Top 11 Cost Analyst Certifications

Certifications are essential for a cost analyst in the job market as they demonstrate the individual’s commitment to their profession and their mastery of the knowledge, skills, and abilities needed to be successful. Certifications also provide employers with an assurance that a candidate is qualified to perform the tasks necessary for the job. Additionally, certifications can help cost analysts stand out from other candidates by demonstrating a higher level of expertise and experience. Finally, certifications can often lead to salary increases or promotions within organizations.

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

What are Cost Analyst Certifications?

Cost analyst certification is a credential that demonstrates an individual's knowledge and expertise in the field of budgeting, financial analysis, and cost management. It is awarded by organizations such as the Association for Financial Professionals (AFP) or the Institute of Management Accountants (IMA). Cost analyst certification can help individuals demonstrate their proficiency in areas such as preparing budgets, analyzing costs and variances, forecasting expenses, and developing cost-saving strategies. With this certification, professionals can show employers that they have the necessary skills to monitor and control organizational expenses while also helping to maximize profits. Having this credential can also help individuals stand out among their peers when applying for jobs or promotions. Additionally, it may provide access to professional development opportunities as well as a network of like-minded professionals who share best practices and resources.

Pro Tip: Before enrolling in a cost analyst certification program, make sure to research the program and ensure that it is certified by relevant professional organizations. Additionally, ensure that the curriculum is comprehensive and up-to-date with current industry standards.

Related: What does a Cost Analyst do?

Top 11 Cost Analyst Certifications

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

1. Certified Cost Professional (CCP)

Certified Cost Professional (CCP) is a professional certification offered by the Association for the Advancement of Cost Engineering International (AACEI). The CCP certification is designed to recognize individuals who have achieved a high level of proficiency in cost engineering, cost estimating, and cost management.

It typically takes 3-4 years to complete the requirements for CCP certification. To become certified, applicants must have at least 4 years of experience in the field and pass an exam administered by AACEI. The exam consists of two parts: a written exam and a practical project.

The cost to take the CCP exam varies depending on whether you are an AACEI member or not. For non-members, the fee is $595; for members, it is $495. In addition to the exam fee, there is also an annual membership fee of $99 for all applicants.

Overall, becoming a Certified Cost Professional takes time and money but can be worthwhile if you are looking to advance your career in cost engineering or management.

2. Certified Government Financial Manager (CGFM)

Certified Government Financial Manager (CGFM) is a professional certification program offered by the Association of Government Accountants (AGA). The CGFM designation is a recognized mark of excellence in government financial management and demonstrates knowledge and competency in the field.

The CGFM program consists of three exams that cover topics such as governmental accounting, financial reporting, budgeting, internal control, auditing, and financial management. To become certified, applicants must pass all three exams within a two-year period.

To get the CGFM certification, applicants must first register with the AGA and pay an application fee. After registering, applicants can purchase study materials from the AGA or other sources to prepare for the exam. Once they are ready to take the exam, they must register with Prometric to schedule their exam date and pay an additional fee.

The cost of getting the CGFM certification varies depending on how many exams you need to take and whether you purchase any additional study materials or not. Generally speaking, it will cost around $400-$500 for all three exams plus any additional study materials purchased.

3. Certified Professional Cost Estimator/Analyst (CPCA)

Certified Professional Cost Estimator/Analyst (CPCA) is a designation awarded by the Association for the Advancement of Cost Engineering International (AACEI). It is designed to recognize and promote excellence in cost estimating and analysis. The CPCA designation requires a combination of education, experience, and professional development.

To become a Certified Professional Cost Estimator/Analyst (CPCA), applicants must have at least three years of professional cost estimating or analysis experience, as well as either a bachelor’s degree in an engineering or business field or an equivalent combination of education and experience. Applicants must also pass the AACEI's Certified Professional Cost Estimator/Analyst (CPCA) exam.

The exam is composed of multiple-choice questions that cover topics such as cost estimating principles, methods, processes, techniques, tools, and software; economic principles; project management; risk management; and ethics. The exam is offered twice per year in April and October.

The fee for taking the CPCA exam is $400 for AACEI members or $500 for non-members.

4. Project Management Professional (PMP)

Project Management Professional (PMP) is a certification offered by the Project Management Institute (PMI). It is designed to demonstrate an individual’s knowledge and experience in project management. The PMP certification is recognized globally as the gold standard for project management professionals.

It typically takes between three to six months to prepare for the PMP exam, depending on your experience level. To be eligible to take the exam, you must have either a secondary degree (high school diploma, associate’s degree or equivalent) plus at least 5 years of project management experience with 7,500 hours leading and directing projects, OR a four-year degree plus at least 3 years of project management experience with 4,500 hours leading and directing projects.

To obtain the PMP certification, you must first apply online with PMI and pay an application fee of $555 for members ($695 for non-members). Once approved by PMI, you can then register for the exam through Prometric or Pearson VUE. The cost of taking the exam is $405 for members ($555 for non-members). You must also complete 35 contact hours of formal education in project management prior to taking the exam.

Once you have passed the exam, you will need to maintain your certification by earning 60 professional development units (PDUs) every three years. PDUs can be earned through attending courses, conferences or workshops related to project management.

5. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to an individual who has passed the Uniform CPA Examination and met additional state education and experience requirements for certification as a CPA. The CPA credential is recognized in all 50 U.S. states, the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands.

It usually takes at least two years of college coursework in accounting or related fields to be eligible to become a CPA, plus passing the Uniform CPA Exam and meeting other state-specific requirements such as work experience or continuing education credits. This process can take anywhere from one to three years depending on your academic background and how quickly you complete all of the necessary steps.

To become a CPA, you must pass the Uniform CPA Exam administered by the American Institute of Certified Public Accountants (AICPA). This exam consists of four sections: Auditing & Attestation (AUD), Business Environment & Concepts (BEC), Financial Accounting & Reporting (FAR), and Regulation (REG). The exam is offered twice per year in April and October at testing centers across the United States.

The cost for taking the Uniform CPA Exam varies by state but generally ranges from $800-$1,200 depending on which sections are taken and if any extra fees are applicable. Additionally, some states may require additional fees for licensing or registration with their board of accountancy in order to practice as a certified public accountant in that state.

6. 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 achieved a high level of proficiency in financial planning, analysis, control, decision support, and professional ethics.

To become certified as a CMA, you must complete an educational program that meets IMA's standards for knowledge and experience. The program consists of two parts: Part 1 covers financial planning, analysis and decision support; Part 2 covers financial management and reporting. You must also pass the CMA exam administered by the IMA.

The CMA exam is offered twice a year in January and June. The exam consists of two four-hour sections covering topics such as economics, finance, accounting, quantitative methods, information systems and technology, strategic management accounting, performance management and corporate finance.

It typically takes about 18 months to complete the educational program and pass both parts of the exam.

The cost to take the CMA exam varies depending on your country or region. In the US it costs $415 for members of IMA ($515 for non-members) plus an additional fee for each part of the exam ($250 per part).

7. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). This certification is designed to recognize individuals who have achieved a high level of proficiency in the internal audit profession. The CIA designation is recognized worldwide as the premier credential for internal auditors.

The CIA 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 passed separately in order to obtain the CIA certification.

In order to take the exam, applicants must meet certain educational and experience requirements. Candidates must have either a bachelor's degree from an accredited college or university, or at least two years of professional work experience in internal auditing, control, or related fields.

The exams are administered by Prometric testing centers around the world on a continuous basis throughout the year. The exams are computer-based and consist of multiple-choice questions and simulations.

The cost for taking all three parts of the exam varies depending on geographic region and other factors but typically ranges from $1,400 - $2,000 USD.

8. American Society of Professional Estimators Certification Program

The American Society of Professional Estimators (ASPE) Certification Program is a professional certification program designed to recognize estimators who demonstrate a high level of knowledge and experience in the field. The program is designed to ensure that estimators have the necessary skills and knowledge to accurately estimate the cost of construction projects.

The ASPE Certification Program consists of three levels: Associate Estimator, Certified Estimator, and Master Estimator. Each level requires a different amount of experience and education, as well as passing an exam. To become an Associate Estimator, applicants must have at least two years of experience in the field or a degree in estimating from an accredited college or university. To become a Certified Estimator, applicants must have at least four years of experience in the field or have completed an approved estimating course from an accredited college or university. To become a Master Estimator, applicants must have at least six years of experience in the field or have completed an advanced estimating course from an accredited college or university.

In order to receive certification, applicants must pass both a written exam and a practical exam. The written exam covers topics such as estimating principles, cost analysis techniques, scheduling methods, project management principles, and contract documents. The practical exam requires applicants to complete an actual estimating project using their own data and software tools.

The cost for ASPE Certification varies depending on the level you are seeking certification for. For example, Associate Estimator certification costs $150 while Master Estimator certification costs $400. Additional fees may apply if you need to retake either the written or practical exams.

Overall, obtaining ASPE Certification can take anywhere from several weeks to several months depending on your current level of knowledge and experience in the field. It is important to note that although having ASPE Certification does not guarantee success as an estimator, it does provide employers with assurance that you possess the necessary skills and knowledge needed for successful completion of projects within budget constraints.

9. Association for the Advancement of Cost Engineering International Certification

The Association for the Advancement of Cost Engineering International (AACEI) Certification is a professional credential that recognizes individuals who demonstrate a high level of competence in cost engineering, cost management, and related disciplines. This certification is designed to identify professionals who have the knowledge and skills necessary to effectively manage projects and resources in order to achieve desired outcomes.

To become certified, applicants must meet certain requirements including having a minimum of five years' experience in cost engineering or cost management, passing an exam, and completing continuing education credits. The process typically takes three months to complete.

To get AACEI Certification, applicants must first submit an application online or via mail. Once approved, they will be required to register for the exam and pay the associated fees. The exam fee is $400 USD for members of AACEI, or $500 USD for non-members. After passing the exam, applicants must also complete 24 hours of continuing education credits every two years in order to maintain their certification status.

Overall, obtaining AACEI Certification requires dedication and commitment but can be beneficial for those looking to advance their careers in cost engineering and project management.

10. National Institute of Governmental Purchasing Certification

The National Institute of Governmental Purchasing (NIGP) Certification is a professional certification program designed to recognize the knowledge and expertise of those in the field of public procurement. It is the only national certification program for public procurement professionals and is recognized by government agencies, educational institutions, and private employers throughout the United States.

To earn NIGP Certification, individuals must pass a comprehensive exam that covers topics such as contract law, purchasing principles and practices, strategic sourcing, financial management, and ethical considerations. The exam consists of multiple-choice questions and takes approximately three hours to complete.

To be eligible to take the NIGP Certification Exam, applicants must have at least four years of full-time experience in public procurement or a related field. They must also meet one of the following requirements: hold a bachelor’s degree in business or public administration; hold a master’s degree in business or public administration; have completed an approved NIGP certificate program; or have completed an approved NIGP training course.

The cost for taking the NIGP Certification Exam is $450 for members of NIGP or $650 for non-members. Once certified, individuals are required to maintain their certification by completing 45 professional development units (PDUs) every three years. PDUs can be earned through attending conferences, workshops, seminars, webinars, online courses, etc., related to public procurement.

11. The Institute of Business Appraisers Accredited Valuation Analyst Designation

The Institute of Business Appraisers Accredited Valuation Analyst (AVA) Designation is a professional certification program designed to recognize the expertise and experience of valuation analysts who have demonstrated their ability to accurately and objectively analyze business interests. The AVA designation is awarded to individuals who have successfully completed the Institute’s rigorous coursework, passed the comprehensive examination, and met all other requirements.

The AVA program consists of three courses: Principles of Valuation, Advanced Valuation Concepts, and Business Valuation Applications. Each course requires approximately 30 hours of study time and can be taken online or in person at one of the Institute’s training centers. Upon successful completion of all three courses, participants must pass a comprehensive exam which tests their knowledge and application skills related to business valuation.

To obtain the AVA designation, applicants must also meet certain additional requirements such as having at least 5 years of experience in business valuation or related fields, completing at least 10 hours of continuing education annually, and adhering to the Institute’s Code of Professional Conduct.

The cost for the AVA program varies depending on whether you take the courses online or in person. Online courses range from $1,800 - $2,400 while in-person courses range from $2,400 - $3,000. The cost for the comprehensive exam is an additional $500.

In total it takes approximately 90 hours to complete all three courses plus an additional 10-15 hours for studying for the comprehensive exam.

Do You Really Need a Cost Analyst Certificate?

The short answer to this question is no. A cost analyst certificate is not absolutely necessary to become a successful cost analyst. However, having a cost analyst certification can help you stand out from the competition and demonstrate your commitment to the profession.

A cost analyst certificate shows that you have taken the time to learn about the job, have invested in your own education, and are serious about pursuing a career as a cost analyst. It can also give potential employers an indication of your level of knowledge and experience in the field.

In addition to showing that you are knowledgeable in cost analysis, obtaining a cost analyst certification also shows that you are committed to staying up-to-date on relevant trends, developments, and best practices in the field. This dedication can be invaluable when trying to secure job opportunities or promotions within an organization.

Having said that, it’s important to note that having a cost analyst certificate does not guarantee success or employment as a cost analyst—you still need to have the necessary skills and experience required for the job. Therefore, if you do decide to pursue a certificate as a cost analyst, make sure that you take the time to gain relevant experience through internships or volunteer work so that you can back up your credentials with practical experience.

Related: Cost Analyst Resume Examples

FAQs About Cost Analyst Certifications

Q1. What is a Cost Analyst Certification?

A1. A Cost Analyst Certification is a professional credential that demonstrates an individual's expertise in cost analysis and management. The certification is typically obtained through a program offered by an accredited institution or professional organization, such as the Association for the Advancement of Cost Analysis (AACA).

Q2. What types of topics are covered in a Cost Analyst Certification program?

A2. Topics typically covered in a Cost Analyst Certification program include financial modeling, cost accounting, budgeting and forecasting, cost estimation, project management, and cost control. Additionally, some programs may cover topics related to data analytics and decision-making processes.

Q3. Who should consider obtaining a Cost Analyst Certification?

A3. Professionals who work with costs or budgets on a regular basis, such as accountants, financial analysts, and project managers may benefit from obtaining a Cost Analyst Certification. This credential can demonstrate in-depth knowledge and skills relevant to the field of cost analysis and management.

Q4. How long does it take to earn a Cost Analyst Certification?

A4. The length of time required to earn a Cost Analyst Certification varies depending on the program chosen and the individual's prior experience or education level; however, most programs take approximately six months to complete when studied full-time.

Q5. How much does it cost to obtain a Cost Analyst Certification?

A5. The cost of obtaining a Cost Analyst Certification depends on the program chosen; however, most programs range from $500-$3,000 USD in tuition fees alone (not including other associated costs such as books/materials).