Lynnel is our blogger from the Philippines. She recently passed all three CIA exam parts and has been exploring the CRMA specialty exam.
Hi, everyone! I am back to discuss one of the specialty exams I mentioned in my previous post, the CRMA certification. I am planning to take the CRMA exam by the end of this year. It looks like it will be challenging but could definitely be worth it for my career.
What Is a CRMA?
The Certification in Risk Management Assurance (CRMA) is a global certification offered by the Institute of Internal Auditors. According to the IIA CRMA website, the CRMA certificate is for those who aspire to be advisors to audit committees and executive management. CRMA holders work in critical areas of risk assurance, governance processes, quality assurance, or control self-assessment. If this sounds good, the CRMA designation is for you.
One of the requirements of the CRMA certification is to be an active CIA holder. So, I guess CRMAs are Certified Internal Auditors looking to prove their worth in this niche field of risk management assurance.
I am most thrilled about this specialty certification because it expands on some of the topics covered in the CIA exam.
I appreciate that the IIA has a clear syllabus for the CRMA exam. However, you might find two of them online. Why? Well, the CRMA program is undergoing some changes in 2021. Therefore, the CRMA 2021 syllabus reflects those changes.
The CIA exam’s main topics are governance, risk management, and internal controls. Therefore, when you study for the CIA exam, especially the topics on governance and risk management, you’ll also be reviewing for the CRMA exam.
Original CRMA syllabus
The original CRMA exam syllabus has four domains, as stated on the IIA website:
- Domain I: Organizational governance related to risk management (25-30%)
- Domain II: Principles of risk management processes (25-30%)
- Domain III: Assurance role of the Internal Auditor (20-25%)
- Domain IV: Consulting role of the Internal Auditor (20-25%)
CRMA 2021 syllabus
However, after mid-2021, the CRMA changes will be implemented. Moreover, the CRMA exam will have a new syllabus, too. Note that it only has four domains instead of three. Additionally, the exam is being expanded from a 120-minute exam with 100 questions to a 150-minute exam with 125 questions.
- Domain I: Internal audit roles and responsibilities (20%)
- Domain II: Risk management governance (25%)
- Domain III: Risk management assurance (55%)
CRMA Practice Questions
In terms of study tools, a colleague who has the certification said she only used the Gleim CIA book and test bank, as well as the supplemental guide on ISO 31000. My other colleague said he purchased the official IIA CRMA materials in conjunction with the Gleim CIA book and supplemental guide. (Click here to learn more about the official CRMA review materials including links to purchase them.) For me, I may purchase the IIA CRMA materials and study along with Gleim and the supplemental guides like my other colleague did.
I will write more later about the specialty exams to pursue and how I plan to study for them. In the meantime, I will enjoy my free time, focus on my family and work, and will report on my experiences with the CRMA program once I get started.
Thank you for reading!
All of our dreams can come true if we have the courage to pursue them.” ~ Walt Disney
Note from Stephanie
Thanks for sharing your story, Lynnel! It’s a very helpful intro to this relatively new IIA certification. I get more and more questions on the CRMA meaning this certification is getting people’s interest.
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