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Exam Code: CIA-I Practice test 2023 by Killexams.com team
CIA-I Certified Internal Auditor (CIA)
Part 1 – Essentials of Internal Auditing
125 questions I 2.5 hours (150 minutes)

The CIA test Part 1 is well aligned with The IIAs International Professional Practices Framework (IPPF) and includes six domains covering the foundation of internal auditing; independence and objectivity; proficiency and due professional care; quality assurance and improvement programs; governance, risk management, and control; and fraud risk. Part one tests candidates knowledge, skills, and abilities related to the International Standards for the Professional Practice of Internal Auditing, particularly the Attribute Standards (series 1000, 1100, 1200, and 1300) as well as Performance Standard 2100.

Part 2 – Practice of Internal Auditing
100 questions I 2.0 hours (120 minutes)

The CIA test Part 2 includes four domains focused on managing the internal audit activity, planning the engagement, performing the engagement, and communicating engagement results and monitoring progress. Part 2 tests candidates knowledge, skills, and abilities particularly related to Performance Standards (series 2000, 2200, 2300, 2400, 2500, and 2600) and current internal audit practices.

Part 3 – Business Knowledge for Internal Auditing
100 questions I 2.0 hours (120 minutes)

The CIA test Part 3 includes four domains focused on business acumen, information security, information technology, and financial management. Part Three is designed to test candidates knowledge, skills, and abilities particularly as they relate to these core business concepts.

CIA test Development and Scoring
The CIA test is developed following best practices with the support of experts and professionals. Learn more about the test development process and how exams are scored.

The revised CIA test Part 1 is well aligned with The IIAs International Professional Practices Framework (IPPF) and includes six domains covering the foundation of internal auditing; independence and objectivity; proficiency and due professional care; quality assurance and improvement programs; governance, risk management, and control; and fraud risk. Part One tests candidates knowledge, skills, and abilities related to the International Standards for the Professional Practice of Internal Auditing, particularly the Attribute Standards (series 1000, 1100, 1200, and 1300) as well as Performance Standard 2100.​
Domains Collapse All
I. Foundations of Internal Auditing (15%)
​ ​ ​Cognitive Level
A​ ​​Interpret The IIA's Mission of Internal Audit, Definition of Internal Auditing, and Core Principles for the Professional Practice of Internal Auditing, and the purpose, authority, and responsibility of the internal audit activity Proficient
​B ​Explain the requirements of an internal audit charter (required components, board approval, communication of the charter, etc.) Basic
​C ​Interpret the difference between assurance and consulting services provided by the internal audit activity ​Proficient
​D ​Demonstrate conformance with the IIA Code of Ethics ​​Proficient
II. ​Independence and Objectivity (15%)
​ ​ ​Cognitive Level
A​ ​​Interpret organizational independence of the internal audit activity (importance of independence, functional reporting, etc.) Basic
​B ​Identify whether the internal audit activity has any impairments to its independence Basic
​C ​Assess and maintain an individual internal auditor's objectivity, including determining whether an individual internal auditor has any impairments to his/her objectivity ​Proficient
​D ​Analyze policies that promote objectivity ​​Proficient
III. Proficiency and Due Professional Care (18%)​
​ ​ ​Cognitive Level
A​ ​​Recognize the knowledge, skills, and competencies required (whether developed or procured) to fulfill the responsibilities of the internal audit activity Basic
​B ​Demonstrate the knowledge and competencies that an internal auditor needs to possess to perform his/her individual responsibilities, including technical skills and soft skills (communication skills, critical thinking, persuasion/negotiation and collaboration skills, etc.) Proficient
​C Demonstrate due professional care ​Proficient
​D Demonstrate an individual internal auditor's competency through continuing professional development ​​Proficient
IV. Quality Assurance and Improvement Program (7%)​
​ ​ ​Cognitive Level
A​ ​​Describe the required elements of the quality assurance and improvement program (internal assessments, external assessments, etc.) Basic
​B ​Describe the requirement of reporting the results of the quality assurance and improvement program to the board or other governing body Basic
​C ​​Identify appropriate disclosure of conformance vs. nonconformance with The IIAs International Standards for the Professional Practice of Internal Auditing Basic
V. Governance, Risk Management, and Control (35%)
​ ​ ​Cognitive Level
A​ ​​Describe the concept of organizational governance Basic
​B ​Recognize the impact of organizational culture on the overall control environment and individual engagement risks and controls Basic
​C ​Recognize and interpret the organization's ethics and compliance-related issues, alleged violations, and dispositions ​Basic
​D ​Describe corporate social responsibility ​​Basic
​E ​Interpret fundamental concepts of risk and the risk management process Proficient​
​F ​Describe globally accepted risk management frameworks appropriate to the organization (COSO - ERM, ISO 31000, etc.) Basic​
G​ ​Examine the effectiveness of risk management within processes and functions ​Proficient
​H ​Recognize the appropriateness of the internal audit activitys role in the organization's risk management process ​Basic
​I ​Interpret internal control concepts and types of controls ​Proficient
​J ​Apply globally accepted internal control frameworks appropriate to the organization (COSO, etc.) ​Proficient
​K ​Examine the effectiveness and efficiency of internal controls Proficient​
VI. Fraud Risks (10%)​
​ ​ ​Cognitive Level
A​ ​​Interpret fraud risks and types of frauds and determine whether fraud risks require special consideration when conducting an engagement Proficient
​B ​Evaluate the potential for occurrence of fraud (red flags, etc.) and how the organization detects and manages fraud risks Proficient
​C ​Recommend controls to prevent and detect fraud and education to Boost the organization's fraud awareness ​Proficient
​D ​Recognize techniques and internal audit roles related to forensic auditing (interview, investigation, testing, etc.) ​​Basic
Additional noteworthy elements related to the revised CIA Part One test syllabus:

IPPF elements such as the Mission of Internal Audit and Core Principles for the Professional Practice of Internal Auditing are included.
The syllabus features greater alignment with The IIAs Attribute Standards.
The test covers the differences between assurance and consulting engagements.
The test covers appropriate disclosure of conformance vs. nonconformance with the Standards.
The largest domain is “Governance, Risk Management, and Control,” which makes up 35%of the exam.
A portion of the test requires candidates to demonstrate a basic comprehension of concepts; another portion requires candidates to demonstrate proficiency in their knowledge, skills, and abilities.

The Certified Internal Auditor® (CIA®) test is developed following best practices with the support of experts and professionals. In accordance with test development industry standards, a job analysis study is conducted with a diverse and experienced group of internal auditors to identify the essential knowledge and skills required for internal auditors.
This information is then distributed more broadly to the field through an online survey to obtain additional feedback from internal auditors around the world, to validate its importance and ensure that it reflects current internal audit practices.
Based on the results of the global job analysis study, the CIA test syllabus is developed. The test syllabus guides the development of test questions to ensure the fairness and validity of the exam.
Certified Internal Auditor (CIA)
Financial Certified learner
Killexams : Financial Certified learner - BingNews https://killexams.com/pass4sure/exam-detail/CIA-I Search results Killexams : Financial Certified learner - BingNews https://killexams.com/pass4sure/exam-detail/CIA-I https://killexams.com/exam_list/Financial Killexams : 10 Best Financial Certifications No result found, try new keyword!"It's important that advisors have done the learning to support ... get their retirement income certified professional marks. Offered by The American College of Financial Services, the RICP ... Fri, 16 Apr 2021 20:15:00 -0500 text/html https://money.usnews.com/financial-advisors/articles/best-financial-certifications Killexams : Certified Financial Planner Program

The Leavey School of Business, in partnership with Dalton Education, offers both self-paced and virtual classroom courses that fulfill the CERTIFIED FINANCIAL PLANNER™ certification education requirement necessary to attain your CFP® certification. Both of these programs are designed to fulfill the education requirement to sit for the CFP Certification Examination. Whatever your learning style, we have the perfect program for you:

For more information, click here OR call 877-426-2373 OR send an email to scucfp@course-central.com

 Wed, 20 Sep 2017 12:23:00 -0500 en text/html https://www.scu.edu/execed/individuals/online/ Killexams : How to Pick the Best CFP Program to Study No result found, try new keyword!The first factor is your study habits and learning style ... asks Jamie Hopkins, a certified financial planner and finance professor of practice at the Creighton University Heider College of ... Thu, 28 Jan 2021 02:41:00 -0600 text/html https://money.usnews.com/financial-advisors/articles/how-to-pick-the-best-cfp-program-to-study Killexams : Certified Financial Marketing Professional (CFMP)

Differentiate yourself by earning the only industry-recognized certification for bank marketers. The CFMP demonstrates your mastery of Data and Analytics, Leadership, Strategy, Revenue Generation, and more—critical skills for today’s leaders in bank marketing that will set you apart, and elevate your career.

 Thu, 13 Aug 2020 07:11:00 -0500 en text/html https://www.aba.com/training-events/certifications/certified-financial-marketing-professional Killexams : How to Find a Financial Advisor Near You

No matter your money concern, there's a financial advisor who can help demystify any financial confusion. Looking towards fees, credentials and personal needs can help point you in the right direction.

Understanding your financial needs 

Every stage of life brings financial changes. The focus of early adulthood may revolve around managing newly acquired credit cards and a plan for student loan payments, and the focus of someone in their 40’s may still be paying off student loans, along with caring for aging parents and learning about options trading. Regardless of the stage you’re at, a financial advisor can provide clarity and an actionable plan for your needs. 

Before a financial advisor can even begin to help you map out a course of action, however, you need to know what you want to do with your money. A good place to start is by asking yourself what your financial goals are. Financial goals can vary from funding an emergency fund to eliminating financial risks such as hefty credit card debt, to better positioning yourself to start a business. Goals also help you by setting your timeline. 

Several resources online such as the toolkit from Newark based Financial Educator Tiffany “The Budgetnista” Aliche and the financial goal sheet provided by Rutgers University can assist in determining smart goals and developing a financial framework. 

Having even a general idea of all these items can make the selection of a financial advisor an easier process.

Types of financial advisors

With 480 financial firms and 1407 advisors in New Jersey, there’s no shortage of advice to  transform your finances. The question is, what kind of financial advisor do you need?  

Financial advisors go by many names, but they may not all be certified or have any specific training. Even someone who has gone through training and testing to be a practicing certified financial planner (CFP)  may choose to go by various titles. They may call themselves financial planners, financial therapists,or a financial coach. Others may choose a name that aligns with their speciality such as wealth manager, retirement specialist, estate planner, cash flow analyst, portfolio manager amongst others. However, anyone who gives investment advice must be registered with the Securities Exchange Commission.

Credentials

Anyone can study to specialize in certain financial areas, and most anyone with some knowledge of and experience with money can call themselves a financial planner. According to the Financial Industry Regulatory Authority (FINRA), a self-regulating authority for financial services, a financial planner “could be brokers or investment advisers, insurance agents or practicing accountants—or they have no financial credentials at all.”

So it can be challenging to determine who is credible. One way to do that is to look at the letters  following the person’s name. Some of the most common and trusted certifications include the PFS (Personal Finance Specialist), CFP (Certified Financial Planner), CFA (Certified Financial Analyst) and CEPF (Certified Educator in Personal Finance) certifications. All of these require several courses and exams in various areas of finance. However, CEPF is a self-study program recognized as a professional designation.

Financial advisors, on the other hand, are required to pass the NASAA’s Series 65 exam, which is administered by FINRA. Financial advisors can be brokers, insurance agents and estate planners. Some advisors may be fee-only fiduciary advisors, which means they have a responsibility to you, their client, to pick only the products and services that will be best for you.

Like  with any role, even credentials may not always be a true indicator of how skilled someone is with financial planning. Testimonials from previous clients can be extremely helpful in determining how beneficial they could be to you, especially if the testimonial is from someone in a similar financial situation.

Fees 

Choosing a financial planner or advisor often comes down to cost and affordability. As such, it’s common to ask what is the “going rate.” Some financial advisors charge a  project or service rate, hourly rate, or flat fee for a year-long retainer. Other financial advisors charge on a sliding scale based on the amount of the accounts or money held with them commonly referred to as assets under management (AUM). Some fees are commission based depending on the profit from investments. 

Because of the various payment structors, it’s not uncommon to find one financial advisor charging $200 per hour and another advisor charging up to $7,500 for an annual retainer. 

While the cost may sound steep, it may not be a deterrent. When overwhelmed with cost and pricing options, it’s best to revisit your personal financial goals and needs. Keep in mind that some advisors have their own requirements about who they work with. Depending on their structure, some advisors will only take clients who have over $200,000 in assets to manage while others may have a net worth requirement. 

Where to look to find a financial advisor

The hardest part of finding a financial advisor is knowing where to look. Fortunately, there are several websites, directories and community organizations that can point you in the right direction. 

  • Online advisor search. Using a search engine may seem obvious, but what may not be so obvious are the search terms to use to find exactly what you need. If you are hoping to better understand and leverage mutual funds, searching for “wealth management in NJ” may help.U.S. News features a database allowing you to search for private financial advisors or financial firms nationally or local to you in New Jersey. 
  • NAPFA (The National Association of Personal Financial Advisors). NAPFA provides a list of advisors as well as pertinent information about working with financial advisors. 
  • New Jersey Universities. Some experienced financial advisors teach classes or work closely with universities. Others may earn their CFP at a university, such as New Jersey City University. Ask  local colleges and universities if they have relationships with a knowledgeable and reliable financial advisor to connect you with. 
  • Garrett Planning Network. Getting poor service from someone who doesn’t know what they’re doing is a real fear for those looking to get their finances in order. The Garrett Planning Network can help alleviate some of that risk by searching their database of financial advisors that are licensed or certified. They also only list financial advisors who don’t have net worth, income or asset requirements for their clients.
  • Chambers of Commerce. It’s not uncommon for financial advisors and financial services firms to be active members of their local Chambers of Commerce. Inquiring with the Princeton Mercer Regional Chamber, MIddlesex County Regional Chamber of Commerce, African American Chamber of Commerce amongst others can be helpful in locating New Jersey based financial advisors. 
  • Friends and family. Those closest to you are amongst those you trust the most so you’re likely to find a reliable advisor with sound experience to meet your needs. It can help to ask a friend with a similar lifestyle and goals for a personal recommendation since many financial issues and solutions can vary based on where you are in life. Someone with three kids in middle school in  pursuit of F.I.R.E. (financial independence/retire early), may not be able to recommend a financial advisor if your financial goal revolves around creating an estate plan that leaves money to heirs and funds a charity. 
  • Alignable. Alignable is a small business community social network for professionals to connect, refer and collaborate with people in various industries. By joining the online community for your New Jersey town, you’ll be able to  view the business directory for the area and easily navigate to financial advisors servicing that location.
  • The Fee Only Network. The Fee Only Network could be ideal for people looking for financial advisors in New Jersey who don’t get paid from commissions earned on investment packages sold to you. 
  • ‌SmartAsset is a personal finance website, and their flagship service is helping people find vetted financial advisors.

How to choose a financial advisor (things to consider)

There are several other factors to keep in mind when choosing a financial advisor, aside from fees and credentials. You may also want to keep in mind the advisor's specialty, client experience, and meeting options. Even though a financial advisor can offer guidance on several aspects of money management and solutions, they may not be well-versed in what you need. For example, it is not ideal to work with someone whose experience is only advising those in late-middle age if you have a growing family with small children. Or if the high cost of property taxes in New Jersey is concerning, you may prefer to select a financial advisor with extensive knowledge with real estate and debt management.  Financial advisors can specialize in retirement planning, debt management, investment advice, tax planning and more. It makes sense to choose someone aligning with your financial goals and needs. 

You may also want to consider your availability and scheduling when selecting an advisor. Your job, home life and free time can determine if you require someone who can offer virtual sessions or someone who only does in-person meetings. Additionally, someone just starting their financial journey with fewer assets to manage may prefer someone who offers flexibility in the amount of hours they provide versus someone requiring you to sign a contract for a full year. 

Finally, the advisor’s financial philosophy and ability to be empathetic can play a big role in whether or not you feel at ease and receptive to the guidance provided. Money can be just as emotional as it is transactional, and someone who isn’t empathetic to your situation may not be a good choice. Or you may prefer someone who isn’t as empathetic and uses a “tough love” approach instead. Be honest with yourself about what you respond to so you can find an advisor who delivers information in the capacity you need.

Questions to ask a financial advisor

How do you operate?

This will deliver you an idea of how many sessions you can expect and what their framework is for guiding a client. It will also let you know how much access to the particular advisor you have. For example, can you expect answers to emails and phone calls outside of the regular sessions, or will you have to wait till your scheduled appointments?

What are your values in relation to personal finance?

You don’t only want to choose someone who knows about money. Ideally, the financial advisor you work with will also align with your values or be able to offer guidance that aligns with your values. 

What is your fee structure?

Considering the various ways personal advisors are compensated whether hourly, fee-only, retainer, commissions, or fee-based, you want to make sure whoever you work with is upfront about them. An advisor who can clearly answer how they are paid is one way an advisor can build your trust. 

Are you a fiduciary?

Working with a fiduciary is one way to determine if an advisor works with their clients’ best interest in mind as opposed to being motivated by commissions. 

How do you define “financial advisor?”

Because financial advisor is a very broad term, asking one how they define it can be helpful in understanding whether or not you are speaking to the person who can help with your needs. 

What kind of clients do you tend to work with? 

Even though financial advisors may be capable of working with anyone, it’s a good idea to work with someone who is familiar with people who are similar to you or similar to your financial situation. If you recently moved to New Jersey  from another state, it could be helpful to know your advisor has already assisted other new residents adjusting to the financial landscape of New Jersey such as higher property taxes.

 Sun, 05 Feb 2023 01:08:00 -0600 en text/html https://www.nj.com/personal-finance/article/how-to-find-a-financial-advisor-near-you Killexams : Certified Trust and Fiduciary Advisor (CTFA)

Testing Update: ABA and Meazure Learning are offering candidates the option of testing via live remote proctoring (LRP). This allows candidates to take the test at their home or other location with a live, remote proctor.

Important Note: With the Meazure Learning acquisition, candidates may see communications from Meazure Learning and ProctorU during this transition period. However, this is one organization.

 Thu, 14 Oct 2021 13:22:00 -0500 en text/html https://www.aba.com/training-events/certifications/certified-trust-and-fiduciary-advisor Killexams : What to Expect From the Certified Financial Planner Exam SmartAsset: CFP exam: how to study and what to expect © Provided by SmartAsset SmartAsset: CFP exam: how to study and what to expect

If you’re interested in becoming a certified financial planner, passing the CFP test is a necessary step. The CFP test is a 170-question multiple choice test that’s designed to thoroughly test your knowledge about financial planning. Preparation is key, as the test has a reputation for being difficult. Developing a plan for study and knowing what to expect on test day can increase your odds of earning a passing grade.

If you are looking to grow your financial advisory business, check out SmartAsset’s SmartAdvisor platform.

What Is the CFP Exam?

The CFP test is a comprehensive test that gauges your ability to apply financial planning concepts to real-world scenarios. Passing the test is a requirement for obtaining a certified financial planner designation. The test is administered by the CFP Board three times a year in March, July and November, both in person and through remote testing centers.

To complete the test, you must answer 170 multiple-choice questions. The test is administered in two three-hour sessions. There is a fee to take the test, which is determined by your registration date. The fee schedule is as follows:

  • Early registration – $825
  • Standard registration – $925
  • Late registration – $1,025

You can register to take the CFP test online at the CFP Board website. To register for the test, you must either complete a CFP Board registered program or complete equivalent coursework. Submitted coursework is subject to a transcript review by the CFP Board.

If you opt for the second route, you have to verify your coursework before the test date. Otherwise, your registration will be withdrawn, and you’ll be charged a $500 postponement fee.

You don’t need a bachelor’s degree to take the CFP exam. You do, however, need to complete a bachelor’s degree program within five years of passing the exam.

What Does the CFP test Cover?

The CFP test spans several areas of core knowledge that the CFP Board deems necessary to work as a certified financial planner. Those core areas include:

  • Professional conduct and regulation
  • General principles of financial planning
  • Risk management and insurance planning
  • Investment planning
  • Tax planning
  • Retirement saving and income planning
  • Estate planning
  • Psychology of financial planning

Each section is assigned a different weighting. For example, retirement savings and income planning account for 18% of the test questions while the psychology of financial planning is just 7%.

All questions are pass/fail and count as one point each toward your score. In terms of the minimum score needed to pass, the CFP Board does not disclose one. Instead, the Board uses the results of the test to gauge how competent someone is to carry out the duties of a certified financial planner. As of November 2022, the test had a 64% pass rate.

How to Study for the CFP Exam

SmartAsset: CFP exam: how to study and what to expect © Provided by SmartAsset SmartAsset: CFP exam: how to study and what to expect

The CFP test is designed to test what you know about financial planning and your ability to apply those concepts to situations you might encounter when working as a financial planner. With that in mind, here are a few helpful tips for preparing for the CFP exam.

  • Start early. While it takes just a few hours to complete the CFP exam, it can take months of study to fully prepare. Depending on how much time you have available, you may want to begin your studies three months, six months or even a year in advance of your anticipated test date.
  • Take advantage of CFP resources. The CFP Board provides free study resources, including a full-length practice exam, study guides and a mentoring program to help you prepare. Those benefits are all included with your test registration fee.
  • Create a study schedule. Having a set study schedule can help you to get organized and keep an appropriate pace so that you’re able to cover everything before the exam. You can set your schedule to include specific days and times, which can help you stay committed to the plan.
  • Consider a course. Taking a CFP test prep course might be helpful if you’re more comfortable learning in an instructional environment, rather than just doing a self-paced study. You’ll typically pay a fee for these courses, but it may be worth it if you’re able to glean new knowledge or study skills as a result.

Practice makes perfect. And the more problem-solving activities you’re able to complete, the more prepared you may be by the time test day rolls around. Again, what’s most important to keep in mind is how you can use the concepts you’re learning practically when working with clients as that’s what the CFP Board is most concerned with.

What to Expect When Taking the CFP Exam

How you prepare for the day of the test depends largely on whether you registered to take the test remotely or in person. If you’re taking the test at a testing center, you’ll need to have a valid, government-issued ID to gain entry.

You’ll also need to offer a fingerprint, take a photo and complete a body scan upon entering the test center. A body scan isn’t required for remote testing, but you will need to provide a video of your test-taking workspace. And you will need to demonstrate you’re not concealing any cheat sheets on your person.

Before the test begins, the test administrator will go over the rules and regulations of the test center. They’ll review your calculator to make sure it’s up to standard and provide you with a whiteboard to use during the exam. Once the preliminaries are over, you’ll be shown to your test seat.

The test is self-paced but it’s important to keep the three-hour time limit in mind as you work through each section. You’ll have a five-minute tutorial to complete beforehand, followed by 180 minutes to complete 85 test questions. There’s a 40-minute break period, followed by the second 180-minute block to complete the remaining questions.

You’ll have a chance to take a brief survey once the test is over to share your feedback. After you complete the CFP exam, you’ll get your results by email, typically within four weeks.

Is Taking the CFP test Worth It?

SmartAsset: CFP exam: how to study and what to expect © Provided by SmartAsset SmartAsset: CFP exam: how to study and what to expect

Taking the CFP test is worth it if you want to pursue a career as a certified financial planner. You won’t be able to do so without first taking the exam.

Working as a certified financial planner can be rewarding if you’re passionate about helping people to reach their financial goals. The CFP test can prepare you for a wide range of situations you might encounter when working with clients. And it can help you to fine-tune your problem-solving skills.

However, you don’t need to obtain a CFP designation if you’re interested in becoming a certified educator in personal finance (CEPF) or a certified credit counselor. While there are educational requirements that need to be met for those designations, they’re not as rigorous as the CFP exam.

The Bottom Line

The CFP test can seem a little daunting and early planning can be critical to your success in achieving a passing grade. Knowing what the test covers, how to study for it and what happens on the test day can help you to approach it calmly and confidently.

Tips for Growing Your Financial Advisory Business

  • Partner for growth. If you’re interested in scaling your financial advisory business, you don’t have to go it alone. SmartAsset’s SmartAdvisor platform makes it easy to match with vetted financial advisors who fit your ideal client profile, without having to do any active canvassing. You can get leads delivered to your inbox and you only pay for those you connect with. If you’re ready, get started now.
  • Keep an eye on trends. Knowing what your clients want is key to better meeting their needs. It’s also central to attracting new prospects to your business. SmartAsset’s recent survey reveals the top year-end moves advisors are discussing with clients.

Photo credit: ©iStock.com/Michele Pevide, ©iStock.com/Sean Anthony Eddy, ©iStock.com/MangoStar_Studio

The post CFP Exam: How to Study and What to Expect appeared first on SmartAsset Blog.

 Mon, 02 Jan 2023 00:43:00 -0600 en-US text/html https://www.msn.com/en-us/money/taxes/what-to-expect-from-the-certified-financial-planner-exam/ar-AA15TsIk Killexams : Ongoing Financial Affairs Projects

We work with cross-functional teams to Boost financial processes and resources.

Annual Financial Certification - SAHARA

The Financial Affairs annual financial certification project will create a more streamlined approach to the annual department manager financial certification. The financial certification process will be performed via the SAHARA application in PeopleSoft.

SAHARA provides a transparent, intuitive, and global view of manager cost centers and projects and their reconciliation status. This project extends these attributes to the required annual financial certification process.

Timeline: June 2021 through September 2021

Website Upgrade

Financial Affairs website project is a modernization upgrade and redesign for Financial Affairs’ websites including all subordinate departments. Our foremost focus for the redesign was to create a positive user experience. We conducted a focus group to hear about users' experiences, explored best practices in web redesign best practices and SEO, which directed us to develop a site plan our users could easily navigate to find the most relevant and commonly used information.  

Timeline: August 2020 through April 2021

PaymentWorks

Financial Affairs’ PaymentWorks project seeks to implement a vendor/supplier onboarding application tool that integrates with UTShare PeopleSoft.

The new onboarding application allows suppliers to submit their registrations, and future updates, electronically. The application collects compliance related information and verifies supplier’s credentials and identities.

Timeline:  October 2020 through March 2021 

GRA/GTA Conversion to Contract Pay

GRA/GTA conversion to contract pay seeks to transition from salary to contract pay for Graduate Research Assistants (GRA) and Graduate Teaching Assistants (GTA) employees. The contract payment method allows consistent month-to-month payments for GRAs and GTAs, with no fluctuations other than a prorated payment for contracts beginning or ending mid-month.

Timeline: October 2020 through August 2021

Pilot group

  • December 2020
    Begin hiring for pilot GRA and GTA for spring 2021 semester, effective 1/16/2021
  • January through May 2021
    GRA and GTA pilot employees under contract pay
  • April 2021
    Transition all GRA and GTAs campus-wide for summer 2021 contracts, effective 6/1/2021
  • June through August 2021
    All GRA and GTA under contract pay

Supply Chain Task Force

Supply Chain project seeks to maximize university resources through strategic sourcing and streamlining business processes.

Timeline:  December 2020 through 2021

Goals:

  • Simplify processes and reduce paper processing
  • Customer service agreements and training plan
  • Tools for departmental purchasers/users
  • Metrics to measure and report for each Supply Chain office
  • Begin strategic sourcing for common commodities
  • Develop tools to track and reduce inefficiencies caused by departmental processing errors
  • Compliance risk assessment and risk tolerance
  • Implement outreach strategy that reaches all departments on a rotating basis
  • Training analysis
 Tue, 20 Apr 2021 13:07:00 -0500 en text/html https://www.utsa.edu/financialaffairs/projects.html Killexams : ChatGPT Won’t Replace Financial Advisors Yet. Here’s Why

Artificial intelligence laboratory OpenAI launched ChatGPT in November 2022. In the months since, the internet has been abuzz with discussions of how advanced AI could reshape society — including the financial services industry.

Some people see AIs like ChatGPT as tools that could increase productivity, while others see them as potential competitors in the job market.

Here’s what a financial advisor and a machine learning engineer think about the future of AI in financial services — and what ChatGPT has to say for itself.

What is ChatGPT?

ChatGPT is an AI program whose name stands for "chat generative pretrained transformer." It's an example of a large language model or LLM. (AI engineers really like acronyms.)

In simple terms, an LLM is a program that can respond to messages using patterns learned from training materials. ChatGPT's training materials include hundreds of gigabytes of data and billions of words of text from books, websites and other sources.

Could an AI like ChatGPT take peoples' jobs?

AI programs such as ChatGPT can master human languages and coding languages — and they can't accidentally forget information the way humans can. With that in mind, some people worry that AI could automate away a lot of jobs in the coming decades, including "knowledge jobs," which were previously considered safe from conventional, factory-robot-style automation.

In November 2017 — five years before the launch of ChatGPT — consulting firm McKinsey published a report estimating that between 400 million and 800 million workers globally could be displaced by automation by 2030.

LLMs have already encroached on some knowledge-based professions, such as financial journalism. For example, the technology website CNET announced in January 2023 that it had published several dozen AI-written personal finance articles.

To see whether financial advisors could be next, the author of this article asked ChatGPT a series of personal finance questions.

Does ChatGPT deliver good financial advice?

ChatGPT, for its part, is modest about its financial advisory capabilities. "As a language model AI, I can provide information and insights on personal finance, but I cannot provide personalized financial advice," it said in a written interview.

(The author asked ChatGPT for consent to quote it in this article. "I do not have personal opinions or control over my use," it said, although it did ask for its comments to be attributed to ChatGPT and OpenAI.)

Below are several quotes pulled from a conversation between the author and ChatGPT, with comments from Rick Nott, a certified financial planner with California-based registered investment advisor LourdMurray.

Question: "What are some of the best investments for a young person who wants to start saving for retirement?"

ChatGPT started its answer by recommending employer-sponsored retirement plans like 401(k)s and a traditional or Roth IRA.

"A traditional IRA offers tax-deductible contributions and tax-deferred growth, while a Roth IRA offers tax-free withdrawals in retirement," it said.

It also recommended index funds, suggested individual stocks and exchange-traded funds "if you're comfortable with a higher level of risk," and urged caution when selecting individual investments.

"Be sure to do your research and consider working with a financial advisor to develop a diversified investment portfolio," ChatGPT said.

Nott pointed out that although the question asked for "some of the best investments," ChatGPT's first two answers — 401(k)s and individual retirement accounts — are investment methods, while only the final two — individual stocks and ETFs — are real investments.

"Technically, it answered the prompt correctly. But for someone who doesn't have the requisite knowledge, that might be a little confusing," Nott said.

Question: "What are some good ways to increase my income tax refund?"

ChatGPT suggested keeping records and receipts and making sure to "claim all eligible deductions, such as charitable donations, mortgage interest, state and local taxes, and work-related expenses," and noted that medical expenses "which exceed a certain percentage of your income" could also be deducted.

The AI also recommended contributing to a 401(k) or IRA,  taking advantage of tax credits such as the earned income tax credit and child tax credit, and adjusting your withholding.

"If you received a large refund this year, you may be able to adjust your withholding so that you receive more in your paycheck throughout the year instead of waiting for a big refund at tax time," ChatGPT said.

Nott said in an email interview that these answers are "not complete."

"For most people, the standard deduction will be higher than itemizing. So by taking all deductions, you might inadvertently get less of a tax refund. Similarly, medical expenses usually only matter if you itemize deductions," he said.

Nott also pointed out that health savings accounts and flexible spending accounts are missing from the answers.

He said that ChatGPT's point about withholding is "probably the best and most widely applicable answer," but that it's missing some critical caveats.

"This doesn't address 1099/independent contractors who have no taxes withheld and may have to make estimated tax payments," Nott said.

On the whole, Nott described ChatGPT's answers as "70% or 80% accurate."

What do financial advisors think about ChatGPT?

With that in mind, Nott said he isn't worried about losing his job to an AI such as ChatGPT.

Well-rounded financial advisors, he said, need to gather information on the "needs, values, goals and important relationships" of clients.

"That is very much a therapist-style line of questioning. There's a vulnerability — which is where you get the real, true answers to things — that you have to elicit through that initial conversation," he said.

Nott isn't sure that humans will ever trust an AI enough to show that vulnerability.

"My view is that unless humans are comfortable enough with an AI… it's gonna be a poor driver of the things we're really doing as wealth advisors," he said.

What do AI engineers think about AI financial advisors?

Matthew Alhonte is a machine learning engineer for health care technology company Actium Health and has worked on AI model design. He said in a written interview that trust might not actually be a problem for a hypothetical AI financial advisor.

"There are studies showing that people are often a lot more willing to be honest with a machine than a person," Alhonte said.

A 2014 study by researchers at the Institute for Creative Technologies and Bard College backs up that claim. It found that patients in health screening interviews reported a "lower fear of self-disclosure" when they were told that the interviewer was an automated program.

Alhonte noted that an LLM could be trained with human-curated data to ask sensitive financial planning questions like, "Do you have any disabled dependents who'd need to retire on your savings with you?"

He also disagreed with the pop-culture perception that AI comes across as robotic. He said that LLMs such as ChatGPT are "actually pretty good at emulating the tone and style of writing" of a human, which could help an AI financial advisor build trust with clients.

However, Alhonte cautioned that LLMs "have very low reliability."

He said that these systems are "good most of the time but catastrophically wrong one time out of 100," which "probably wouldn't be acceptable for something where it matters to be catastrophically wrong."

What does ChatGPT think?

"It's possible that advanced AI technology could play a role in the financial advisory industry in the future. However, it's unlikely that AI will completely replace human financial advisors in the near future," ChatGPT said.

But given the level of activity in the AI industry, that "advanced AI technology" may not be far off.

ChatGPT was only released a few months ago. In an interview with StrictlyVC, OpenAI CEO Sam Altman didn't confirm or deny that OpenAI could release GPT-4 — the successor to the GPT-3.5 LLM, which powers ChatGPT — this year. Google is also testing an LLM-based ChatGPT competitor called Bard. It plans to let developers start integrating Bard into products next month and open it to the public "in the coming weeks."

For now, ChatGPT seems to agree with Nott that some aspects of the financial advisor job need a human touch.

It said financial advisors need "emotional intelligence, empathy, and the ability to build trust and rapport," qualities that "cannot be easily replicated by AI."

At least, not yet.

The article ChatGPT Won’t Replace Financial Advisors Yet. Here’s Why originally appeared on NerdWallet.

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