Skip ahead for great video outlining reasons to do an apprenticeships.
Whether you are considering a career in internal audit, are new to the profession, or are an experienced practitioner already, there's an apprenticeship for you!
We've worked with a trailblazer group to develop two apprenticeships: internal audit practitioner (level 4) and internal audit professional (level 7). Both include IIA qualifications.
Internal audit apprenticeships offer great opportunities for both practitioners and employers looking to build their teams.
Internal audit practitioners going through this apprenticeship are typically:
When you start your internal audit apprenticeship with your chosen training provider, you will need to register as a Chartered IIA member. During your apprenticeship, you’ll work towards two IIA qualifications: the IIA Certificate in Internal Audit and Business Risk and the CIA part 1 (Internal Audit Practitioner).
Internal audit professionals going through this apprenticeship are typically:
The level 7 apprenticeship includes the full CIA qualification, and leads directly to Chartered membership of the institute (CMIIA).
Feedback from heads of internal audit suggest that many don't know how to go about using the apprenticeship levy which was introduced by the government in April 2017.
All employers who have an annual pay bill of more than £3 million are required to contribute 0.5% of the bill towards the levy. Each employer receives an allowance of £15,000 to offset against their levy agreement. The money is deducted monthly by PAYE. Employers in England who pay the levy will be able to get out more than they pay in, through a 10% top-up to their online accounts.
For those employers who aren’t eligible for the levy, the government will co-fund 90% of the costs of an apprenticeship, leaving 10% for the employer to contribute.
Apprenticeships benefit employers and individuals, and by boosting the skills of the workforce they help to improve economic productivity.
Offering an apprenticeship in internal audit is a long-term investment and gives you the opportunity to grow your own talent. Apprentices combine on-the-job training in your organisation with off-the-job learning, providing an effective way for you to develop your skills base.
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An apprenticeship in internal audit is a real job with structured training which gives you the opportunity to work towards an IIA qualification.
It helps you gain the skills and knowledge you need to succeed in internal audit. Getting into employment earlier means there’s lots of potential for you to progress in your career quickly. Plus, your employer picks up the cost of your training, so there is one less thing for you to worry about.
An apprenticeship gives you fantastic experience in the working world and shows employers that you can ‘hit the ground running’. Hands-on training gives you a real chance to put your skills into practice and helps you to gain more confidence in a working environment.
As you are employed during your apprenticeship, you are entitled to a minimum wage and other statutory benefits (such as sick pay, holiday and maximum working hours) offered to employees. If an employer offers extra benefits to their employees (such as healthcare plans or childcare allowances), then they may also be offered to you too!
The employer supports and develops the apprentice through an effect on-the-job and off-the-job training programme.
The registered training provider delivers a credible, structured and timely assessment programme. There are currently independent training providers and one university approved to deliver the internal audit programmes.
The registered end point assessment organisation will carry out robust assessment activities at the end of the apprenticeship training programme. The IIA are awaiting approval to become the EPAO for both internal audit apprenticeships.
Read our technical blog: Apprenticeship levy - what does it mean for your business?