Certified in
Financial Administration (CIFA)
General Information:
Educational Requirement: Associate Degree in any Business related
field
Minimum Age: 19 Years Old
Experience: One year in a
business environment
CPE Hours: 10 Annual Hours
Examination Pass Rate: 75%
Conditional Requirement: 1 part
Application Process:
- Complete application
form, (include nonrefundable Examination Fee)
- Two 2" x 2"
passport photos
- Official Transcripts
- Two Letters of
reference
- Current Resume
Why Become Certified in Financial Administration?
As a professional Certified in Financial Administration,
you would have distinguished yourself amongst the best in the field of Business
Administration. Your passing a
recognized examination is an indication that you are proficient and have the
ability, capability and articulation in the art of applying various Financial
Administrative Services. The Certified in Financial Administration (CIFA)
program is designed to test the candidate’s knowledge on numerous functions and
activities in the Business environment.
In this comprehensive study program, Emphasis is placed on the financial
aspects of business which includes: Financial Statement Presentation, Special
Income Statement & Disclosures, Investments and Receivables and Intangibles
& Payables. The CIFA program will
enable a student to think critically and will integrate an approach that will
provide opportunities for study of the synergy among financial functions.
Additionally, the Certified in Financial Administration
(CIFA) program provides the student with professional capability to deal with
the technical complexities in the area of Financial Administration and
Management. The student will also
possess the ability to reason and independently make decisions, possess written
and oral communication skills, possess the requisite skills, and have an
appreciation for the global dimensions of the economy of business and finance.
Examination Dates and Time:
Each of the part of the examination is two and one-half
hours in duration. The exam is a
combination of paper format and computerization, and is offered as follows:-
- The last Friday and
Saturday in each month commencing at 9:00 a.m. – 6:00 p.m.
- Candidates should
schedule their preferred time early to ensure the availability of space
and computer terminal.
International candidates can take the exam at an approved location
with an approved proctor. All
results are mailed out on the third Wednesday after the examination.
Examination Board:
There is a five member examination board, all of whom are
Qualified Business, Management and Financial Professionals.
Program
Overview:
The CIFA examination covers a broad area of
accounting and financial related topics.
These are inclusive in the program to certify that candidates:-
- Understand
the function of accounting and finances in the American/Bahamian social
and business systems and an ability to apply this knowledge to given
situations.
- Understand
accounting philosophy in the context of the principles of the management
of financial service.
- Have the
ability to integrate these principles into a working, viable philosophy
that will assist them in
maintaining their integrity within a financial field.
Further, the CIFA designation is to provide candidates with the overall process
and concepts involved in business and its financial operations. It represents
the fact that successful examination candidates have the articulation to
perform at various levels in the financial field. The awarding of the CIFA is a testimony that the candidate has developed a foundation
and knowledge of resource possibilities for all areas in the business
curriculum. These candidates will be in
a position to:-
- Identify the
goals and uses of accounting to determine why accounting is important in
business
- Apply
corporation accounting principles and concepts in the management
- of
a business enterprise
- Analyze the
affects of merchandise inventory to determine the financial
implications of inventory policies and procedures
- Apply internal
control procedures to cash to ensure the possibility of theft is minimized
- Compare the
entries for accounts and notes receivable to determine the relationship
between the two types of receivables
- Record payroll
liabilities and fringe benefits to determine net pay and the resulting
expenses
- Create
journals entries for capital asset purchases, amortization and disposal to
show an accurate book value of all capital assets
- Prepare
journal entries for short-term notes payable and estimated payables
to determine reasonably accurate values of current liabilities
- Calculate the
price of a bond and any related premium or discount to record the related
journal entry for the sale
- Prepare a cash
flow statement to determine the sources and uses of cash for the period
- Classify
business transactions into operating, investing, and financing activities.
- Record
transactions related to issuance and investments in stocks and
- bonds,
long term financing and investments
- Calculate and
record dividends and retaining earnings
- Prepare
a statement of cash flows, and analyze and interpret financial statements
- Identify the types of decisions investors and creditors make and describe what information in the
financial statements and or related disclosures meets the information
needs of each group.
- Describe
how information sources other than the annual report can be used to learn
more about the nature of an entity’s business.
- Identify some
of the differences between the objectives of tax accounting and financial
accounting and differences between taxable income and financial accounting
income.
- Discuss
what information is typically found in the balance sheet, income
statement, statement of owners’ equity, and statement of cash flows.
- Analyze
the effects of accounting transactions on the elements of the balance
sheet.
- Discuss
the criteria used to determine when revenue is recognized, and apply these criteria to a
specific entity to determine when its revenue should be recognized.
- Distinguishing among the following valuation methods: historical cost, current cost,
current market value, and the present value of cash flows.
- Identify
several ways in which financial accounting information is used to make
business and personal decisions.
- Calculate at
least one financial statement ratio within each of the following five
categories and discuss its usefulness and
limitations in making decisions.
- Explain
how percentage analysis can be used to uncover important relationships and
trends in the financial statements.
- Explain how
inventories and accounts receivable can be mismanaged and describe how a manager can use
financial statement analysis to monitor and control them.
- Discuss
how the need for relevance and reliability affect the design of an
accounting information system.
- Explain
the basic components of internal control and describe the attributes of effective internal control
systems.
- Identify
the strengths and weaknesses of an internal control system and, if
appropriate, suggest improvements
to this system.
The
four-part examination is as follows:-
Part 1 Financial Statement Presentation
Part 2 Special Income Statement &
Disclosures
Part 3 Investments and Receivables
Part 4 Intangibles and Payables
Examination Syllabus
Part 1 Financial Statement Presentation
- Concepts and Standards
- Balance Sheet & Income Statement
- Income Statement & Retained Earnings
- Statement of Cash Flows
Part 2 Special Income Statement &
Disclosures
- Significant Accounting & Reporting Issues
- Revenue Recognition
- Accounting Policies & Related Disclosures
- Derivatives, Purchase Obligations & Risks
Part 3 Investments and Receivables
- Cash and Investments in Securities
- Accounts and Notes Receivables
- Inventories
- Property Plant and Equipment
Part 4 Intangibles and Payables
- Goodwill and other Intangibles
- Prepayments and Special Issues
- Payables and Accruals
- Income Tax Accounting
