Top 11 Financial Associate Certifications

Certifications are an important part of a financial associate’s career. Earning certifications demonstrates knowledge and expertise in the field, which can be beneficial when applying for jobs or seeking promotions. It also shows potential employers that you are committed to your professional development and that you have taken the initiative to stay up-to-date on industry trends. Certifications can help set you apart from other job applicants, making you more attractive to employers. Additionally, many employers may require certain certifications as a prerequisite for employment, so having them can make it easier to find a job.

This article reviews the top certifications for Financial Associates, and explains how they can help to advance their career in finance.

What are Financial Associate Certifications?

Financial Associate Certification is a professional designation awarded by the American Financial Services Association (AFSA). It is designed to recognize individuals who have demonstrated knowledge and skills in the field of financial services. The certification helps to distinguish qualified professionals from those who may not be as well-versed in the area. With this certification, financial associates can demonstrate their commitment to excellence and professionalism in the field.

The program requires that applicants complete a comprehensive exam that covers topics such as consumer finance law, consumer credit, banking and lending practices, risk assessment, and financial counseling. Upon successful completion of the exam, individuals are awarded the Financial Associate Certification. This credential serves as proof that an individual has obtained a certain level of proficiency within their chosen field.

Having a Financial Associate Certification can help an individual stand out from their peers when applying for jobs or seeking promotions. The credential demonstrates that an individual has taken the time to learn about financial services and has been able to successfully apply their knowledge in practice. Additionally, having this certification may also make it easier for employers to trust that an individual is knowledgeable about financial matters. Ultimately, earning a Financial Associate Certification can open up opportunities for career growth and development, while also providing additional job security.

Pro tip: Make sure to do your research and read up on the requirements for each financial associate certification before applying. Many certifications require you to have a certain amount of work experience or specific educational background, so it’s important to be aware of what’s required in order to ensure that you are eligible.

Related: What does a Financial Associate do?

Top 11 Financial Associate Certifications

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

1. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation awarded by the CFA Institute, a global association of investment professionals. It is considered one of the most prestigious and sought-after credentials in the financial industry. The CFA designation is designed to recognize individuals who possess a high level of competence in investment analysis and portfolio management.

The CFA Program consists of three levels, each requiring rigorous study and successful completion of exams. The program takes an average of four years to complete, depending on how quickly you are able to progress through each level. The curriculum covers topics such as economics, quantitative methods, financial reporting and analysis, corporate finance, equity investments, fixed income investments, derivatives, alternative investments, portfolio management and wealth planning.

To become a CFA charterholder you must meet certain eligibility requirements and pass all three levels of the exam within a rolling six-year period. To be eligible for the program you must have at least four years of professional work experience in an investment decision-making role or hold an undergraduate degree from an accredited university with at least four years of professional work experience in an investment decision-making role.

The cost to enroll in the CFA Program varies depending on when you register for each level’s exam. Generally speaking it will cost around $2,000 USD per level plus additional fees for registration and materials.

2. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation awarded by the Certified Financial Planner Board of Standards, Inc. (CFP Board). It is a mark of excellence for financial planners who have met the CFP Board’s rigorous education, examination, experience and ethics requirements. CFP professionals are held to strict ethical standards to ensure they act in their clients’ best interests.

It typically takes three to four years to become a CFP. This includes completing an undergraduate degree in finance or a related field, passing the CFP exam, gaining three years of full-time financial planning experience and agreeing to adhere to the CFP Board’s Code of Ethics and Professional Responsibility.

To become a CFP, you must first pass the CFP exam. The exam consists of two parts: a comprehensive multiple-choice section and an essay section. The multiple-choice section covers topics such as investments, retirement planning, insurance, estate planning and tax planning. The essay section tests your ability to apply your knowledge in real-world scenarios.

The cost for taking the CFP exam varies depending on where you live and whether you are eligible for discounts or scholarships from the CFP Board or other organizations. Generally speaking, it can cost anywhere from $1,000-$2,500 USD for all fees associated with taking the exam including registration fees and study materials.

3. Chartered Investment Manager (CIM)

Chartered Investment Manager (CIM) is a professional designation given to individuals who have demonstrated proficiency in the field of investment management. This designation is offered by the Chartered Investment Management Institute (CIMI), an independent, not-for-profit organization that sets the standards for professional investment management.

To become a Chartered Investment Manager, one must complete the CIMI's comprehensive educational program and pass an examination. The program consists of four courses: Financial Planning & Analysis, Portfolio Management, Risk Management & Compliance, and International Investment Strategies. Each course takes approximately two months to complete and can be taken online or in person.

Once all four courses are completed and the exam is passed, you will receive your CIM designation. The cost of this program varies depending on your chosen method of study and whether or not you qualify for any discounts or scholarships. Generally speaking, it costs around $2,500 to $3,000 USD to become a Chartered Investment Manager.

4. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation that signifies an individual has met the educational, experience, and examination requirements set forth by their state board of accountancy. CPAs are qualified to provide a wide range of accounting services including auditing, taxation, financial planning, and consulting.

In order to become a CPA, individuals must meet the following criteria:

1. Complete 150 semester hours of college education with at least 24 semester hours in accounting-related courses;

2. Pass the Uniform CPA Examination;

3. Meet any additional requirements specified by their state board of accountancy; and

4. Obtain a license from their state board of accountancy.

The amount of time it takes to become a CPA varies depending on the individual's educational background and work experience. Generally speaking, it can take anywhere from two to five years to complete all the necessary requirements for licensure.

In terms of cost, there are several fees associated with becoming a CPA including application fees for state boards of accountancy, exam fees for the Uniform CPA Exam, and continuing education fees for maintaining licensure once achieved. The exact costs vary from state to state but typically range from $500-$1,000 total depending on the individual's circumstances.

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 individuals who have achieved a high level of proficiency in financial management. The CFM credential demonstrates that the holder has met rigorous standards of knowledge, experience and ethical practice in the field of financial management.

The CFM program takes approximately 6-9 months to complete. It consists of three parts: an online course, a comprehensive exam, and an ethics review. The online course covers topics such as financial statement analysis, budgeting, investment management, risk management, and corporate finance. The comprehensive exam tests the candidate’s knowledge on these topics and requires a passing score to earn the certification. Finally, the ethics review ensures that candidates adhere to professional ethical standards.

To become certified as a CFM, applicants must meet certain prerequisites including at least five years of experience in financial management or related fields and completion of an ICFM approved course or equivalent training program. Applicants must also pass both the online course and comprehensive exam with a minimum score of 75%.

The cost for becoming certified as a CFM varies depending on whether you are taking the online course or attending an ICFM-approved training program. The cost for taking the online course ranges from $1,000-$2,000 while attending an approved training program can range from $3,000-$5,000 depending on location and length of program.

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 and promote excellence in treasury management. The CTP designation is globally recognized as the premier certification for treasury professionals.

The CTP program consists of three parts: a comprehensive exam, an experience requirement, and an ethics requirement. The exam covers topics such as cash management, investments, risk management, and international finance. To become certified, candidates must pass the exam with a score of at least 70%.

The experience requirement requires applicants to have at least two years of professional treasury experience. Candidates must also demonstrate knowledge of the AFP’s Code of Ethics for Treasury Professionals.

It typically takes about six months to complete all requirements for the CTP certification. In order to get started, individuals should first review the CTP Candidate Handbook which outlines all requirements and provides information on how to apply.

The cost for the CTP program varies depending on whether or not an individual is an AFP member. For members, it costs $695 USD; for non-members it costs $895 USD. This fee covers the application fee, exam fee, and any applicable taxes or fees associated with registering for the program.

7. Accredited Investment Fiduciary (AIF)

Accredited Investment Fiduciary (AIF) is a professional designation that signifies expertise and knowledge in investment fiduciary responsibility. AIFs are held to a higher standard of care than other financial professionals, as they must adhere to the principles of the Global Fiduciary Standard of Excellence. This standard requires AIFs to act in their clients’ best interests, provide suitable advice, and manage risk appropriately.

It takes approximately four months to complete the AIF designation process. The process includes completing a three-day course, passing an exam, and submitting an application for certification. The cost of the course varies depending on the provider but typically ranges from $2,000-$3,000. Once certified, AIFs must complete continuing education requirements every two years in order to maintain their designation.

8. Chartered Alternative Investment Analyst (CAIA)

Chartered Alternative Investment Analyst (CAIA) is a professional designation for individuals who work in the alternative investment industry. It is offered by the Chartered Alternative Investment Analyst Association (CAIAA). The CAIA designation is designed to provide financial professionals with a comprehensive understanding of alternative investments and their role in portfolio management.

The CAIA program consists of two exams, each of which must be passed before an individual can receive the designation. The first exam covers topics such as private equity, hedge funds, real estate, commodities, and structured products. The second exam focuses on portfolio management and risk management techniques. Both exams are administered by the CAIAA and can be taken at various locations worldwide.

In order to qualify to take the CAIA exams, applicants must have at least three years of relevant experience in the alternative investment industry or a related field. Additionally, applicants must complete an approved course of study from one of several approved education providers or meet other educational requirements set forth by the CAIAA.

The cost of taking the CAIA exams varies depending on location and whether or not you are a member of the CAIAA. Generally speaking, it costs about $1,000 USD per exam plus any additional fees associated with taking them at an approved testing center.

In total, it takes approximately six months to one year to complete all requirements for obtaining the CAIA designation depending on how quickly you can complete your required coursework or other educational requirements set forth by the CAIAA.

9. Certified Credit Research Analyst (CCRA)

Certified Credit Research Analyst (CCRA) is a professional designation offered by the International Association of Credit Portfolio Managers (IACPM). The CCRA credential is designed to recognize individuals who have demonstrated expertise in credit research, portfolio management and risk analysis.

The CCRA program requires applicants to demonstrate their knowledge and understanding of credit risk management through an online exam. The exam consists of multiple-choice questions covering topics such as credit analysis, portfolio management and risk assessment.

In order to obtain the CCRA designation, applicants must first complete an application form and submit it along with a fee. The fee for the certification program is $1,500 USD. After submitting the application form and fee, applicants must then register for the online exam.

Once registered for the exam, applicants will have 90 days to complete it. Once completed, applicants will receive their results within two weeks. If successful, they will be awarded the CCRA designation and receive a certificate from IACPM recognizing their achievement.

Overall, it takes approximately three months from start to finish to become certified as a Credit Research Analyst (CCRA).

10. Chartered Market Technician (CMT)

Chartered Market Technician (CMT) is a professional designation awarded by the CMT Association to individuals who demonstrate mastery of a core body of knowledge of technical analysis. The CMT program is designed to elevate professional standards and enhance the stature of technical analysis by awarding credentials to practitioners who have met stringent qualifications.

The CMT program consists of three levels, each requiring passing scores on an exam administered by the CMT Association. Level I focuses on basic concepts, Level II covers intermediate topics, and Level III covers advanced topics. To become a Chartered Market Technician, one must pass all three exams within three years.

To get the CMT designation, you must first register with the CMT Association and pay for your exam fees ($1,200). You will then need to prepare for the exam by studying from the official CMT curriculum materials which include textbooks and online courses. Once you feel ready to take the exams, you can register for them through Prometric Testing Centers located around the world.

The cost of becoming a Chartered Market Technician includes registration fees ($100), exam fees ($1,200), and study materials (varies). All in all, it costs approximately $1,500-$2,000 to become a Chartered Market Technician.

11. Chartered Financial Consultant (ChFC).

Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services. It is designed to provide financial advisors with the knowledge and skills necessary to help their clients make informed decisions about their finances.

To become a ChFC, you must complete an accredited program of study and pass a rigorous examination. The program consists of eight courses covering topics such as insurance planning, estate planning, investment management, retirement planning, tax planning, and financial analysis. The program typically takes two years to complete and requires at least 100 hours of study per course.

In order to be eligible for the ChFC designation, applicants must have at least three years of full-time experience in the financial services industry or have completed a bachelor’s degree in finance or a related field. Applicants must also have passed the Series 7 exam administered by FINRA before taking the ChFC exam.

The cost for the Chartered Financial Consultant (ChFC) program varies depending on your location and whether you are taking it online or in person. Generally speaking, it can range from $2,000-$4,000 for the entire program including textbooks and materials.

Do You Really Need a Financial Associate Certificate?

The answer to this question depends on a person's individual circumstances and goals. A Financial Associate Certificate (FAC) is a credential offered by the Financial Industry Regulatory Authority (FINRA). It is designed to give professionals in the financial services industry the knowledge and skills they need to work with clients, manage investments, and provide advice on topics such as retirement planning and insurance products.

For those already working in the financial services industry, an FAC may be beneficial if it allows them to expand their knowledge base or take on more complex tasks. For example, many employers require FAC holders to demonstrate a higher level of expertise when dealing with clients or managing investments. In addition, having an FAC can often be seen as a sign of commitment to one's profession and may open up opportunities for advancement or increased pay.

However, for those just starting out in the financial services industry, obtaining an FAC may not be necessary. There are other ways to gain experience and learn about the industry without investing in formal training or certification. Working with experienced mentors, attending seminars or conferences, reading books on personal finance topics, and taking courses related to financial planning are all effective methods of gaining knowledge that can help you succeed in your career without spending money on an FAC.

Ultimately, whether or not you need an FAC depends upon your own individual needs and goals. If you feel that having this credential will benefit your career development, then it may be worth pursuing. However, if you are just beginning your journey in the financial services field and don't have the resources available for formal training at this time, then there are other ways for you to gain experience without investing in an FAC certificate.

Related: Financial Associate Resume Examples

FAQs About Financial Associate Certifications

FAQ #1: What is a Financial Associate Certification?

Answer: A Financial Associate Certification is a professional designation that demonstrates an individual’s knowledge and skills in the financial services industry. This certification is typically awarded by professional organizations such as the Certified Financial Planner Board of Standards, Inc. (CFPB) or the Chartered Financial Analyst Institute (CFA).

FAQ #2: What are the benefits of having a Financial Associate Certification?

Answer: Having a Financial Associate Certification can help individuals demonstrate their knowledge and expertise in the financial services industry. It also provides access to resources, networking opportunities, and job opportunities. Additionally, having a certification may lead to increased wages and career advancement.

FAQ #3: How do I obtain a Financial Associate Certification?

Answer: In order to obtain a Financial Associate Certification, you must meet certain educational requirements and pass an examination administered by the certifying organization. The examination typically consists of multiple-choice questions covering topics such as financial planning, investments, taxes, retirement planning, insurance, estate planning, and more.

FAQ #4: How long does it take to earn a Financial Associate Certification?

Answer: The amount of time required to earn a Financial Associate Certification varies depending on the certifying organization and your study habits. Generally speaking, it takes approximately six months to one year to complete the necessary coursework and pass the exam.

FAQ #5: Is there any continuing education requirement for maintaining my certification?

Answer: Yes. Most certifying organizations require that individuals maintain their certification through continuing education credits each year or every two years depending on the organization's policy.