Top 11 Chief Financial Officer Certifications

Certifications are important for chief financial officers in the job market because they provide evidence of their expertise and knowledge in the field. They also demonstrate to potential employers that a candidate is committed to staying up-to-date with current finance trends and regulations, which is essential for a CFO role. Additionally, certifications can help CFOs stand out from other candidates since they show that they have gone above and beyond to learn the necessary skills required for the position. Finally, certifications often come with networking opportunities that can help a CFO build relationships with other professionals in their field, which can be beneficial when looking for new job opportunities.

The purpose of this article is to review the most beneficial certifications for Chief Financial Officers and explain how these certifications can help them advance their career.

What are Chief Financial Officer Certifications?

Chief Financial Officer (CFO) certification is a designation that demonstrates a financial professional has the knowledge and experience to effectively manage the financial operations of an organization. CFOs are responsible for overseeing the accounting, finance, and budgeting functions of a business. They must also ensure that their organization meets all applicable laws and regulations.

The CFO certification can help individuals demonstrate their knowledge and expertise in the field of finance, as well as enhance their career opportunities. It is often required for senior-level positions such as CFO or Finance Director. The certification also serves to validate an individual’s credentials and qualifications for these positions.

Having a CFO Certification can also provide access to exclusive job openings, networking opportunities, and career advancement opportunities. Additionally, it can help individuals gain a competitive edge over other applicants in the job market by demonstrating their commitment to the profession, as well as their proficiency in financial management. Finally, having this certification can be beneficial when seeking out potential investors or partners who may require proof of one’s qualifications before entering into any type of agreement.

Pro Tip: Obtaining a CFO certification can be an invaluable asset for any finance professional. To maximize the value of your certification, make sure to select a program that offers comprehensive training and covers all areas of financial management and analysis. Additionally, look for programs that provide access to industry-leading resources and offer mentorship opportunities with experienced CFOs.

Related: What does a Chief Financial Officer do?

Top 11 Chief Financial Officer Certifications

Here’s our list of the best certifications available to Chief Financial Officers today.

1. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have passed the CPA Exam and met all other state-specific requirements for licensure. CPAs are licensed by their respective states to provide accounting services, including auditing, tax preparation, and financial planning.

It typically takes three to four years of post-secondary education in accounting and related fields, as well as passing the CPA Exam, to become a CPA. The CPA Exam consists of four sections: Auditing & Attestation; Business Environment & Concepts; Financial Accounting & Reporting; and Regulation. Each section must be passed within an 18-month period in order to receive the CPA designation.

To become a CPA, you must meet the educational requirements set forth by your state board of accountancy and pass the Uniform CPA Examination administered by the American Institute of Certified Public Accountants (AICPA). You may also need to complete additional coursework or experience requirements depending on your state's regulations.

The cost for taking the CPA Exam varies from state to state but generally ranges from $200-$700 per section. Additionally, some states may require additional fees for licensing or application processing.

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional designation given by the Institute of Management Accountants (IMA). It is awarded to individuals who have demonstrated expertise in financial planning, analysis, control, decision support and professional ethics. The CMA credential is recognized and respected by employers worldwide.

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 with at least two years of professional experience in management accounting or financial management. This experience can include roles such as controller, auditor, treasurer, or financial analyst. You must also pass the CMA Exam which consists of two parts: Part 1 covers Financial Reporting, Planning, Performance and Control; Part 2 covers Financial Decision Making.

The entire process typically takes about 18 months to complete depending on how quickly you are able to complete the requirements.

The cost for taking the exam is $415 for IMA members and $515 for non-members. Additionally there may be other costs associated with obtaining the required education and experience such as tuition fees or course materials.

3. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation offered by the CFA Institute, a global association of investment professionals. The CFA designation is highly respected and recognized among financial professionals as a mark of excellence in the field of investment management. It is considered to be one of the most difficult professional certifications to obtain in the finance industry.

It typically takes around three years to complete all three levels of the CFA program, although some candidates may take longer or shorter depending on their individual circumstances and level of commitment. To become a CFA charterholder, you must pass all three levels of the program, which includes passing an online exam for each level.

The cost to register for each level of the CFA program varies depending on when you register. Generally speaking, it costs around $1,000 USD per level if you register early and up to $2,000 USD per level if you register late. Additionally, there are other expenses associated with studying for and taking the exams such as study materials and review courses, which can add up quickly.

Overall, becoming a CFA charterholder requires dedication and hard work but can be very rewarding for those who put in the effort and pass all three levels of the program.

4. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is a globally recognized credential that demonstrates an individual’s expertise in internal auditing, control, and assurance. The CIA designation is designed to signify mastery of a comprehensive body of knowledge in the field of internal auditing.

To become certified as a CIA, an individual must pass three exams and meet certain educational and experience requirements. The exams are divided into three parts: Part 1 – Internal Audit Basics; Part 2 – Practice of Internal Auditing; and Part 3 – Business Knowledge for Internal Auditing. Each part has its own set of topics to be tested on.

It typically takes about two years to complete all three parts of the exam, although it may take longer depending on the individual’s background and experience level. To be eligible for the exam, applicants must have at least a bachelor’s degree from an accredited college or university and two years of professional experience in internal auditing, control, or assurance services.

The cost to become certified as a CIA varies depending on where you take the exam, but generally ranges from $1,000-$2,500 USD. This includes the cost of registration fees for each part of the exam as well as study materials such as textbooks and practice tests.

Once all three parts have been successfully completed, individuals will receive their official Certified Internal Auditor designation from IIA and can begin using it professionally.

5. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional certification granted by the Certified Financial Planner Board of Standards, Inc. (CFP Board). The CFP designation is the most widely recognized and respected financial planning credential in the world. It is held by professionals who have met rigorous education, examination, experience and ethics requirements set by CFP Board.

To become a CFP, individuals must complete a comprehensive program of study that covers topics such as investments, insurance, taxes, retirement planning, estate planning and financial planning. This program includes completing a minimum of 30 hours of college-level courses approved by CFP Board and passing an extensive two-day exam administered by CFP Board.

In addition to completing the educational requirements, individuals must have at least three years of full-time financial planning related experience before they can be certified. They must also agree to abide by CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.

The entire process typically takes several months to complete depending on how quickly you can complete the required coursework and pass the exam.

The cost for obtaining the CFP certification varies depending on which school you attend for your coursework and how you choose to take your exam (online or in-person). Generally speaking, it will cost between $2,000 - $4,000 to obtain your certification.

6. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation awarded to management accountants who have met the highest standards of excellence in their field. It is jointly issued by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). The CGMA designation recognizes individuals for their expertise in management accounting and financial reporting, as well as their commitment to ethical behavior and professional development.

To become a CGMA, you must meet certain educational, work experience, and examination requirements. Depending on your current qualifications, it can take anywhere from one to three years to complete all of the requirements needed for the designation.

The first step in becoming a CGMA is to join the AICPA or CIMA as a member. This will give you access to resources such as practice exams, study materials, and discounts on exam fees. Once you are a member of either organization, you can then register for the CGMA exam. The exam consists of four parts: Financial Reporting & Analysis; Strategic Business Management; Risk & Control; and Professionalism & Ethics. You must pass all four parts in order to be awarded the CGMA designation.

The cost of becoming a CGMA depends on which organization’s membership you choose and whether or not you need to take any additional courses or exams prior to taking the actual CGMA exam. Generally speaking, it can cost anywhere from $500-$2,000 USD depending on your individual circumstances.

7. Certified Treasury Professional (CTP)

Certified Treasury Professional (CTP) is a professional certification offered by the Association for Financial Professionals (AFP). It is designed to recognize individuals who have achieved a high level of knowledge and experience in the field of treasury management. The CTP certification is globally recognized as the standard of excellence for treasury professionals.

It typically takes two to three years to obtain the CTP certification, depending on an individual’s experience and education. To qualify for the CTP exam, applicants must have at least three years of full-time treasury-related experience or five years of part-time treasury-related experience. In addition, applicants must have either a bachelor’s degree from an accredited college or university or four years of full-time treasury-related work experience.

To get the CTP certification, applicants must pass the CTP exam administered by AFP. The exam consists of 200 multiple choice questions covering topics such as cash management, financial analysis and forecasting, risk management, debt and equity financing, international finance and investments, corporate governance and compliance.

The cost to take the exam varies depending on whether you are an AFP member or nonmember. For AFP members, it costs $495 USD; for nonmembers it costs $695 USD.

8. 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 financial management in government organizations. The CGFM certification is intended for those who manage, supervise, or provide services in the areas of government finance.

To obtain the CGFM designation, applicants must pass three exams: Governmental Environment; Governmental Accounting, Financial Reporting and Budgeting; and Governmental Financial Management and Control. Each exam consists of multiple-choice questions and takes approximately four hours to complete.

The cost for all three exams is $525 for AGA members and $675 for nonmembers. Applicants must also pay an application fee of $50 when submitting their application to take the exams.

It typically takes six months to one year to complete all three exams depending on how quickly you can study and prepare for them. Once you have passed all three exams, you will receive your CGFM certificate from AGA.

9. Financial Risk Manager (FRM)

Financial Risk Manager (FRM) is a professional certification offered by the Global Association of Risk Professionals (GARP). The FRM designation is designed to recognize professionals who possess the knowledge and skills necessary to understand, measure, manage and control financial risks. It is recognized as the leading certification for risk management professionals in the finance industry.

The FRM program consists of two levels of exams that are administered twice each year, in May and November. To obtain the FRM designation, candidates must pass both levels of exams within four years. Candidates must also meet the experience requirements set by GARP.

The cost of obtaining the FRM designation varies depending on whether you are a member or non-member of GARP. For members, it costs $650 for each exam level plus an additional $100 registration fee per exam level. For non-members, it costs $850 for each exam level plus an additional $100 registration fee per exam level.

To prepare for the exams, GARP offers study materials such as textbooks and practice questions, which can be purchased separately from their website. Additionally, there are many online courses and tutoring services available to help candidates prepare for their exams.

10. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation given to individuals who have met the requirements of the American Society of Appraisers (ASA). The ABV credential signifies that an individual has achieved a high level of expertise in business valuation.

To obtain the ABV credential, applicants must pass a rigorous exam and meet other criteria set by the ASA. This includes having at least three years of experience in business valuation, completing an approved course in business valuation, and passing the ASA’s ethics examination. Applicants must also submit a portfolio demonstrating their experience in business valuation.

The ABV exam typically takes two days to complete and consists of multiple-choice questions, case studies, and essay questions. The cost for taking the exam varies depending on whether you are a member or non-member of the ASA. Members pay $450 for the exam while non-members pay $750.

In addition to passing the exam, applicants must also demonstrate continuing education credits to maintain their ABV designation every three years. This requires attending seminars and workshops related to business valuation as well as reading relevant materials and articles.

Overall, obtaining an Accredited Business Valuator (ABV) credential requires dedication, hard work, and commitment to staying up-to-date with industry trends and developments.

11. Certified Fraud Examiner (CFE).

A Certified Fraud Examiner (CFE) is a professional who has been certified by the Association of Certified Fraud Examiners (ACFE). CFEs are trained to detect, investigate and prevent fraud in organizations. They have the knowledge and skills to identify red flags, conduct interviews, analyze financial records, and develop strategies to prevent future fraud.

It typically takes between six months and two years to become a CFE. The process begins with completing the ACFE's online application form and paying the application fee. After submitting your application, you will be required to complete an 80-hour course on fraud examination topics such as fraud prevention, detection and investigation. Once you have completed the coursework, you will need to pass an exam administered by the ACFE.

The cost of becoming a CFE varies depending on where you take the coursework and how long it takes you to complete it. Generally speaking, it can cost anywhere from $2,000-$4,000 for tuition fees alone. You may also need to pay additional fees for registration or textbooks. Additionally, there is a one-time certification fee of $250 that must be paid when applying for CFE status through the ACFE website.

Once all requirements have been met and you have passed your exam, you will receive your official CFE certificate from the ACFE. This certificate is valid for three years before needing to be renewed.

Do You Really Need a Chief Financial Officer Certificate?

Whether or not you need a Chief Financial Officer Certificate depends on your career goals and the type of job you are looking for. For those interested in becoming a Chief Financial Officer, a CFO certificate is highly recommended. This certificate provides recognition that the individual has obtained the necessary knowledge and skills to be an effective leader in the finance sector. It demonstrates to employers that the individual is qualified to assume this role and understands the complexities of financial management.

The CFO certificate can also be beneficial for those who aspire to other positions within finance-related fields such as accounting, auditing, financial analysis and more. Aspiring professionals can use this certification as evidence of their commitment to advancing their financial expertise which could help them stand out among other applicants when applying for jobs. Additionally, having a CFO certificate may provide access to exclusive networking opportunities with other senior finance professionals in their industry.

Ultimately, whether or not you need a CFO certificate depends on your career goals and desired job path. If you intend on pursuing a role as Chief Financial Officer or another position within the finance sector, obtaining a CFO certificate could prove beneficial in terms of demonstrating your qualifications and commitment to professional development.

Related: Chief Financial Officer Resume Examples

FAQs About Chief Financial Officer Certifications

1. What are the benefits of becoming a Certified Chief Financial Officer (CFO)?

Answer: Becoming a Certified Chief Financial Officer (CFO) can provide many benefits, including increased job security, increased salary potential, enhanced credibility in the finance industry, and access to exclusive professional development opportunities.

2. What qualifications do I need to become a Certified CFO?

Answer: To become a Certified CFO, you must have at least 5 years of experience in financial management or accounting, plus either a bachelor's degree in finance or accounting or an advanced degree such as an MBA or Master’s in Finance. You must also pass the CPA exam and complete the CFO Certification Program from the American Institute of Certified Public Accountants (AICPA).

3. How long does it take to become a Certified CFO?

Answer: The amount of time it takes to become certified varies depending on your individual background and experience. Generally speaking, it typically takes between 12-18 months to complete all of the necessary coursework, exams and other requirements for certification.

4. How much does it cost to become a certified CFO?

Answer: The cost of becoming a certified CFO can vary depending on your educational background and whether you choose to enroll in an online program or attend live classes. Generally speaking, you should expect to pay between $3,000-$10,000 for tuition costs alone. Additionally, there may be additional costs associated with exams and other requirements that must be met before certification is granted.

5. What career opportunities are available after becoming a Certified CFO?

Answer: Becoming a Certified Chief Financial Officer opens up many career opportunities across industries including banking and finance, consulting firms, technology companies and more. As a CFO you could have responsibilities such as managing budgets and forecasting financial performance for organizations; providing strategic advice; overseeing investments; managing risk; developing financial policies and procedures; preparing financial statements; analyzing data; executing mergers & acquisitions; leading teams; and more.