Top 10 CFO Certifications

Certifications are an important part of the job market for CFOs. They demonstrate to employers that a candidate has the knowledge and skills necessary to perform in their role as a CFO. Additionally, certifications can provide recognition for CFOs who have achieved a certain level of competency in their field. This recognition can help CFOs stand out from other applicants when seeking employment or promotion. Certifications also provide employers with assurance that the candidate they are considering is qualified to do the job they are applying for. Lastly, certifications can also open doors to additional career opportunities as some employers may require certain certifications before they will consider hiring someone.

The purpose of this article is to review the leading certifications for CFOs and explain how they can help advance a CFO's career.

What are CFO Certifications?

CFO Certification is a professional certification program designed to recognize the highest standards of excellence in financial leadership. It is designed to help CFOs and other finance professionals develop their skills, knowledge, and abilities to better lead their organizations. The certification process includes rigorous coursework, testing, and peer review.

The CFO Certification program provides an opportunity for CFOs to demonstrate their expertise in the field of finance and accounting by passing a comprehensive examination that tests their knowledge of complex financial topics such as financial reporting, budgeting, forecasting, taxation, risk management and compliance. Upon successful completion of the exam, they will receive a certificate from the sponsoring organization that signifies their expertise in the field.

The benefits of obtaining a CFO Certification include increased career opportunities as well as access to higher levels of responsibility within organizations. Having this designation can also make it easier for finance professionals to network with other peers in the industry and collaborate on projects related to financial management. Additionally, having this certification can be beneficial when negotiating salaries or bonuses based on demonstrated competency in financial matters.

Pro Tip: When considering a CFO certification, look for programs that offer a comprehensive curriculum covering topics such as finance management, accounting and financial analysis. Additionally, make sure the program is accredited by a reputable organization to ensure the highest quality of education.

Related: What does a CFO do?

Top 10 CFO Certifications

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

1. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification in the field of management accounting. It is offered by the Institute of Management Accountants (IMA). The CMA certification demonstrates an individual’s expertise and knowledge in financial planning, analysis, control, decision-support and professional ethics.

It usually takes around 18 months to complete the CMA program. To get certified, applicants must pass two exams: Part 1 – Financial Planning, Performance and Control; and Part 2 – Strategic Financial Management. Both exams are administered by IMA and can be taken online or at designated testing centers.

The cost of the CMA program depends on the country you are located in. Generally speaking, it will cost around $1,000 to $2,000 for registration fees and exam fees combined. There may also be additional costs associated with study materials such as books or online courses.

2. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have completed the necessary education, experience and examination requirements set by the state in which they wish to practice. CPAs are licensed by their respective state boards of accountancy and are held to a high ethical standard.

In order to become a CPA, you must meet the educational, experience and exam requirements established by the board of accountancy in your state. Generally speaking, these requirements include:

• Completion of 150 semester hours of college-level coursework in accounting and related topics;
• Passing scores on all four sections of the Uniform CPA Exam;
• A minimum of two years’ work experience in public accounting or related field;
• An ethics exam administered by the National Association of State Boards of Accountancy (NASBA).

The amount of time it takes to become a CPA varies from person to person depending on their individual circumstances. It can take anywhere from 2-4 years if you already have an undergraduate degree in accounting or business-related field, or up to 6 years if you need to complete additional coursework before taking the exam. Additionally, some states may require additional experience or continuing education credits after becoming certified.

The cost for becoming a CPA also varies depending on where you live and what type of services you need. Generally speaking, there will be fees associated with registering for and taking the Uniform CPA Exam as well as any additional courses or exams required by your state board of accountancy. Additionally, most states charge an annual fee for maintaining your license once you are certified.

3. Chartered Financial Analyst (CFA)

The Chartered Financial Analyst (CFA) designation is a professional credential awarded by the CFA Institute, a global association of investment professionals. It is recognized as the highest standard of excellence in the investment management industry and is held by more than 150,000 professionals in over 165 countries.

The CFA program consists of three levels: Level I, Level II and Level III. Each level requires passing an exam which covers topics such as accounting, economics, ethics, financial analysis and portfolio management. The exams are administered twice a year in June and December.

To become a CFA charterholder, one must pass all three levels of the CFA Program within four years and have at least four years of qualified work experience in the investment decision-making process. Candidates must also 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; however, it typically ranges from $700 to $1,500 USD per level. In addition to registration fees, candidates should also budget for study materials such as textbooks or online courses which can range from $100 to $2,000 USD depending on your chosen resources.

4. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional certification granted by the Certified Financial Planner Board of Standards, Inc. (CFP Board). It is a voluntary certification program that requires financial planners to meet certain educational, experience, and ethical requirements in order to earn the CFP designation.

The CFP program includes a comprehensive curriculum covering topics such as financial planning, investments, insurance, taxes, retirement planning, and estate planning. To become certified, an individual must have at least three years of full-time financial planning experience or equivalent education and pass a two-day exam that covers all aspects of financial planning.

It typically takes between six months and two years to complete the CFP certification process depending on how quickly you can complete the required coursework and pass the exam. The cost of obtaining your CFP certification varies depending on your educational background and other factors. Generally speaking, it will cost around $2,000-$3,000 for tuition fees plus additional costs for textbooks and study materials.

5. Certified Treasury Professional (CTP)

Certified Treasury Professional (CTP) is a professional certification for individuals working in the treasury and finance field. It is administered by the Association for Financial Professionals (AFP).

The CTP certification is designed to recognize professionals who have achieved a high level of expertise in the treasury management field. It is an internationally recognized credential that demonstrates mastery of the concepts, principles, and practices of corporate treasury management.

It typically takes 6-9 months to complete the CTP program, depending on how much time you are able to dedicate to studying. In order to become certified, you must first pass an exam that covers topics such as cash management, financial analysis, risk management, and investment strategies. You must also meet certain educational requirements and have a minimum of two years of experience in the treasury field.

To get started with the CTP program, you will need to register with AFP and pay a registration fee of $795 USD. Once registered, you will be provided with access to study materials and resources that will help you prepare for the exam. After passing the exam, you will receive your CTP certificate and be eligible for membership in AFP's Certified Treasury Professional Network (CTPN).

6. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification issued by the Institute of Internal Auditors (IIA). It is the most recognized and respected credential for internal auditors. The CIA designation demonstrates an individual’s expertise in internal audit practices, processes, and standards.

The CIA certification program consists of three parts: Part 1 – Essentials of Internal Auditing, Part 2 – Practice of Internal Auditing, and Part 3 – Business Knowledge for Internal Auditing. Each part must be completed within five years from the date you register for the exam.

To become a Certified Internal Auditor, you must meet certain eligibility requirements including having a minimum of two years full-time professional experience in internal auditing or related fields such as accounting or finance. You must also pass all three parts of the CIA exam with a minimum score of 70%.

The cost to take each part of the CIA exam is $450 USD plus applicable taxes. In addition to this fee, there are other costs associated with obtaining the certification such as study materials and review courses which can range from several hundred to several thousand dollars depending on your choice of provider.

7. Certified Government Financial Manager (CGFM)

Certified Government Financial Manager (CGFM) is a professional certification issued by the Association of Government Accountants (AGA). It is designed to recognize individuals who have demonstrated knowledge and expertise in government financial management. The CGFM certification provides assurance that an individual has the necessary knowledge, skills, and abilities to effectively manage government finances.

The CGFM program consists of three exams: Governmental Environment, Governmental Accounting and Financial Reporting, and Governmental Budgeting and Fiscal Policy. To become certified, applicants must pass all three exams within a five-year period.

To get the CGFM certification, applicants must first apply for membership with AGA. Once accepted into the program, applicants will need to register for each exam separately. Applicants can choose to take the exams online or in person at an approved testing center.

The cost of the CGFM program varies depending on the number of exams taken and whether they are taken online or in person. The cost for taking all three exams online is $675 for members and $1125 for non-members. For those taking their exams in person at a testing center, the cost is $825 for members and $1375 for non-members.

8. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation awarded by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). It recognizes individuals who have demonstrated expertise in management accounting, financial management, and business strategy.

It typically takes three to five years to get the CGMA designation. To qualify, you must meet certain educational requirements, pass an exam, and complete a professional experience requirement. The educational requirements vary depending on your background but generally include a bachelor’s degree with at least 30 semester hours in accounting-related subjects. You must also pass the CGMA Professional Competency Exam which covers topics such as financial reporting, cost management, strategic planning, and risk management. Finally, you must have two years of professional experience in a related field.

The cost for obtaining the CGMA designation varies depending on where you take the exam and other factors such as discounts offered by employers or universities. Generally speaking, it can range from $1,000 to $2,500 USD for all associated fees including registration fees for the exam and membership dues for both AICPA and CIMA.

In addition to these costs there may be additional expenses such as travel costs if you are taking an exam at a location outside of your home country or study materials that may need to be purchased in order to prepare for the exam.

9. 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 experts in the field of fraud examination and can provide valuable insights into potential fraudulent activities within an organization. They are also skilled at analyzing financial records and other evidence to uncover patterns of fraud.

In order to become a Certified Fraud Examiner (CFE), individuals must complete a rigorous training program that includes both classroom instruction and practical experience. The CFE credential is offered by the Association of Certified Fraud Examiners (ACFE). To qualify for the certification, applicants must pass two exams: the CFE Exam and the Ethics & Principles Exam. The CFE Exam consists of multiple-choice questions covering topics such as financial transactions, investigative techniques, legal elements of fraud, fraud prevention and deterrence, and more. The Ethics & Principles Exam focuses on ethical standards for professional practice as well as principles of fraud examination.

The cost for becoming a Certified Fraud Examiner varies depending on whether you are an ACFE member or non-member. For members, the cost is $395 for both exams; for non-members it is $495. It typically takes four to six weeks to prepare for the exams; however, some people may need more time depending on their background knowledge in fraud examination. Once you have passed both exams, you will receive your official CFE certificate from the ACFE.

10. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is a professional certification offered by the Information Systems Audit and Control Association (ISACA). It is designed to recognize individuals who have demonstrated knowledge, experience, and competency in the areas of information systems auditing, control, and security.

The CISA certification requires applicants to pass a four-hour exam that tests their knowledge of information systems auditing, control, and security. The exam consists of 200 multiple choice questions covering topics such as IT governance, risk management, compliance and assurance services.

In order to become certified, applicants must meet certain eligibility requirements. These include having at least five years of professional experience in IS audit control or security; passing the CISA exam; submitting an application for certification; and completing the required continuing professional education (CPE) hours each year.

It typically takes six months to one year to complete all the requirements for the CISA certification. The cost of the certification varies depending on where you are located but typically ranges from $700-$1200 USD.

Do You Really Need a CFO Certificate?

Yes, a CFO certificate is an important step in becoming a successful Chief Financial Officer (CFO). A CFO certificate demonstrates to potential employers that you have the necessary qualifications and knowledge to lead a financial team. It also provides evidence of your expertise in accounting, budgeting, and financial reporting. The certificate also serves as proof of your commitment to continuing education, which is vital for the advancement of your career.

Having a CFO certificate can open up more opportunities for you in the field. Companies are always looking for qualified candidates with advanced certifications, and having one can give you an edge over other applicants. It also shows that you understand the complexities of the job and how to manage them effectively.

In addition to demonstrating your qualifications, having a CFO certificate gives you access to professional networks and resources that will help you stay current on industry trends and best practices. This will make it easier for you to stay ahead of the competition when it comes to landing new roles or promotions within your organization.

Overall, having a CFO certification is an excellent way to demonstrate your professionalism and dedication to finance-related roles. It will provide evidence that you have the necessary skillset for success in this field and give employers confidence in hiring or promoting you into higher positions.

Related: CFO Resume Examples

FAQs About CFO Certifications

Q1. What is CFO Certification?

A1. CFO certification is a professional accreditation from the Institute of Management Accountants that recognizes financial professionals who have a deep understanding of business and financial management principles, practices and processes. It demonstrates to employers and peers that an individual has the skills and knowledge necessary for successful financial leadership roles.

Q2. What are the benefits of obtaining CFO Certification?

A2. Obtaining CFO certification can help individuals stand out in their field, increase job opportunities, demonstrate expertise, gain recognition among peers, improve career prospects, increase salary potential, and open up doors to new opportunities.

Q3. Are there any prerequisites for taking the CFO Certification exam?

A3. Yes, applicants must meet certain educational requirements before being eligible to take the CFO Certification exam. These requirements include a bachelor’s degree in accounting or finance from an accredited college or university with at least 24 semester hours of accounting or finance-related coursework; three years of full-time professional experience in finance or accounting; or a master’s degree in business administration (MBA) with at least 12 semester hours of accounting or finance-related coursework.

Q4. How long does it take to complete the CFO Certification program?

A4. The duration of the program depends on individual circumstances such as prior academic credits earned and work experience gained in related areas, but typically it takes between six months to one year to complete all program requirements and earn your certification as a Certified Financial Officer (CFO).

Q5 What type of jobs can I get after becoming certified as a CFO?

Chief Financial Officer (CFO), Finance Director, Financial Controller, Corporate Treasurer/Controller/Financial Analyst Manager are some popular job titles often held by holders of the CFO certification.