FAQs – CIA 2013 Content Specifications

CIA Content Changes

1.     What is changing?

The following changes have been approved by the Professional Certification Board (PCB) and the Board of Directors:

  • The CIA exam will change from a 4-part exam to a 3-part exam.
  • There will be no provisions for recognition credit for any part of the exam.

2.    What is the new content outline?

Part 1 – Internal Auditing Basics

This would be a two and ½ hour, one part exam consisting of 125 questions. Topics would focus on:

  • All Mandatory Guidance
  • Internal Control and risk
  • Tools and Techniques for Conducting the Audi Engagement.

Part 2 Exam: Internal Audit Practice

This would be a two-hour, 100 question exam, and focus on the following:

  • Managing the internal audit function
  • Managing individual engagements
  • Fraud risks and controls

Part 3 Exam: Internal Audit knowledge Elements

This would be a two-hour, 100 question exam, and focus on the following:

  • Governance
  • Risk Management
  • Organizational structure and Business Processes
  • Communication
  • Leadership
  • IT/Business Continuity
  • Financial Management
  • Global business Environment

3.  Are there more detailed content outlines available?

Yes. The specific content outlines can be reviewed on the certification webpage.

4.  Why is the IIA changing the content of the CIA?

As part of the on-going examination process, in 2011, the IIA conducted a job Analysis Study (JAS) for the CIA exam. This JAS determined that the body of knowledge related to the professional of internal auditing had changed since the last exam content change in 2004 and therefore, the content of the CIA exam should be updated to reflect those changes.

5.  How was the new content determined?

As part of the JAS, more than 40,000 internal auditors globally were surveyed to determine the knowledge, skills and competencies required of today’s internal auditor. More than 100 knowledge statements were identified that addressed the following topics:As part of the JAS, more than 40,000 internal auditors globally were surveyed to determine the knowledge, skills and competencies required of today’s internal auditor. More than 100 knowledge statements were identified that addressed the following topics:

  • Governance, Risk and Control Knowledge Elements
  • Information Technology Audit Engagement Elements
  • Fraud Knowledge Elements
  • Business Process and Performance Elements
  • Financial Accounting and Financial Elements
  • Managerial Accounting Elements
  • Regulatory, Legal, and Economic Elements
  • Management and Strategic Management Skill Elements

For each task statement, participants were asked to indicate the level of competency required of their position.

Participants were also presented with a list of task statement related to the following areas:

  • Planning and Conducting the Annual Risk Assessment
  • Developing the Annual Audit Plan
  • Planning and conducting Individual Internal Audit Engagements
  • Using Interpersonal Skills

For each task statement, participants were asked how often each task was performed and how important each task was to their position.

6.  When will the new content be tested?

The new content and 3-part structure is expected to be in place in July 2013.

7.  When will the review materials be available?

The preparation of review materials is independent from the exam development process. The final content outline has been released to the review providers effective October 10, 2011. They should begin work on the revised materials so they available in plenty of time to prepare for the exams beginning in mid-2013.

8.  What happens if I am already in the program?

The specific transition processes related to individuals already in the program are being finalized and should be available by January 1, 2012. By giving more than 18 months’ notice to current candidates, it is hoped that the impact on those already enrolled in the program or already having completed parts of the exam will be minimal. As more information is finalized, it will be made available on the web pages and through specific FAQ’s like this one.

9.  What happens to Part 4 credit recognition?

There will no longer be a provision for credit recognition in the CIA program for other certifications.

10. Are the entry requirements the same?

Yes-at the present time, there are no changes to the entry requirements.

11. Are the experience requirements the same?

Yes-in order to receive the CIA certification, you would need 2 years of professional experience. You may still sit for the exam prior to completing the experience requirement.

12. Will the CIA exam continue to be offered in 20 languages?

At the present time, the plan is to continue to offer the CIA exam in all languages where there is a demand. There are no specific plans to eliminate any of the current languages at this time.

FAQs – CMA

Frequently Asked Questions About CMA

1. Why pursue the CMA (Certified Management Accountant) designation?

The CMA credential is the advanced professional certification specifically designed to measure skills that drive business performance. Earning the CMA designation demonstrates your mastery of financial planning, analysis, control, and decision support, as well as professional ethics, all necessary to manage finance functions within an organization and enable candidates to deliver value in today’s complex business environment.

2. How do I benefit if I become a CMA?

The CMA credential is focused on the critical skills used in business. It expands your opportunity in your current business or your future career. Leading employers, from multinational corporations to private firms, seek out CMAs to fill positions requiring critical accounting and financial management skills.

With this respect and recognition comes higher remuneration and pay compared to those who are non-certified.

3. What are the basic steps to earning the CMA certificate?

Candidates intending to pursue the CMA designation must:

  • Apply for membership in the Institute of Management Accountants (IMA)
  • Register in the CMA certification program
  • Pass the 2-Part examinations within 3 years from the date of enrollment
  • Submit proof of educational qualification
  • Comply with the 2-year work experience requirement
  • Maintain good standing with the IMA by staying up-to-date on one’s CPE

4. I am not a U.S. citizen, and I don’t have U.S. education. What are my chances of passing the examinations?

Passing the CMA exams may be tough, but international candidates do not require U.S. education to pass these tests. Insights’ roster of CMA instructors knows the right formula which, if combined with the candidates’ hard work and determination, will enable candidates to pass the exams on their first try.

5. What is the minimum educational requirement to be eligible to qualify as a CMA (Certified Management Accountant)?

A CMA needs a bachelor’s degree (not necessarily in accounting) from an accredited college or university. A listing of International and U.S. institutions accepted without evaluation is available at univ.cc/world.php.

Degrees not from accredited institutions must be evaluated by an independent agency listed at www.aice-eval.org or www.naces.org/members.

6. I have more than two years work experience in external audit and management advisory services. Would this qualify?

Qualifying experience is obtained in positions that require regularly made judgments employing the principles of management accounting and financial management. Such practices include financial analysis; budget preparation; management information systems analysis; management accounting and auditing in government, finance and industry; management consultingauditing in public accounting; and full time college level teaching.

A template nominated as “Confirmation of CMA Experience Requirement” is available online.

7. How much will it cost me to complete the CMA Program? What is my ROI?

The effective cost of completing the CMA program will be between US$ 2,500 – US$ 3,000, all inclusive, over a span of one year. This already includes program enrollment and exam registration, IMA/Wiley test preparation materials, extensive and live CMA course tutorial, and other fees.

Candidates recover their investment in less than a year from the time they complete the program.

8. What is the format of the exam? Do I have to travel outside the country to take the exam? When can I take it?

The 2-Part computer-based examination is analysis-oriented consisting of 100 multiple-choice questions and two essays or long problems. The exam parts may be taken in any order.  A total of four hours is allotted to complete the examination. The two essay parts normally have about 4-5 subset of questions each. The passing mark is 360 out of the possible 500 points.

Exams are administered through the worldwide network of Prometric Testing Centers. Testing sites are located throughout the U.S. and internationally.

To locate a Testing Center, visit www.prometric.com/ICMA.

Exams are offered according to the following schedule:

  • January and February
  • May and June
  • September and October

9. When do I receive my exam performance report?

Immediate results for the two part CMA examinations will not be provided because the essay questions will be graded offline. The scores for the multiple choice section will be added to the scores of the essay section for a total weighted score of pass/fail reflected in a scaled score for the entire part.

Results are normally posted to the candidates’ transcripts in the IMA website after 6 weeks from the month-end of taking the exam. However, Performance Reports are sent via postal mail only to candidates who fail an exam part.

10. Can I retake the exam?

Yes, you can schedule a retake, although an exam part may be taken only once in a testing window and no more than three times in a 12-month period. All exam retakes require a new registration along with payment of appropriate fees.

11. How do I send my education and work credentials?

All documents can be mailed to:  ICMA, 10 Paragon Drive, Suite 1, Montvale, NJ 07645-1759

12. How do I check my certification status?

  • Log into the IMA website.
  • Click on the “My Profile” link in the upper right hand corner.
  • From your profile you will see your certification information on the right-hand side of the page.

For complete details about the CMA Program, visit www.imanet.org.