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Exam Code: CIA-IV The Certified Internal Auditor Part 4 outline November 2023 by Killexams.com team

CIA-IV The Certified Internal Auditor Part 4

Exam: CIA-IV (Certified Internal Auditor Part 4)

Exam Details:
- Number of Questions: The exam consists of multiple-choice questions and case studies.
- Time: Candidates are given a specified amount of time to complete the exam.

Course Outline:
The Certified Internal Auditor (CIA) Part 4 course is designed to provide candidates with an in-depth understanding of internal audit practices and procedures. The course outline includes the following topics:

1. Governance and Business Ethics
- Corporate governance principles and best practices
- Ethical considerations in business
- Fraud risks and prevention

2. Risk Management
- Enterprise risk management frameworks
- Risk assessment methodologies
- Internal controls for risk mitigation

3. Organizational Structure and Business Processes
- Understanding organizational structure and its impact on internal audit
- Business process mapping and evaluation
- Internal control frameworks and their application

4. Communication and Reporting
- Effective communication within the organization
- Developing internal audit reports
- Presenting audit findings and recommendations

5. Information Technology and Business Continuity
- IT governance and control frameworks
- IT auditing techniques and tools
- Business continuity planning and disaster recovery

6. Financial Management
- Financial statement analysis and interpretation
- Financial risk assessment and control
- Fraud detection and prevention in financial processes

Exam Objectives:
The CIA-IV exam aims to assess candidates' knowledge and understanding of advanced internal audit principles, practices, and procedures. The exam objectives include:

1. Demonstrating knowledge of corporate governance principles, business ethics, and fraud risks.
2. Understanding and applying risk management frameworks and methodologies.
3. Evaluating organizational structure and business processes for effective internal control.
4. Communicating audit findings and recommendations clearly and effectively.
5. Understanding information technology controls and business continuity planning.
6. Applying financial management principles and practices to internal auditing.

Exam Syllabus:
The exam syllabus covers the following topics:

- Governance and Business Ethics
- Risk Management
- Organizational Structure and Business Processes
- Communication and Reporting
- Information Technology and Business Continuity
- Financial Management

Candidates are expected to have a deep understanding of these courses and demonstrate their ability to apply internal audit concepts and techniques in practical scenarios. The exam assesses their knowledge, critical thinking skills, and proficiency in various aspects of internal auditing.
The Certified Internal Auditor Part 4
Financial Certified outline

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The Certified Internal Auditor Part 4
Question: 180
The managerial factor that may lead to overbuilding in an industry is
A. Management's belief that the career consequences of overcapacity appear to be more serious
than those of under capacity.
B. Management's production orientation.
C. Inflation of expectations by industry buzz.
D. Uncertainty caused by changes in industry structure.
Answer: B
Management that is production-oriented may be more likely to overbuild than marketing-or
finance- oriented management.
Question: 181
What governmental factor most likely will lead to overbuilding in a global industry?
A. Tax incentives are given to local subsidiaries of foreign firms.
B. The government favors an indigenous industry that has a small minimum efficient scale.
C. Environmental regulations are imposed on domestic firms.
D. Anti-bribery laws impede domestic firms from competing globally.
Answer: A
Governmental factors may lead to overbuilding. For example, tax incentives may promote
excess capacity by permitting foreign subsidiaries to pay no tax on earnings retained in the
business. A nation also may wish to create an indigenous industry. When the minimum
efficient scale is great in relation to world demand, the excess production in the country may
contribute to global overcapacity. Furthermore, governmental employment pressures may
result in overbuilding to create jobs or avoid job loss.
Question: 182
Which factor is most likely to limit expansion of a firm's productive capacity?
A. Senior managers have production backgrounds.
B. The firm operates in one industry.
C. Current technology will soon be obsolete.
D. Demand uncertainty is low.
Answer: C
A firm's behavior may send signals to competitors that building is unwise. For example, it may
announce an expansion project or indicate in some way that forecasts of demand are
unfavorable or that current technology will soon be obsolete.
Question: 183
What condition is most likely necessary to the success of a strategy of preemptive expansion?
A. Competitors believe that the move is preemptive.
B. The result is intense industry conflict.
C. The firm does not know the expectations of competitors about the market.
D. The learning-curve effect is small.
Answer: A
Competitors must believe that the move is preemptive. Hence, the firm should know
competitors' expectations about the market or be able to influence them favorably. Moreover,
the preempting firm must have credibility, such as resources, technology, and a history of
credibility, to support its statements and moves.
Question: 184
Entry into a new business may be made by internal development or acquisition. Entry through
internal development usually involves creation of a full-fledged new business entity. The costs
likely to be incurred by an internal entrant include
II. nvestments to overcome entry barriers
II. Change in the equilibrium level of supply and demand
III. Lower prices charged by competitors
IV. Higher marketing costs
A. I and II only.
B. I and IV only.
C. II, Ill, and IV only.
D. I, II, Ill, and IV.
Answer: D
An internal entrant must cope with structural barriers and retaliation by existing firms. Costs
incurred by the internal entrant include initial investments to overcome entry barriers
(facilities, inventory, branding, technology, distribution channels, sources of materials, etc.),
operating losses in the start-up phase, and the effects of retaliation (e.g., higher marketing
costs, capacity expansion, or lower prices). Other costs include the price increases for factors
of production that may result because of the new entry. Also, the capacity added to the industry
by the entrant may affect the equilibrium level of supply and demand. The result may be
additional competitive costs as firms with excess capacity cut prices.
Question: 185
Entry into a new business may be made by acquisition. The analysis differs from that for entry
by internal development. A key point is that prices are set in the market for acquisitions.
Accordingly, a buyer should most likely expect to make above- average profits when the
A. Market is active and well organized.
B. Seller can choose to continue operating the business.
C. Market for acquisitions is imperfect.
D. Buyer adopts a sequential entry strategy.
Answer: C
Acquisitions are more likely to earn above-average profits when the expected present value to
the seller of continuing operations is low, e.g., because the seller needs funds, has capital
limits, or has management weaknesses. Above-average profits also are more likely when the
market for acquisitions is imperfect. For example, (1) the buyer may have better information,
(2) there are few bidders, (3) the economy is weak, (4) the seller is weak, or (5) the seller has
reasons to sell other than profit maximization. Moreover, the buyer may have a unique ability
to operate the seller.
Question: 186
A firm enters a new business by creating a full-fledged new entity (an internal entrant). The
internal entrant is least likely to cause disruption and retaliation in a
A. Slow-growth industry.
B. Fragmented industry.
C. Commodity-producing industry.
D. Highly-concentrated industry.
Answer: B
In a fragmented industry, many firms might be affected but not significantly. These firms also
might have no ability to retaliate. Firms in a fragmented industry have insignificant market
shares and little influence on industry outcomes.
Question: 187
Entry by a firm into a new business may be through the creation of a full-fledged new business
entity. The new entrant is most likely to cause industry disruption and retaliation when
A. The industry is fast-growing.
B. The industry is highly concentrated.
C. Fixed costs are low.
D. The market is segmented.
Answer: B
In a highly concentrated industry, the internal entrant is more likely to have a significant and
noticeable effect on particular firms with the ability to retaliate. In a fragmented industry, many
firms might be affected but not significantly. These firms also might have no ability to
Question: 188
A firm may decide to enter a new business by creating a new entity. After undertaking a
structural analysis, the internal entrant chooses an appropriate target industry. The most likely
target is an industry in which the entrant
A. Will have to develop its own distribution network.
B. Can raise mobility barriers after entry.
C. Will not have to compete with a dominant firm that seeks to protect the industry.
D. Calculates that the costs of retaliation to existing firms are less than the benefits.
Answer: B
A distinctive ability to influence industry structure is another basis for earning above-average
profits. Thus, an ability to raise mobility barriers after the firm has entered the industry is a
reason to target that industry. Moreover, a firm may be able to recognize that entering a
fragmented industry will start a process of consolidation and increased entry barriers.
Question: 189
A firm wishes to enter a new business by creating a new entity (an internal entrant). The
internal entrant is most likely to achieve above-average profits by targeting which industry?
A. An industry with high entry costs.
B. An industry with a stabilized structure.
C. A new industry.
D. An industry in equilibrium if entry positively affects the firm's existing businesses.
Answer: C
A firm may be able to achieve above-average profits by choosing appropriate targets. For
example, an industry may be in disequilibrium because it is new, entry barriers are rising, or
firms have poor information. In a new industry,
(1) the structure is not established,
(2) entry barriers are low, (3) retaliation is unlikely,
(4) resource supplies have not been locked up, and
(5) brands are not well developed.
However, initial firms may have greater costs than later entrants. Rising entry barriers favor an
early entrant whose subsequent competitors will face higher costs. The early entrant also may
have an edge in product differentiation. Poor information may perpetuate disequilibrium
because firms that might enter the industry may not be aware of its potential.
Question: 190
According to the behavioral theory of management.
A. Employees are motivated to fulfill needs.
B. Morale problems are not goal related.
C. Compensation is a universal motivator.
D. Productivity is not correlated with job satisfaction.
Answer: A
The behavioral theory of management holds that all people including employees) have
complex needs, desires, and attitudes. The fulfillment of needs is the goal toward which
employees are motivated. Effective leadership matches need-fulfillment rewards with desired
behavior tasks) that accomplishes organizational goals.
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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 courses 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.

3. exam Prep: CFA® Level 1 Bootcamp 2023 Curriculum (Part 1/2) by Udemy

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. 

4. exam Prep: CFA® Level 1 Bootcamp 2023 Curriculum (Part 2/2) by Udemy

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 ensure if it doesn’t quite meet your needs. 

Frequently Asked Questions


Financial certifications show professionalism, knowledge and experience.


The various certifications include CFA, CPA, CFP, ChFC and CLU.


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


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 -0500 en text/html https://www.benzinga.com/money/top-financial-certifications
Prepare for the CFMP Exam


The CFMP advisory board has determined that a competent bank marketing professional's expertise includes the following domains:

  • Data, Research, and Measurement
  • Strategy
  • Revenue Generation
  • Communication and Brand
  • Risk Management 

Please review the CFMP Examination Outline and Informational Webinar for additional details.

Study Resources

While ABA recommends these resources as appropriate examination preparation, ABA does not ensure that you will pass the exam by studying these materials alone. The CFMP exam assesses not only your knowledge of the courses on the exam outline, but also your application of that knowledge. You should refer frequently to the CFMP Examination Outline when preparing for the exam.

IMPORTANT NOTICE: The only legitimate resource for ABA’s certifications, including reference materials, are available on www.aba.com. Any other resources or guides related to ABA’s certification programs offered for sale on third party platforms such as Amazon and eBay is not authorized by the ABA and such purchases are at the buyer’s risk. While it is not illegal for publishers to write separate resources to potential customers, it can be difficult to determine the legitimacy of offers from these organizations, especially if they contain unauthorized uses of ABA’s federally protected logo. If you do not make your purchase with ABA directly, we will not be able to assist you in any capacity. Please contact ABA Customer Service at 1-800-BANKERS to be directed to a legitimate resource.

  • Certificate

  • School

  • Exam Prep

  • Exam Application

  • Conference


Foundational Certificate in Bank Marketing

Signifies knowledge of marketing’s role in a financial institution and within the banking industry as a whole. This is achieved through learning to develop comprehensive strategic marketing plans, leveraging social media for bank branding and more.

Earn the Certificate


Bank Marketing School

Designed to help students think more strategically in their marketing endeavors, and better align their campaigns with corporate goals. School alumni will become invaluable leaders in their banks.

Attend the School

Exam Prep

CFMP exam Online Prep

An interactive, user-friendly online course that allows students to study at their own pace, with access to resources and practice tests modeled after an actual exam.

Take the Course

Exam Application

Exam Application

When you're ready to apply, double check the eligibility requirements, select your exam date, and submit your application.

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Wed, 30 May 2018 12:26:00 -0500 en text/html https://www.aba.com/training-events/certifications/certified-financial-marketing-professional/prepare-for-the-exam
An Outline of Financial Economics

“An Outline of Financial Economics” presents a systematic treatment of the theory and methodology of finance and economics. The book follows an analytical and geometric methodology, explaining technical terms and mathematical operations in clear, non-technical language, and providing intuitive explanations of the mathematical results. The text begins with a discussion of financial instruments, which form the basis of finance theory, and goes on to analyze bonds – which are regarded as fixed income securities – in a simple framework, and to discuss the valuation of stocks and cash flows in detail. Highly relevant courses such as attitudes toward risk, uncertainty, the financial structure of a firm, stochastic dominance, portfolio management, option pricing and conditions for non-arbitrage are analyzed explicitly. Because of its wide coverage and analytical, articulate and authoritative presentation, “An Outline of Financial Economics” will be an indispensable book for finance researchers and undergraduate and graduate students in fields such as economics, finance, econometrics, statistics and mathematics.

Wed, 11 Apr 2018 00:57:00 -0500 en text/html https://www.cambridge.org/core/books/an-outline-of-financial-economics/8D7626BD58AE5AEDAC5E296376EDEF16
What to do with your 401(k) after leaving a job No result found, try new keyword!What you do with your retirement account after leaving a job is largely up to you. You have four options to consider when deciding what to do with your 401 (k): roll over into an individual retirement ... Tue, 14 Nov 2023 23:17:00 -0600 en text/html https://www.cnn.com/cnn-underscored/money/what-to-do-with-a-401k-changing-jobs How advisors are helping employers and their employees deal with financial stress
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Women are tired of work.torwai

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Naunidh Hunjan has been getting up at the crack of dawn to meditate his worries away for the past 20 years.

For the past five years, Mr. Hunjan, president of Hunjan Financial Group Inc. in Mississauga, has been inviting clients to join him, remotely over a videoconference call. After several sessions, he says, they report being able to manage stressful situations better and less likely to worry about their finances during the workday.

Every day, the average Canadian employee spends 33 minutes thinking about their finances while at work. A recent survey by the National Payroll Institute (NPI) equates this to $45-billion in lost productivity a year.

To mitigate these losses, Mr. Hunjan often counsels clients who are employers to offer yoga and meditation in workplaces and to beef up their mental health benefits.

According to the NPI survey, one in five workers needs to use a sick day to cope with rising levels of money-related stress. But with more than a third of financially stressed survey participants earning more than $100,000 annually, the survey also found higher income isn’t necessarily a determining factor in improving working Canadians’ financial wellness.

“Most employers understand the value of investing in preventive maintenance to keep equipment running well and reduce the risk of breakdowns, which can be very expensive,” he says. “Workplace mental health is no different, but here the goal is to not just prevent emotional breakdowns, but also support employees and promote healthy habits so they flourish.”

He points out that making sound financial decisions is more challenging when mental health is tested.

“You might be more prone to impulse purchases, not paying bills on time or not putting aside enough money to build up your savings or emergency fund,” he says. “These actions only worsen the financial stresses we are all experiencing.”

Approaches to working with employees

In keeping with these findings, advisors who work with employers and their employees are increasingly broadening their focus beyond meeting immediate financial needs to a more holistic, long-term approach.

“While in the past our staff seminars were more of a practical nature, delving into [registered retirement savings plans, tax-free savings accounts], taxes and insurance. Today’s discussions are about something much more basic and important,” says Naoshad Pochkhanawala, chartered life underwriter and financial planner at Amiko Benefits Inc. in Markham, Ont. “Nowadays, we’re having each employee determine and write down their personal financial philosophy.”

This one- to two-page framework is intended to outline how and why they make financial decisions, identify sources of assistance and establish a realistic starting point.

“If people don’t have the tools to answer these questions, especially in these times, it results in anxiety,” he says.

Current economic challenges coupled with rising inflation and food prices have led to a significant increase in financial anxiety in the workplace, says Jeremi Lapierre, certified financial planner (CFP) and founder of Fit Financial in Ottawa.

To help mitigate that, he advocates for employers to provide direct support for employees’ daily expenses where possible.

“For example, I’ve worked with an employer in the electrical industry who alleviated financial stress by distributing $250 grocery gift cards to each employee,” Mr. Lapierre says.

“I’ve seen other employers actively prioritize their employees’ financial well-being by offering flexible work hours, which can significantly reduce child care expenses for working parents.”

These initiatives represent a growing trend among employers who not only recognize financial stress but also take proactive steps to alleviate it within the framework of comprehensive financial planning, he says.

“This proactive stance is crucial in helping businesses effectively manage economic downturns and stay ahead of financial challenges, preventing employees from feeling the financial squeeze,” Mr. Lapierre says.

Women face more financial stress

Lin Sok, financial advisor and founder of Lin Sok Services Financiers Inc. in Montreal, says she’s seeing disproportionately more women who are worried about their finances at work.

“Women’s salaries tend to be lower. We also occupy some of the lowest-paying essential fields such as nursing, administration, and education,” Ms. Sok says.

“While we have traditionally made career choices for many reasons other than money, the rising cost of absolutely everything is leading women to question their salaries and current work conditions increasingly.”

Ms. Sok will often refer clients to recruitment specialists to search for better-paying career opportunities, thereby lessening their financial stress.

“Earning more doesn’t solve everything but in many cases, it helps,” she says. “The jobs are there, we just need the confidence to go after them.”

Educating employees and seeking assistance

With more mortgage foreclosures attributed to disability, one of the greatest risks to employees remains an accident or sickness that interrupts their cash flow.

“We ask all our employers to provide 24-hour income protection or disability insurance, either paid for as part of a group benefits package or as a voluntary benefit where it doesn’t cost the employer anything and premiums are simply deducted from employee’s pay cheques,” Mr. Pochkhanawala says.

“But along with this, education on the basics is key. One of the ways employers express their concern for employees is simply by informing them that we are available to come in and answer basic financial planning questions.”

Statistics consistently show Canadians who seek assistance from a financial planner are less prone to money-related stress, according to the 2023 Financial Stress Index, published by FP Canada. It’s one of the facts Kelly Ho will cite whenever clients ask her to deliver a seminar to their employees.

Ms. Ho, partner and CFP at DLD Financial Group Ltd. in Vancouver, says she steers away from talking about products and focuses on goal-setting instead.

“The pitfall of our industry is that we use a lot of jargon, so people feel it is unapproachable,” she says.

“We keep our talks on financial literacy light-hearted, and stress the importance of having a plan and finding someone they trust to share it with, so at least they know where they stand.”

Ms. Ho has noted an increase in employees claiming mental health services as part of their group benefits packages.

“Employers have significant incentives to do what they can to help, but it’s hard to find good people, and counsellors cost a lot of money,” she says.

“When I sit down with employers to go over how they’re doing, I’ll often point out, ‘The reason your business is thriving is because your employees are getting help when they realize they need it.’”

For more from Globe Advisor, visit our homepage.

Tue, 14 Nov 2023 23:03:00 -0600 en-CA text/html https://www.theglobeandmail.com/investing/globe-advisor/advisor-practice/article-how-advisors-are-helping-employers-and-their-employees-deal-with/
This Ripped-Up Note Could Help Jack Smith Take Down Donald Trump

A former Justice Department official believes that a note torn up by Donald Trump before the January 6, 2021, insurrection “absolutely” proves the former president’s intent to overthrow the 2020 presidential election results.

In the weeks immediately preceding the January 6 insurrection, Trump’s first national security adviser, Michael Flynn, took to Newsmax, claiming that Trump could “take military capabilities” and “rerun an election” in key swing states that he lost.

But much to Trump’s chagrin, the military didn’t see it that way.

“There’s no role for the U.S. military in determining the outcome of an American election,” read a joint statement issued by Army Secretary Ryan McCarthy and Chief of Staff of the Army James McConville.

Personnel Chief John McEntee, tasked with rooting out obstructive staffers, then passed a note along to Trump.

“Chris Miller spoke to both of them and anticipates no more statements coming out,” McEntee wrote, referring to the administration’s defense secretary. “(If another happens, he will fire them).”

Hours later, Trump would tweet a call to action to his supporters, asking them to join him in D.C. on January 6.

“Big protest in D.C. on January 6,” he posted in late December. “Be there, will be wild!”

McEntee’s note, torn up by the former president but reconstructed, was collected as part of the House January 6 Committee’s investigation and now appears in the pages of ABC News journalist Jonathan Karl’s latest book, Tired of Winning: Donald Trump and the End of the Grand Old Party.

“Doesn’t that get right at his intent of what he wanted them to do?” asked MSNBC’s Nicolle Wallace.

“Absolutely,” responded Andrew Weissmann, an attorney and former official at the Justice Department.

“My general experience when I was in the government is that the military is incredibly law-abiding and really stands for the rule of law,” said Weissmann.

“As much as you think of it as a military organization with a hierarchy, they are also trained that they do not violate the Constitution. And when there’s an invalid order, they know that they cannot follow it because the Constitution comes first,” Weissmann noted, adding that the note is another example of Trump “brushing up” against a “guardrail.”

That detail could be key to special counsel Jack Smith’s case against the former president, in which Trump is charged with four felonies for disrupting Congress’s certification of the Electoral College results, conspiring to defraud the United States, and depriving U.S. citizens’ right to vote.

Tue, 14 Nov 2023 06:10:00 -0600 en-us text/html https://newrepublic.com/post/176918/ripped-note-help-jack-smith-donald-trump-intent
How the housing ecosystem can empower and educate borrowers about mortgage relief

Every borrower wants to believe their homeownership journey will be smooth sailing, without financial hardships or missed mortgage payments. But as the last few years have taught us, unforeseen events like COVID-19, natural disasters, inflation and low affordable inventory make mortgage relief awareness critical.

Because homeowners weren’t thinking about unexpected events or hardships when they bought their home, they likely don’t consider relief options when they’re faced with a delinquency. They may think it’s impossible to get current with their payments or worry that they’re in danger of foreclosure.

A more connected housing ecosystem of lenders, servicers, real estate agents, housing counselors and other professionals working together can provide continuous education and proactive intervention to help overcome these challenges.

Early and ongoing education helps homeowners prepare for the unexpected.

Homeowners who are anxious about making payments or lack understanding of the mortgage process often ignore correspondence from their servicer for fear that it’s bad news — when it could just be a simple notice for a change of servicer.

For those borrowers who do have late or missing payments, early engagement is crucial. The longer the loan is delinquent, the less likely they’ll be able to take advantage of loss mitigation solutions, according to Donna Spencer, vice-president of servicer relationship and performance management at Freddie Mac Single-Family. “Ongoing homeowner education must be the new standard,” she said.

Currently, borrower education happens mainly with the servicer. However, opportunities exist for more collaboration with Freddie Mac and Fannie Mae and with mortgage professionals for an integrated approach that better supports the homeowner.

“Every borrower should have access to information that allows them to make sound financial decisions and enable them to continue to make their mortgage payments,” Spencer said. “If you can educate borrowers on their options in advance of a life event, when one happens it’s all about taking action.”

Mortgage professionals can break through these barriers by helping borrowers understand what to expect over the lifecycle of their mortgage.

“Laying the foundation of what the interactions could be in the course of some of these life events can help borrowers be more successful, have less interruptions with their payments and maintain their credit profile for future home purchases,” she said.

Relevant outreach creates a personalized touch and creates trust.

Spencer points out that some servicers are taking creative approaches to provide guidance that’s tailored to an individual homeowner’s specific needs and situation, including customized communication and use of data to help identify and assist with early intervention.

Automated homeowner outreach about how to apply for mortgage relief, for example, can be a fast follow after a borrower stops using auto draft for monthly mortgage payments — a predictive, proactive and relevant message that can prevent defaulting on the loan.

Similarly, an escrow analysis requested by the borrower after receiving an adjustment notice can be included with a quick video clip explaining the reason for the increase, and text message links to informational clips can better outline eligibility requirements and the application process for a payment deferral or loan modification. Both forms of outreach provide user-friendly, end-to-end guidance on mortgage processes that might be unfamiliar to the homeowner.

However, sometimes the best guidance for borrowers, including those who don’t qualify for a loan modification, isn’t to pursue a home retention option.

Instead, housing professionals across the ecosystem, from real estate agents to lenders to servicers, may suggest potential enhancements that would yield the property’s maximum value, allowing homeowners to use their equity as a tool for a clear exit strategy and move into a more affordable property.

“This is becoming a bigger opportunity due to house price appreciation,” Spencer noted.

If a borrower can’t financially recover from a life event, options such as selling their property allow them to exit homeownership gracefully, rather than going down the path of foreclosure.

And integrating debt management companies into servicing operations, which assist with budgeting, debt payoff and managing creditors on a homeowner’s behalf, help drive down recidivism.

Housing counselors help bridge the gap.

Another opportunity for improved homeowner education is integrating housing counselors as a resource.

“Housing counselors can provide the post-purchase education that the borrower may need,” said Stacey Walker, director of affordable lending at Freddie Mac Single-Family.

This can include information on budgeting and what to expect after purchasing a home, home maintenance advice, scams to avoid, disaster-related responses, what to do if a borrower becomes unemployed, what to expect from a servicer conversation and options for mortgage relief.

But there are misconceptions to overcome, including that their services are expensive. While the U.S. Department of Housing and Urban Development (HUD)-approved counseling agencies may charge reasonable and customary fees if they don’t create a financial hardship, Walker notes that many of the services are done at no cost to the homeowner.

Additionally, all counselors who work at HUD-approved agencies must undergo a rigorous process to become HUD-certified. This includes passing a written exam demonstrating competency in six key areas and following national industry standards for homeownership education and counseling.

“For homeowners, there’s often less apprehension than speaking to a servicer,” Walker said. “A borrower may benefit from an initial conversion with a housing counselor, which gives them time to process their options before reaching out to their servicer.” She cites the Freddie Mac Borrower Help Centers and Network and the housing counseling agency directory on the HUD website as being particularly helpful resources.

Freddie Mac offers effective default management solutions that servicers can offer to homeowners facing financial hardships, including payment deferrals and the Freddie Mac Flex Modification.

“Freddie Mac, servicers, housing counselors and other mortgage professionals can remind borrowers facing a life event that they do have options,” Spencer said. “Borrowers may be able to take advantage of one or more solutions in our toolkit to get back on track.”

Walker adds that housing counselors who partner with Freddie Mac can work directly with homeowners to assuage their concerns. “These professionals are educated about our loss mitigation tools and solutions so they can assist borrowers who call them with questions and empower them with information,” Walker said.

Above all else, mortgage professionals trying to help borrowers understand their options in case of a life event or disaster need to keep the lines of communication open from home purchase and beyond. As Spencer put it, “when we collaborate on homeowner education throughout the mortgage lifecycle, we advance sustainable homeownership and mitigate risk.”

Tue, 14 Nov 2023 00:35:00 -0600 Freddie Mac Single-Family en-US text/html https://www.housingwire.com/articles/how-the-housing-ecosystem-can-empower-and-educate-borrowers-about-mortgage-relief/
Victorian agencies report billion dollar loss as new documents outline financial strain

WorkSafe recorded a loss of $176 million, despite receiving a cash injection of $300 million from the state government to offset the rising cost of providing compensation for workers. The Victorian Managed Insurance Authority also reported a $115.4 million deficit driven by claims made because of the collapse of residential building companies and the recovery efforts from damaging floods in October 2022.


The Department of Families, Fairness and Housing also reported a $264.7 million deficit from transactions driven largely by losses recorded by a $222.3 million loss at the state’s public housing operator, Homes Victoria.

Opposition finance spokeswoman Jess Wilson said the financial sustainability of key Victorian agencies was deteriorating.

“Whether it be the state budget or the budgets of government agencies, it’s clear Labor cannot manage money or be trusted to deliver services in a sustainable manner for Victorian taxpayers,” she said.

“The mismanagement of these agencies has consequences. Victorians are paying dramatic increases in WorkCover premiums, housing insurance premiums and even new taxes on a weekend away.”


Other agencies to report losses in the 2021-22 financial year, including VicForests and Fire Rescue Victoria, have not yet tabled their annual reports for 2022-23. They were part of a list of 40 agencies that were not included in the release on Wednesday.

Economist Saul Eslake said wages were the biggest cost for government agencies, and this week the federal Parliamentary Budget Office released its national fiscal outlook that highlighted concerns for Victoria’s finances at a broader budget level.

“They’re not in a disastrous condition, but they’re in a less sound condition than any other jurisdiction except the Northern Territory,” he said.

“Victoria’s found itself in a position where it had to do things that I don’t think any other state has done, which is to put taxes up.”

Eslake said the government couldn’t solve its financial issues entirely by bringing in new revenue, but cutting spending in key state government areas such as schools, health and housing was difficult politically.

He said Victoria’s debt profile had left it more exposed than other states to interest rate rises, and that there were now concerns of another Reserve Bank hike on Melbourne Cup Day.

A government spokesman said Victoria’s economy was strong, the state’s plan to repay its debts was on track, and employment was at record levels.

“We’ll continue to invest in the future of Victorians, creating the homes, schools, hospitals and transport options that they deserve,” he said.

Fri, 03 Nov 2023 07:08:00 -0500 en text/html https://www.theage.com.au/politics/victoria/victorian-agencies-report-billion-dollar-loss-as-new-documents-outline-financial-strain-20231103-p5ehgb.html

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