We are considering several internal audit (educational) programs where, upon completion, the student receives certification, such as: Certified Bank Auditor (BAI); Certified Community Bank Internal Auditor (ICBA); and, Certified Financial Services Auditor (Cannon Financial Institute). Since most of these programs are somewhat expensive, we would like to receive some feedback from any of you who may have completed any of these (or any other) programs before making an investment. We are an approx $450 million bank, with 11 locations and an IA department of two. I would appreciate any information you feel would be useful in helping us decide which route to go.

You are correct the amounts charged for the programs are quite expensive.

We have used ICBA. They did an excellent job with the training and require that in order to retain certification, continuing education hours are to be completed and reported yearly.

We also used them for compliance officer training.

Good luck!

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The views expressed, herein, are not necessarily those of my employer

It might interest folks in your bank to know that examiners seek certification. I think that says a lot about how they value it.

I used BAI's Certified Bank Auditor program. It was very usefull for me to learn the regulations and some of the financial reporting aspects when I became a bank auditor. However, there is no formal training course, it is just books that are sent to you. Therefore, you must be self motivated studier to pass the test.

The test is structured very much like the CPA exam. I would recommend it as it is low budget

I too am a CBA, the certification is not too costly. They require continue education to retain the certification.

However, the only real benefits received by the bank and myself are: 1) the examiners and external auditors like that the bank has certified auditors; 2) it helped in getting a better job when my prior employer sold to a big bank.

examination total cost

I also just completed the ICBA certification. I learned a lot and yes, OCC was "pushing" for my certification.