Top 11 CPA Certifications

Certifications are an important part of any CPA's professional development and career. They help to demonstrate a commitment to excellence in the field and provide assurance that the CPA has met the highest standards of professional practice. As a result, certifications can help CPAs stand out in the job market and increase their marketability and competitiveness for positions. Certifications also serve as evidence of specialized knowledge and skills, which can be very attractive to employers looking for qualified candidates. Finally, certifications can open up opportunities for advancement, as many organizations prefer to hire professionals with credentials or certifications that are recognized by their industry.

The purpose of this article is to provide an overview of some of the top certifications for CPAs and explain how they can help to advance a CPA's career.

What are CPA Certifications?

CPA certification is a professional designation awarded by the American Institute of Certified Public Accountants (AICPA) to individuals who demonstrate knowledge and proficiency in the field of accounting. To become a Certified Public Accountant (CPA), candidates must pass the CPA Exam, meet education requirements, and meet experience requirements set forth by their state board of accountancy.

Having a CPA certification can be beneficial to those in the accounting profession as it shows potential employers that you have achieved a high level of expertise and competence in your field. It also demonstrates that you are committed to upholding the ethical standards of the profession and provides assurance to clients that they are dealing with a qualified professional. Additionally, CPAs are able to provide services such as tax preparation and financial consulting to clients, which can lead to more business opportunities and higher pay. Furthermore, having a CPA certification may also open doors for career advancement within an organization and provide access to additional resources such as conferences, continuing education courses, or specialized research materials.

Pro Tip: When considering a CPA certification, make sure to research the specific requirements of the credential in your state. Each state has different rules and regulations for CPA certification, so it is important to understand what is required for you to become a certified CPA.

Related: What does a CPA do?

Top 11 CPA Certifications

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

1. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have passed the Uniform CPA Examination and met additional state education and experience requirements for certification. CPAs are licensed by their respective states and must adhere to a strict code of professional conduct. They are qualified to provide accounting services, including auditing, tax preparation, financial planning, and consulting.

It typically takes four years of college education plus an additional year of specialized accounting courses in order to become eligible for the CPA exam. Most states also require at least two years of public accounting experience prior to taking the exam.

In order to take the CPA Exam, you must first apply for eligibility through your state board of accountancy. This process involves submitting an application form with all necessary documentation such as transcripts, proof of identity, and other required documents. Once approved by the board, you can then register for the exam with the National Association of State Boards of Accountancy (NASBA).

The cost for taking the CPA Exam varies from state to state but generally ranges from $150-$200 per section or part taken. In addition to this fee, there may be additional fees associated with registration or administrative costs.

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification offered by the Institute of Management Accountants (IMA). It is designed to demonstrate an individual’s expertise in financial planning, analysis, control, decision support and professional ethics. CMA certification is becoming increasingly popular among finance professionals who want to advance their careers and demonstrate their commitment to excellence in the field.

To become certified as a CMA, you must meet certain educational and experience requirements. You must have at least 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 the CMA exam, which consists of two parts: Part 1 covers financial planning, performance and control; Part 2 covers financial decision-making.

The exam can be taken over two four-hour sessions or one eight-hour session. The cost of the exam varies depending on where you take it, but typically ranges from $400-$500 USD. After passing the exam, you will need to complete an application process with IMA that includes submitting references and paying a fee of $250 USD for international candidates or $150 USD for US candidates. Once your application has been approved, you will receive your CMA certificate within 4-6 weeks.

Overall, it typically takes around 6 months to complete all the requirements for obtaining your CMA certification.

3. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation for management accountants and finance professionals. It is awarded by the American Institute of Certified Public Accountants (AICPA) in partnership with the Chartered Institute of Management Accountants (CIMA). The CGMA designation recognizes the expertise and experience of finance professionals who use their skills to drive business performance.

The CGMA exam consists of two parts: the Financial Reporting and Strategy Exam, which covers financial reporting, strategy, governance, risk management, and ethics; and the Management Accounting Exam, which covers cost accounting, budgeting, forecasting, decision analysis, performance measurement and reporting.

It typically takes 6-12 months to complete the CGMA program depending on how much time you are able to dedicate to studying. To get started you must first register with AICPA/CIMA and then purchase a study package that includes textbooks and online courses. Once you have completed your studies you will be able to take both exams at an approved testing center.

The cost of obtaining the CGMA designation varies depending on where you live but generally ranges from $1,000 - $2,500 USD. This includes registration fees as well as study materials such as textbooks and online courses.

4. 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 field of internal auditing. The CIA designation is recognized worldwide as a mark of excellence and commitment to the internal audit profession.

The CIA program consists of three parts: Part 1, Part 2, and Part 3. To become certified, individuals must pass all three parts of the exam and meet other requirements set forth by the IIA. The exams are offered in both English and Spanish.

It typically takes an individual between 12-18 months to complete all three parts of the exam, depending on their study habits and dedication.

To get started on your journey to becoming a Certified Internal Auditor (CIA), you will need to register with the IIA. You can do this online through their website or by calling their customer service line. Once registered, you will be able to access study materials and practice exams that will help you prepare for each part of the exam. Additionally, many universities offer courses specifically tailored towards preparing for the CIA exam.

The cost for taking each part of the CIA exam varies depending on where you take it and whether or not you are an IIA member. Generally speaking, non-members pay around $450 per part while members pay around $350 per part.

5. Certified Fraud Examiner (CFE)

Certified Fraud Examiner (CFE) is a professional designation given by the Association of Certified Fraud Examiners (ACFE). It is a certification that recognizes an individual’s expertise in detecting and preventing fraud. The CFE credential is recognized worldwide as the standard of excellence for anti-fraud professionals.

It typically takes between 6 to 12 months to complete the requirements for obtaining the CFE credential, depending on the individual's experience level and other factors. To become a CFE, one must first meet certain eligibility criteria, including having at least two years of full-time professional experience in fraud prevention or investigation; or have completed a college degree in accounting or criminal justice; or have obtained other certifications from organizations such as the International Association of Financial Crimes Investigators (IAFCI).

Once eligible, applicants must then pass a comprehensive four-hour exam covering topics such as fraud prevention, detection, investigation and law. After passing the exam, applicants must submit proof of their professional experience and fulfill any additional requirements for certification.

The cost for taking the CFE exam varies based on location and other factors. Generally speaking, it costs around $400 USD to take the exam. Additionally, there are fees associated with applying for and maintaining certification status with ACFE which can range from $50 to $200 USD per year depending on membership type.

6. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is an internationally recognized certification that validates a professional’s expertise in information systems auditing, control, and security. It is awarded by the Information Systems Audit and Control Association (ISACA).

To become a CISA certified professional, one must pass the CISA exam. The exam consists of 150 multiple-choice questions and lasts four hours. To be eligible to take the exam, applicants must have five years of experience in information systems auditing, control or security related roles.

In order to apply for the CISA exam, applicants must first register with ISACA. This can be done online or through mail. Applicants will then need to pay an application fee of $50 for ISACA members or $75 for non-members.

The cost of taking the CISA exam varies depending on region but typically ranges from $575 to $815 for ISACA members and from $760 to $1,000 for non-members.

Once registered and paid for the exam, applicants can choose their preferred date and location to take it at any of the authorized testing centers around the world. After passing the exam, applicants will receive their official CISA certificate within 8 weeks after their test date.

7. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation that is awarded to individuals who have demonstrated a high level of expertise in the field of business valuation. The ABV credential is recognized by many organizations, including the American Institute of Certified Public Accountants (AICPA), the National Association of Certified Valuators and Analysts (NACVA), and the International Association for Consultants, Valuators and Analysts (IACVA).

In order to obtain the ABV credential, applicants must first complete an approved course or program in business valuation. This can be done through accredited universities or specialized training programs. After completing the required coursework, applicants must then pass a comprehensive examination administered by either NACVA or IACVA. Upon successful completion of both requirements, individuals are eligible to apply for their ABV certification.

The process typically takes between three and six months depending on individual circumstances. The cost of obtaining an ABV certification varies depending on the organization offering it. Generally speaking, it can range anywhere from $500 to $2,000 USD.

8. Personal Financial Specialist (PFS)

A Personal Financial Specialist (PFS) is a professional designation awarded by the American Institute of Certified Public Accountants (AICPA). The PFS credential recognizes financial professionals who have demonstrated a high level of knowledge and experience in providing personal financial planning services.

To become a PFS, an individual must first be a CPA or hold another AICPA-approved certification, such as Chartered Financial Analyst (CFA), Certified Financial Planner (CFP) or Chartered Investment Counselor (CIC). In addition, the individual must pass the PFS exam and complete at least two years of experience in personal financial planning.

The PFS exam consists of two parts: the Financial Planning Knowledge Exam and the Case Simulation Exam. The Financial Planning Knowledge Exam covers topics such as investments, taxes, retirement planning, estate planning and insurance. The Case Simulation Exam tests an individual's ability to apply their knowledge to real-world scenarios.

The cost for taking the PFS exam varies depending on where you take it. Generally speaking, it costs around $1,000 to register for both parts of the exam. Additionally, there are study materials available that can help individuals prepare for the exams; these materials typically cost between $200 and $400.

Once all requirements are met, applicants can submit their application to AICPA for review. Once approved, individuals will receive their official PFS credential within 8-10 weeks.

9. Certified Government Financial Manager (CGFM)

Certified Government Financial Manager (CGFM) is a professional certification offered by the Association of Government Accountants (AGA). It is designed to recognize individuals who demonstrate knowledge and proficiency in government financial management. The CGFM certification program focuses on three core areas: government accounting, auditing, and financial reporting.

It typically takes around 18 months to obtain the CGFM certification. To get certified, applicants must pass three exams: Governmental Environment, Governmental Accounting and Financial Reporting, and Governmental Financial Management and Control. Each exam consists of 100 multiple-choice questions and must be completed within two hours.

The cost for taking the CGFM exams varies depending on the number of exams taken at once. For example, if an applicant takes all three exams together, it costs $495; if an applicant takes one exam at a time, it costs $175 per exam.

10. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, a global association of investment professionals. It is the highest standard of professional excellence in the field of investment management and financial analysis. The CFA program provides a comprehensive curriculum that covers topics such as ethics, financial reporting, quantitative methods, economics, portfolio management, and corporate finance.

The CFA program consists of three levels of exams that must be passed in order to become a CFA charterholder. Each level builds on the knowledge gained from the previous one and requires approximately 300 hours of study time for each level. The entire program typically takes three to four years to complete depending on how quickly you are able to study and pass each exam.

To get your CFA charter you must meet certain eligibility requirements including: having at least four years of qualified work experience in an investment decision-making role; passing all three levels of the CFA Program exams; becoming a member of the CFA Institute; and agreeing to abide by their Code of Ethics and Standards of Professional Conduct.

The cost for taking each level exam varies depending on when you register but typically ranges from $700-$1000 USD per exam. In addition to this cost, there are also membership fees associated with joining the CFA Institute which range from $300-$400 USD per year depending on your membership type.

11. Enrolled Agent (EA).

Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS). Enrolled agents are required to demonstrate their competence in all areas of taxation, representation, and ethics before they are granted unlimited practice rights by the IRS.

It takes approximately 6 months to become an Enrolled Agent. To become an EA, you must pass a three-part examination administered by the IRS or have at least five years of full-time experience as a paid tax preparer. The exam consists of two parts: a comprehensive exam on individual and business taxes, and an ethics component. After passing both exams, you will be required to complete 72 hours of continuing education every three years in order to maintain your status as an EA.

The cost for becoming an enrolled agent varies depending on what materials you use for studying and how many times you take the exams. Generally, it costs around $2,000-$3,000 including fees for taking the exams and purchasing study materials.

Do You Really Need a CPA Certificate?

The answer to this question depends on your particular goals and career path. If you want to become an accountant or a financial advisor, then having a CPA certificate is essential. It demonstrates that you have the necessary knowledge and skills to work in these fields. On the other hand, if you are looking for a job in management or administrative roles, then a CPA certificate may not be as important.

Having a CPA certificate can also help you land better jobs with higher salaries and more career opportunities. It shows potential employers that you are serious about your profession and that you have the necessary qualifications to do the job. Additionally, it provides credibility and validation of your knowledge in the field of accounting and finance.

Overall, having a CPA certificate is beneficial if you plan on working in accounting or financial roles. It can provide additional opportunities for advancement and higher pay. However, if you don't plan on working in these fields, then it may not be necessary for your career goals. Ultimately, it's up to you to decide whether or not obtaining a CPA certificate is worth the effort and cost involved.

Related: CPA Resume Examples

FAQs About CPA Certifications

1. What is a CPA certification?

Answer: A Certified Public Accountant (CPA) is a professional designation granted by the American Institute of Certified Public Accountants (AICPA) that recognizes an individual’s expertise in accounting and auditing. CPAs are qualified to provide financial advice and services, such as tax preparation, auditing, and financial planning.

2. How do I become a CPA?

Answer: To become a CPA, you must meet certain educational requirements and pass the Uniform CPA Examination administered by the AICPA. After passing the exam, you must also complete additional state-specific requirements in order to be certified as a CPA.

3. What type of work can I do with a CPA certification?

Answer: CPAs are qualified to provide financial services including tax preparation, auditing, estate planning, bookkeeping, budgeting and forecasting services, financial consulting, and more. Additionally, many CPAs choose to specialize in specific areas such as healthcare or government accounting for even greater career opportunities.

4. How long does it take to become a CPA?

Answer: The length of time it takes to become a CPA depends on each individual's circumstances; however, it typically takes between 1-3 years to obtain the necessary education requirements and pass the examination. After passing the exam, some states require additional hours of continuing education before becoming fully licensed as a CPA.

5. Is there an age limit for becoming a CPA?

Answer: No; there is no age limit for obtaining your CPA certification; however, it is important to note that certain states may have additional requirements depending on your age at the time of application or licensure renewal.