Certified Internal Auditor (CIA) I Registration, Fees, and Exam Structure Explained

Summary

This video script introduces the Certified Internal Auditor (CIA) course, outlining its purpose, structure, and content across three parts of the CIA exam. The speaker, with 15 years of experience and multiple qualifications, aims to make the course accessible, focusing on key concepts from practical and academic perspectives. The script details the CIA exam process, including registration, fees, and passing rates, emphasizing the importance of understanding governance, risk, control, and compliance for aspiring internal auditors.

Takeaways

• 📘 The CIE course is designed to provide an overview of the content for parts one, two, and three of the CIA exam.
• 👨‍🏫 The presenter has 15 years of experience in internal audit, risk management, and corporate governance, and holds over 10 professional qualifications.
• 🎓 The CIA qualification is essential for becoming an internal auditor, similar to how an MBBS or MD is for a doctor.
• 🌐 The Institute of Internal Auditors (IIA) grants the CIA certification and offers other specialty certifications like CCSA and CRMA.
• 📝 The CIA course is divided into three parts, each with its own exam, consisting of 125 MCQs for part one and 100 MCQs for parts two and three.
• 🕒 Part one exam duration is 2.5 hours, while parts two and three are 2 hours each.
• 💻 Registration for the CIA exam is done online through the IIA website, and involves paying registration fees, membership fees, and exam fees.
• 💰 As of 2022, the application fee for IIA members is $115, with exam fees varying for parts one, two, and three.
• 📊 The passing percentage for the CIA exam is around 43%, indicating a relatively challenging exam.
• 📚 The syllabus for part one is structured into six units, with topics ranging from basic to proficient understanding levels.
• 📈 The course content revolves around governance, risk, control, and compliance, with an emphasis on practical application of concepts.
• 📚 The presenter recommends using GLIM study materials for conciseness and relevance, having passed all parts of the CIA exam with two weeks of preparation.

Q & A

What is the primary goal of the CIA exam course?

The primary goal of the CIA exam course is to provide an understanding of the course content for all three parts of the CIA exam, focusing on key concepts based on practical experience and professional and academic qualifications.

What does CIA stand for and what is its significance?

CIA stands for Certified Internal Auditors. It is a key prerequisite or a highly desired qualification for individuals looking to become internal auditors, granted by the Institute of Internal Auditors (IIA).

How many parts are there in the CIA course and what is the structure of the exams?

The CIA course is divided into three parts, each with its own exam. Part one has approximately 125 multiple-choice questions (MCQs) with a 2.5-hour duration, while parts two and three each have 100 MCQs with a 2-hour duration.

What is the process to enroll in the CIA exam?

To enroll in the CIA exam, candidates must register online through the IIA website (iia.org), navigate to the certification section, select CIA, and follow the instructions to register for the exam, pay the registration fee, and become a member if not already one.

What are the fees associated with the CIA exam as of 2022?

As of 2022, the application fee for registered IIA members is $115. The exam fee for part one is $280, and for parts two and three, it is $230 each. There are also discounted fees for students and higher fees for non-members.

What is the passing percentage for the CIA exam in 2021?

In 2021, the passing percentage for the CIA exam was around 43%, indicating that approximately 43 out of 100 candidates passed part one, with similar rates for parts two and three.

How is the passing score determined for the CIA exam?

The passing score for the CIA exam is determined by relative marking. For part one, candidates need to correctly answer more than 100 out of 125 MCQs, which is roughly around 70%.

What are the two levels of proficiency assessed in the CIA exam syllabus?

The CIA exam syllabus assesses two levels of proficiency: basic level understanding, which tests if the candidate's concepts are clear, and proficient level understanding, which requires the candidate to apply those concepts in practical scenarios.

How is the CIA part one syllabus structured?

The CIA part one syllabus is structured into six units, each with subtopics. The units cover areas such as the foundation of internal audit, independence and objectivity, risk and control, compliance, and governance, among others.

What resources did the speaker use to prepare for the CIA exam?

The speaker used GLIM as their primary resource for preparing for the CIA exam due to its concise and to-the-point content, which helped them grasp the concepts quickly and pass all parts of the CIA exam in the first attempt.

What is the role of the Institute of Internal Auditors (IIA) in providing certifications?

The IIA provides not only the CIA qualification but also other specialty certifications such as CCSA (Control Self-Assessment), Risk Management, and QIAL (Quality Internal Auditing and Leadership) to strengthen one's career in internal audit and risk management.