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2019 CIA exam Syllabus, Part 2 – Practice of Internal Auditing
100 questions l 2.0 Hours (120 minutes)
The CIA exam Part 2 includes four domains focused on managing the internal audit activity, planning the engagement, performing the engagement, and communicating engagement results and monitoring progress. Part 2 tests candidates knowledge, skills, and abilities particularly related to Performance Standards (series 2000, 2200, 2300, 2400, 2500, and 2600) and current internal audit practices.
Domains Collapse All
I. Managing the Internal Audit Activity (20%)
Cognitive Level
1. Internal Audit Operations
A Describe policies and procedures for the planning, organizing, directing, and monitoring of internal audit operations Basic
B Interpret administrative activities (budgeting, resourcing, recruiting, staffing, etc.) of the internal audit activity Basic
2. Establishing a Risk-based Internal Audit Plan
A Identify sources of potential engagements (audit universe, audit cycle requirements, management requests, regulatory mandates, relevant market and industry trends, emerging issues, etc.) Basic
B Identify a risk management framework to assess risks and prioritize audit engagements based on the results of a risk assessment Basic
C Interpret the types of assurance engagements (risk and control assessments, audits of third parties and contract compliance, security and privacy, performance and quality audits, key performance indicators, operational audits, financial and regulatory compliance audits) Proficient
D Interpret the types of consulting engagements (training, system design, system development, due diligence, privacy, benchmarking, internal control assessment, process mapping, etc.) designed to provide advice and insight Proficient
E Describe coordination of internal audit efforts with the external auditor, regulatory oversight bodies, and other internal assurance functions, and potential reliance on other assurance providers Basic
3. Communicating and Reporting to Senior Management and the Board
A Recognize that the chief audit executive communicates the annual audit plan to senior management and the board and seeks the board's approval Basic
B Identify significant risk exposures and control and governance issues for the chief audit executive to report to the board Basic
C Recognize that the chief audit executive reports on the overall effectiveness of the organization's internal control and risk management processes to senior management and the board Basic
D Recognize internal audit key performance indicators that the chief audit executive communicates to senior management and the board periodically Basic
II. Planning the Engagement (20%)
Cognitive Level
1. Engagement Planning
A Determine engagement objectives, evaluation criteria, and the scope of the engagement Proficient
B Plan the engagement to assure identification of key risks and controls Proficient
C Complete a detailed risk assessment of each audit area, including evaluating and prioritizing risk and control factors Proficient
D Determine engagement procedures and prepare the engagement work program Proficient
E Determine the level of staff and resources needed for the engagement Proficient
III. Performing the Engagement (40%)
Cognitive Level
1. Information Gathering
A Gather and examine relevant information (review previous audit reports and data, conduct walk-throughs and interviews, perform observations, etc.) as part of a preliminary survey of the engagement area Proficient
B Develop checklists and risk-and-control questionnaires as part of a preliminary survey of the engagement area Proficient
A Use computerized audit tools and techniques (data mining and extraction, continuous monitoring, automated workpapers, embedded audit modules, etc.) Proficient
B Evaluate the relevance, sufficiency, and reliability of potential sources of evidence Proficient
C Apply appropriate analytical approaches and process mapping techniques (process identification, workflow analysis, process map generation and analysis, spaghetti maps, RACI diagrams, etc.) Proficient
D Determine and apply analytical review techniques (ratio estimation, variance analysis, budget vs. actual, trend analysis, other reasonableness tests, benchmarking, etc.) Basic
E Prepare workpapers and documentation of relevant information to support conclusions and engagement results Proficient
F Summarize and develop engagement conclusions, including assessment of risks and controls Proficient
3. Engagement Supervision
A Identify key activities in supervising engagements (coordinate work assignments, review workpapers, evaluate auditors' performance, etc.) Basic
IV. Communicating Engagement Results and Monitoring Progress (20%)
Cognitive Level
1. Communicating Engagement Results and the Acceptance of Risk
A Arrange preliminary communication with engagement clients Proficient
B Demonstrate communication quality (accurate, objective, clear, concise, constructive, complete, and timely) and elements (objectives, scope, conclusions, recommendations, and action plan) Proficient
C Prepare interim reporting on the engagement progress Proficient
D Formulate recommendations to enhance and protect organizational value Proficient
E Describe the audit engagement communication and reporting process, including holding the exit conference, developing the audit report (draft, review, approve, and distribute), and obtaining management's response Basic
F Describe the chief audit executive's responsibility for assessing residual risk Basic
G Describe the process for communicating risk acceptance (when management has accepted a level of risk that may be unacceptable to the organization) Basic
2. Monitoring Progress
A Assess engagement outcomes, including the management action plan Proficient
B Manage monitoring and follow-up of the disposition of audit engagement results communicated to management and the board Proficient
Additional noteworthy elements related to the revised CIA Part Two exam syllabus:
The syllabus features greater alignment with The IIAs Performance Standards.
The exam covers the chief audit executives responsibility for assessing residual risk and communicating risk acceptance.
The largest domain is “Performing the Engagement,” which makes up 40% of the exam.
A portion of the exam requires candidates to demonstrate a basic comprehension of concepts; another portion requires candidates to demonstrate proficiency in their knowledge, skills, and abilities.
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Financial
CIA-II
Certified Internal Auditor (CIA)
https://killexams.com/pass4sure/exam-detail/CIA-II Question: 480
Confirmations are a highly regarded form of information. Confirmation is most effective
in addressing the existence assertion for the
A. Addition of a milling machine to a machine shop.
B. Sale of merchandise during regular course of business.
C. Inventory held on consignment.
D. Granting of a patent for a special process developed by the organization. Answer: C
When inventories are held by an outside custodian, such as a consignee, the internal
auditor ordinarily obtains direct confirmation in writing from the custodian. Confirmation
of consigned goods is most likely to be effective for the existence and rights-and-
obligations assertions. Question: 481
Observation is considered a reliable engagement procedure, but one that is limited in
usefulness. However, it is used in a number of different engagement situations. Which of
the following statements is true regarding observation as an engagement technique?
A. It is the most effective engagement methodology to use in filling out internal control
questionnaires.
B. It is the most persuasive methodology to learn how transactions are really processed
during the period under review.
C. It is rarely sufficient to satisfy any assertion other than existence.
D. It is the most persuasive technique for determining if fraud has occurred. Answer: C
Observation is effective for verifying whether particular assets such as inventory or
equipment exist at a given date. However, it is of limited use in addressing other
assertions. Thus, it provides less persuasive information about the assertions of
completeness, rights, valuation, and presentation and disclosure. For example, merely
observing inventory does not determine whether the engagement client has rights in it. Question: 482
One engagement procedure for an engagement to evaluate facilities and equipment is to
test the accuracy of recorded depreciation. Which of the following is the best source of
information that the equipment in question is in service?
A. A review of depreciation policies and procedures.
B. A comparison of depreciation schedules with a listing of insurance appraisals for the
same equipment.
C. A comparison of depreciation schedules with the maintenance and repair logs for the
same equipment.
D. A review of inventory documentation for the equipment. Answer: C
The maintenance and repair records provide information that equipment exists and is in
use. Equipment in service is more likely to require maintenance than retired equipment.
However, the best information is the internal auditor's direct observation. Question: 483
Which of the following documents provides the most persuasive information concerning
the existence and valuation of a receivable?
A. A credit approval document supported by the customer's audited financial statements.
B. A copy of a sales invoice to the customer in the engagement client's records.
C. A positive confirmation received directly from the customer.
D. A customer's purchase order in the engagement client's records related to the credit
sale. Answer: C
A positive confirmation by the debtor is the most reliable information other than payment
that the receivable is a valid asset and that it is properly valued. This information is
especially reliable because the customer has no incentive to confirm a nonexistent
obligation and because the documentation has not been under the engagement client's
control. Question: 484
A bank internal auditor wanted to verify the accuracy of the general ledger balance of a
depository account. One engagement procedure used in this process was to mail positive
confirmations to statistically sampled depositors. However, the number of replies
received was not adequate to form a valid conclusion about the account's accuracy. What
action should the internal auditor take to accomplish this objective?
A. Assume that the no replies represent tacit agreements by the depositor, document the
results, and perform no further work on this engagement procedure.
B. Expand the original confirmation trial to include additional depositors.
C. Verify accuracy of the depositors' addresses. Retail confirmation requests a second
time with a notation indicating that it is a second request.
D. Mail negative confirmation requests to all non-replies and document results of testing.
If necessary, telephone depositors to inquire about any disagreement with balances
confirmed. Answer: C
A positive confirmation asks the debtor for a reply. It may ask the respondent to state
whether (s)he agrees with the information given or request that the recipient fill in the
account balance or provide other information. The latter type of positive confirmation is
called a blank form. The negative confirmation asks for a response only when the debtor
disagrees. Positive confirmation is therefore useful when an internal auditor wants to
obtain documentary information to verify account balances. If the internal auditor fails to
receive positive confirmation, alternative procedures including second and third requests
should be employed. Question: 485
Which of the following statements describes an internal control questionnaire?
A. It provides detailed information regarding the substance of the control system.
B. It takes less of the engagement client's time to complete than other control evaluation
devices.
C. It requires that the internal auditor be in attendance to properly administer it.
D. It provides indirect information that might need corroboration. Answer: D
An internal control questionnaire consists of a series of questions about the controls
designed to prevent or detect errors or irregularities. Answers to the questions help the
internal auditor to identify specific policies and procedures relevant to specific assertions.
They also help in the design of tests of controls to evaluate their effectiveness. The
questionnaire provides a framework to assure that specific concerns are not overlooked,
but it is not a sufficient means of understanding the entire system. Thus, the evidence
obtained is indirect and requires corroboration by means of observation, interviews,
flowcharting, examination of documents, etc. Question: 486
During interviews with the inventory management personnel, an internal auditor learned
that salespersons often order inventory for stock without receiving the approval of the
vice president of sales. Also, detail testing showed that there are no written approvals on
purchase orders for replacement parts. The results of detail testing are a good example of
A. Indirect information.
B. Circumstantial information.
C. Corroborative information.
D. Subjective information. Answer: C
Corroborative information is evidence from a different source that supplements and
confirms other information. For example, oral testimony that a certain procedure was not
performed may be corroborated by the absence of documentation. Question: 487
Which of the following engagement objectives will be accomplished by tracing a sample
of accounts receivable debit entries to customer invoices and related shipping
documents?
A. Sales are properly recorded.
B. Sales are billed at the correct prices.
C. Accounts receivable represent valid sales.
D. Customer credit is approved. Answer: C
By vouching sales transactions from the accounts receivable ledger back to the sales
invoices, the internal auditor verifies that these accounts receivable are properly
supported by sales. These sales should then be vouched back to related customer orders
and traced forward to shipping documents. The purpose is to detect fictitious sales and
assure that each sale is properly documented and posted to the accounts receivable
subsidiary ledger. The latter objective also requires sales invoices to be traced to the
accounts receivable subsidiary ledger. Question: 488
Management believes that some specific sales commissions for the year were too large.
The accuracy of the recorded commission expense for specific salespersons is best
determined by
A. Computation of selected sales commissions.
B. Calculating commission ratios.
C. Use of analytical procedures.
D. Tests of overall reasonableness. Answer: A
Sales commission is based on the application of a ratio to the amount of the sale. The best
information about the accuracy of sales commission expense for specific individuals is to
recomputed the amounts derived from a trial of transactions. These tests should be
done at the same time as procedures testing accrued liabilities. Question: 489
An internal auditor traces copies of sales invoices to shipping documents to determine
that
A. Customer shipments were billed.
B. Sales that are billed were also shipped.
C. Shipments to customers were also recorded as receivables.
D. The subsidiary accounts receivable ledger was updated. Answer: B
If the invoices in the trial can be correctly matched with shipping documents, some
assurance is given that items billed are also shipped. Question: 490
A large manufacturer has a transportation division that supplies gasoline for the
organization's vehicles. Gasoline is dispensed by an attendant who records the amount
issued on a serially prenumbered gasoline disbursement form, which is then given to the
accounting department for proper recording. When the quantity of gasoline falls to a
certain level, the service station attendant prepares a purchase requisition and sends it to
the purchasing department where a purchase order is prepared and recorded in a gasoline
purchases journal. Which of the following engagement procedures best determines
whether gasoline disbursements are fully recorded?
A. Compare the gasoline purchase requisitions with the gasoline disbursement records.
B. Select a number of gasoline purchases from the gasoline purchases journal and
compare them with their corresponding purchase orders. Ascertain that the purchases are
serially prenumbered, are matched with purchase requisitions, and are authorized by
someone independent of employees of the service station.
C. Perform analytical procedures comparing this period's gasoline consumption with
prior periods.
D. Match the quantity of gasoline disbursed according to disbursement forms with an
independent reading of quantity disbursed at the pump. Answer: D
Physical information is best obtained through direct observation or inspection by the
internal auditor. Because the gasoline disbursement forms are prenumbered, the internal
auditor is able to match them with the independent reading of quantity disbursed at the
pump to test the completeness of disbursement records. Question: 491
To control daily operating costs, an organization decreased the number of times a
messenger service was used each day. Despite those measures, the monthly bill continued
to increase. What procedure should the internal auditor use to detect whether improper
services were being billed?
A. Reconcile a trial of messenger invoices to pickup receipts.
B. Test the mathematical accuracy of a trial of messenger invoices.
C. Scan ledger accounts and messenger invoices.
D. Observe daily use of the messenger service. Answer: A
When the amount charged for a service increases as an entity reduces its use of the
service, the possibility exists that the entity is being charged for service not received. The
internal auditor should reconcile a trial of messenger invoices to pickup receipts. By
multiplying the number of trips authorized by the charge per trip, any discrepancy can be
identified. Question: 492
To determine whether credit controls are inconsistently applied, preventing valid sales to
creditworthy customers, the internal auditor should
A. Confirm current accounts receivable.
B. Trace postings on the accounts receivable ledger.
C. Analyze collection rates and credit histories.
D. Compare credit histories for those receiving credit and for those denied credit. Answer: D
Credit policy should maximize profits by balancing bad debt losses and the increase in
sales derived from granting credit. One concern in an engagement to review credit
management is whether credit policies and procedures are fairly administered. Question: 493
To test whether debits to accounts receivable represent valid transactions, the internal
auditor should trace entries from the
A. Sales journal to the accounts receivable ledger.
B. Accounts receivable ledger to the cash receipts journal.
C. Accounts receivable ledger to sales documentation.
D. Cash receipts documentation to the accounts receivable ledger. Answer: C
By vouching sales transactions from the accounts receivable ledger back to the sales
invoices, the internal auditor verifies that these accounts receivable are properly
supported by sales. These sales should then be vouched back to related customer orders
and traced forward to shipping documents. The purpose is to detect fictitious sales and
assure that each sale is properly documented and posted to the accounts receivable
subsidiary ledger. The latter objective also requires sales invoices to be traced to the
accounts receivable subsidiary ledger. Question: 494
Cash receipts should be deposited on the day of receipt or the following business day.
Select the most appropriate engagement procedure to determine that cash is promptly
deposited.
A. Review cash register tapes prepared for each sale.
B. Review the functions of cash handling and maintaining accounting records for proper
separation of duties.
C. Compare the daily cash receipts totals with the bank deposits.
D. Review the functions of cash receiving and disbursing for proper separation of duties. Answer: C
A standard control over the cash receipts function is to require that daily cash receipts be
deposited promptly and intact. Hence, the total of cash receipts for a day should equal the
bank deposit because no cash disbursements are made from the daily receipts. To
determine whether cash receipts are promptly deposited, the internal auditor should
compare the daily cash receipts totals with bank deposits. Question: 495
Which of the following engagement procedures will provide the least relevant
information for determining that payroll payments were made to bona fide employees?
A. Reconcile time cards in use to employees on the job.
B. Examine canceled checks for proper endorsement and compare to personal records.
C. Test for segregation of the authorization for payment from the hire/fire authorization.
D. Test the payroll account bank reconciliation by tracing outstanding checks to the
payroll register. Answer: D
A payroll account proof tests the completeness assertion. However, it has no bearing on
the validity of the transactions. Question: 496
Which of the tests provides the least significant information when testing for suspected
fraudulent sales?
A. Tracing a trial of inventory removal slips from inventory through billing to the
sales journal.
B. Performing analytical tests of sales by comparing sales and gross margins overtime.
C. Performing analysis of write-offs and sales returns, and comparing the amounts over
the past several years.
D. Confirming sales transactions with customers and investigating nonresponses. Answer: A
Tracing a trial of inventory removal slips is least likely to provide evidence of
fraudulent sales because it applies to transactions that have apparently been properly
authorized and documented. Question: 497
The most reliable information an internal auditor can assess when determining an
organization's legal title to inventories is
A. Monthly gross profit and inventory levels.
B. Purchase orders.
C. Paid vendor invoices.
D. Records of inventories stored at off-site locations. Answer: C
Mere possession of inventory does not signify that another party does not have a claim to
it. For example, the inventory may be held on consignment. Payment of vendor invoices
is the culmination of the purchases-payables cycle. The paid invoice evidences the
purchaser's ownership of the inventory. Question: 498
An internal auditor has set an engagement objective of ascertaining the reasonableness of
the increases in rental revenue resulting from operating costs passed on to the lessee by
the landlord. The internal auditor has already inspected the lease contract to determine
that such costs are allowed. Which of the following engagement procedures will best
meet this objective?
A. Inspection of documents.
B. Observation.
C. Inquiry.
D. Analytical review. Answer: D
Computation of the rates of increase in operating costs passed through to the lessee from
period to period in relation to inflation rates provides an initial view of the reasonableness
of the increases. Question: 499
An internal auditor has set an engagement objective of determining whether the planned
rate of return on investment in international operations has been achieved. Which of the
following engagement procedures will best meet this objective?
A. Inspection of documents.
B. Observation.
C. Inquiry.
D. Analytical review. Answer: D
By comparing the rate of return achieved with the budget for international operations for
the last several time periods, the internal auditor can determine the variances from budget
and determine the adequacy of the return on the investment. Question: 500
Which of the following is the most appropriate engagement procedure to test the
processing of interbank transfers?
A. Analyze a trial of interbank transfers throughout the period including period-end
reconciliations.
B. Obtain cutoff bank statements for each bank account and reconcile them to accounting
records.
C. Send bank confirmation requests to each bank in which accounts are maintained and
reconcile the completed forms to accounting records.
D. Trace all bank deposits recorded in accounting records near the end of the fiscal period
to supporting documentation and to bank statements. Answer: A
If the engagement objective is to test compliance with processing procedures, the
appropriate procedure is to examine a trial of transfers and trace them to the
accounting records, including the period-end bank reconciliation for each account.
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As you begin a search for a financial professional, you will come across many different types of certifications. Each certification tells a story about the level of expertise and dedication an individual advisor has in different fields of finance. While it can be confusing, it is crucial to have an understanding of what an advisor specializes in before seeking their services. The best advisor for you will be one that can help you across the different areas where you need financial assistance.
What are Financial Certifications?
When a financial advisor wants to specialize in an area of the financial industry and become an expert, they usually need to earn a certification. Getting these designations often requires hours of coursework, exams and continuing education. Failure to meet any of these requirements can result in their certification being taken away. A financial certification is an advisor’s way of letting you know that they have experience and are held to professional standards. Not all financial advisors are the same though, and understanding the main certifications will let you know which advisor is best for your unique situation.
The Best Finance Certifications to Look for in a Financial Advisor
With over 200 different designations, it can be a bit overwhelming to know exactly what to look for. While there are so many to choose from, there are a few key certifications that are not only the most popular but are considered the best in terms of rigorous standards, oversight and expertise.
1. Certified Financial Planner (CFP®)
The CFP® is the most common designation you find when searching for an advisor. This certification denotes expertise for professionals in financial planning, taxes, insurance, estate planning and retirement. The certification is overseen by the Certified Financial Planner Board of Standards. Designation is determined by successfully completing the board’s exam and continued ongoing education of at least 30 hours every two years.
To sit for the exam, individuals must have a Bachelor’s degree and complete a course approved by the board. The course can be waived if the person holds another designation, such as a CPA, CFA or a PhD in business or economics. Candidates also must have at least three years (or 6,000 hours) of full-time professional experience.
Why Use a CFP®?
CFP®’s are best for those looking for holistic financial planning. If you are looking for more than just investment management and need help with retirement plans, taxes, etc., a CFP® is your best bet.
2. Certified Public Accountant (CPA)
Becoming certified as a CPA is very difficult, with only a 50% pass rate. To become a certified accountant, individuals must have a bachelor’s degree in business administration, finance or accounting and complete an additional 150 hours of education regarding accounting standards and practices. They must also have 2 or more years of public accounting experience and pass the exam. Like the CFP®, those with a CPA must also continue to take courses to keep their certification.
Why Use a CPA?
CPAs are best used for tax issues. If your main financial situation revolves around tax help, and nothing much else, like retirement, then a CPA may be your best bet.
3. Chartered Financial Analyst (CFA)
The Chartered Financial Analyst designation is considered one of the hardest certificates for those in the financial sector and is also the gold standard for those who work in investing or managing portfolios. It’s globally recognized and is run by the CFA Institute. There are three levels of exams that cover everything from accounting, ethics, economics, security analysis and money management. In August 2023, the pass rate for levels 1 and 2 were at 37% and 44%, respectively, while level 3 had a pass rate of 47%.
Before sitting for the exam, the candidate must have 4 years of professional work experience, bachelor’s degree, or a combination of the two totaling 4 years. If the person can pass all 3 levels in sequential order, they become a member of the CFA Institute and abide by the Institute’s code of ethics. While the exams can be taken as many times as possible, candidates usually need to study at least 300 hours for each test, which means many do not continue after failing to pass one level.
Why Use a CFA?
Generally you won’t find someone just registered as a CFA working with individual clients. CFAs work for big corporations. If they do work with individuals, they will usually also have a CFP® certification. A CFA underscores their strong investment analytical skills.
4. Chartered Financial Consultant (ChFC)
Advisors with the Chartered Financial Consultant designation work with individuals on retirement savings and budget planning. It’s a designation that is granted by the American College and consists of individuals taking 7 required courses and 2 electives. The syllabus covered include retirement and estate planning, insurance, investments and income tax.
While not compulsory, the college recommends that those who apply already have a degree related to business or finance. The candidate must also have a minimum of 3 years working in the industry and must maintain continuing education credits. While similar to the CPA, it differs in that it is a course and does not require candidates to pass one exam but instead take a test after each course.
Why Use a ChFC?
The difference between a CFP® and ChFC does not affect how qualified they are to work with clients. If you see an advisor with either a CFP® or ChFC, as long as they are a fiduciary and don’t have a history of disclosures, you should be in good hands.
5. Chartered Life Underwriter (CLU)
A Chartered Life Underwriter (CLU) is geared toward insurance agents. A chartered life underwriter’s domains of expertise are primarily life insurance as they relate to estate planning and risk management. There is no exam one has to pass, but candidates have to take eight courses administered by the American College of Financial Planning in order to become one.
Why Use a CLU?
CLUs are great if you are looking for life insurance and do not know how to navigate the complexity involved with buying a life insurance plan.
6. Chartered Investment Counselor (CIC)
A Chartered Investment Counselor recognizes experts with significant experience as portfolio and investment managers. It is a designation that must be applied for and is approved by the Investment Adviser Association. Candidates must work for an Investment Adviser Association member firm, adhere to a code of conduct and submit references. They are held to the standards set under the Investment Act of 1940, meaning they have a legal obligation to work in the best interest of the clients. They also must run large accounts and mutual funds and already have a CFA.
Why Use a CIC?
A CIC will be best for those looking for pure investment advice. A CIC won’t be able to help you with things like financial plans, estate planning or taxes.
7. Certified Private Wealth Advisor (CPWA)
A certified private wealth advisor is for professionals whose clients include high-net worth clients. They often deal with individuals who have a net worth of more than $5 million. This certification means advisors can help high earners with things like tax, growing their assets and wealth succession.
The designation is offered by the Investments and Wealth Institute and is obtained by taking a six-month course either through the institute, via the University of Chicago Booth School of Business or the Yale School of Management or an investment firm. To qualify, a candidate must have a bachelor’s degree or another certificate like the CFA, CFP® or CPA and five years of experience in the field.
Why Use a CPWA?
A CPWA is going to best serve wealthy individuals with a net worth over $5 million. It doesn’t mean high net worth individuals should only work with CPWAs, but they are a good option.
8. Certified Estate Planner (CEP)
This certification is designated by the National Institute of Certified Estate Planners and gives financial planners the knowledge to help people develop and plan their estate. It is a proctored exam. While there is a self-study manual of 770 pages, candidates can also opt for in-person study, which usually adds an additional 16 hours of class time.
To qualify, a professional must have a valid license in the financial, legal or tax profession or have special permission to enroll. Once the exam is passed, they must complete 8 hours of continuing education every 2 years and follow NICEP’s code of ethics to remain certified.
Why Use a CEP?
A CEP is great if your main area of concern is estate planning. This can be useful for people with a high net worth and are unsure of how to pass down their estate.
9. Certified Personal Finance Counselor (CPFC)
This designation is for professionals who work with clients on a one-on-one basis. The certification is run by Fincert and ensures that the candidate is trained in counseling skills and personal finance management. It was designed to fulfill the requirement of the Uniform Debt Management Services Act. The certificate is issued by passing a test after the completion of a self-study course through Fincert which covers things like communication, money management and consumer protection. To qualify a candidate must have at least 6 months of relevant experience.
Why Use a CPFC?
A CPFC is best for people who are looking for ways to better manage their money, rather than planning complicated financial matters.
10. Financial Risk Manager (FRM)
A financial risk manager is someone who assess potential liabilities to the assets, capacity or success of a company. They work in financial services, banking, marketing or other services and often specialize in credit and market risk. Someone with an FRM designation is required to also be accredited with the Global Association of Risk Professionals. To get an FRM certificate, candidates need to pass a 2-part exam and have 2 years of experience. There is also an optional 40 hours of coursework every 2 years. The exam itself is not easy, with only an average 50% pass rate.
Why Use a FRM?
Like a CFA, most advisors certified with FRM will most likely not work solely with individual clients. FRMs will usually work for companies and corporations. If an advisor does work with individuals, they will likely have other credentials.
11. Retirement Manager Advisor (RMA)
Another certification offered by the Investments and Wealth Institute, a retirement manager advisor helps clients with retirement planning. To get the certificate, a candidate must complete an online course, take an in-person capstone class and pass an exam. In addition, they must have at least 3 years of experience or another designation like a CFA, CPA or CIMA. It’s one of the shortest designations to get, as it only takes 9 weeks of 2-3 hours per week and 2 days of in-person instruction to complete.
Why Use a RMA?
Retirement Manager Advisors specialize in retirement planning, so if that is your primary concern then an RMA will be great for you. RMAs will usually also have a CFP® certification. Choosing a CFP® with an RMA may be more advantageous than choosing a CFP® without one if you are worried about your retirement.
12. Certified Retirement Counselor (CRC)
There are several certificates for retirement planners. The CRC is overseen by the International Foundation for Retirement Education, a non-profit organization that advocates for high standards and ethics. Getting the designation consists of a certification exam, adhering to InFRE’s code of ethics and re-registering every year. Holders of the certificate must also complete at least 15 hours of ongoing education per year. To sit for the exam, a candidate must pass a background check and hold a bachelor’s degree and have 2 years of relevant experience or a high school diploma with 5 years of experience.
Why Use a CRC?
A CRC is similar to an RMA and will be useful for those whose primary concern is retirement planning. RMAs usually also need to have a CFP® or CPA, which may make them a little bit more qualified than those who just hold a CRC.
Why Should Financial Advisors Have Finance Certifications?
Although financial advisors are not required to have a certification, it signals that they adhere to specific ethical standards. If an advisor doesn’t have a certification, it can mean that they don’t have the necessary experience or education requirements. If they are not certified or registered with the SEC or FINRA, it could mean that they are not legally obligated to put your best interests first and are limited in some of the things they can do for you.
Who Regulates Finance Certifications?
Financial certifications are overseen by independent bodies that administer the tests and determine the certificate standards. There is no one body that oversees these certifications, although FINRA does keep track of the designations available. Most designations are overseen by private or non-profit institutions, so it’s important to make sure you know the qualifications of the certificates your financial planner holds.
Best Financial Advisors
Bonus Courses
Here are some certificate programs and courses to help you with the above financial certifications.
1. Financial Management: A Complete Study for CA/CMA/CS/CFA/ACCA by Udemy
Who it’s for: MBA students, finance students, finance professionals
The Udemy bestseller is ideal for MBA and finance students. Individuals who hold the CA, CMA, CS, CFA, CPA or CIMA credentials will also find this in-depth offering beneficial. There are lessons on financial analysis through ratios, financial statements, capital structure, working capital management and so much more.
Register today for full lifetime access to the course material. You will also receive a certificate of completion when you reach the finish line.
2. The Complete Financial Analyst Course 2023 by Udemy
Who it’s for: Aspiring finance professionals
The Complete Financial Analyst Course 2023 by 365Careers is another Udemy bestseller. It’s worth considering if you are pursuing a finance career and want to position yourself for lucrative employment opportunities. You’ll also develop practical financial analysis, business analysis and capital budgeting skills as you work through the lessons.
Join over 405,000 students who’ve taken this exceptional course by signing up right away. It only takes a few minutes, and you can get immediate access to 19.5 hours of on-demand video, 17 articles and 495 downloadable resources.
Have access to Microsoft Excel and Microsoft PowerPoint before you sign up.
Who it’s for: Individuals preparing for the CFA Level 1 exam
The registration fee includes 373 lectures jam-packed into 26 hours of on-demand video. You will also receive 38 articles and 55 downloadable resources to help you get the most out of your online learning experience.
Facilitator Ivan Kitov is a chartered financial analyst. He also holds a Master’s degree in Finance from Erasmus University Rotterdam in the Netherlands.
Who it’s for: Individuals preparing for the CFA Level 1 exam
This course is the 2nd component of the CFA Level 1 exam prep boot camp from 365 Careers. It is also taught by Ivan Kitov and delves deeper into financial reporting, portfolio management, equity investments, fixed income and derivatives.
Similar to the Part 1 boot camp, the class also covers the following topics:
Ethics and Professional Standards
Quantitative Methods
Economics
Corporate Finance
Alternative Investments
When you enroll, you will unlock a vault of valuable resources. This includes 29.5 hours of on-demand video, 44 articles and 59 downloadable resources.
5. Financial Risk Manager (FRM) Certification: Level I by Udemy
Who it’s for: Bankers, IT professionals, analytics and financial professionals, business technology graduates, MBA degree holders, finance graduates
Offered by EduPristine Inc, this highly-rated course is ideal for exact graduates and financial professionals interested in pursuing a risk management career.
Introduction
Foundations of Risk
Quants
Financial Market and Products
Value at Risk Part – I
Value at Risk – Part II
Conclusion
The enrollment fee includes full lifetime access to 113 lectures condensed into 24 hours of on-demand video, 1 article and 111 downloadable resources. Plus, you can sign up with confidence knowing the class comes with a 30-day money-back guarantee if it doesn’t quite meet your needs.
Frequently Asked Questions
A
Financial certifications show professionalism, knowledge and experience.
A
The various certifications include CFA, CPA, CFP, ChFC and CLU.
A
The easiest financial certification depends on an individual’s background, experience, and strengths. The Certified Financial Planner (CFP) and Chartered Financial Consultant (ChFC) certifications are often considered relatively easier to obtain. However, they still require education, passing an exam, and meeting experience requirements.Q
A
It depends on the field and the specific certifications or degree in question. In some industries, certifications may hold more value as they demonstrate specialized knowledge and skills. For example, in the IT industry, certifications such as Cisco Certified Network Associate (CCNA) or Microsoft Certified Solutions Expert (MCSE) can often hold more weight than a general computer science degree. On the other hand, certain professions may require a degree as a minimum qualification, such as medicine or law. Ultimately, both certifications and degrees can be valuable, and the worth of each depends on the specific context and requirements of the industry or profession.
Fri, 03 Nov 2023 12:00:00 -0500entext/htmlhttps://www.benzinga.com/money/top-financial-certificationsFinancial Advisors For Physicians: Everything You Need To Know
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
With the average U.S. physician pulling in annual compensation of more than $350,000 in 2022, why do physicians need financial advisors? After all, their yearly income is nearly six times the average U.S. worker’s salary of $59,428.
But physicians do need advisors. The reasons include factors such as how busy physicians are, their need for tax planning, the extra expenses such as malpractice insurance, medical school debt and the importance of enabling them to focus their own attention on patients’ welfare.
In the end, doctors benefit from using a good financial professional for many of the same reasons that patients know they should not try to treat themselves.
Why Financial Advising Is Important for Physicians
The White Coat Investor website estimates that 80% of doctors need, want and should use a financial advisor, an investment manager or both.
But why is financial advising that important for doctors? Doctors face a convergence of circumstances that other folks might not confront. These circumstances include:
Taxes. Tax planning might be complicated by ownership of a private practice.
Salary. Pay that may fail to keep pace with compensation for newly recruited professionals.
Retirement savings. To maintain their standard of living, doctors may want to stash $5 million, $10 million or even more in retirement accounts.
Student loan debt. The average student leaves medical school with over $250,000 in student loan debt, including more than $200,000 in student loan debt from medical school alone.
Lawsuits. Protection of assets that could be jeopardized by medical malpractice lawsuits.
Medical malpractice alone looms as a huge financial concern. Nearly one-third, or 31%, of doctors have been sued during their careers, according to a 2022 survey by the American Medical Association. Medical malpractice judgments and settlements can total hundreds of thousands, if not millions, of dollars.
Another reason a physician may want to seek out the expertise of a financial advisor is that some doctors may not be confident in their financial prowess, preferring to immerse themselves in medical matters instead of money matters.
Enlisting help from a financial advisor can help a doctor navigate financial shoals that are often, to physicians, uncharted.
How Much Will a Financial Advisor Cost You?
The cost of a financial advisor depends largely on their business model. Generally, financial advisors make money by taking a percentage of the assets being managed; charging periodic—often either hourly or quarterly—or flat fees; or reaping commissions based on a percentage of investment values.
Below is a table outlining the average costs of hiring a financial advisor in 2022.
Keep in mind that the cost of a financial advisor will depend on the type of services you receive, the size of your portfolio and the advisor’s compensation structure. In turn, those factors are often reflected in the type of advisor you choose:
A financial planner. Simply put, a financial planner, such as a certified financial planner (CFP), plots how you can achieve your short-term and long-term financial goals.
An investment advisor. This brand of professional can guide decisions about investments in such vehicles as stocks, bonds, exchange-traded funds (ETFs) and mutual funds.
A wealth manager. As the occupation’s name suggests, a wealth manager works with wealthy clients on issues such as investing, planning for retirement, setting up an estate and buying life insurance and other insurance products.
An asset manager. This kind of professional typically concentrates on ways to grow an investment portfolio, such as coming up with buying-and-selling strategies and reducing investment taxes.
A financial coach. A financial coach supplies education, resources and encouragement so a client can reach their financial goals, but they don’t provide financial advice.
Things To Consider When Finding a Financial Advisor
Before signing up with a financial advisor, it’s vital to figure out what you want from that advisor:
Are you looking primarily for assistance with managing your investments?
Are you behind on saving for retirement?
Do you want to create a roadmap for accomplishing your short-term and long-term financial goals?
Do you need help with tax planning and estate planning?
Answering these and other questions that pop up can help pinpoint which kind of financial advisor you want to choose, such as a financial planner or a wealth manager.
To point you in the right direction, consider getting guidance from any professional organizations you belong to. For instance, the American College of Physicians in 2022 launched a financial well-being program for its members. The group serves internists.
How To Find the Best Financial Advisor for Physicians
It’s worth noting that anyone can call themselves a financial advisor. No single entity awards certification to become a “financial advisor,” and no one regulates all financial advisors as a whole. Still, many financial advisors must undergo rigid training, earn professional designations and perhaps even submit to regulatory scrutiny.
So, as you’re hunting for the ideal financial advisor, pay attention to how “qualified” a financial advisor is.
Among the financial advisors who follow their industry’s best practices include CFPs and registered investment advisors (RIAs). Organizations that certify or oversee financial advisors include the Certified Financial Planner Board of Standards, Financial Planning Association, National Association of Personal Financial Advisors and Financial Industry Regulatory Authority (FINRA).
Before putting your financial future in the hands of a financial advisor:
Check an advisor’s credentials. For example, if the advisor promotes themselves as a CFP, you can visit the letsmakeaplan.org website of the Certified Financial Planner Board of Standards to verify that they are, in fact, a CFP.
Ask how they earn money. For instance, do they charge fees or earn commissions? You might find that you’d rather deal with a fee-only advisor, who makes money solely based on fees they charge for their advice and doesn’t earn commissions for selling products they recommend.
Determine whether they’re a fiduciary. Legally, a fiduciary must act in your best interests, not their own.
Find out whether they’re independent or part of a large organization. You may feel more comfortable working with someone at a big firm, for example, instead of someone who runs a solo practice.
Consider working with a financial advisor who serves other physician clients. An advisor who has experience working with physicians might have the knowledge needed to better assist you with specific issues that arise in a physician’s financial life.
Seek recommendations from friends, relatives and professional colleagues. Recommendations can always be the best source of information. If you trust the colleague, friend or relative who makes the recommendation, that’s already one point for the advisor.
Review online comments about an advisor. In addition to verifying credentials, look for any disciplinary record through FINRA’s BrokerCheck and the SEC’s Investment Adviser Public Disclosure database. FINRA is the Financial Industry Regulatory Authority, a government-authorized not-for-profit organization that oversees U.S. broker-dealers. RIAs register with the Securities and Exchange Commission or state authorities, depending on the amount of money they manage. An RIA’s Form ADV includes disciplinary information and is on file with the SEC.
Interview any advisor you’re seriously considering. Learn about their experience, client base, communication style and other factors that can affect your relationship with them.
If you’re committed to improving your finances, then you’ll want to commit sufficient time to finding and vetting the right financial advisor.
In a survey by Doximity, an online networking service for medical professionals, 53% of physicians reported having a financial advisor. That leaves 47% of physicians who haven’t yet carved out time to find a financial advisor.
However, as Doximity notes, time-crunched doctors may not feel they’ve got enough hours in the day to manage their finances on their own. For this reason, finding the right financial advisor can help many physicians achieve their long-term financial goals.
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Wed, 15 Nov 2023 18:16:00 -0600John Eganen-UStext/htmlhttps://www.forbes.com/advisor/investing/financial-advisor/financial-advisors-for-doctors-and-physicians/How a financial advisor can help you achieve your financial resolutionsNo result found, try new keyword!A financial advisor can help you stick to your resolutions by setting realistic goals and charting a path for the years ahead. If your New Year’s resolution is improving your finances, guidance from a ...Tue, 14 Nov 2023 21:00:06 -0600en-ustext/htmlhttps://www.msn.com/Can You Guess How Much Senior Financial Advisors Make?
Senior financial advisor salaries can vary depending on different factors.
Becoming a senior financial advisor can open up new avenues for career success. Taking on this type of role can also mean a significant increase in pay. But what's a typical senior financial advisor salary? The average is around $120,000 annually. However, salaries operate on a range with some advisors earning more and others earning less depending on different factors.
Ready to grow your client base? SmartAdvisor can connect you with leads.
What Is the Average Senior Financial Advisor Salary?
Pinning down an exact number for the average salary of a senior financial advisor is difficult, as there's no single source for this information. There are a number of organizations that collect salary information for advisors, starting with the Bureau of Labor Statistics (BLS). Here are some of the numbers we were able to find when researching the average senior financial advisor salary:
Personal financial advisors earn a median salary of $95,390 per year, according to the BLS.
ZipRecruiter puts the national average salary for senior financial advisors at $126,880.
According to Indeed, the average base salary for senior advisors is $118,040 annually.
Glassdoor reports an average annual salary of $131,000 for senior advisors.
Again, based on these numbers, the average annual pay for a senior advisor appears to be around $120,000. However, salary ranges can vary based on a number of factors, including geographic location.
For example, according to ZipRecruiter, senior financial advisors based in Berkeley, California typically earn $162,261 on average, nearly 30% above the national average pay. The difference in pay ranges for senior advisors may be attributed to differences in the cost of living or demand for professional advice in a particular area.
Experience and your choice of firm can also impact your earning potential as a senior advisor. Salaries may be higher for advisors with more years of experience. Likewise, the more prestigious or renowned an advisory firm is, the more it may pay its top-level employees.
Senior Financial Advisor Job Description
Financial advisors researching the salary range for senior financial advisors.
What does a senior financial advisor do? Specific job descriptions for senior advisors can vary from one firm to the next but generally, the responsibilities include:
Meeting with clients regularly to conduct financial reviews and offer investment advice.
Developing personalized financial plans in collaboration with a portfolio manager.
Assisting clients in finding solutions to financial challenges and creating a framework for achieving their goals.
Overseeing the operational and administrative tasks associated with managing client accounts.
Partnering with associate advisors and financial advisors to nurture client relationships.
Acting as a mentor or coach for members of the advisory team.
Promoting a positive workplace culture and participating in or leading strategic initiatives.
Encourage and further company compliance with all applicable state and regulatory guidelines.
Participate in marketing efforts to help build brand awareness and underscore the company's reputation.
Developing professional relationships in order to further company growth.
In short, senior advisors are a vital part of an advisory team. At a minimum, a senior advisor must be comfortable with leading and taking on a greater range of duties than they have in previous roles.
What's Required to Become a Senior Financial Advisor
Becoming a senior financial advisor and unlocking a higher salary typically means possessing certain skills, experience and professional certifications. Typically, senior advisors are expected to have the following:
A demonstrated track record of managing and growing an advisory practice, with an emphasis on providing a superior client experience.
Proven leadership skills, with experience in facilitating and overseeing team projects.
Excellent interpersonal skills, including communication skills and customer service skills.
Strong attention to detail and solid organization skills, along with effective time management skills.
A bachelor's or master's degree, preferably in a field that's related to finance, business or accounting.
A certified financial planner designation, or a willingness to obtain one.
A Series 65 license, or a plan of action to obtain one within a reasonable time frame.
Three to 10 years of experience working with clients in an advisory capacity.
If you're already working as a financial advisor, you may meet many of these criteria already. Advisory firms may also look for other qualifications, such as proficiency in a second language, experience working with a particular customer relationship management (CRM) software program or extensive knowledge of specific investment funds.
Specialized fields may also require specialized experience. For example, if you're interested in transitioning from working with individual clients to corporate clients, you may need to be able to demonstrate some expertise in that area to get on a firm's radar. reading individual job descriptions from specific firms can give you a better idea of what hiring managers are looking for when recruiting new advisors.
Benefits of Becoming a Senior Financial Advisor
Earning a competitive salary as a senior financial advisor is a strong incentive to consider this type of role. Along with higher pay, advisory firms can also extend other benefits, such as:
Opportunities to earn quarterly or annual bonuses
Merit-based pay raises
Access to a company retirement plan
Health insurance and life insurance
Continuing education assistance
Paid professional dues
Vacation and sick leave benefits
There are also some intangible benefits to be had as well. As a senior advisor, you're in a position to assist in growing your firm and building its reputation in the industry. You also have opportunities to continue working with clients in order to help them achieve their most important financial goals. And finally, you have a chance to help shape the careers of the next generation of advisors to come by acting in a mentoring role.
All of those things can leave you with a tremendous sense of satisfaction and fulfillment that it's impossible to assign a dollar amount to. In short, a career as a senior financial advisor can be exceptionally rewarding not only financially, but mentally and emotionally as well.
Bottom Line
A senior financial advisor meeting with clients.
Researching senior financial advisor salary ranges is a logical step if you're ready to take your career to the next level. After all, you want to feel that you're being fairly compensated for the work that you'll be doing and for the skills, experience and knowledge you're bringing to the table. Brushing up on your negotiating skills could help you maximize your salary potential once you're ready to begin your job search.
Tips for Growing Your Advisory Business
Getting more clients is every advisor's goal, but it can be time-consuming and sometimes frustrating. Having a solid marketing and client outreach plan can help, but there are only so many hours in a day. Letting an online lead generation service bring prospective clients to you could help you grow your book of business while freeing up time for other tasks. SmartAdvisor can connect you with leads so that you can focus more of your efforts on serving your existing client base.
Becoming a certified financial planner is typically a prerequisite for pursuing a career as a senior advisor. One thing to remember is that you're required to complete continuing education requirements in order to maintain your certification. That can be costly if you're paying to attend classes, lectures, workshops or webinars. Researching options for finding free continuing education credits can help you maintain your CFP designation without spending hundreds or thousands of dollars.
Mon, 13 Nov 2023 23:56:00 -0600en-UStext/htmlhttps://www.aol.com/guess-much-senior-financial-advisors-145648959.htmlSTEP provides financial help to military families in crisis
The charity provides a guiding light for those struggling in darkness, with complete understanding and without judgment.
“I relate to them because these are my people – this is who I am,” said Tony Teravainen, CEO and Co-Founder of STEP. “I understand what my mom went through as a 20-year-old military spouse with two kids and a dad that just got shipped back to Southwest Asia for the second time.”
STEP has helped thousands of military families keep a roof over their head and food on their plate.
“The families that we’re serving are in extremely complex situations,” said Teravainen. “They’re dire.”
In those situations, STEP has an Emergency Financial Assistance program.
It connects anyone with a social worker who’s certified in financial counseling, and also involves emergency funding in severe cases.
“Our ultimate goal is to make this their last crisis,” said Teravainen, noting that the program has a 90% success rate. “Only 3% have come back needing more money.”
Tracy Owens, STEP’s program manager, says that STEP helps families in many other ways.
“The cost of living is very high here in San Diego, and military pay doesn’t go quite as far as it does in other parts of the world,” said Owens.
Since STEP started 11 years ago, they have given nearly $2.5 million in emergency grants to more than 7,400 families, stopped about 600 evictions and distributed over 450,000 diapers.
“Those resources will help them offset the cost of things so that they don’t have to make a decision about paying a light bill or putting diapers on their baby,” said Owens.
Critical supplies are given out at regular distribution drives, such as one at Camp Pendleton in October.
Riley Johnson, who lives on base while her husband serves in the Navy, says these drives are important because she doesn’t usually qualify for government aid.
“It’s scary with two kids to have to think about food options,” said Johnson. “Just any relief has been extremely helpful.”
This summer, SDG&E gave STEP their largest grant ever — $400,000.
That’s enough to help 600 families with emergency funding.
“It’s hard to describe how immediate this is,” said Teravainen.
As Thanksgiving approaches, military families are reaching out to STEP for help.
“How am I going to be able to take care of my family and have food on the table during this time when we’re already challenged financially?” said Owens.
That’s where the charity steps in with their holiday food drives.
“25% of the families said if they didn’t this from us, they wouldn’t have a Thanksgiving meal,” said Teravainen.
For more on how to support STEP, go to www.teamstepusa.org. They accept monetary donations, item drop-offs, and more.
One of their events is “Sharing the Joy,” where military families submit wish-lists for holiday gifts that are fulfilled by the community.
Applications are still open to get help from their next Thanksgiving distribution drive, which takes place November 13. But applications must meet the following eligibility requirements:
E1-E6 active-duty and recently transitioned Veteran families (within 18 months of separation). Priority will be given to first time applications.
WATCH RELATED: Bags for the Braves donations were distributed Saturday
Sun, 12 Nov 2023 08:17:00 -0600en-UStext/htmlhttps://www.cbs8.com/article/news/community/working-for-our-community/step-helps-military-families-in-crisis/509-9c5edaf6-9db3-44c1-b7ac-2e7ee7fddea6
