Preparing for the Certified Internal Auditor (CIA) Exam
Whether you're fresh out of college or working in internal auditing, passing the Certified Internal Auditor (CIA) Exam can skyrocket your career. The CIA exam is a globally recognized credential that signals proficiency in the field of internal auditing. From comprehending regulatory governance to mastering control and risk, this exhaustive examination leaves no stone unturned.
In deciding to invest your time and effort in preparation for a CIA designation, you've made a significant career move. But how do you go about it effectively and most importantly, pass? This guide will unpack strategies and resources to help you effectively prepare for the Certified Internal Auditor Exam.
Understanding the CIA Exam
The CIA exam is organized into three parts:
Part 1: Essentials of Internal Auditing: 125 questions on governance, risk management, and control. You have 2.5 hours to complete this section.
Part 2: Practice of Internal Auditing: 100 questions focusing on managing the internal audit activity, planning, performing, and supervising the audit. The time limit is 2 hours.
Part 3: Business Knowledge for Internal Auditing: 100 questions testing your knowledge about business processes, management principles, information technology, and financial management. This section is also 2 hours long.
CIA Exam Requirements
Prior to starting your journey towards CIA certification, ensure you meet the IIA's (Institute of Internal Auditors) requirements. These prerequisites vary depending on your level of education and work experience:
For Bachelor’s Degree holders: 24 months of internal audit experience or its equivalent.
For Master’s Degree holders: 12 months of internal auditing experience or its equivalent.
In addition, you must possess an appropriate degree from an accredited university or college, stick to the IIA's Code of Ethics, and provide a Character Reference Form completed by a CIA, CGAP, CCSA, CFSA, CRMA, or your supervisor.
Tips for Studying for the CIA Exam
While the CIA Exam can be challenging, developing an efficient study plan and sticking to it can vastly improve your chances of success. Below are a few study tips to help you on your journey:
1. Get Familiar with the Exam’s Content
A thorough understanding of the content and structure of the CIA Exam will guide you in targeting your study efforts effectively. The IIA has a CIA Exam Syllabus that is publicly available, providing a beneficial glimpse of the exam content and format.
2. Leverage Study Guides and Review Courses
There are various study guides and review courses available, both free and paid. They are designed to present information in a format that is easy to understand, review and test. Here are a few recommended ones:
IIA's CIA Learning System: This study guide provides interactive online and printed material covering the entire global CIA exam syllabus. It includes quizzes, tests, flashcards, and a final review that simulates the actual testing process.
Gleim CIA Review Course: Recognized as a comprehensive study material, Gleim includes video lectures, audio reviews, digital and physical books, practice questions, and an online review system.
3. Practice with Past Exams and Sample Questions
The adage 'practice makes perfect' holds true when preparing for the CIA exam. Reviewing past paper questions and practicing with CIA Exam question banks is an excellent way to understand question patterns and improve your speed.
4. Join Online Study Groups or Forums
Being part of a study group or an online forum opens the opportunity to share study tips, get answers to your questions, and gain moral support from fellow examinees. Websites like Reddit or LinkedIn often host these groups.
5. Plan and Stick to a Study Schedule
Planning a realistic study schedule is critical. According to the IIA, you should devote about 30-40 hours of study for each part of the exam. This time will vary depending on your background and study methodology. Regular, shorter study sessions tend to be more effective than cramming.
6. Prioritize Your Health
While studying is crucial, it's essential to maintain a healthy lifestyle during your preparation period. Eating well, exercising regularly, and ensuring ample sleep can boost your cognitive functions, helping you retain what you've studied.
Taking the CIA Exam
Once you feel confident in your preparation, you can schedule your exam through the Pearson VUE website. This global testing organization provides over 900 test centers in 165 countries, so you can find a test center convenient for you.
On the exam day, arrive early to ensure a calm and unravelled start. Remain patient and keep a steady pace to answer every question. Take short breaks when transition occurs from section to section.
Remember, studying for the Certified Internal Auditor Exam involves consistency, dedication, and proper planning and preparation. By following the guidelines listed here, you'll be in a better position to pass the examination and earn the highly regarded CIA designation – the testament of an accomplished internal audit professional.
