

Personal Financial Specialist PFS The AICPA established a certification for CPAs that specialize

in personal financial planning. The personal financial specialist (PFS) certification provides evidence of expertise in the area.

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

Certified Financial Planner CFP The College for Financial Planning and the Certified Financial

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

Chartered Financial Analyst CFA The Association for Investment Management and Research

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

Certified Management Accountant CMA The Institute of Management Accountants (IMA) administers

and implements both the Certified Management Accountant (CMA) and Certified in Financial Management (CFM) programs. The IMA has approximately 80,000 members who hold titles such as chief financial officer, chief executive officer, controller, and accountant. The CMA designation dates back to 1972 and is currently endorsed by more than 200 corporate and academic organizations. Certification requires: (1) membership in the IMA, (2) a bachelor's degree or a CPA license to practice, (3) successful completion of the CMA examination, (4) an experience requirement, and (5) complying with the Standards of Ethical Conduct.

Certified in Financial Management CFM

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

Certified Government Financial Manager CGFM The Certified Government Financial Manager (CGFM) of the

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

Government Valuation Analyst GVA A certification available to government employees, the

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

Healthcare Financial Management HFMA An accountant interested in the healthcare or medical profession

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

Accredited in Business Valuation ABV

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

Certified Valuation Analyst CVA More than 2,500 individuals have their Certified

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

Certification vs. Salaries Internal Auditor Salary Survey Dec. 2010

For information on the certifications and organizations which grant the certifications visit the web sites at:

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

“It’s the journey, not the destination”

Determine the essential skills Demonstrate Personal Integrity Leadership can always be

improved upon Be a team player yourself and

surround yourself with team players

Exercise Operational Efficiency Be prepared and think ahead Anticipate that changes will and do

occur Value Ethics

Join the McGladrey Talent Community

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THANK YOU Mary Anne Burke Talent Acquisition Director McGladrey &Pullen, LLP 8000 Towers Crescent Drive, Suite 500 Vienna, VA 22182 (D) 703-336-6465 (F) 410-246-8444 Experience the power of being understood SM