Top 10 Accounting Analyst Certifications

Certifications are important for accounting analysts in the job market because they demonstrate a level of expertise and knowledge that employers look for when hiring. Certified accounting analysts have taken specialized courses, passed exams, and met other requirements to prove their competency. This can give them an edge over non-certified candidates, as employers know that certified accountants have achieved a certain level of proficiency in their field. Additionally, certifications help to ensure that only qualified professionals are working in the industry and provide assurance to potential employers that their accountant is well-versed in the latest accounting principles and practices.

The purpose of this article is to review some of the top certifications for Accounting Analysts and explain how they can help advance an accounting analyst's career.

What are Accounting Analyst Certifications?

Accounting analyst certification is a credential that demonstrates an individual’s knowledge and proficiency in the field of accounting. It is typically offered by professional organizations, such as the Institute of Management Accountants (IMA) or the Association of Chartered Certified Accountants (ACCA). The certification includes a comprehensive exam that tests a person's knowledge in areas such as financial statement analysis, budgeting and forecasting, auditing and internal controls, taxation, and other related topics.

Having a certified accounting analyst credential can be beneficial for individuals who are looking to advance their career or expand their knowledge in this field. It can also help employers identify qualified candidates for accounting positions. Furthermore, having an accounting analyst certification can demonstrate to potential clients that someone has the necessary skills to competently handle their financial matters. Additionally, certified analysts may receive special discounts on conferences and continuing education courses related to their profession. Finally, being certified may open up new opportunities for networking with professionals in the industry who have similar credentials.

Pro Tip: Take the time to research and review the different accounting analyst certification programs available. Make sure to choose one that fits your individual career goals and provides you with the necessary knowledge and skills to succeed in your chosen field.

Related: What does an Accounting Analyst do?

Top 10 Accounting Analyst Certifications

Here’s our list of the best certifications available to Accounting Analysts today.

1. Certified Public Accountant (CPA)

Certified Public Accountant (CPA) is a professional designation given to an individual who has passed the Uniform CPA Examination and met additional state education and experience requirements for certification as a CPA. CPAs are qualified to provide a wide range of accounting, auditing, tax, and consulting services to individuals, businesses, and other organizations.

It typically takes two to four years of full-time study to become a CPA. This includes completing an undergraduate degree in accounting or business administration with at least 150 semester hours of college credits. In addition, most states require that candidates have at least one year of public accounting experience before they can qualify for the CPA exam.

To become a CPA you must first meet the educational requirements set by your state board of accountancy. Once you have met these requirements you will be eligible to sit for the Uniform CPA Exam administered by the American Institute of Certified Public Accountants (AICPA). After passing this exam, you must also complete any additional requirements set forth by your state board such as ethics courses or continuing professional education credits.

The cost of becoming a CPA varies from state to state but generally includes fees for application, examination registration and review courses. The total cost can range from $500-$2,000 depending on the state you are applying in and whether or not you need review courses or other materials.

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification in the field of management accounting. It is granted by the Institute of Management Accountants (IMA). The CMA credential demonstrates expertise in financial planning, analysis, control, decision support, and professional ethics.

It typically takes about two years to complete the CMA program. To become a CMA, you must first meet certain eligibility requirements such as having at least a bachelor’s degree from an accredited institution and two years of professional experience in management accounting or financial management. After meeting these requirements, you must pass two exams administered by the IMA: Part 1 – Financial Planning, Performance and Analytics; and Part 2 – Strategic Financial Management.

The cost for the entire CMA program varies depending on your country of residence and whether or not you are an IMA member. Generally speaking, it can cost anywhere from $1,000 to $2,500 USD for all fees associated with taking the exam including registration fees and study materials.

3. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a prestigious professional designation for management accountants offered by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). It is designed to recognize professionals who have demonstrated expertise in financial planning, analysis, control, decision support, and professional ethics.

To get the CGMA designation, you must meet certain qualifications. These include having a bachelor's degree or higher from an accredited institution, passing the CIMA Professional Qualification exams, and completing three years of relevant work experience in management accounting or related fields. The CIMA Professional Qualification exams are available online and consist of four papers: Financial Reporting and Taxation; Strategic Business Management; Performance Management; and Financial Strategy.

The cost of obtaining the CGMA designation varies depending on where you take the exams. Generally speaking, it can range from $1,000 to $2,500 USD. Additionally, there may be additional fees associated with taking the exams such as registration fees and exam preparation materials.

Once all requirements have been met and the exams successfully passed, it typically takes about six weeks for your application to be processed and for you to receive your CGMA designation.

4. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification awarded by the Institute of Internal Auditors (IIA). The CIA is designed to demonstrate an individual’s knowledge and proficiency in the field of internal auditing. It is recognized as a global standard for internal audit professionals.

To become a Certified Internal Auditor, you must meet certain educational and experience requirements, pass three rigorous exams, and agree to abide by the IIA’s Code of Ethics. The educational requirement includes having a bachelor’s degree from an accredited college or university or equivalent work experience. The three exams cover topics such as risk assessment, control environment, information systems, and financial management.

The process of becoming a CIA typically takes between one and two years depending on your prior experience and education level. To get started, you must first join the IIA as a student member. This will give you access to all of the resources needed to prepare for the exams including study guides, practice tests, webinars, and more. Once you have passed all three exams and met all other requirements, you will receive your CIA certification.

The cost of becoming a Certified Internal Auditor varies depending on which membership option you choose with the IIA. Generally speaking, it can range anywhere from $300-$900 USD plus additional fees for exam registration and other services.

5. Certified Financial Analyst (CFA)

Certified Financial Analyst (CFA) is a professional designation given by the CFA Institute, a global association of investment professionals. The CFA Program is a graduate-level, self-study program that combines a comprehensive curriculum of advanced investment analysis and real-world portfolio management skills with professional conduct standards. It is designed to provide financial analysts, portfolio managers, and other finance professionals with the knowledge and skills necessary to make informed investment decisions.

The CFA Program typically takes 3–4 years to complete depending on the individual's prior knowledge and experience. It consists of three levels: Level I, Level II, and Level III. Each level requires passing an exam that covers topics such as ethical and professional standards, quantitative methods, economics, financial reporting and analysis, corporate finance, equity investments, fixed income investments, derivatives investments, alternative investments and portfolio management.

To get the CFA designation one must meet certain eligibility requirements including having at least four years of qualified work experience in the investment decision-making process or have earned an undergraduate degree from an accredited university plus four years of qualified work experience in the investment decision-making process. Candidates must also agree to adhere to the Code of Ethics & Standards of Professional Conduct set forth by the CFA Institute.

The cost for taking each level of the CFA Program varies depending on when you register but generally ranges from $1,000 - $2,500 USD per exam level plus additional fees for registration and membership dues.

6. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute to individuals who have demonstrated mastery of the skills and knowledge required to be successful financial analysts. The CFA designation is highly sought after by employers in the financial services industry, as it demonstrates a commitment to excellence and ethical practice.

The CFA program consists of three levels of exams that must be completed in order to receive the designation. Each level requires approximately 300 hours of study, and the entire program takes approximately two-and-a-half years to complete. To become a CFA charterholder, candidates must meet certain educational requirements, pass all three levels of exams, have four years of relevant work experience, and agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.

The cost for each level varies depending on when you register for the exam. Generally speaking, it costs around $1,000 USD per level plus additional fees for registration and materials.

Overall, obtaining a CFA charter requires dedication and hard work but can be an invaluable asset when looking for employment in the financial services industry.

7. Certified Fraud Examiner (CFE)

Certified Fraud Examiner (CFE) is a credential that demonstrates an individual’s expertise in the prevention, detection, and investigation of fraud. The CFE credential is offered by the Association of Certified Fraud Examiners (ACFE), a professional organization dedicated to preventing fraud and white-collar crime.

It typically takes between 6-12 months to become a Certified Fraud Examiner. To get the CFE credential, applicants must pass the CFE Exam, which consists of 200 multiple-choice questions covering four main areas: financial transactions and fraud schemes; law; investigation; and fraud prevention and deterrence. Applicants must also have two years of professional experience in fraud examination or related fields.

The cost for the CFE Exam is $400 for ACFE members and $450 for non-members. In addition to the exam fee, there are other costs associated with becoming a CFE such as study materials, travel expenses for attending seminars, or any other fees incurred during the application process.

8. Accredited Business Valuation Specialist (ABVS)

Accredited Business Valuation Specialist (ABVS) is a professional designation offered by the National Association of Certified Valuators and Analysts (NACVA). It is a certification program that recognizes individuals who have demonstrated advanced knowledge and experience in business valuation. The ABVS designation is designed to provide assurance to clients that the valuator has met rigorous standards for competency and ethical practice.

The requirements for obtaining the ABVS designation include:

1. Passing an exam administered by NACVA

2. Completion of at least two years of business valuation experience

3. Submission of three business valuation reports, including one written within the past 12 months

4. Completion of at least 40 hours of continuing education related to business valuation topics

5. Payment of a one-time application fee and annual dues

6. Agreement to abide by NACVA’s Code of Professional Ethics and Rules of Practice

7. Obtaining references from two current or former clients or colleagues attesting to your professional competence and ethical conduct as a business valuator

8. A minimum age requirement of 18 years old

The exam typically takes four hours to complete and consists of 100 multiple-choice questions covering topics such as financial statement analysis, economic principles, legal considerations, industry standards, report writing, taxation, and more. The exam fee is $495 USD for members and $595 USD for non-members. The annual dues are $150 USD for members and $200 USD for non-members.

9. Certified Government Financial Manager (CGFM)

Certified Government Financial Manager (CGFM) is a professional certification program offered by the Association of Government Accountants (AGA). It is designed to recognize and promote excellence in government financial management. The CGFM designation is a mark of distinction that demonstrates an individual’s commitment to the highest standards of public sector financial management.

To become certified, individuals must pass three rigorous examinations covering topics such as government accounting, auditing, budgeting, and financial reporting. The examinations are administered by Prometric Testing Centers and take approximately 8 hours to complete.

In order to be eligible for the CGFM certification program, applicants must meet certain requirements including: having a bachelor's degree from an accredited college or university; two years of professional experience in government financial management; and passing scores on all three exams.

The cost for the CGFM program varies depending on the number of exams taken and whether or not you are an AGA member. For non-members, each exam costs $250 plus a $50 registration fee. For members, each exam costs $200 plus a $50 registration fee.

10. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is an internationally recognized certification for professionals who audit, control, monitor and assess an organization’s information technology and business systems. It is offered by the Information Systems Audit and Control Association (ISACA). The certification is designed to ensure that IT auditors have the skills necessary to evaluate and manage IT risks.

It typically takes around six months of preparation to successfully pass the CISA exam. Preparation includes studying for the exam, taking practice tests, attending training courses, and gaining hands-on experience in IT auditing.

To obtain the CISA certification, candidates must first apply online at ISACA's website. After submitting a completed application form with all required documents and fees, candidates will be eligible to take the CISA exam. The exam consists of 150 multiple-choice questions that must be completed within four hours.

The cost of obtaining the CISA certification varies depending on whether you are an ISACA member or non-member. For non-members, it costs $575 to register for the exam plus a $50 fee for each additional retake if needed. For members, it costs $415 to register for the exam plus a $35 fee for each additional retake if needed.

Do You Really Need a Accounting Analyst Certificate?

The answer to this question depends on your individual career goals and the type of accounting analyst role that you are pursuing. Generally speaking, an accounting analyst certificate is not a requirement for most entry-level accounting positions. However, it can be beneficial in some cases.

For instance, if you are looking to pursue a more advanced role as an accounting analyst or a financial analyst, having an accounting analyst certificate may give you an edge over other candidates. The certificate demonstrates that you have specialized knowledge in the field and can quickly analyze data and make sound decisions based on the numbers. It also indicates that you have taken the time to learn about the industry and develop your skills in this area.

An accounting analyst certificate can also be beneficial if you are applying for a job in which technical knowledge is important. Many employers prefer to hire individuals who have acquired additional training and certifications beyond just their degree or experience in the field. Having an accounting analyst certificate shows employers that you are committed to developing your skills and staying current with changes in the industry.

Ultimately, whether or not obtaining an accounting analyst certificate is right for you depends on your career goals and how competitive the job market is for the position that you are applying for. If having this certification would give you an advantage over other candidates then it may be worth considering investing time into earning one.

Related: Accounting Analyst Resume Examples

FAQs About Accounting Analyst Certifications

1. What is the Difference Between an Accounting Analyst and a Certified Public Accountant (CPA)?

An accounting analyst is someone who provides financial advice, analysis and reporting to their clients or employers. They may also prepare financial statements, budget forecasts, and other reports. A CPA, on the other hand, is a professional designation granted by the American Institute of Certified Public Accountants (AICPA) after passing the Uniform CPA Examination and meeting certain educational and experience requirements. CPAs are licensed to perform audits, attest services, and provide tax advice.

2. What Are the Different Types of Accounting Analyst Certifications?

The most common types of accounting analyst certifications are: Chartered Financial Analyst (CFA), Certified Management Accountant (CMA), Certified Internal Auditor (CIA), Chartered Global Management Accountant (CGMA), and Certified Information Systems Auditor (CISA).

3. What Are the Requirements for Obtaining an Accounting Analyst Certification?

The specific requirements for obtaining an accounting analyst certification vary depending on which certification you are pursuing. Generally speaking, most require some combination of relevant work experience and passing a comprehensive exam.

4. How Long Does it Take to Get an Accounting Analyst Certification?

Again, this depends on which certification you are pursuing; however, most take anywhere from six months to two years to complete all the necessary requirements for certification.

5. How Much Does it Cost to Get an Accounting Analyst Certification?

The cost of obtaining an accounting analyst certification can vary depending on what type you pursue and which organization offers it; however, in general it can range from several hundred dollars up to several thousand dollars in costs associated with registration fees, study materials/tutoring fees, exam fees etc.