Top 10 Certified Public Accountant Certifications

Certifications are an important part of being a Certified Public Accountant (CPA). They demonstrate that the individual has achieved a high level of knowledge, experience, and skill in their area. Certifications also provide assurance to potential employers that the CPA is qualified to handle the complexities of accounting and financial matters. CPAs who maintain their certifications show their commitment to maintaining the highest standards of professional excellence. This dedication can be a great asset when competing for employment opportunities and can help set them apart from other job seekers. Additionally, certifications can open up new business opportunities as many companies prefer to work with CPAs who have earned certifications or designations from reputable organizations.

The purpose of this article is to provide an overview of the most beneficial certifications for Certified Public Accountants and how they can enhance a CPA's career prospects.

What are Certified Public Accountant Certifications?

Certified Public Accountant (CPA) certification is a professional designation that is awarded by state boards of accountancy to qualified individuals who have completed certain educational, experience and examination requirements. This certification is highly sought after and demonstrates a high level of expertise in the field of accounting.

Having CPA certification can provide an individual with many benefits. It provides the opportunity to work in public accounting firms or other organizations as a trusted advisor on financial matters. This can include providing audit services, preparing financial statements, managing investments, and advising clients on taxes. CPAs are also often sought out for consulting services related to strategic planning, budgeting, cost reduction strategies and performance management. Having CPA certification can also open up opportunities for higher salaries and positions of greater responsibility within organizations.

In addition to these tangible benefits, having CPA certification can also provide an individual with the sense of accomplishment that comes from having achieved a professional milestone. It demonstrates expertise in accounting practices and regulations as well as knowledge of current developments in the industry. It can help build credibility among colleagues and clients alike.

Pro Tip: Make sure to review the requirements for CPA certification in your state before taking the exam. Each state has different rules and regulations that you must adhere to in order to become a certified public accountant.

Related: What does a Certified Public Accountant do?

Top 10 Certified Public Accountant Certifications

Here’s our list of the best certifications available to Certified Public Accountants today.

1. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have met certain educational, experience and examination requirements set by their state board of accountancy. CPAs are qualified to provide a wide range of accounting services, including auditing financial statements, preparing tax returns, and providing advice on financial matters.

In order to become a CPA, you must meet the following requirements:

1. Complete 150 semester hours of college education in accounting and related subjects;

2. Pass the Uniform CPA Examination;

3. Meet the experience requirement of your state board of accountancy;

4. Obtain an active CPA license from your state board of accountancy.

The amount of time it takes to become a CPA varies depending on each individual’s academic background and experience level. Generally speaking, it can take anywhere from two to five years to complete all the necessary steps for obtaining a CPA license.

The cost associated with becoming a CPA will depend on where you live, as well as what type of preparation materials you use for studying for the exam. The fees for taking the exam vary by jurisdiction but typically range from $800-$1,500 per section (there are four sections). Additionally, there may be other costs such as application fees and continuing education courses that must be taken every year in order to maintain your license.

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification offered by the Institute of Management Accountants (IMA). It is designed to recognize professionals who have demonstrated mastery in financial planning, analysis, control, decision support, and professional ethics.

To become a CMA, you must meet certain educational and experience requirements. You must have a bachelor’s degree from an accredited college or university and at least two years of professional experience in management accounting or financial management. You must also pass the CMA exam administered by the IMA.

The CMA exam consists of two parts: Part 1 covers financial planning, performance and control, and Part 2 covers financial decision-making. Each part is four hours long and requires extensive knowledge of topics such as cost accounting, budgeting, financial reporting, strategic planning and analysis, data analytics, risk management, corporate finance, international finance and investments.

It usually takes between six months to one year to prepare for the CMA exam depending on your study habits and dedication. The cost of taking the exam varies depending on where you take it but typically ranges from $400-$1,000 USD.

3. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification awarded by the Institute of Internal Auditors (IIA). It is the most widely recognized certification in the internal auditing field. The CIA designation is a mark of excellence that demonstrates an individual’s commitment to the profession and their expertise in internal auditing.

The CIA program consists of three parts: Part 1 – The Internal Audit Basics, Part 2 – Practice of Internal Auditing, and Part 3 – Business Knowledge for Internal Auditing. To become certified, candidates must pass all three parts of the exam.

It typically takes between 6-12 months to complete the CIA program depending on an individual's study habits and dedication to completing the program. However, some people may take longer or shorter depending on their background knowledge and experience.

To get started with the CIA program, individuals should first register with IIA and pay for their exam fees which are currently $845 USD per part. Once registered, individuals can access IIA's online learning portal which provides course materials such as textbooks, practice tests, and other resources to help them prepare for their exams.

In addition to registration fees, individuals should also budget for additional costs such as study materials and exam preparation courses which can range from $150-$500 USD depending on what they choose to purchase.

4. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is a certification offered by the Information Systems Audit and Control Association (ISACA). It certifies that an individual has the knowledge and skills necessary to audit, control, monitor, and assess information systems. It is a globally recognized qualification for IT professionals in the field of information security.

To get CISA certified, you must first meet the eligibility requirements. This includes having at least five years of experience in information systems auditing, control, or security within the past 10 years. You must also pass an exam administered by ISACA. The exam consists of 200 multiple-choice questions and takes four hours to complete.

The cost of getting CISA certified varies depending on your membership status with ISACA. For non-members, it costs $575 USD to register for the exam and $50 USD for each retake attempt if needed. For members of ISACA, it costs $415 USD to register for the exam and $25 USD for each retake attempt if needed.

Once you have passed the exam, you will receive your CISA certification within four weeks after passing the exam.

5. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation that recognizes the expertise of management accountants who have achieved mastery in finance, operations, strategy and management. It is granted by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA).

The CGMA designation requires passing an exam and completing a set of requirements. The exam covers topics such as financial reporting, cost accounting, strategic planning, budgeting and forecasting, risk management and internal control systems. To become a CGMA, candidates must have at least three years of professional experience in management accounting or related fields.

It typically takes about six months to prepare for the CGMA exam. Candidates should plan to spend at least 40 hours studying for the exam. Preparation materials are available from AICPA/CIMA and include practice tests, study guides, online courses and webinars.

The cost to take the CGMA exam varies depending on where you live. In the United States it costs $400 USD; in Canada it costs $500 CAD; in Europe it costs €350 EUR; and in Asia Pacific it costs $450 AUD or NZD.

In addition to taking the exam, candidates must also complete an ethics course and pass a background check before they can become certified CGMAs. Once certified, CGMAs must meet continuing education requirements each year to maintain their certification status.

6. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional who has been trained and certified to detect, investigate, and prevent fraud. CFEs are employed by businesses, government agencies, and law enforcement to identify potential fraud schemes in financial records and documents.

The CFE credential is awarded by the Association of Certified Fraud Examiners (ACFE), an international organization that sets standards for the profession. To become a CFE, candidates must have at least two years of experience in fraud prevention or detection, pass an exam administered by the ACFE, and meet other requirements such as completing continuing education credits.

The exam consists of four parts: Financial Transactions & Fraud Schemes; Law; Investigation; and Business Practices & Ethics. It takes approximately 8 hours to complete the exam. The cost of the exam is $400 for members of the ACFE and $450 for non-members.

7. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation granted by the American Society of Appraisers (ASA). It is designed to recognize individuals who have demonstrated a high level of knowledge and expertise in business valuation.

The ABV credential requires applicants to pass a comprehensive exam that covers topics such as financial analysis, industry trends, and valuation techniques. The exam also includes an oral component that tests the applicant’s ability to communicate complex concepts in a clear and concise manner. To be eligible for the ABV credential, applicants must have at least five years of experience in business valuation or related fields.

It typically takes about six months to complete the ABV program, depending on how quickly an individual can study for and pass the exam. The cost of the program varies depending on factors such as geographic location and whether or not an individual has already obtained other ASA credentials. Generally speaking, however, it will cost around $2,000-$3,000 for all materials and fees associated with obtaining the ABV credential.

In order to get started with obtaining an ABV credential, individuals should contact their local ASA chapter or visit the ASA website for more information on requirements and fees associated with taking the exam.

8. Personal Financial Specialist (PFS)

A Personal Financial Specialist (PFS) is a professional designation awarded by the American Institute of Certified Public Accountants (AICPA). The PFS credential is designed to recognize CPAs who have demonstrated expertise in providing comprehensive financial planning services to individuals, families, and business owners.

To become a PFS, a CPA must meet certain educational and experience requirements. This includes having at least three years of relevant experience in personal financial planning or related areas such as taxation, estate planning, investments, retirement planning, and insurance. In addition, the CPA must pass an examination that tests their knowledge of financial planning topics.

The process of becoming a PFS typically takes several months to complete. After meeting the educational and experience requirements, CPAs must submit an application to AICPA for review and approval. Once approved, they will then need to register for the exam and pay the associated fees. The cost of taking the exam varies depending on when it is taken; however, it typically ranges from $400-$600 USD.

Once all requirements have been met and approved by AICPA, CPAs can use the “PFS” designation after their name to show clients that they are qualified to provide comprehensive financial planning services.

9. Certified Government Auditing Professional (CGAP)

Certified Government Auditing Professional (CGAP) is a professional certification offered by the Institute of Internal Auditors (IIA). It is designed to recognize the knowledge and skills of auditors working in the public sector. The CGAP designation is highly sought after by those working in the field of government auditing and provides an opportunity for career advancement.

The CGAP exam consists of five sections: Internal Control, Financial Management, Performance Audit, Information Technology Audit, and Regulatory Compliance. Each section contains multiple choice questions that assess knowledge and understanding of the material. The exam takes approximately four hours to complete and can be taken at any IIA-approved testing center.

In order to qualify for the CGAP designation, applicants must have a minimum of two years of professional experience in government auditing or related fields. Applicants must also submit a completed application form and pay a nonrefundable fee of $225 USD. Once approved, applicants must pass all five sections of the CGAP exam within 18 months in order to receive their certification.

The cost for taking the CGAP exam varies depending on location and other factors, but typically ranges from $500-$800 USD per section. This includes registration fees as well as any additional costs associated with taking the exam at an IIA-approved testing center.

10. Chartered Financial Analyst (CFA)

The Chartered Financial Analyst (CFA) designation is a globally recognized professional credential awarded by the CFA Institute. It is designed to measure and demonstrate an individual’s knowledge and competence in the investment management and financial analysis fields. The program focuses on portfolio management, asset valuation, ethical standards, and other topics related to the finance industry.

It typically takes three to four years of study to earn the CFA designation. Candidates must pass all three levels of the CFA exam, which are administered twice a year in June and December. To be eligible for the exam, candidates must have a bachelor’s degree from an accredited institution or four years of qualified work experience in investment decision-making roles.

The cost of taking the CFA exams varies depending on when you register for them. Generally speaking, it costs between $1,000 and $2,500 to take each level of the exam. This includes registration fees as well as study materials such as textbooks and practice exams. Additionally, there may be additional costs associated with studying for the exams such as tutoring or online courses.

In addition to passing all three levels of the CFA exam, candidates must also complete four years of relevant work experience before they can become a full-fledged CFA charterholder. Once these requirements are met, candidates can apply for membership with the CFA Institute and receive their charter certificate.

Do You Really Need a Certified Public Accountant Certificate?

Yes, a Certified Public Accountant (CPA) certificate is an essential credential for anyone who wants to become a professional accountant. The CPA certificate is the gold standard of accounting credentials and demonstrates that an individual has the necessary knowledge and experience to practice as a professional accountant. It also shows potential employers that the individual possesses the technical expertise and ethical standards necessary to provide reliable services in financial reporting, taxation, auditing, management consulting, and other related areas.

The CPA certification process includes passing a four-part exam administered by the American Institute of CPAs (AICPA). The exam covers topics such as financial accounting, auditing, taxation, business law, business environment and concepts, information systems/technology, and other related areas. Once an individual passes all four parts of the exam and meets any additional requirements set forth by their state board of accountancy, they can obtain their CPA license. The CPA license allows individuals to practice public accounting in their respective states or jurisdictions.

In addition to demonstrating knowledge and expertise in accounting topics, obtaining a CPA certificate also helps build credibility with potential employers. Many employers prefer candidates with a CPA certification because they are more likely to be able to provide accurate financial advice and guidance in accordance with Generally Accepted Accounting Principles (GAAP). Additionally, many companies require CPAs on staff due to regulations or industry standards. In some cases having a CPA certificate may even open up new job opportunities or advancement opportunities within an organization.

Overall obtaining a Certified Public Accountant certificate is important for anyone who wants to pursue a career in accounting or finance. It demonstrates knowledge in various areas related to accounting as well as demonstrates dedication and commitment to the profession which can help build credibility with potential employers.

Related: Certified Public Accountant Resume Examples

FAQs About Certified Public Accountant Certifications

1. What is a Certified Public Accountant (CPA) certification?

Answer: A Certified Public Accountant (CPA) certification is a professional designation that demonstrates an individual has met the educational, experience, and examination requirements to practice public accounting in the United States.

2. How do I become a CPA?

Answer: To become a CPA, you must meet certain education and experience requirements set by your state board of accountancy as well as pass the Uniform CPA Examination.

3. What are the benefits of becoming a CPA?

Answer: Becoming a CPA can open up many career opportunities and provide various benefits including higher salaries and job stability, greater respect from peers and clients, increased networking opportunities, and more specialized knowledge in accounting and finance-related topics.

4. How long does it take to become a CPA?

Answer: The time it takes to become a CPA varies depending on your educational background, work experience, and the state you are applying for certification in. Generally speaking, it could take anywhere from one to five years to complete all of the necessary requirements for becoming a certified public accountant.

5. Is there an age limit for obtaining my CPA license?

Answer: No, there is no age limit for obtaining your CPA license; however, some states may require applicants to be at least 18 years old before they can sit for the Uniform CPA Exam or apply for licensure.