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Certified Financial Services Auditor® (CFSA®) Exam Syllabus — Securities Discipline

Products, Processes, and the Regulatory Environment

25 Questions

(P) = Candidates must exhibit proficiency (thorough understanding; ability to apply concepts) in these topic areas.

(A) = Candidates must exhibit awareness (knowledge of terminology and fundamentals) in these topic areas.

A. Products (P)

  1. Trusts
    1. Personal
    2. Corporate
    3. Employee Benefits
    4. Transfer/Registrar
  2. Annuities
    1. Fixed
    2. Variable
    3. Real Estate
  3. Derivatives
    1. Swaps
    2. Options
    3. Other Components (e.g., Structured, Credit, Interest, Futures, Forwards)
  4. Stocks
    1. Common
    2. Preferred
    3. Warrants
    4. Debt Securities
    5. Options
  5. Bonds
    1. Convertible
    2. Straight
  6. Commodities
  7. Mutual Funds
    1. Income
    2. Stock
    3. Growth
    4. Balanced Funds
    5. Specialized Funds
  8. Capital Market Products
    1. Real Estate Investment Trust
    2. Repurchase Agreements
  9. Securities Lending
  10. Asset Management (e.g., supervision of fund managers' portfolios and valuations)
  11. Money Market Products

B. Processes (P)

  1. Risk Management
    1. Trading Market Risk
    2. Asset/Liability Management
    3. Reserves
  2. Underwriting
    1. Securities
    2. Initial Public Offerings
  3. Securitizations
  4. Treasury Operations
  5. Back-office Operations
  6. Marketing Sales and Distribution (e.g., Brokers)
  7. Investments
  8. Broker/Dealer Activities
  9. Mergers and Acquisitions

C. The Regulatory Environment (P)

  1. Overview (e.g., Function of Securities Regulators)
  2. Laws and Regulations
    1. Reserve Requirements
    2. Insider Transactions
    3. Self-assessment of Internal Controls/Risk Management
    4. Investor Protection
    5. Financial and Personal Information Privacy
    6. Anti-money Laundering
  3. Financial Markets
    1. Overview
      1. Brokers and Dealers
      2. Types of orders
      3. New issues
      4. Clearing and settlement process
    2. Stock Exchange
    3. Over-the-Counter (OTC) Market
    4. Future and Options Markets
  4. Money and Banking
    1. Theories on the Effect of Interest Rate Movements
    2. Monetary Management Theories

Candidates from the following countries must refer to their local IIA Institute web-site or contact their local representative for more information about local certification processes:


The information contained on this website pertains to all other countries.

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