Top 11 Finance Director Certifications

Certifications are important for a finance director in the job market because they demonstrate knowledge and proficiency in their field. They act as a signal to employers that the individual is qualified and has the necessary skills to do the job. Furthermore, certifications provide an opportunity to learn new skills and stay up-to-date with the latest trends in finance. Additionally, they can help build credibility among peers and customers, which can be beneficial when seeking out new business opportunities or negotiating contracts. Finally, certifications can open up doors to more advanced positions or higher salaries.

This article reviews some of the top certifications for Finance Directors and explains how they can help to advance a finance director's career.

What are Finance Director Certifications?

Finance Director Certification is a professional certification program designed to provide finance directors with the knowledge, skills, and abilities necessary to effectively manage a company’s financial activities. This certification is typically obtained through an accredited college or university program and can help finance directors demonstrate their expertise in the field of finance.

The Finance Director Certification Program covers topics such as financial analysis, budgeting, forecasting, risk management, and financial reporting. It also provides training on how to analyze business plans and strategies for achieving long-term financial goals. It also helps develop strong communication skills for interacting with stakeholders, as well as the ability to interpret and apply data from various sources.

The benefit of obtaining this certification is that it can help finance directors become more marketable when seeking employment opportunities or promotions within their current company. Having this credential can also allow them to command higher salaries than those without it. Additionally, having a Finance Director Certification may give employers confidence that they are hiring someone who has the knowledge and experience necessary to manage their finances responsibly and effectively.

Pro Tip: Get certified as a finance director by taking a course that covers the basics of financial management, such as budgeting, forecasting, and accounting. This will help you demonstrate your understanding of financial principles and your ability to support the organization’s goals.

Related: What does a Finance Director do?

Top 11 Finance Director Certifications

Here’s our list of the best certifications available to Finance Directors 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 as a CPA. CPAs are licensed by their respective state boards of accountancy, which also regulate the title's use.

The process of becoming a CPA can vary from state to state, but typically involves completing at least 150 semester hours of college-level coursework in accounting, business, economics and other related subjects; passing the Uniform CPA Exam; and meeting certain experience requirements. The exam consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). Depending on the state, applicants may also need to pass an ethics exam.

In terms of cost, it will depend on the amount of preparation needed for each section of the exam. Most states require that applicants complete at least 120 hours of college-level coursework in accounting or related fields before taking the exam. The cost for these courses can range from $500-$2,000 depending on where you take them. Additionally, there are fees associated with registering for the exam itself ($200-$400) as well as any review courses you may take to prepare for it ($1,000-$2,000).

Overall, it can take anywhere from six months to two years to become a CPA depending on how much time you have available to study for the exam.

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional designation awarded by the Institute of Management Accountants (IMA). The CMA certification is designed to recognize the expertise of management accountants and financial professionals in business strategy, financial planning, cost management, internal controls, and decision support.

It typically takes two to three years to complete the CMA program. To be eligible for the CMA exam, 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 meet any additional requirements set by your state board of accountancy.

To get started with the CMA program, you need to register with IMA and pay an application fee. Once registered, you can begin studying for the exam using IMA's study materials. Once you have successfully completed all parts of the exam and met all other requirements, you will receive your CMA certification.

The cost of obtaining a CMA certification varies depending on which country you are located in and which study materials you choose to use. Generally speaking, it costs around $1,000 USD to become certified as a CMA. This includes registration fees, exam fees, and study materials such as books and online courses.

3. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, a global association of investment professionals. It recognizes individuals who demonstrate a mastery of advanced investment analysis and portfolio management skills. The CFA designation is highly sought after in the financial services industry, as it signifies a commitment to ethical standards and professional excellence.

The CFA Program consists of three levels of exams that must be completed over a period of several years. Level I focuses on basic knowledge and concepts, while Levels II and III focus on more advanced topics such as portfolio management and quantitative analysis. To earn the CFA charter, candidates must pass all three levels of exams within four years, complete four years of qualified work experience in the investment decision-making process, and become members of the CFA Institute.

The cost for taking each level exam varies depending on when you register for the exam, but typically ranges from $700 to $1,000 per level. Additionally, there are annual membership fees associated with becoming a member of the CFA Institute which range from $275 to $400 per year depending on your country or region.

Overall, it takes approximately 4-6 years to complete all three levels of exams and fulfill all requirements necessary to become a Chartered Financial Analyst (CFA).

4. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional certification given by the Certified Financial Planner Board of Standards, Inc. (CFP Board). The CFP designation is a mark of excellence that stands for the highest level of financial planning knowledge and ethics. It requires individuals to pass a rigorous exam and adhere to an ethical code of conduct.

To become a CFP, you must meet certain educational, experience and ethical requirements set by the CFP Board. The educational requirement includes completing college-level coursework in financial planning topics such as investments, insurance, taxes, retirement planning and estate planning. You must also have at least three years of full-time work experience related to providing financial advice or services.

The CFP exam consists of two parts: a computer-based exam and an essay portion. The computer-based exam covers topics such as investment planning, risk management, tax planning and retirement planning. The essay portion tests your ability to apply the concepts you learned during your coursework and work experience to real-life scenarios.

The cost for taking the CFP exam varies depending on where you take it, but typically ranges from $400-$600 plus any additional fees associated with registering for the exam. Once you have passed both parts of the exam, you will be required to pay an annual fee for maintaining your CFP designation which is currently $325 per year.

Overall, it can take up to two years or more to complete all requirements necessary for becoming a Certified Financial Planner (CFP).

5. Certified Financial Manager (CFM)

Certified Financial Manager (CFM) is a professional certification offered by the Institute of Certified Financial Managers (ICFM). It is designed to recognize and promote excellence in financial management. The CFM credential demonstrates an individual’s commitment to the highest standards of professional practice, knowledge and ethics.

It typically takes between 6-12 months to complete the requirements for the CFM credential. To get certified, candidates must pass an exam that covers topics such as financial planning, investments, taxation, risk management, and business law. Candidates must also have at least three years of experience in financial management or related fields.

The cost of obtaining the CFM credential varies depending on the country where you are taking the exam. In some countries, it may cost up to $1,000 USD for registration fees and exam fees combined.

6. Certified Treasury Professional (CTP)

Certified Treasury Professional (CTP) is a professional certification program offered by the Association for Financial Professionals (AFP). It is designed to recognize individuals who have achieved a high level of proficiency in the field of treasury management. The CTP designation demonstrates that an individual has the knowledge and skills necessary to successfully manage a corporate treasury function.

The CTP program consists of three parts: an online exam, a practical experience requirement, and a code of ethics. To qualify for the CTP designation, applicants must pass the online exam with a score of 70% or higher. The exam covers topics such as cash management, investments, risk management, financial analysis, and global finance.

The practical experience requirement requires applicants to have at least five years of professional experience in treasury management or related fields. Applicants must also agree to adhere to the AFP Code of Ethics and Standards of Professional Conduct.

The cost for taking the CTP exam is $495 USD for AFP members and $595 USD for non-members. The cost includes access to study materials and practice exams. The exam can be taken at any time throughout the year; however, it typically takes 6-8 weeks after registering before you can take the exam.

7. 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 an internationally recognized credential that recognizes individuals who have demonstrated superior knowledge, skills, and experience in management accounting.

How long does it take to get CGMA?

The process of obtaining the CGMA designation typically takes about two years. This includes completing an educational program, passing a comprehensive exam, and gaining at least three years of relevant work experience.

How to get CGMA?

To obtain the CGMA designation, you must first become a member of AICPA or CIMA. Once you are a member, you will need to complete an educational program approved by AICPA or CIMA. After completing the educational program, you will need to pass a comprehensive exam administered by AICPA or CIMA. Finally, you must demonstrate three years of relevant work experience before you can be awarded the CGMA designation.

How much does it cost?

The cost for obtaining the CGMA designation varies depending on your individual circumstances. Generally speaking, there are fees associated with becoming a member of AICPA or CIMA as well as fees for registering for and taking the comprehensive exam. Additionally, there may be other costs associated with completing any required educational programs.

8. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is designed to assess an individual’s knowledge and skills in the field of internal auditing. The CIA certification is considered one of the most prestigious certifications in the world for internal auditors.

To become a Certified Internal Auditor, you must pass three parts of the CIA exam. The exam consists of four sections: Business Environment and Concepts, Internal Audit Practice, Financial Management, and Information Technology. Each section contains multiple choice questions, simulations, and written responses.

The time it takes to get your CIA certification depends on how quickly you can study and prepare for each part of the exam. Generally speaking, it takes about 3-6 months to complete all three parts of the exam.

In order to get your CIA certification, you must first register with IIA and pay a fee which includes the cost of registration and testing materials. The total cost for registering for all three parts of the exam is approximately $1,000 USD.

Once you have passed all three parts of the exam, you will receive your official Certified Internal Auditor certificate from IIA. This certificate will be valid for five years after which you will need to renew your certification by taking additional courses or exams as required by IIA.

9. Chartered Financial Consultant (ChFC)

Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services. It is designed to help financial professionals become more knowledgeable and competent in providing comprehensive financial planning services to individuals, families, and businesses.

The ChFC program requires a minimum of nine college-level courses and 24 hours of continuing education every two years. The courses cover topics such as estate planning, retirement planning, investments, risk management, and taxation.

To get the ChFC designation, you must first meet the educational requirements. You must have a bachelor's degree from an accredited college or university or have completed at least 90 semester hours of college-level coursework. You must also pass an exam administered by The American College of Financial Services that tests your knowledge in the areas covered by the program.

The cost for the ChFC program varies depending on whether you are taking courses online or in person. Online courses typically cost between $1,000 and $2,000 per course while in-person classes can range from $2,500 to $3,000 per course. Additionally, there is an exam fee of $225 that must be paid when you register for the exam.

10. Chartered Investment Counselor (CIC)

A Chartered Investment Counselor (CIC) is a professional designation given to individuals who have met the educational and experience requirements of the Canadian Securities Institute (CSI). It is designed to recognize financial professionals who have demonstrated a high level of knowledge and experience in providing investment counseling services.

To become a CIC, you must first complete the CSI’s Investment Counselor Program, which consists of five courses. The courses cover topics such as portfolio management, securities analysis, economic fundamentals, taxation and ethics. Upon successful completion of all five courses, you must then pass the CIC examination administered by the CSI. This exam tests your knowledge of investment counseling services and related topics.

The cost to take the Investment Counselor Program varies depending on where you take it; however, it typically ranges from $2,000 to $3,000 CAD. The cost for taking the CIC exam is approximately $300 CAD.

In total, it can take up to one year to become a CIC if you are studying full-time or two years if you are studying part-time.

11. Accredited Business Valuator (ABV).

Accredited Business Valuator (ABV) is a professional designation offered by the American Society of Appraisers (ASA). An ABV is a credentialed professional who has met the education, experience, and examination requirements of the ASA. The ABV designation signifies a high level of competency in business valuation.

To become an ABV, applicants must have at least five years of experience in business valuation or related fields. They must also hold an undergraduate degree from an accredited college or university and have completed at least 60 hours of approved coursework in business valuation. Additionally, applicants must pass a comprehensive four-hour written examination administered by the ASA.

The process of becoming an ABV typically takes 12 to 18 months to complete. During that time, applicants must complete all the necessary coursework and pass the written exam. Once they have successfully completed these requirements, they will receive their official ABV designation from the ASA.

The cost for becoming an ABV varies depending on which courses and materials are used for preparation. Generally speaking, it can cost anywhere from $2,000 to $5,000 to become an ABV. This includes tuition fees for courses and materials such as textbooks and study guides needed to prepare for the exam.

Do You Really Need a Finance Director Certificate?

The short answer is that it depends. Becoming a finance director can be a challenging and rewarding career, but the path to becoming one is not always straightforward. A finance director certificate can help you stand out as a qualified candidate for the job, but it’s up to you to decide how important such certification is in your overall career goals.

If you are looking to make the jump into senior-level positions in financial management and already have experience in the field, then obtaining a finance director certificate could be beneficial. Having this added credential can demonstrate your commitment to learning new skills and staying up-to-date on industry trends and developments. It could also give you an edge over other applicants who may not have taken the extra step of obtaining a specialized certification.

On the other hand, if you are just starting out in your career or if you don’t have any prior experience in financial management, then getting a finance director certificate may not be necessary. Instead, focus on building up your knowledge base by taking courses related to financial management and exploring internships or entry-level jobs in the field. As you gain experience and build your professional network, then later down the line when you feel ready for a more advanced role such as a finance director position, then obtaining certification may become more worthwhile.

At the end of the day, whether or not you need to get certified will depend on your individual circumstances and career goals. Consider what steps are necessary for achieving your desired position as well as what resources (such as time and money) are available to help make those steps possible.

Related: Finance Director Resume Examples

FAQs About Finance Director Certifications

1. What certifications do I need to become a Finance Director?

Answer: To become a Finance Director, you may need certification in accounting (such as CPA), finance (such as CFA or FRM) or business management (such as MBA).

2. How long does it take to become certified as a Finance Director?

Answer: The length of time required to complete a certification program varies, depending on the type of certification and the individual's experience level. Generally it can take up to two years for most certifications.

3. What is the cost of obtaining a Finance Director Certification?

Answer: Costs vary depending on the type of certification and institution offering the program. Generally, costs range from several hundred to several thousand dollars.

4. Are there any prerequisites for obtaining a Finance Director Certification?

Answer: Yes, most certifications require applicants to have some form of prior experience in finance or accounting, such as an undergraduate degree in finance or accounting. Some programs may also require applicants to have passed certain tests such as the CPA exam or other related exams in order to be eligible for the program.

5. Is there any continuing education requirement once I obtain my Finance Director Certification?

Answer: Yes, most certifications require holders to maintain their knowledge and skills by completing continuing education credits every few years in order to remain certified.