Skip Ribbon Commands
Skip to main content
The Institute of Internal Auditors North AmericaBreadcrumb SeparatorCertificationBreadcrumb SeparatorCFSA CertificationBreadcrumb SeparatorExam Syllabus Securities Discipline
Certifications & Qualifications
Expand/CollapseNew to Certification?

Expand/CollapseCurrently Enrolled?

Expand/CollapseAlready Certified?

Expand/CollapseCIA Certification

Expand/CollapseQIAL Qualification

Expand/CollapseCGAP Certification
Expand/CollapseCFSA Certification
Get Started
Eligibility Requirements
Exam Syllabus
Sample Exam Questions
CPE Requirements
Exam Preparation Resources
Expand/CollapseCCSA Certification
Expand/CollapseCRMA Certification
Expand/CollapseCPSA and CPEA Certification

Access CCMS & User Guide
Administrative Directives
CBT Exam Tutorial
CCMS Single Sign On
Certification Corner News
Certifications Merchandise
Candidate Eligibility Extension
Document Upload Portal
Download Handbook
Exam Language Offerings
Exam Security
Pricing Structure
Recognized CPE Providers
Social Media & Open Badging
Certification FAQ

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

IMPORTANT! CCMS users go here to prepare for Single Sign On.

Access CCMS

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.