CFSA-Key-Graphic[1] Certified Financial Services Auditor (CFSA)

The Certified Financial Services Auditor (CFSA) exam tests a candidate’s knowledge of current auditing practices and understanding of internal audit issues, risks, and remedies in the financial services industry. The revised format allows candidates a choice of emphasis in one of three financial services disciplines: Banking, Insurance, and Securities.

REQUIREMENTS
CFSA candidates must meet the following eligibility requirements:

Education: CFSA candidates must hold a 3- or 4-year post-secondary degree (or higher).

The Global Board of Directors has approved an alternate path to eligibility for the CFSA for those candidates who do not possess a Bachelor’s degree from an accredited university. Candidates may now become eligible for the CFSA, subject to approval, who possess:

  • Two years post-secondary education and five years verified experience in internal audit or its equivalent, OR
  • Seven years verified experience in internal audit or its equivalent.

For further details, please see 2015 Certification Candidate Handbook.

Character Reference: A CFSA candidate must exhibit high moral and professional character and must submit a Character_Reference_Form signed by a signed by a CIA, CGAP, CCSA, CFSA or the candidate’s supervisor.

Work Experience: A CFSA candidate must obtain two years of auditing experience in a financial services environment. A completed Experience_Verification_Form is required. Candidates may apply to the program and sit for the exam prior to satisfying the professional experience requirement, but will not be certified until all program requirements have been met.

Proof of Identification: Candidates must provide proof of identification in the form of a copy of the candidate’s official passport or national identity card. These must indicate current status; expired documents will not be accepted.

The certification program’s eligibility requires candidates to complete the program certification process within four years of application approval. If a candidate has not completed the certification process within four years, all fees and exam parts will be forfeited.

You need to apply for admission by loggin in to the CCMS-system here:

Read the 2015 CCMS User Guide here.

Exam Content
The CFSA exam tests a candidate’s knowledge of current auditing practices and understanding of internal audit issues, risks, and remedies in the financial services industry. The exam consists of 115 multiple-choice questions. The testing period is two hours and fifty-five minutes. Exam questions are all multiple-choice (objective) with four answer choices.

80% of the exam covers four domains: Financial Services Auditing, Auditing Financial Services Products, Auditing Financial Service Processes, and The Regulatory Environment. The remaining 20% relate to the candidates’ chosen discipline and will be at the proficiency level. CFSA candidates may choose any one of the three disciplines as part of their CFSA exam test. Candidates may not choose to be tested on more than one discipline. The CFSA designation does not distinguish one chosen discipline from another.

CFSA Exam Domains
The CFSA exam core content covers four domains. Press the link to get more detailed information:

Domain I: Financial Services Auditing (25-35%)
Domain II: Auditing Financial Services Products (25-35%)
Domain III: Auditing Financial Service Processes (25-35%)
Domain IV: The Regulatory Environment (10-20%)
CFSA Exam Individual Disciplines
Individual Financial Services Discipline Sections (25 questions). Press the link to get more detailed information:

Banking: Products, Processes, and The Regulatory Environment
Insurance: Products, Processes, and The Regulatory Environment
Securities: Products, Processes, and The Regulatory Environment