Top 10 Cost Accountant Certifications

Certifications for a cost accountant are important in the job market because they provide employers with an assurance that the individual has the necessary knowledge and skills to be successful in their role. Certified cost accountants are highly sought after and can command higher salaries than non-certified counterparts due to their expertise and credibility. Additionally, certifications provide a competitive advantage by demonstrating mastery of industry standards and best practices. Cost accounting certifications also help employers assess candidates' abilities to interpret financial data, analyze trends, and prepare reports accurately. Finally, certifications demonstrate commitment to professional development and a dedication to staying current with changes in the field.

This article reviews the top certifications for Cost Accountants and explains how they can help to advance a cost accountant's career.

What are Cost Accountant Certifications?

Cost accountant certification is a professional certification awarded by the Institute of Management Accountants (IMA). This certification recognizes individuals who have demonstrated knowledge and understanding in the field of cost accounting. It is designed to help professionals gain a greater understanding of the principles and practices used in cost accounting.

Cost accountant certification can help individuals become more proficient in their profession and increase their job prospects. By obtaining this certification, individuals demonstrate that they have the skills necessary to provide organizations with accurate financial information and analysis. In addition, having this credential can help individuals gain credibility when competing for jobs or promotions within their current organization. Furthermore, cost accountant certification may also lead to higher salaries as employers are more likely to hire certified professionals due to their specialized training. Finally, those with this certification may be eligible for discounts on IMA membership fees, as well as access to additional resources such as webinars and articles related to cost accounting.

Pro Tip: When considering a cost accountant certification, make sure to research the credentials and experience of the certifying body. Look for organizations with a long history of providing quality certifications, as well as those that have been recognized by professional associations or government agencies. Additionally, always check for any additional requirements such as continuing education or recertification.

Related: What does a Cost Accountant do?

Top 10 Cost Accountant Certifications

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

1. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional designation awarded by the Institute of Management Accountants (IMA). The CMA certification is recognized worldwide as a credential that demonstrates expertise in financial planning, analysis, control, decision support and professional ethics. It is designed to help professionals advance their careers in management accounting and financial management.

To become a CMA, you must have at least a bachelor's degree from an accredited college or university and two years of experience in management accounting or financial management. You must also pass the two-part 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. Both parts are four hours long and contain multiple-choice questions as well as essay questions. The exam fee for both parts is $415 USD ($595 USD if you take both parts at the same time).

It typically takes six months to one year to prepare for the CMA exam depending on your background knowledge and experience. To prepare for the exam, you can use online study materials such as practice exams and study guides offered by the IMA or other organizations. Additionally, some universities offer courses specifically designed to help students prepare for the CMA exam.

2. 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 individuals who demonstrate a high level of expertise in government financial management. The CGFM certification is recognized as the gold standard for government financial professionals and provides them with an opportunity to demonstrate their knowledge and skills in the field.

The CGFM program consists of three exams that must be passed in order to receive the certification. The exams cover topics such as budgeting, accounting, auditing, internal control, and financial reporting. Each exam must be passed within two years of starting the program.

In order to become certified, you must meet certain eligibility requirements including: have a bachelor's degree from an accredited college or university; have at least two years of professional-level experience in government financial management; and pass all three CGFM exams.

The cost for the CGFM program varies depending on which components you choose to purchase. The total cost can range from $1,000-$2,000 USD depending on whether you choose to purchase study materials, practice tests, or other related items.

3. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation that represents a high level of competency and ethical standards in the accounting field. CPAs are licensed by their state to provide financial advice, audit financial statements, prepare tax returns, and perform other accounting services for businesses and individuals.

In order to become a CPA, you must meet certain educational requirements and pass the Uniform CPA Exam. Generally speaking, it takes at least four years of college education to become a CPA. This includes completing at least 150 semester hours of college coursework with an emphasis on accounting and business-related subjects.

To get certified as a CPA, you must first apply for licensure with your state board of accountancy. Each state has its own requirements for licensure so be sure to check with your local board for specific details. Once you are approved for licensure, you must then pass the Uniform CPA Exam which is administered by the American Institute of Certified Public Accountants (AICPA).

The cost of becoming a CPA varies depending on where you live and what type of review course or materials you choose to use when studying for the exam. Generally speaking, it can cost anywhere from $2,000-$5,000 in total fees (including exam fees) to become a CPA.

4. 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). The CGMA designation recognizes individuals who have achieved mastery in the field of management accounting.

The CGMA program is designed to equip professionals with the knowledge, skills and abilities necessary to excel in today’s global business environment. It provides a comprehensive set of competencies that are essential for success in any management accounting role. Individuals who earn the CGMA designation demonstrate their ability to provide financial decision support, manage risk and control costs, develop corporate strategy, lead change initiatives and drive performance improvement.

The process for obtaining the CGMA designation typically takes about six months to complete. To become a CGMA, individuals must first pass an online exam that covers topics such as financial reporting, strategic planning, cost management and performance measurement. Once they have passed this exam, they must then submit an application for certification and pay an application fee. After successful completion of both steps, individuals will be awarded their CGMA designation.

The cost of obtaining the CGMA designation varies depending on individual circumstances but typically ranges from $200 - $500 USD. This includes fees associated with taking the exam as well as any applicable application fees.

5. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is designed to recognize individuals who have achieved a high level of proficiency in the internal auditing field. The CIA designation is widely accepted and recognized as an indication of expertise, knowledge, and experience in the field of internal auditing.

To become a Certified Internal Auditor, applicants must meet certain educational requirements, pass an exam, and adhere to a code of ethics. The educational requirements include having a bachelor’s degree from an accredited college or university and completing at least 24 hours of internal audit-related coursework through IIA-approved providers. The exam consists of four parts: Part 1 – Essentials of Internal Auditing; Part 2 – Practice of Internal Auditing; Part 3 – Business Knowledge for Internal Auditing; and Part 4 – Advanced Audit & Assurance.

The cost to become certified varies depending on the country you live in and whether or not you are already an IIA member. In the United States, it costs $895 for non-members and $595 for members to take all four parts of the exam. It typically takes about 6 months to complete all four parts of the exam if you study diligently.

6. Certified Cost Engineer (CCE)

Certified Cost Engineer (CCE) is a professional certification offered by the American Association of Cost Engineers (AACE). It is designed to recognize and validate the knowledge, skills, and abilities of cost engineers in the field of project cost engineering. The CCE certification provides assurance that an individual has achieved a level of competency in cost engineering principles and practices.

To become certified as a CCE, applicants must meet certain educational, experience, and examination requirements. Applicants must have at least four years of experience in cost engineering or related fields such as estimating and planning/scheduling. They must also have a bachelor’s degree or equivalent from an accredited college or university. In addition, applicants must pass two examinations administered by AACE: the Certified Cost Professional (CCP) exam and the Certified Cost Estimator/Analyst (CCEA) exam.

The CCP exam covers topics such as project management, cost estimation methods, risk analysis techniques, earned value management systems, and project control systems. The CCEA exam focuses on topics such as construction estimating methods, quantity surveying techniques, economic analysis methods, and contract administration principles.

It typically takes between one to three years to complete all the requirements for CCE certification. The total cost for taking both exams is approximately $1,000 USD plus applicable taxes.

7. Certified Government Auditing Professional (CGAP)

Certified Government Auditing Professional (CGAP) is a certification program offered by the Institute of Internal Auditors (IIA). The CGAP designation is designed to recognize individuals who have achieved a high level of proficiency in the field of government auditing. It is intended for internal auditors, external auditors, and other professionals involved in the audit process.

It typically takes three to four months to obtain the CGAP designation. To qualify for the certification, applicants must have at least two years of experience in government auditing or related fields such as accounting or finance. Applicants must also pass an exam that covers topics such as governmental accounting standards, financial statement analysis, and fraud prevention.

To get certified, applicants must register with the IIA and pay a fee of $395. This fee includes access to study materials and practice tests. After passing the exam, applicants must submit proof of their experience in government auditing or related fields to receive their official CGAP certificate.

The CGAP designation is valid for three years and can be renewed through continuing education credits or re-examination.

8. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation that recognizes the expertise of individuals in business valuation. The ABV credential is awarded by the American Society of Appraisers (ASA), which is an international organization dedicated to promoting and advancing the appraisal profession.

In order to become an Accredited Business Valuator, you must complete a rigorous educational program, pass a comprehensive exam, and demonstrate experience in business valuation. The educational program typically takes between one and two years to complete and includes courses on financial statement analysis, economic theory, accounting principles, and business valuation techniques.

The ABV exam consists of six parts: Financial Statement Analysis; Economic Theory; Accounting Principles; Business Valuation Techniques; Practice Standards & Ethics; and Professional Responsibilities & Regulations. Candidates must pass all six parts of the exam in order to be awarded the ABV credential.

The cost of becoming an Accredited Business Valuator varies depending on the amount of coursework required for certification. Generally speaking, it can cost anywhere from $2,000 to $10,000 or more for tuition fees and examination fees. In addition to these costs, candidates may also need to purchase textbooks or other materials related to their studies.

Overall, obtaining the Accredited Business Valuator credential requires dedication and commitment but it can be a valuable asset for those looking to specialize in business valuation services.

9. Certified in Financial Forensics (CFF)

Certified in Financial Forensics (CFF) is a professional credential offered by the American Institute of Certified Public Accountants (AICPA). It is designed to recognize CPAs who have demonstrated expertise in forensic accounting, which involves applying investigative skills and specialized knowledge to financial matters. This includes analyzing financial data for litigation support, fraud investigations, and other dispute resolution services.

To become certified, an individual must meet the following criteria:

* Have a valid CPA license

* Have at least two years of experience in financial forensics

* Pass the CFF exam

The CFF exam consists of four parts: Business Valuation & Economic Damages, Financial Investigation & Fraud Examination, Litigation Services & Dispute Resolution, and Forensic Accounting & Auditing. The exam takes approximately four hours to complete and costs $450. After passing the exam, individuals must also complete 50 hours of continuing professional education every three years to maintain their certification.

10. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional designation awarded by the Association of Certified Fraud Examiners (ACFE). CFEs are highly trained and experienced professionals who have demonstrated expertise in the prevention, detection, and investigation of fraud. The CFE credential is recognized worldwide as a mark of excellence in the anti-fraud profession.

The CFE credential requires completion of an intensive three-part examination that covers all aspects of fraud prevention, detection, and investigation. The exam consists of multiple-choice questions, written responses, and case studies. It typically takes 3 to 5 months to complete all parts of the exam.

To become a CFE, you must meet certain educational and experience requirements. You must have at least a bachelor’s degree from an accredited college or university; at least two years of professional experience in accounting, auditing, financial analysis, or criminal justice; and at least 40 hours of continuing professional education credits in fraud examination topics within the past two years.

The cost to take the CFE exam varies depending on where you live and when you register for the exam. In most cases, it costs around $600-$700 USD to take the entire exam.

Do You Really Need a Cost Accountant Certificate?

Yes, a cost accountant certificate is an important credential for those looking to pursue a career in accounting or finance. It demonstrates that the individual has the necessary knowledge and skills to accurately analyze financial information and make sound decisions. Cost accounting is a highly specialized area of accounting that requires knowledge of specific techniques, principles, and regulations. A cost accountant certificate provides assurance that the individual has studied and earned certification in this field.

A cost accountant certificate also serves as an indication of commitment to the profession. The certification process requires dedication, discipline, and hard work on behalf of the individual seeking the credential. This commitment can be seen as a sign of professionalism by potential employers. Additionally, it may give an individual an advantage over other job applicants who do not have such credentials.

Finally, having a cost accountant certificate can help individuals stay current with changes in accounting standards and regulations. As these rules change regularly, having up-to-date knowledge is essential for individuals who wish to keep up with their peers in the industry. Having a cost accountant certificate ensures that they are better prepared to meet these requirements and remain competitive in their chosen field.

In conclusion, obtaining a cost accountant certificate is beneficial for those wishing to pursue a career in accounting or finance for several reasons. It demonstrates mastery of this specialized area of accounting; shows commitment to the profession; and helps individuals stay current with changes in standards and regulations within their industry.

Related: Cost Accountant Resume Examples

FAQs About Cost Accountant Certifications

1. What are the requirements to become a certified cost accountant?

Answer: To become a certified cost accountant, you must hold a bachelor’s degree in accounting or finance and have at least two years of relevant work experience. You must also pass the Uniform Certified Public Accountant Examination (CPA Exam).

2. How long does it take to become a certified cost accountant?

Answer: The time required to become a certified cost accountant varies depending on your educational background and work experience. Generally, it takes around two years to complete all the necessary requirements.

3. What is the difference between a CPA and a cost accountant?

Answer: A CPA is a Certified Public Accountant who has passed the CPA exam and holds an active license to practice public accounting services in the United States. A cost accountant is an individual who specializes in controlling costs within organizations or businesses and ensuring that they are meeting their budget goals. They may or may not be CPAs as well.

4. What type of job can I get with a cost accounting certification?

Answer: With your certification, you can find employment as an internal auditor, financial analyst, budget analyst, operations manager, controller, or other positions related to financial management and analysis.

5. Is there any continuing education required for certified cost accountants?

Answer: Yes, continuing education is required for certified cost accountants in order to maintain their certifications. This typically includes completing courses related to changes in laws and regulations as well as best practices in the field of accounting and finance every year or every two years depending on your state's requirements.