Top 11 Financial Accountant Certifications

Certifications are important for financial accountants in the job market because they demonstrate a level of expertise and commitment to excellence. They also show potential employers that the accountant has taken the initiative to stay up-to-date on industry trends and regulations, which can give them an edge over other candidates. In addition, certifications often come with continuing education credits, meaning that employers know that certified accountants will be able to adapt as changes occur in their field. Finally, many employers prefer certified accountants because they have passed a rigorous examination proving their knowledge and skill in financial accounting principles.

This article reviews some of the top certifications for Financial Accountants and explains how they can help to enhance a financial accountant's career.

What are Financial Accountant Certifications?

Financial accountant certification is a professional credential that demonstrates to employers, clients, and other stakeholders that an individual has the knowledge and skills necessary to perform financial accounting tasks. Financial accountants are responsible for preparing financial statements, analyzing data, creating budgets, and performing other accounting duties. With this certification, individuals can demonstrate their ability to accurately record transactions and prepare accurate financial information.

Having this certification provides many benefits to individuals in the accounting field. It can help them stand out from the competition when applying for jobs or promotions. Additionally, it may give them access to new opportunities that were previously unavailable due to lack of credentials or experience. Furthermore, having this certification can help individuals increase their earning potential by increasing their value as a professional in the field of finance. Finally, having this certification can provide a feeling of accomplishment and recognition for those who have worked hard to achieve it.

Pro Tip: Before beginning the process of obtaining a financial accountant certification, be sure to research the different certifications available in your area. You may find that certain certifications are more applicable to your specific career goals or industry than others. Additionally, take the time to review the requirements for each certification and make sure you understand what is expected of you before taking any exams.

Related: What does a Financial Accountant do?

Top 11 Financial Accountant Certifications

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

1. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation that signifies expertise in accounting, auditing, taxation, and other related financial services. CPAs are held to the highest standards of ethical conduct and technical competence. To become a CPA, individuals must meet certain requirements set by state boards of accountancy.

In order to be eligible to sit for the CPA exam, individuals must have completed 150 semester hours of college education with a concentration in accounting and business-related courses. Depending on the individual's educational background, this may require an additional 30 semester hours beyond a bachelor’s degree. Additionally, some states may require candidates to have one year of work experience in public accounting prior to taking the exam.

The CPA exam is administered by the American Institute of Certified Public Accountants (AICPA). The exam consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). Each section is four hours long and costs $208 per section. Candidates must pass all four sections within 18 months in order to receive their CPA license.

In addition to passing the exam, candidates must also meet any additional requirements set by their state board of accountancy before they can become licensed CPAs. These requirements vary from state to state but typically include completing an ethics course or passing an ethics examination as well as submitting fingerprints for a criminal background check.

The cost for becoming a CPA varies depending on your state’s requirements but generally includes fees for taking the exam ($208 per section), application fees ($50-$200), licensing fees ($50-$300) and continuing education fees ($50-$100).

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification for accountants and financial professionals. It is awarded by the Institute of Management Accountants (IMA) and is recognized worldwide.

The CMA certification requires candidates to pass two exams, each with a four-hour duration. The first exam covers financial planning, analysis, control, decision support, and professional ethics. The second exam covers financial statement analysis, corporate finance, decision analysis, investment decisions, and risk management. Candidates must also have a bachelor’s degree from an accredited college or university and have two years of professional experience in management accounting or financial management to be eligible for the CMA exam.

To get the CMA certification, candidates must register with IMA to take the exams and pay the applicable fees. The cost of taking the exams varies depending on when you register for them but typically costs around $1,000 USD for both exams combined. Additionally, there are other associated costs such as study materials and membership fees that may apply if you choose to join IMA as a member.

In total it can take up to 18 months to complete all of the requirements necessary to become a Certified Management Accountant (CMA).

3. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation offered by the CFA Institute to financial and investment professionals. The CFA designation is globally recognized and provides an in-depth understanding of advanced investment analysis and portfolio management techniques.

To obtain the CFA designation, candidates must pass three levels of exams administered by the CFA Institute. The exams are typically taken over the course of two to four years, depending on how much time a candidate has available for study. Each exam requires approximately 300 hours of study time.

The cost of taking the CFA program varies depending on where you take it, but generally speaking it costs around $1,000 per level to register for the exam plus additional fees for study materials and other resources.

In order to become a Chartered Financial Analyst, you must complete all three levels of exams as well as meet certain experience requirements set forth by the CFA Institute. Candidates must also adhere to the CFA Institute’s Code of Ethics and Standards of Professional Conduct in order to maintain their designation.

4. Certified Internal Auditor (CIA)

The Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is a globally recognized credential for internal auditors, and it demonstrates that the holder has achieved a high level of proficiency in the field.

To become certified, candidates must complete an educational program, pass an exam, and meet other requirements set by the IIA. The educational program typically consists of three parts: Principles and Practices of Internal Auditing; Business Knowledge for Internal Auditing; and Internal Audit Knowledge Elements. The exam consists of four parts: Part 1—Essentials of Internal Auditing; Part 2—Practice of Internal Auditing; Part 3—Business Analysis and Information Technology; and Part 4—Internal Audit Knowledge Elements.

It typically takes between six months to one year to complete all the requirements for certification. Candidates must also have two years of professional experience in internal auditing or related fields before they can apply for certification.

The cost to become certified varies depending on the country in which you are located. In general, however, it can range from $1,000 to $3,000 USD including application fees, exam fees, and course fees.

5. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional certification granted by the Certified Financial Planner Board of Standards, Inc. It is a voluntary designation that demonstrates to clients and employers that an individual has met certain educational, experience and ethical requirements.

To become a CFP, individuals must complete the following steps:

1. Complete the required education courses from an accredited institution or program.

2. Pass the CFP Certification Exam administered by the CFP Board of Standards.

3. Meet the experience requirements established by the CFP Board of Standards.

4. Agree to abide by the Code of Ethics and Professional Responsibility established by the CFP Board of Standards.

The total cost for obtaining your CFP certification will vary depending on where you take your courses and how much time it takes you to study for the exam, but typically ranges from $2,000 - $4,000 USD in total fees (including course fees and exam fees). The exam itself costs approximately $595 USD, with additional fees for registration, study materials, and other services associated with completing your education requirements. On average it takes between 6-12 months to become a Certified Financial Planner (CFP), although this can vary depending on individual circumstances and commitment to studying for the exam.

6. 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 and promote excellence in government financial management. The CGFM designation recognizes individuals who have demonstrated knowledge and proficiency in the field of government financial management.

To earn the CGFM designation, applicants must pass three examinations: Governmental Environment, Governmental Accounting, Financial Reporting and Budgeting, and Governmental Financial Management. Each exam consists of multiple-choice questions covering topics such as public sector accounting principles, governmental budgeting and reporting requirements, and fiscal policy. Applicants must also demonstrate at least two years of professional experience in government financial management or related fields.

The CGFM program typically takes between six months to one year to complete. To get started, applicants must register for an AGA membership and then apply for the CGFM program online or by mail. Once accepted into the program, applicants will receive study materials that outline the topics covered on each exam.

The cost to take the CGFM exams varies depending on whether you are an AGA member or not. For members, it costs $50 per exam plus a $25 application fee; for non-members it costs $100 per exam plus a $50 application fee. There may also be additional fees associated with retaking exams or submitting late applications.

7. 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) and the Chartered Institute of Management Accountants (CIMA). The CGMA designation recognizes individuals who have demonstrated a commitment to excellence in management accounting and financial management.

In order to obtain the CGMA designation, applicants must meet certain requirements including having an active CPA license, having at least five years of experience in management accounting or financial management, passing a four-hour exam, and completing continuing professional education (CPE) credits. Depending on the applicant's experience level, it may take up to two years to complete all requirements for the CGMA designation.

To get started on obtaining the CGMA designation, applicants must first register with AICPA/CIMA as a candidate. This registration process requires an application fee that varies depending on the country in which you reside. After registering as a candidate, applicants must then pass an online assessment exam that covers topics such as financial reporting and analysis; cost management; budgeting; strategic planning; performance measurement; risk management; internal controls; auditing; taxation; and international financial reporting standards (IFRS). Once this exam has been successfully completed, applicants must then complete four hours of CPE credits in order to maintain their status as a CGMA designee.

The total cost for obtaining the CGMA designation will vary depending on individual circumstances but typically ranges from $500-$1,000 USD. This cost includes the initial registration fee with AICPA/CIMA as well as any additional fees associated with taking the assessment exam and completing CPE credits.

8. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation given to individuals who have completed an accredited certification program in business valuation. The ABV credential is issued by the American Society of Appraisers (ASA).

To become an ABV, candidates must complete a rigorous training program and pass a comprehensive exam. The program includes coursework in accounting, finance, economics, and business valuation theory and practice. It typically takes around 18 months to complete the program.

To get an ABV credential, you must first apply for admission to the ASA's Accredited Business Valuator Program. Once accepted into the program, you will then need to register for and attend the required courses. After completing all course requirements, you will be eligible to sit for the comprehensive exam. Upon passing the exam, you will receive your ABV certificate from the ASA.

The cost of obtaining an ABV credential varies depending on your location and other factors such as whether or not you are already a member of the ASA and how long it takes you to complete all course requirements. Generally speaking, however, it can cost anywhere from $2,000-$10,000 USD to obtain an ABV credential.

9. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional who has been trained and certified to investigate cases of fraud. CFEs are trained to detect, investigate, and prevent financial fraud through the use of specialized knowledge and skills. They are often employed by organizations to conduct forensic accounting investigations, evaluate internal controls, and provide expert testimony in legal proceedings related to financial fraud.

It typically takes between two and four years to become a Certified Fraud Examiner (CFE). This time frame includes completing the required coursework, passing an exam, and gaining experience in the field. The CFE exam is offered twice a year and consists of multiple-choice questions covering topics such as criminal law, ethics, investigation procedures, financial transactions analysis, asset misappropriation detection techniques, computer forensics, evidence collection methods, interviewing techniques, report writing skills and more.

To become a Certified Fraud Examiner (CFE), you must first meet the eligibility requirements set by the Association of Certified Fraud Examiners (ACFE). These requirements include having at least two years of professional experience in an area related to fraud examination or investigation; holding a bachelor’s degree from an accredited college or university; passing the CFE Exam; and successfully completing the ACFE’s Code of Professional Ethics course.

The cost for taking the CFE Exam varies depending on your country/region. In most countries/regions it costs approximately $400 USD for members of the ACFE ($600 USD for non-members). Additionally there may be other fees associated with becoming a CFE such as application fees or membership fees for joining the ACFE.

10. Certified Treasury Professional (CTP)

Certified Treasury Professional (CTP) is a professional certification program designed to recognize individuals who have achieved a high level of expertise in the field of treasury management. The CTP designation is offered by the Association for Financial Professionals (AFP), an international organization dedicated to promoting best practices in finance and treasury.

The CTP certification program consists of three core courses: Cash Management, Corporate Finance, and Risk Management & Investment Strategies. Candidates must pass all three courses in order to earn the CTP designation. Each course is offered online or through self-study materials, and can be completed within 12 months.

To become certified, candidates must first register with AFP and pay a one-time fee of $495 USD. After registering, they will receive access to the online learning platform where they can complete the three required courses at their own pace. Upon successful completion of all three courses, candidates will be eligible to take the CTP exam which consists of 150 multiple-choice questions covering topics from each course. Candidates must score at least 70% on the exam in order to pass and earn their CTP designation.

The cost of becoming a Certified Treasury Professional (CTP) includes the one-time registration fee of $495 USD as well as any additional fees associated with taking the exam such as travel expenses or hotel accommodations if necessary.

11. Chartered Financial Consultant (ChFC).

Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services. It is one of the most widely recognized and respected designations in the financial services industry.

The ChFC designation requires a minimum of three years of experience in the financial services field, and successful completion of eight college-level courses covering topics such as financial planning, risk management, estate planning, investments, taxation, retirement planning and employee benefits. In addition to these courses, candidates must also pass two comprehensive exams administered by The American College of Financial Services.

The program typically takes three to four years to complete depending on how quickly you can complete the coursework and exams. The cost for the entire program ranges from $2,000-$3,000 depending on which materials you choose to purchase.

To get started on your path to becoming a Chartered Financial Consultant (ChFC), you will need to enroll in The American College’s Chartered Financial Consultant Program. This program includes all eight required courses as well as access to study materials and practice exams. Once you have successfully completed all eight courses and passed both exams with a passing grade, you will be eligible for your ChFC designation.

Do You Really Need a Financial Accountant Certificate?

Yes, if you are planning to pursue a career as a financial accountant, then it is highly recommended that you obtain a financial accountant certificate. A financial accountant certificate provides you with the necessary knowledge and skills needed to become a successful financial accountant. It also gives employers assurance that you have the right qualifications for the job.

The most important aspect of obtaining a financial accountant certificate is that it will provide you with specialized training in accounting topics such as taxation, auditing, budgeting and finance. With this type of training, you will be able to understand how to accurately record and analyze data related to business operations and finances. This is essential for any financial accountant because it allows them to identify areas where businesses can save money or increase profits.

Additionally, having a financial accountant certificate can give you an edge over other candidates when applying for jobs in the field. Employers look favorably upon applicants who possess these types of certifications because they demonstrate that the applicant has taken the initiative to gain additional knowledge about accounting principles and practices. Furthermore, having this certification may be necessary for certain positions within the accounting profession such as becoming a certified public accountant (CPA). Therefore, obtaining a financial accountant certificate is an important part of preparing yourself for success in this industry.

Related: Financial Accountant Resume Examples

FAQs About Financial Accountant Certifications

1. What is a Financial Accountant Certification?

A Financial Accountant Certification is an industry-recognized credential that demonstrates a professional's knowledge and experience in the field of financial accounting. It is typically earned by passing an examination or completing a certain amount of coursework related to financial accounting.

2. What are the benefits of getting a Financial Accountant Certification?

Certified Financial Accountants benefit from increased job opportunities, higher salaries, and more recognition in the field. Additionally, many employers prefer to hire certified professionals as they have shown their commitment to the profession and demonstrate their understanding of the principles and best practices related to financial accounting.

3. How long does it take to get certified as a Financial Accountant?

The amount of time needed to become certified depends on the specific certification program you choose. Generally, most programs require anywhere from six months to two years for completion.

4. Are there any prerequisites for getting a Financial Accountant Certification?

Yes, most certification programs have prerequisites in order to be eligible for enrollment, such as having a bachelor's degree in accounting or finance, or having relevant work experience in the field. It is important to check with each individual program for details on its eligibility requirements before applying.

5. Is there an exam associated with becoming a Certified Financial Accountant?

Yes, most certification programs require applicants to pass an exam in order to become certified. The type of exam varies depending on the specific program you choose but may include topics such as taxation, auditing, financial reporting and more.