Which one is more difficult to pass, the CIA or CFA exam? Why?

CFA vs CIA 

While both CIA (Certified Internal Auditor) and CFE (Chartered Financial Analyst) exams are considered difficult and demand rigorous preparation, as well as high analytical skills, it eventually boils down to how a candidate studies to determine their difficulty level in passing the exam. Moreover, it also depends on an aspirant’s academic background, CFA or CIA exam preparation, and past experience. 

The Certified Internal Auditor course requires a candidate to cover topics from internal control, risk management, fraud investigation, and governance. The certification exam comprises three sections and each part has both multiple-choice questions and theoretical questions. Due to the theoretical questions, the candidate has to be thoroughly prepared on internal audit practices and procedures. 

The Chartered Financial Analyst examination addresses areas of finance and investment management. It covers topics such as financial reporting, economics, ethics, portfolio management etc. This certification exam comprises three levels, where each level tests the aspirant on their thorough understanding of financial, investment, and portfolio management. 

While, both CIA and CFA are considered high on difficulty, which one is more difficult depends on various factors, such as

• Content Complexity of the Exam: The Chartered Financial Analyst exam covers a wide range of topics that are more related to the investment and financial management portfolio, including corporate financing, fixed income, financial reporting, analysis, derivatives, equity investment, ethics, economics etc. This makes the examination more comprehensive and a candidate must immerse themselves in a deep understanding of these sections. Certified Internal Auditor on the other hand covers topics on risk management, internal control, governance, business analysis, audit planning, and reporting. These sub-sections are less challenging than CFA topics but are still challenging to prepare. 
• Examination Pass Rate: Based on historical data, the pass rates for CFA in comparison to CIA have been relatively low. The Level 1 CFA exam has the highest pass rate which continues to decrease till its Level 3 exam. For CIA exam, the pass rates are not high, with the current pass percentage being 43%. However, the candidates still have to make high efforts and prepare thoroughly to pass the CIA exam. 
• CIA or CFA Exam Format: The certified internal auditor exam comprises three parts-
• Part 1: Essentials of Internal Auditing
• Part 2: Practice of Internal Auditing
• Part 3: Business Knowledge for Internal Auditing
• The candidate can take the exam and pass it in a span of three years. 

For the CFA exam, a candidate has to attempt multiple-choice questions, item sets, and essay questions. 

Professional Expertise and Requirement: Both CFA and CIA exam certifications require a candidate to meet a standard set of professional criteria to obtain the credential. For Certified Internal Auditor certification, a candidate must have at least two years of relevant work experience, while to obtain the Chartered Financial Analyst credential, a candidate must have at least four years of relevant work experience.