Top 10 Director of Finance Certifications

Certifications are important for a director of finance in the job market because they demonstrate a commitment to professional standards and best practices. Certifications also help distinguish a director of finance from other applicants, showing that he or she is knowledgeable in the field and has made an effort to stay up-to-date on the latest developments. Furthermore, certifications provide assurance to employers that the director of finance is qualified for the position and can meet expectations. Finally, certifications may be required by certain employers or industries, so having them can make a candidate more competitive in the job market.

The purpose of this article is to review the top certifications for Directors of Finance and explain how they can help advance a Director of Finance's career.

What are Director of Finance Certifications?

Director of finance certification is an important credential for any professional in the field of finance. It is a certification that provides recognition and validation of knowledge, skills, and abilities in the areas of financial management, accounting, budgeting and financial analysis. This certification demonstrates an individual’s commitment to their career in finance and their ability to manage complex financial operations.

The certification can help individuals advance in their careers by providing evidence that they have the expertise necessary to manage complex financial operations. It also helps them demonstrate their ability to make sound decisions when it comes to managing finances and investments. Additionally, it can provide access to higher-level positions within organizations as well as access to more competitive salaries.

By having director of finance certification, individuals can show employers that they are up-to-date on industry trends and best practices, which may help them stand out from other candidates vying for the same position. Additionally, having this credential can open doors to new opportunities within a company or organization since many employers require this type of certification when hiring for senior-level roles in finance departments.

Overall, director of finance certification is an important credential that can open up numerous opportunities for those looking to advance their career in the field of finance. It not only demonstrates an individual’s expertise in the area but also shows employers that they are committed to continuing their education and staying current with industry trends.

Pro Tip: When pursuing a Director of Finance certification, be sure to take courses that focus on both accounting and finance. This will give you the skills and knowledge necessary to excel in the role and help you develop the expertise needed to succeed in the profession.

Related: What does a Director of Finance do?

Top 10 Director of Finance Certifications

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

1. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have met certain educational and experience requirements and passed a national exam. CPAs are licensed by their respective state boards of accountancy and are regulated by the American Institute of Certified Public Accountants (AICPA).

To become a CPA, you must meet the education, experience, and examination requirements set forth by your state board of accountancy. Generally, these requirements include completing 150 semester hours of college-level coursework in accounting, business administration, economics, finance, and other related subjects; obtaining at least one year of public accounting experience; and passing the Uniform CPA Examination.

The amount of time it takes to become a CPA varies depending on individual circumstances. However, it typically takes between two to four years to complete all the necessary steps.

The cost associated with becoming a CPA can vary greatly depending on factors such as where you live, which courses you take, how many times you take the exam, etc. Generally speaking, expect to pay anywhere from several hundred dollars for study materials up to several thousand dollars for tuition fees. Additionally, there is an application fee charged by each state board that must be paid before taking the exam.

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 recognize individuals who have achieved a high level of knowledge and expertise in the field of management accounting. The CMA designation is one of the most respected and sought-after certifications in the accounting profession.

To become a Certified Management Accountant, you must meet certain educational and experience requirements, pass two comprehensive exams, and agree to abide by the IMA's Code of Professional Conduct. To qualify for the CMA exam, 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.

The CMA exam consists of two parts: Part 1 covers financial planning, analysis, control, decision support, and professional ethics; Part 2 covers financial statement analysis, corporate finance, investments, strategic planning and performance measurement. Each part consists of 100 multiple-choice questions that must be completed within four hours.

The cost to take the CMA exam varies depending on your country/region but typically ranges from $400-$700 USD. Once you have passed both parts of the exam and met all other requirements for certification, you will receive your official certificate as a Certified Management Accountant (CMA).

Overall it can take anywhere from 6 months to 2 years to get your CMA certification depending on how quickly you complete all the necessary requirements.

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 Program is a graduate-level, self-study program divided into three levels that cover topics such as accounting, economics, ethics, money management, and more. It takes an average of four years to complete the entire program and obtain the CFA charter.

To become a CFA charterholder, candidates must pass all three levels of the exam within four years. Candidates must also have at least four years of professional experience in investment decision making or related positions.

The cost to take each level of the exam varies depending on when you register for it. Generally speaking, it costs around $1,000 per exam plus additional fees for registration and study materials.

4. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is the only globally accepted designation for internal auditors, and it demonstrates that an individual has achieved a mastery of knowledge in the field. The CIA credential is recognized as the standard of excellence in the internal audit profession.

To become a CIA, applicants must meet certain requirements and pass an exam. To be eligible for the CIA exam, applicants must have at least a bachelor's degree from an accredited college or university, or equivalent work experience in internal auditing, accounting, or related fields.

The CIA exam consists of three parts: Part 1 – Internal Audit Basics; Part 2 – Practice of Internal Auditing; and Part 3 – Business Knowledge for Internal Auditing. Each part consists of multiple-choice questions and can take up to four hours to complete.

In order to get certified as a CIA, applicants must pass all three parts of the exam within a five year period with a minimum score of 500 on each part. After passing all three parts, applicants will receive their official certificate from IIA.

The cost to take the CIA exam varies depending on location and currency exchange rate but typically ranges between $500 - $900 USD per part.

5. Certified Treasury Professional (CTP)

Certified Treasury Professional (CTP) is a professional designation offered by the Association for Financial Professionals (AFP). It is the most widely recognized certification in the finance and treasury industry, and it demonstrates that an individual has achieved a high level of knowledge and expertise in corporate finance, cash management, risk management, investments, and international finance.

To become a CTP, individuals must have at least three years of relevant experience in the field of treasury or finance. They must also pass a comprehensive exam administered by AFP. The exam covers topics such as cash flow analysis, financial instruments, foreign exchange markets, debt management, and capital markets.

The CTP exam is offered twice each year: once in May and once in November. The registration fee for the exam is $495 for AFP members and $645 for non-members. After passing the exam, individuals must pay an annual renewal fee of $250 to maintain their certification.

6. Certified Government Financial Manager (CGFM)

Certified Government Financial Manager (CGFM) is a professional certification program administered by the Association of Government Accountants (AGA). It is designed to recognize professionals who have achieved a high level of proficiency in government financial management. The CGFM certification is awarded to individuals who demonstrate knowledge and competency in the field of government financial management.

To become certified, an individual must pass three examinations:

1. Governmental Environment

2. Governmental Accounting, Financial Reporting and Budgeting

3. Governmental Financial Management and Control

The examinations are offered year-round at various locations throughout the United States and Canada. Each exam costs $250, so the total cost for all three exams is $750. Depending on your study habits, it could take anywhere from four months to one year to prepare for the exams and obtain your CGFM certification.

In order to be eligible for the CGFM program, individuals must meet certain educational requirements including having a bachelor’s degree or higher with 24 semester hours of accounting or auditing courses; or having an associate’s degree with 30 semester hours of accounting or auditing courses; or having five years of full-time experience in government financial management positions that involve decision-making responsibilities.

Once you have passed all three exams and met the educational requirements, you will receive your CGFM certificate from AGA along with a wallet card that verifies your status as a Certified Government Financial Manager.

7. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation given by the Certified Financial Planner Board of Standards (CFP Board) to individuals who have met certain educational, experience, and ethical requirements. The CFP designation is widely recognized as the highest standard of financial planning excellence in the United States.

To become a CFP, an individual must complete three steps:

1. Complete the Education Requirement: To become a CFP, an individual must complete a college-level program that covers topics such as insurance planning, investments, retirement planning, estate planning, tax planning and financial analysis. This program must be approved by the CFP Board and typically takes two to three years to complete.

2. Pass the Exam: After completing the education requirement, an individual must pass the CFP Certification Examination which is administered by Prometric on behalf of the CFP Board. The exam consists of 170 multiple-choice questions covering topics such as financial planning process and environment; risk management and insurance planning; employee benefits and retirement savings plans; investment planning; tax planning; estate planning; and general principles of financial planning.

3. Meet Experience Requirement: Finally, an individual must meet the experience requirement set forth by the CFP Board before they can be certified as a CFP professional. This includes at least three years of full-time personal financial advice experience or equivalent part-time experience within five years prior to applying for certification.

The cost for becoming a CFP varies depending on factors such as location and type of program chosen but typically ranges from $2,000-$5,000 for tuition alone (not including books or other materials).

8. Certified Financial Services Auditor (CFSA)

Certified Financial Services Auditor (CFSA) is an internationally recognized certification for professionals in the financial services industry. It is issued by the Institute of Internal Auditors (IIA), a global professional organization dedicated to promoting excellence in internal auditing. The CFSA credential demonstrates that an individual has the knowledge, skills and experience necessary to perform financial services audits in accordance with globally accepted standards.

It typically takes about six months to complete the requirements for obtaining the CFSA credential. These include completing a minimum of 80 hours of professional development activities, passing an exam, and meeting experience requirements. The exam is offered twice a year and consists of multiple-choice questions covering topics such as internal control environment, risk assessment, audit planning and execution, and reporting on audit results.

In order to be eligible for the CFSA credential, individuals must have at least three years of relevant work experience or have completed a college degree program related to auditing or accounting. Additionally, they must pass a background check conducted by the IIA prior to taking the exam.

The cost of obtaining the CFSA credential varies depending on whether you are an IIA member or not. For non-members, it costs $795 USD plus applicable taxes; whereas for members it costs $595 USD plus applicable taxes.

9. 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 a globally recognized credential that demonstrates expertise in management accounting and financial management.

The CGMA designation requires applicants to pass an exam, complete a coursework program, and demonstrate experience in the field. The exam consists of two parts: the CIMA Professional Qualification Exam and the AICPA Global Management Accounting Principles Exam. To be eligible for the CGMA exam, applicants must have completed at least five years of relevant work experience or hold an undergraduate degree in accounting, finance, or business from an accredited institution.

It typically takes between six months to one year to obtain the CGMA designation depending on how quickly you complete all requirements. After passing both exams and completing the coursework program, you will need to submit your application for review by the AICPA and CIMA boards. Once approved, you will receive your CGMA designation certificate.

The cost of obtaining the CGMA designation varies depending on which courses you choose to take as part of your coursework program. The cost can range from $1,000-$3,000 USD depending on which courses you select.

10. Chartered Professional Accountant (CPA Canada).

Chartered Professional Accountants (CPA Canada) is a professional designation that recognizes the highest standard of accounting excellence. It is the most sought after designation in the accounting field and is recognized internationally.

To become a Chartered Professional Accountant (CPA), you must complete a rigorous educational program, pass the CPA Professional Education Program (CPA PEP) and Common Final Examination (CFE), and fulfill experience requirements. The educational program consists of three levels: Foundation Level, Core Level, and Capstone Level.

The Foundation Level consists of two courses: Financial Accounting & Reporting and Strategic Leadership & Governance. These courses are designed to provide students with an understanding of financial accounting principles, business strategies, and ethical considerations. The Core Level consists of four courses: Advanced Financial Accounting & Reporting, Management Accounting & Performance Management, Taxation Planning & Strategies, and Auditing & Assurance Services. These courses are designed to provide students with an understanding of advanced financial accounting principles, management accounting techniques, taxation planning strategies, auditing procedures, and assurance services. The Capstone Level consists of one course: Business Valuation & Analysis. This course provides students with an understanding of business valuation techniques and analysis methods used by accountants in their practice.

The CPA PEP program typically takes between 18-24 months to complete depending on the individual's pace and availability for study time. Once all courses have been completed successfully, candidates must pass the CFE which is administered twice per year in April/May or September/October at designated locations across Canada.

The cost for completing the CPA PEP program will vary depending on whether you choose to take it online or in-classroom format as well as other factors such as location and provider chosen for your studies. Generally speaking however, the cost can range from $2 500 - $4 000 CAD for tuition alone plus additional fees associated with registration/examination costs which can range from $1 500 - $2 000 CAD depending on your province/territory of residence.

Once all coursework has been completed successfully and candidates have passed the CFE examination they will be eligible to apply for membership with their provincial or territorial body where they will be required to pay annual dues in order to maintain their membership status each year going forward.

Do You Really Need a Director of Finance Certificate?

When it comes to deciding whether or not you need a Director of Finance Certificate, there are several factors that should be taken into consideration. The most important factor is the type of job you’re seeking. If you’re looking for a position as a director of finance in an organization, then a certificate could be beneficial and might even be required in some cases.

A Director of Finance Certificate can demonstrate to potential employers that you have the necessary knowledge and skills needed to effectively manage financial operations for their business. You will gain an understanding of budgeting, accounting principles, financial analysis, and other related topics that are essential for managing financial operations in any organization. It will also give you the opportunity to develop your leadership skills, which could help you land a managerial role in an organization.

Having a certificate can also set you apart from other applicants since it shows that you have taken the initiative to learn more about this field and have acquired the necessary knowledge and skills. This can make your resume stand out among others who may not have taken the time to get certified or further their education in finance.

In short, if you’re looking for a position as a director of finance or another related role, then obtaining a Director of Finance Certificate could be beneficial for your career aspirations. It can demonstrate that you have the knowledge and skills needed for such roles, as well as showcase your dedication to learning more about this field.

Related: Director of Finance Resume Examples

FAQs About Director of Finance Certifications

1. What types of certifications are available for Directors of Finance?

Answer: The most common certifications for Directors of Finance include Certified Management Accountant (CMA), Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), and Certified Financial Planner (CFP).

2. How long does it take to get a Director of Finance certification?

Answer: The length of time it takes to obtain a Director of Finance certification depends on the type chosen, but generally requires between 6 months and 3 years to complete all requirements.

3. What qualifications do I need in order to become certified as a Director of Finance?

Answer: Depending on the type chosen, qualifications may vary but typically require a bachelor’s degree in finance or related field, relevant work experience, passing an exam, and meeting other educational or professional requirements.

4. Are there any online programs available for Director of Finance certifications?

Answer: Yes, many universities offer online programs that can lead to certification as a Director of Finance including CMA, CPA, CFA, and CFP.

5. What is the cost associated with obtaining a Director of Finance certification?

Answer: The cost varies depending on the type chosen and whether you take classes or study independently; however, costs can range from several hundred dollars up to several thousand dollars for some certifications.