You can apply for the CIA Challenge Exam now if you meet the eligibility requirements, with multiple testing windows offered throughout the year.
If you’re planning to qualify through the 10+ years of internal audit experience pilot, you must apply before September 30, 2026, and test during one of the remaining windows in 2026.
What’s covered on the exam? The CIA Challenge Exam syllabus outlines the topics and structure so you know what to expect.
Not sure you’re up for the Challenge? The IIA’s Challenge Exam practice questions offer a simple way to preview the format and level of difficulty before you commit to the exam.
Interested in this topic? Visit the links below for more resources:
Visit The IIA’s website or YouTube channel for related topics and more.
00:00:02 The IIA
The Institute of Internal Auditors presents All Things Internal Audit.
00:00:06 The IIA
In this episode, Benito Ibarra speaks with Margaret Pacheco about her experience earning the CIA through the Challenge Exam.
00:00:14 The IIA
They discuss who the exam is designed for, how it differs from the traditional three-part path, and how the CIA can strengthen credibility for internal audit professionals at every stage of their careers.
00:00:27 Benito Ybarra
Today, we have Margaret Pacheco joining us.
00:00:30 Benito Ybarra
Margaret, in addition to being on our professional certifications board, comes to us as a managing director on Protivities Internal Audit and Financial Advisory Practice.
00:00:39 Benito Ybarra
Margaret, welcome.
00:00:40 Margaret Pacheco,
Thank you, Vanita.
00:00:41 Benito Ybarra
Yes, is there anything else you'd like to share about yourself?
00:00:44 Margaret Pacheco,
So I'm A Managing Director at Protiviti.
00:00:46 Margaret Pacheco,
I lead the internal audit practice for Protiviti Canada.
00:00:49 Margaret Pacheco,
I'm also the chair of the IRA Toronto Chapter Board.
00:00:53 Margaret Pacheco,
And like you mentioned, Benito, I'm a member of the Professional Certification Board since 2021.
00:00:59 Benito Ybarra
Great to see you again.
00:01:00 Benito Ybarra
Great to have you on the podcast.
00:01:02 Benito Ybarra
Thank you for all you do for the profession and for the IIA.
00:01:05 Benito Ybarra
So you have a very unique vantage point.
00:01:07 Benito Ybarra
You're on the PCB as mentioned, but you also obtained your CIA through the challenge exam process.
00:01:14 Benito Ybarra
So can you tell us a little bit about when you decided to do this and how that process went for you initially?
00:01:21 Margaret Pacheco,
I qualified originally as a chartered accountant in South Africa back in 2003, and then I obtained my Canadian CPA in 2005.
00:01:30 Margaret Pacheco,
I started my career in external audit, but I moved to internal audit about 15 years ago.
00:01:36 Margaret Pacheco,
And in my profession, I was signing off on internal audit reports against the global internal audit standards.
00:01:43 Margaret Pacheco,
And I felt that obtaining my CAA would give me that additional credibility and knowledge required to be able to do my job effectively.
00:01:53 Margaret Pacheco,
So I did decide in 2020 to do my CAA exam.
00:01:58 Margaret Pacheco,
I learned a little bit about the challenge exam and I saw that it was actually based on the three-part exam.
00:02:06 Margaret Pacheco,
So same curriculum, same rigor.
00:02:09 Margaret Pacheco,
And because it already recognized the experience and the knowledge that I had from my CPA, I thought it would be a good way to obtain my CIA.
00:02:18 Margaret Pacheco,
And it was a great experience.
00:02:20 Margaret Pacheco,
I did the prep material.
00:02:22 Margaret Pacheco,
I did practice exams.
00:02:25 Margaret Pacheco,
And I studied over about two months, in the evenings and on the weekends, because I was working at the time.
00:02:31 Margaret Pacheco,
And then I wrote the exam.
00:02:32 Margaret Pacheco,
I did think it wasn't easy, straightforward, even though I was practicing for a long time.
00:02:38 Margaret Pacheco,
At that stage, I was practicing order and intern order for about 20 years.
00:02:41 Margaret Pacheco,
I still had to study.
00:02:42 Margaret Pacheco,
I had to review the questions.
00:02:44 Margaret Pacheco,
I had to understand how the questions are framed.
00:02:46 Margaret Pacheco,
So it was important to spend the time to, you know, learn the material.
00:02:50 Margaret Pacheco,
But it was, you know, it wasn't too, difficult, but it was also not easy.
00:02:55 Margaret Pacheco,
I just thought it was well balanced.
00:02:56 Margaret Pacheco,
So I really enjoyed it.
00:02:58 Benito Ybarra
That's good perspective for those that want to take it, but also for those that have took it and passed it in a different way, for instance, myself.
00:03:06 Benito Ybarra
So I took this a while back and so far back that I did it on paper in a university.
00:03:11 Benito Ybarra
Very different process, but definitely had to study, definitely a rigorous process.
00:03:17 Benito Ybarra
And we really try to ensure that happens on the challenge exam because one of the questions we most often get
00:03:24 Benito Ybarra
is this a shortcut?
00:03:26 Benito Ybarra
Is this an easier way to get the CIA?
00:03:29 Benito Ybarra
And I always say certainly not, but it sounds like from your perspective, you would agree.
00:03:33 Margaret Pacheco,
Yeah, definitely.
00:03:34 Benito Ybarra
So as a member of the PCB, you know, you're certainly familiar with the certification programs.
00:03:39 Benito Ybarra
Can you describe a little more with regard to how the challenge exam is different than the regular three-part exam?
00:03:45 Margaret Pacheco,
Yes, Minito, I can.
00:03:46 Margaret Pacheco,
I would say to start off with, a big difference is that it's only one exam.
00:03:51 Margaret Pacheco,
So it's a multiple choice exam.
00:03:52 Margaret Pacheco,
It includes 150 questions and you do it over 3 hours.
00:03:56 Margaret Pacheco,
So that's the biggest difference because you noted earlier, Benito is not less rigorous than the three-part exam, right?
00:04:02 Margaret Pacheco,
So it covers all the subject from the three-part exams, but it is designed for experienced professionals who already hold a recognized certification.
00:04:11 Margaret Pacheco,
So it takes into account that candidates already have a strong understanding of many foundational principles given the prior certification and experience.
00:04:19 Margaret Pacheco,
So this exam provides A streamlined pathway to the CIA designation by assessing more core internal audit knowledge in a single exam.
00:04:27 Margaret Pacheco,
But it still covers all the key topics that are part of the three-part exam, like I mentioned, including audit principles, governance, risk management, and controls.
00:04:38 Benito Ybarra
That's good.
00:04:39 Benito Ybarra
So like many auditors, like myself included, we don't really understand what internal audit is until we're doing it for some reason or another fall into it or it piques our interest.
00:04:49 Benito Ybarra
And we end up doing the job, never really understanding that there could be other opportunities like certifications.
00:04:55 Benito Ybarra
So for those that are potentially in that position or even thinking about changing careers, tell us about the eligibility pathways.
00:05:02 Benito Ybarra
You know, who can apply and take the challenge exam?
00:05:07 Margaret Pacheco,
Yeah, so the people that can apply to take the challenge exam are qualified accountants.
00:05:11 Margaret Pacheco,
So if you have your CPA, CA, also CISA holders.
00:05:16 Margaret Pacheco,
You are also able to write exam if you have a CISA certification.
00:05:21 Margaret Pacheco,
And in addition to that, there's also a pilot that the IRA is holding now.
00:05:26 Margaret Pacheco,
So if you have over 10 years of internal audit experience, you are also able this year to write the challenge exam.
00:05:34 Benito Ybarra
That's right.
00:05:35 Benito Ybarra
So it's really a good opportunity for, like I mentioned, for those, you know, professionals that have been doing this for a while, or even some that are in rotation programs.
00:05:44 Benito Ybarra
that have now gotten an opportunity to be a director or a vice president of audit.
00:05:49 Benito Ybarra
So this is a really good opportunity if you've been in your role for a while, 10 or more years, or in a rotational program that's put you in a position of leadership in internal audit, to examine whether or not the CIA is right for you.
00:06:03 Benito Ybarra
But again, like Margaret said, it's a limited time opportunity.
00:06:07 Benito Ybarra
You have a few months to think about it and actually do it.
00:06:09 Benito Ybarra
So I'd obviously encourage you to do that.
00:06:12 Benito Ybarra
So going back to your own personal experience, Margaret, so why did you decide to pursue the challenge exam as opposed to the traditional three-part exam?
00:06:20 Margaret Pacheco,
Because the challenge exam, I felt acknowledges the expertise that I already gained through my other certifications, as well as my professional experience.
00:06:28 Margaret Pacheco,
And also, as you become, you know, more seen in your career, and I did it late in my career, it was also a time commitment consideration as well.
00:06:37 Margaret Pacheco,
So that's the main reason.
00:06:39 Benito Ybarra
So
00:06:40 Benito Ybarra
Actually getting ready, right?
00:06:41 Benito Ybarra
So studying for the exam.
00:06:43 Benito Ybarra
like you said, everybody's at a different point in their career, different parts of the world with different life experiences.
00:06:50 Benito Ybarra
What was your experience in studying for the exam?
00:06:54 Benito Ybarra
And what kind of advice would you give people that are going to study for this exam to try to pass it?
00:06:59 Margaret Pacheco,
My experience was actually very good.
00:07:01 Margaret Pacheco,
Like I said, the material was well laid out.
00:07:03 Margaret Pacheco,
You know, I had the practice exams.
00:07:05 Margaret Pacheco,
I did it over about a two-month period, but it did take time, right, in the evenings and on the weekends to do that.
00:07:12 Margaret Pacheco,
What helped me, because I was working at a time, was to break down, the syllabus into components that were manageable for me and making sure that I was able to get through the whole material before I wrote the exam.
00:07:25 Margaret Pacheco,
Overall, it was a great experience.
00:07:27 Benito Ybarra
Was there anything surprising that you encountered with the study material or, you know, taking this journey toward taking the exam?
00:07:35 Margaret Pacheco,
Not really surprising, Benito, but because I had done it for such a long time, I honestly thought it would be easier.
00:07:42 Margaret Pacheco,
I thought, okay, I don't need to study for this, you know, I'll be able to write it.
00:07:45 Margaret Pacheco,
And I'm glad I did take the time to study because when I was going through the exam, it wasn't as straightforward as I thought it would be.
00:07:53 Benito Ybarra
So you mentioned your qualification as a CPA.
00:07:57 Benito Ybarra
How did that help you in preparing for this exam?
00:08:01 Margaret Pacheco,
Yeah, it helped me because of the core skills that you gain as a CPA.
00:08:05 Margaret Pacheco,
like ethics is similar, like it had, we did audit, right?
00:08:09 Margaret Pacheco,
So around compliance, financial reporting.
00:08:11 Margaret Pacheco,
So those were kind of core knowledge or skills that I already had.
00:08:16 Margaret Pacheco,
So applying it to internal auditing made it easier.
00:08:20 Margaret Pacheco,
I would also say kind of the rigor of studying for another exam, another designation, it also helped me in preparing for the exam as well.
00:08:28 Benito Ybarra
Yeah, that's good.
00:08:30 Benito Ybarra
So
00:08:30 Benito Ybarra
Do you have any recommendations for those who are currently thinking about it or currently studying for this?
00:08:36 Margaret Pacheco,
Yeah, I would say if you do have a CSIR or a CPA, I would recommend the challenge exam.
00:08:42 Margaret Pacheco,
But I would also recommend that you do take the time, like I said, to prepare for it.
00:08:47 Margaret Pacheco,
and make sure that you leverage all the resources that are out there, and even leverage your colleagues that have gone through the process and get their input as well.
00:08:55 Margaret Pacheco,
But I think it was a great experience.
00:08:57 Margaret Pacheco,
There is a lot of resources out there, so I would just recommend that you leverage it.
00:09:01 Benito Ybarra
Yeah, I agree completely.
00:09:03 Benito Ybarra
So you join over 215,000 people who have gone on this journey, have a CIA, and have benefited from it.
00:09:11 Benito Ybarra
So what is having the CIA meant for your career?
00:09:14 Margaret Pacheco,
It's meant a lot.
00:09:15 Margaret Pacheco,
Like I said, I was already practicing internal audit.
00:09:18 Margaret Pacheco,
I was signing off on internal audit report.
00:09:20 Margaret Pacheco,
So I think from a credibility perspective within my clients, within the organization, my teams, my employer, it brought that level of credibility.
00:09:30 Margaret Pacheco,
Even now in my current role, I do QA assessments.
00:09:34 Margaret Pacheco,
I also sign off on audit report.
00:09:36 Margaret Pacheco,
So it brings that credibility that you are familiar with the requirements from the institute, the standards,
00:09:44 Margaret Pacheco,
because you are evaluating or signing off on order reports that they are conducted in accordance with the standards.
00:09:50 Margaret Pacheco,
So it is important and it brings an additional credibility to anyone.
00:09:54 Benito Ybarra
Yeah, so that last part, let's expand a little bit on the credibility, right?
00:09:58 Benito Ybarra
So obviously having taken it and your experience as well, based on what I'm hearing, you feel good about it, you achieve it, right?
00:10:05 Benito Ybarra
It's a great milestone.
00:10:07 Benito Ybarra
But for those that you work with, and also for employers that you've worked with, what does it mean for them?
00:10:12 Benito Ybarra
How does it establish your credibility?
00:10:14 Margaret Pacheco,
So within our organization, I have found that we work with a lot of different clients, and they come from different backgrounds.
00:10:23 Margaret Pacheco,
So being able to demonstrate that you are a specialist on risk and controls, and you might not know the business in detail, but you are an expert in your function in internal audit, it brings a level of comfort to the business.
00:10:35 Margaret Pacheco,
And it does bring credibility.
00:10:37 Margaret Pacheco,
credibility.
00:10:37 Margaret Pacheco,
And for your employer as well, I mean, we have a lot of people from different walks of life doing internal audit, especially now.
00:10:44 Margaret Pacheco,
The composition of internal audit departments have changed over time.
00:10:47 Margaret Pacheco,
So you have people from different backgrounds, different professions, but having your CIA, it's a globally recognized designation.
00:10:55 Margaret Pacheco,
So everyone is at the same level set all over the world.
00:10:59 Margaret Pacheco,
So that brings another level of credibility, right, within your employer and your clients as well.
00:11:05 Benito Ybarra
I think that last piece is extremely important.
00:11:07 Benito Ybarra
It's the only globally recognized certification for internal auditors.
00:11:12 Benito Ybarra
And yeah, that we have so many pathways, so many ways to do it.
00:11:16 Benito Ybarra
Again, it's not a shortcut.
00:11:18 Benito Ybarra
It's not an easier way to get it, but it increases the accessibility of the exam.
00:11:24 Benito Ybarra
And it allows you to join and lead the great profession that we love being a part of.
00:11:29 Benito Ybarra
So Margaret, thank you so much for joining us today.
00:11:32 Benito Ybarra
Really appreciate you sharing.
00:11:34 Benito Ybarra
all of your experiences.
00:11:35 Margaret Pacheco,
Thank you so much, Benito, for inviting me to be part of this podcast.
00:11:39 Margaret Pacheco,
I would recommend anyone that qualifies to do the challenge exam to go ahead and take the challenge exam.
00:11:46 Margaret Pacheco,
Again, it is the only globally recognized certification, and you can join the over 215,000 CIAs around the world.
00:11:55 Margaret Pacheco,
So thank you.
00:11:57 The IIA
Earning the CIA usually means three separate exams.
00:12:01 The IIA
but it doesn't have to.
00:12:02 The IIA
The CIA Challenge Exam is designed for experienced professionals who already hold a CPA, CISA, CISA, or have a background in internal audit.
00:12:12 The IIA
You qualify through one of three pathways, including a pilot option for people with 10 plus years of experience.
00:12:19 The IIA
That pilot closes September 30th, 2026, so don't sleep on it.
00:12:24 The IIA
Becker study materials can help you prepare for this exam.
00:12:27 The IIA
And if you're interested, you can find a link to the challenge exam in the show notes.
00:12:32 The IIA
If you like this podcast, please subscribe and rate us.
00:12:35 The IIA
You can subscribe wherever you get your podcasts.
00:12:37 The IIA
You can also catch other episodes on YouTube or at the iia.org.
00:12:42 The IIA
That's T-H-E-I-I-A dot O-R-G.
