Earning finance and
accounting certifications is a big step toward improving your marketability and
career advancement as a professional in this field.
Accounting and finance
certifications highlight that someone has put in the time and effort to expand
their knowledge and skills. More and more people nowadays have access to
university education. Consequently, this means that bachelor’s degrees are
becoming less valuable. Therefore, attaining a professional certification will
help you stand out from the crowd.
Continuing education is an
investment in time and money, of course, and your employer may help make the case for credentials. According to research, it shows that a majority (72
percent) of CFOs interviewed say their company will cover all or some of the
cost of obtaining professional certification and 76 percent said their
organizations help in maintaining such certifications once they're earned.
Accounting and finance certifications show employers that you have the
skills and specialized knowledge to succeed. Thus, they are a great way to
improve your reputation, earning power, and job prospects.
Here is the list of accounting & finance certifications
to help you improve your ability and specific skills to benefit your career and
positioning as an expert in the field of accounting and finance.
- Certified Public
Accountant
- Chartered Global
Management Accountant·
- Certified Management
Accountant
- Chartered Financial
Analyst
- Certified Financial
Services Auditor
- Certified Internal
Auditor
- Certified Fraud
Examiner
- Certified Government
Auditing Professional
- Certified Information
Systems Auditor
- Certified Information
Technology Professional
Let's first take a closer
look at three certifications geared to careers in corporate accounting.
Certified Public Accountant
The Certified Public
Accountant (CPA) license has a long reputation as the gold standard for accounting
and finance roles in the United States. With this accounting certification, you
validate your expertise in forensic accounting, tax, compliance, risk
management and other skills that can lead to top CPA jobs.
Granted by: American Institute of Certified
Public Accountants (AICPA)
Estimated cost:
$2,000 to $3,000
Prerequisites:
Five years of higher education, a minimum number of continuing education
credits in business and accounting (typically about 150), and verified relevant
experience
Exam requirements:
Four levels; can be taken in any order
Time to certification:
Passing the CPA exam usually takes a year; exam and license requirements vary
state by state, but most state boards require one year of accounting experience
before you get the license.
Ongoing requirements:
Requirements for continuing professional education (CPE) credits vary by state.
Who should get it:
This designation is a versatile one, as CPAs work in public accounting,
management accounting, governmental accounting, taxation, financial advisory,
compliance, and other roles. The CPA is highly valued throughout the accounting
industry, and some companies require it for managerial jobs. If you know you
want to make your career in accounting and have the time and money to invest,
the CPA is a good credential to pursue.
Chartered Global Management Accountant
The Chartered Global
Management Accountant (CGMA) financial certification is a global designation
for CPAs working in business and government. It’s an achievement that
demonstrates your competency in management accounting skills and your expertise
in developing strategy that connects all aspects of business.
Granted by:
Both AICPA and the Chartered Institute of Management Accountants (CIMA), two of
the world’s leading accounting organizations
Estimated cost:
$325 plus membership fee for AICPA; for CIMA, cost of designation is included in
membership
Prerequisites:
Any AICPA member is eligible, with an experience requirement of three years of
relevant, work-based, practical management accounting experience. CIMA members
are already qualified.
Exam requirements:
One computerized case study taken on site, which asks for long-form, written
answers that reflect management accounting competencies
Time to certification:
Exams offered four times a year; results released within four weeks
Ongoing requirements:
Membership in good standing
Who should get it:
Finance and accounting professionals who want their experience and skills
recognized throughout the world, in addition to research, tools and a global
network
Certified Management Accountant
The Certified Management
Accountant (CMA) certification is sponsored by the IMA (Institute of Management
Accountants), and is recognized globally. Professionals who hold this
accounting certification demonstrates mastery of critical accounting and
financial management skills from a generalized, managerial and internal
perspective.
Granted by:
IMA
Estimated cost:
$1,000 to $2,000
Prerequisites: A
bachelor’s degree and two consecutive years in financial management or
management accounting
Exam requirements:
Two levels, with a total exam time of eight hours
Time to certification:
Typically one to two years
Ongoing requirements:
30 hours of CPE credits
Who should get it:
Many accountants choose to get both the CPA and the CMA, as there is
considerable overlap in the exam topics. The CMA is often considered a more
practical application of the theoretical concepts tested in the CPA exams and
is recommended for accountants in the corporate sector, particularly in large,
multinational companies.
If you are considering a career as a financial analyst or already working as one, you'll want to look
at the CPA license, as well as professional finance certifications.
Here are five certifications
for careers in banking and financial services.
Chartered Financial Analyst
Chartered Finance Analyst
(CFA) certification demonstrates your knowledge and competence regarding
principles of portfolio management, investment analysis, economics, and
professional and ethical standards.
Granted by: CFA Institute, a
nonprofit based in the U.S.
Estimated cost: $2,500
Prerequisites: A bachelor’s
degree and four years of relevant experience
Exam requirements: Three
levels, with a total exam time of 18 hours; you must pass one level before you
move to the next
Time to certification: Can
be completed in 18 months, but most people take more than two years
Ongoing requirements: A
recommended 20 hours of CPE credits, with at least two hours of standards,
regulatory and ethics education
Who should get it: This has
become a must-have for security analysts and asset managers in the investment
community. Finance professionals who are (or aim to become) equity analysts,
fund managers or hedge fund managers will also find the CFA useful, as will
anyone who hopes to reach the CFO or senior finance manager levels. If you are
pursuing a career in audit, however, it won’t be particularly useful to you.
Certified Financial Services Auditor
The Institute of Internal
Auditors' Certified Financial Services Auditor (CFSA) is a specialty
certification for audit professionals who have a minimum of two years of
experience in financial services organizations, such as banks, holding and
investment companies, insurance companies, credit agencies, or security and
commodity services.
These certifications are
geared to audit, fraud and risk
management careers.
Certified Internal Auditor
The Certified Internal
Auditor (CIA) is the only internationally accepted designation for the internal
auditor career path, and people who hold this financial certification
demonstrate competence in areas such as risk and control and information technology,
as well as proficiency in working with internal staff and external clients.
Granted by:
Institute of Internal Auditors (IIA)
Estimated cost:
$1,500
Prerequisites: A
bachelor’s degree and two years of internal audit experience (but a master’s
degree can substitute for one year of experience)
Exam requirements:
Three levels, with a total exam time of 6.5 hours
Time to certification:
Typically a year to 18 months
Ongoing requirements:
CPE credits are required; the number depends on your work status
Who should get it:
The CIA is really only useful to internal auditors, with particular importance
for those who would like to become managers or chief audit executives.
Certified Fraud Examiner
Available to members of the
Association of Certified Fraud Examiners, the Certified Fraud Examiner (CFE) is
beneficial for finance professionals focused on anti-fraud endeavors across
private and public agencies. Passing the CFE exam demonstrates expertise in the
four main areas of fraud examination: Financial Transactions and Fraud Schemes,
Law, Investigation, and Fraud Prevention and Deterrence.
Applicants for the CFE exam
need to submit documentation of their education and work experience, along with
three professional recommendations.
Certified Government Auditing Professional
The Institute of Internal
Auditors offer the Certified Government Auditing Professional (CGAP) for audit
practitioners in the public sector. It demonstrates skill in the unique requirements
of government auditing. To qualify for the exam, auditors must have two years
of experience in government auditing.
Here are two certifications for accountants with
information technology careers.
Certified Information Systems Auditor
Accountants holding a
Certified Information Systems Auditor (CISA) certification can show they have a
proficiency in information systems control, security and auditing.
Granted by:
ISACA (previously known as the Information Systems Audit and Control
Association)
Estimated cost:
$450 for members; $650 for nonmembers
Prerequisites:
No experience is required to take the exam
Exam requirements:
150 questions; four hours, on-site at locations worldwide
Time to certification:
A minimum of five years of professional information systems auditing, control
or security work experience is required for certification, with some
substitutions possible
Ongoing requirements:
Maintenance fees and CPE hours
Who should get it:
Information systems audit, control and security professionals who desire global
recognition
Certified Information Technology Professional
Offered by the AICPA, the
Certified Information Technology Professional (CITP) is a specialty credential
for CPAs who want to demonstrate technology skills that can help a company span
the gap between business concerns and technical consideration. Aside from
passing the CITP exam, additional requirements include having a minimum of
1,000 hours of business experience and 75 hours of continuing education in
information management and technology assurance within the five years preceding
application for the CITP.
Certifications for specific roles
Accounting education, from
associate's, bachelor's and graduate degrees to certifications, is valuable not
only for moving your career forward but also for expanding your skills and
expertise to become a more well-rounded professional.
It can also help you become
a more desirable job candidate or employee, one who can command a higher
salary. According to the Robert Half Salary Guide for Accounting and Finance
Professionals, specialized certifications can put you at the higher end of the
compensation tables.
What are the most highly
sought accounting jobs and the credentials that would boost your resume if you
were aspiring to them? Here’s an alphabetical list of a few:
- Accounts receivable/accounts payable — Most accounts receivable/accounts payable
professionals hone their skills with on-the-job experience. But an accounts
receivable or accounts payable certification can make you a more desirable
applicant or move you up the job ranks. AR professionals might look into
Accredited Receivables Manager (ARM) or Accredited Receivables Specialists
(ARS) certifications. AP professionals might consider the Accredited Payables
Manager (APM) and Accredited Payables Specialist (APS) credentials.
- Auditors —
To reach higher-level auditing positions, you’ll want to consider a Master of
Business Administration (MBA), as well as a CPA or CIA. IT auditors should look
into the CISA, rather than the CIA.
- Business and business systems analysts — Business analysts and business systems analysts can
increase their marketability by acquiring an MBA. If you want to go a step
further, you can sit for the Certified Business Analysis Professional (CBAP) or
Certification of Competency in Business Analysis (CCBA).
- Compliance professionals — The options
for compliance certifications vary, depending on your industry and
specialization and they are almost as numerous as regulatory mandates. Options
include the Certified Compliance and Ethics Professional (CCEP), Certified
Compliance and Regulatory Professional (CCRP), Certified Regulatory and
Compliance Professional (CRCP) and Investment Adviser Compliance Certification
Program (IACCP).
- Controllers —
If you’re a controller on the job market, an MBA will distinguish you from
other candidates, especially if it’s accompanied by a CPA or CMA credential.
It’s important to note that most employers prefer the CPA, making it one of the
most in-demand certifications.
- Cost accountants, staff accountants, senior accountants — You can propel yourself upward in these accounting
jobs by obtaining a CPA or CMA. Employers prefer the CPA, and if you’re looking
to hit senior or management levels, an MBA can help you get there.
- Financial analysts —
To make the preferred candidate list as a financial analyst, you’ll need a CPA
or an MBA. Having both is even better.
- Payroll professionals
— Looking to land your dream payroll job? The Certified Payroll Professional
(CPP) designation can help you make it to supervisory roles.
Have you seen enough
acronyms for one article? Here's another: The AICPA's Certified in Entity and
Intangible Valuations™ (CEIV™) credential is for CPAs and finance professionals
to demonstrate a commitment to enhancing audit quality, consistency and
transparency in fair value measurements for public company financial reporting
purposes in the U.S.
When considering what accountant certifications to pursue, carefully
study how each might help advance your career. Your choice may be swayed, for
instance, by whether you work in private vs. public accounting. The niche that
is your company’s focus might also dictate your direction as well as your own
career aspirations.
