Top 10 Cost Accounting Manager Certifications

Certifications are important for a cost accounting manager in the job market because they demonstrate a commitment to professional development and mastery of the skills necessary for success in the field. Certification also provides recognition from peers, employers, and other industry leaders that can help an individual stand out from the competition. Certifications also provide proof of knowledge and experience to potential employers, which can give them confidence when making hiring decisions. Additionally, certifications can open up more opportunities for career growth and advancement.

The purpose of this article is to review the top certifications for Cost Accounting Managers and explain how they can help advance a cost accounting manager's career.

What are Cost Accounting Manager Certifications?

Cost accounting manager certification is an industry-recognized credential for professionals who manage the financial and operational aspects of a business. The certification is designed to help professionals demonstrate their knowledge of cost accounting principles, processes, and techniques. It also serves as proof that they have the skills necessary to effectively and efficiently manage the costs associated with running a business.

The certification can be beneficial to both employers and employees in terms of providing assurance that the person managing cost accounting has been adequately trained in the field. As an employer, having a certified cost accounting manager on staff indicates that your company is serious about controlling costs, which can lead to increased efficiency and improved profitability. For employees, having the certification gives them a competitive edge in the job market by demonstrating their knowledge and expertise in cost accounting.

In addition to providing recognition of one’s qualifications, cost accounting manager certification also helps individuals stay up-to-date on best practices and new developments in the field. This ensures that they are well-equipped to handle any challenges that arise while managing costs at their organization.

Pro Tip: When considering a cost accounting manager certification, research the requirements and look for certifications that are recognized by industry professionals. Make sure to understand the topics covered in the certification and ensure that it fits your career goals. Additionally, look for certifications that offer continuing education credits which can help you stay up to date on the latest developments in cost accounting.

Related: What does a Cost Accounting Manager do?

Top 10 Cost Accounting Manager Certifications

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

1. Certified Cost Accountant (CCA)

Certified Cost Accountant (CCA) is a professional certification program offered by the Institute of Management Accountants (IMA). It is designed to recognize individuals who have demonstrated knowledge and expertise in cost accounting and related financial management topics. The CCA credential is a globally recognized designation that demonstrates an individual’s commitment to excellence in cost accounting.

In order to obtain the CCA credential, applicants must meet certain eligibility requirements, including having a minimum of three years of experience in cost accounting or related fields. They must also pass a comprehensive exam that covers topics such as cost accounting principles, standards and practices, budgeting, forecasting, financial reporting, internal controls and more.

The CCA exam takes approximately four hours to complete and consists of 150 multiple-choice questions. To prepare for the exam, applicants should review IMA's study materials and practice tests. The fee for taking the exam is $350 USD. Upon successful completion of the exam, applicants will receive their CCA certificate from IMA.

2. Certified Management Accountant (CMA)

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

To become a CMA, you must have a bachelor’s degree from an accredited college or university and two years of professional experience in management accounting or financial management. You must also pass two comprehensive exams administered by IMA. The first exam covers financial reporting, planning, performance and control, cost management, internal controls and ethical standards. The second exam covers financial statement analysis, corporate finance, decision analysis and risk management, investment decisions and professional ethics.

It typically takes between six months to one year to complete the CMA designation process. However, this timeline can vary depending on your level of dedication and study habits.

The cost to become a CMA varies depending on your country of residence. In the United States it typically costs around $1,000 USD for the application fee plus exam fees for both parts of the exam ($415 USD each). Additionally there may be other fees associated with membership in IMA or other local organizations related to the CMA program.

3. Certified in Financial Management (CFM)

Certified in Financial Management (CFM) is a professional certification offered by the Institute of Certified Financial Managers (ICFM). It is designed to recognize and promote the highest standards of financial management knowledge, skills, and experience. The CFM certification is intended for individuals who are responsible for managing financial resources in organizations.

It typically takes between six months to one year to complete the CFM program. The program consists of three core courses: Financial Management Principles and Practices, Financial Analysis and Decision Making, and Financial Planning and Control. Each course requires approximately 40 hours of study time.

To get certified as a CFM, you must pass an examination administered by ICFM. The exam consists of multiple-choice questions covering topics such as accounting principles, financial analysis techniques, budgeting principles, strategic planning methods, risk management strategies, cash flow management techniques, capital budgeting methods, international finance concepts, and more.

The cost for the CFM program varies depending on the number of courses taken and whether or not you take advantage of any discounts that may be available. Generally speaking, it costs around $2,000 to complete all three courses plus the examination fee which is usually around $200.

4. 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 expertise in government financial management. The CGFM program focuses on three core areas: government environment, government accounting and financial reporting, and governmental budgeting and control.

The CGFM program consists of three exams that must be passed in order to become certified. The exams are: Governmental Environment, Governmental Accounting & Financial Reporting, and Governmental Budgeting & Control. Each exam has a time limit of four hours and consists of multiple-choice questions.

In order to qualify for the CGFM program, applicants must have either a bachelor's degree or higher in accounting or related field from an accredited college or university; at least two years of professional experience in government financial management; or a combination of education and experience totaling at least five years.

It typically takes between six months to one year to complete the CGFM program depending on how quickly you can study for the exams.

To get started with the CGFM program, you will need to register online with AGA and pay an application fee of $100. You will then receive instructions on how to schedule your exams. Once you have passed all three exams, you will receive your official certificate as a Certified Government Financial Manager (CGFM).

The cost for taking all three exams is $475 ($175 per exam). Additionally, there may be additional fees associated with rescheduling an exam or retaking an exam if necessary.

5. 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 is designed to recognize accounting professionals who have demonstrated expertise in financial management, strategic planning, risk management, and decision-making.

The CGMA program consists of three components: an online assessment, a comprehensive exam, and continuing professional education. To become a CGMA, you must pass all three components.

The online assessment is designed to test your knowledge of the core concepts of management accounting. This assessment can be completed in approximately four hours.

The comprehensive exam is a two-part exam that tests your understanding of both theoretical and practical aspects of management accounting. The first part consists of multiple-choice questions and the second part consists of written case studies. The comprehensive exam takes approximately six hours to complete.

To maintain your CGMA designation, you must complete at least 40 hours of continuing professional education every three years. This includes courses related to financial reporting, taxation, auditing, business strategy, and other topics related to management accounting.

The cost for taking the CGMA program varies depending on where you take it and which components you choose to pursue. Generally speaking, the cost for taking the online assessment ranges from $200-$400 USD; the cost for taking the comprehensive exam ranges from $500-$1,000 USD; and the cost for completing 40 hours of continuing professional education ranges from $100-$200 USD per year.

6. Professional Cost Consultant (PCC)

A Professional Cost Consultant (PCC) is a specialized professional who provides advice and guidance to clients on how to manage their costs. The PCC will analyze the client’s current financial situation, develop cost-saving strategies, and provide ongoing support to ensure that the client stays on track.

The process of obtaining a PCC typically takes between two to four weeks depending on the complexity of the project. During this time, the consultant will review your financial data and create a comprehensive report outlining potential areas for improvement. This report will then be presented to you for review and approval.

In order to get a Professional Cost Consultant, you must first contact an accredited firm or individual with experience in cost management. Once you have identified a suitable provider, you can discuss your needs and budget with them in order to determine what services they can offer and how much it will cost. Depending on the scope of work required, fees can range from several hundred dollars up to several thousand dollars.

Overall, working with a Professional Cost Consultant can be beneficial as they are able to provide expert advice on how best to manage costs while still achieving desired goals.

7. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have passed the CPA exam and met the educational, experience, and ethical requirements of their state. CPAs are licensed by their state boards of accountancy to provide accounting services to the public. They are responsible for preparing financial statements, tax returns, and other documents related to financial transactions.

The process of becoming a CPA varies by state but generally requires passing the Uniform CPA Exam, meeting certain educational requirements, and obtaining a minimum amount of experience in accounting or related fields. The exam consists of four sections: Auditing & Attestation (AUD), Financial Accounting & Reporting (FAR), Regulation (REG), and Business Environment & Concepts (BEC). The exam is administered by the American Institute of Certified Public Accountants (AICPA) twice per year in January/February and April/May.

The cost of becoming a CPA depends on your individual situation but typically includes fees for taking the exam, application fees for each state you plan to practice in, study materials such as textbooks or online courses, and any additional coursework required for licensure. Additionally, some states require that you take continuing education classes every year in order to maintain your license.

Overall, it can take anywhere from 6 months to 1 year or more to become a licensed CPA depending on how quickly you complete all necessary steps.

8. Six Sigma Green Belt Certification

Six Sigma Green Belt Certification is a professional certification program designed to help individuals develop and demonstrate their knowledge of the Six Sigma methodology. The program focuses on the application of statistical tools and techniques to improve processes and reduce defects. It is intended for professionals who are responsible for leading projects or managing teams that use Six Sigma principles and practices.

The duration of the Six Sigma Green Belt Certification program varies depending on the provider, but typically takes between two to four weeks to complete. The program consists of classroom instruction, online learning, or a combination of both. During this time, students learn about the DMAIC (Define-Measure-Analyze-Improve-Control) process, data analysis tools such as Lean Six Sigma, project management techniques, problem solving skills, and other related topics. Upon successful completion of the program, participants receive a certificate from an accredited organization such as ASQ (American Society for Quality).

To become certified as a Six Sigma Green Belt professional, individuals must pass an exam administered by an accredited organization such as ASQ. The cost of the exam varies depending on the provider; however, it typically ranges from $500-$1,000 USD. Additionally, some providers may require applicants to have prior experience in process improvement or quality management before taking the exam.

In addition to passing the exam, some organizations may also require applicants to have completed additional training in order to be eligible for certification. For example, ASQ requires applicants to have completed at least 24 hours of formal education in Lean Six Sigma principles before taking their certification exam.

Overall, obtaining a Six Sigma Green Belt Certification can be beneficial for those looking to advance their career in process improvement or quality management roles. It demonstrates that an individual has mastered key concepts related to these fields and is committed to continuous learning and improvement within their organization.

9. Project Management Professional (PMP)

Project Management Professional (PMP) is a certification offered by the Project Management Institute (PMI). It is one of the most sought-after certifications in the field of project management. The PMP certification recognizes an individual’s knowledge and experience in managing projects and leading teams.

It typically takes around six to twelve months to prepare for and obtain the PMP certification. The preparation process includes completing 35 hours of project management education, gathering experience leading projects, and passing the PMP exam.

To get started with your PMP journey, you will need to create an account with PMI and submit an application for the certification. Once your application is approved, you can begin preparing for the exam by taking courses or studying independently.

The cost of obtaining a PMP certification varies depending on whether you are a member or non-member of PMI. For members, it costs $405 USD for the application fee plus $405 USD for the exam fee; whereas for non-members, it costs $555 USD for both fees combined.

10. Lean Six Sigma Black Belt Certification

Lean Six Sigma Black Belt Certification is a professional certification program designed to help individuals gain an in-depth understanding of Lean Six Sigma principles and tools. It is designed for professionals who are responsible for leading and managing Lean Six Sigma projects, as well as those who work on the implementation of Lean Six Sigma processes in their organizations.

The certification typically takes around four to six months to complete, depending on the individual’s commitment level and prior experience with Lean Six Sigma. To get certified, individuals must complete a series of courses that cover topics such as process improvement, problem solving, data analysis, project management, and team dynamics. After completing the courses, candidates must pass an exam that tests their knowledge and skills in applying Lean Six Sigma principles.

The cost of obtaining a Lean Six Sigma Black Belt Certification varies depending on the provider offering the program. Generally speaking, it can range from $2,000-$4,000 USD for the entire program including course materials and exam fees.

Do You Really Need a Cost Accounting Manager Certificate?

The answer to this question really depends on the individual and their career goals. If a person is interested in pursuing a career in cost accounting, then obtaining a cost accounting manager certificate may be beneficial. This type of certification can help demonstrate to employers that an individual has the skills and knowledge necessary to become a successful cost accountant. Additionally, some employers may require or prefer applicants with such credentials.

On the other hand, if a person already has experience in cost accounting or possesses certain qualifications which make them suitable for the job, then they may not need to obtain a cost accounting manager certificate. Each employer will have different criteria for what makes an ideal candidate for their position, so it is important for individuals to research each job opportunity thoroughly before applying.

In conclusion, whether or not someone needs a cost accounting manager certificate will depend on their career goals and the requirements of the employer they are applying to. It is important to consider all available options before deciding whether or not this type of certification will be beneficial to one’s career path.

Related: Cost Accounting Manager Resume Examples

FAQs About Cost Accounting Manager Certifications

1. What is a Cost Accounting Manager Certification?

A Cost Accounting Manager Certification is a professional certification that demonstrates the holder has the knowledge and skills necessary to successfully manage cost accounting operations. The certification is offered by various organizations, including the Institute of Management Accountants (IMA) and Certified Management Accountant (CMA).

2. What are the requirements for obtaining a Cost Accounting Manager Certification?

The requirements for obtaining a Cost Accounting Manager Certification vary depending on which organization you are certified with, but in general, applicants must have at least two years of experience in cost accounting or related professional experience and pass an exam to receive their certification.

3. How long does it take to complete a Cost Accounting Manager Certification?

It typically takes between six months and one year to complete a Cost Accounting Manager Certification, depending on how much time you dedicate to studying for your exams.

4. What are the benefits of having a Cost Accounting Manager Certification?

Having a Cost Accounting Manager Certification can help you stand out from other job applicants as it demonstrates your expertise in cost accounting operations and shows employers that you have the skills necessary to be successful in this field. Additionally, having this certification can also open up opportunities for career advancement or higher pay rates as employers value professionals who have taken the time to gain additional qualifications.

5. Is there any continuing education required after I obtain my Cost Accounting Manager Certification?

Yes, some organizations require continuing education credits in order to maintain your certification status. The number of credits required will vary depending on which organization you are certified with, so be sure to check their specific guidelines before committing to any courses or programs.