Top 10 Financial Controller Certifications

Certifications are incredibly important for financial controllers in the job market. They demonstrate to employers that a candidate has the necessary skills and knowledge to succeed in a role. Certifications also show potential employers that a candidate is committed to their professional growth, as they are willing to take the time and effort to gain additional qualifications. Finally, certifications can help financial controllers stand out from other candidates by providing evidence of their expertise in areas such as accounting, budgeting, and finance.

This article reviews some of the most beneficial certifications for Financial Controllers and explains how they can help to enhance a financial controller's career.

What are Financial Controller Certifications?

Financial controller certification is a credential that demonstrates a mastery of the skills and knowledge required to be an effective financial controller. It is a comprehensive certification program that covers topics such as financial analysis, budgeting, forecasting, internal controls, taxation, accounting principles and more. Financial controllers are responsible for managing the finances of an organization or business. With this certification, professionals can demonstrate their expertise in financial management and increase their value to employers.

By obtaining this certification, individuals can gain recognition as experts in their field and have the opportunity to work in higher-level positions with more responsibility. The certification also provides them with a greater understanding of the complexities involved in managing finances and allows them to better assess risk and make sound decisions on behalf of their employers. It also gives them access to resources from professional organizations that offer continuing education opportunities and networking events. In addition, having this certification can help them stand out from other applicants when applying for jobs within the finance industry because it shows employers that they have taken the initiative to develop their skillset beyond what is typically required of finance professionals.

Pro Tip: Financial controller certification is a great way to demonstrate your knowledge and expertise in the field. To help you stand out, take advantage of industry-recognized programs like CPA, CMA, and CIA certifications to demonstrate your understanding of financial management principles and best practices.

Related: What does a Financial Controller do?

Top 10 Financial Controller Certifications

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

1. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have met the educational, experience and examination requirements specified by their state board of accountancy. A CPA is qualified to provide a wide range of accounting services, including auditing, taxation, 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. The exam is administered by the American Institute of Certified Public Accountants (AICPA). After passing the exam, candidates must meet experience requirements in order to receive their license from their state board of accountancy.

In order to get your CPA license, you will need to pass the Uniform CPA Exam. This exam consists of four sections: Auditing and Attestation (AUD), Business Environment and Concepts (BEC), Financial Accounting and Reporting (FAR), and Regulation (REG). You can find more information about the exam on the AICPA website.

The cost for taking the CPA exam varies by state but generally ranges from $200-$400 per section. Additionally, there may be other fees associated with applying for your license depending on your state's requirements.

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification in the field of management accounting. It is granted by the Institute of Management Accountants (IMA). CMA certification validates an individual’s knowledge and expertise in financial planning, analysis, control, decision support, and professional ethics.

To obtain the CMA designation, applicants must meet certain educational and experience requirements and pass two rigorous exams. The first exam covers financial planning, performance and control; the second exam covers financial decision-making. Applicants must also have at least two years of professional experience in management accounting or financial management to be eligible for the CMA designation.

It typically takes approximately six months to one year to complete all requirements for the CMA designation. This includes studying for and passing both exams as well as completing the required work experience. The cost of obtaining the CMA designation varies depending on which study materials are used and whether or not any additional courses are taken. Generally speaking, it costs around $1,500-$2,500 USD to become a Certified Management Accountant (CMA).

3. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is a globally recognized certification that demonstrates an internal auditor's knowledge, skills, and abilities in the field of internal auditing. The CIA designation is held by more than 100,000 professionals in 175 countries.

To become a Certified Internal Auditor, you must meet certain qualifications and pass three separate exams. The exams cover topics such as risk management, control environment and operations, information systems auditing and assurance services, financial management and reporting, and fraud examination.

The process to become a Certified Internal Auditor typically takes between six months to two years depending on your background and experience. You must first apply for the CIA program through the IIA website. Once accepted into the program, you will need to complete the required coursework or self-study materials before taking the exams.

The cost to become a Certified Internal Auditor varies depending on which route you take to obtain your certification. If you choose to take courses through the IIA or another accredited institution, then you can expect to pay anywhere from $1,500-$2,500 for tuition alone. If you choose to self-study for your exams using study materials available online or through bookstores then you can expect to pay around $800-$1,000 for all three exams combined.

4. 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 professionals who have demonstrated expertise in treasury and finance. The CTP certification requires a comprehensive understanding of cash management, investments, and corporate finance.

The CTP certification process typically takes between six months to one year to complete. To become certified, individuals must first pass the CTP exam and then meet the experience requirements set forth by AFP. The exam consists of multiple choice questions covering topics such as cash flow forecasting, risk management, financial analysis, and global finance.

In order to register for the CTP exam, individuals must be members of AFP and pay an application fee of $195 USD. Once registered for the exam, individuals will need to purchase study materials from AFP or other providers. The cost of these materials can range from $200-$500 USD depending on the provider and type of material purchased.

Once an individual has passed the CTP exam and met all experience requirements they will receive their official CTP certificate from AFP. This certificate is valid for three years before it needs to be renewed through continuing education credits or retaking the exam.

5. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, a global association of investment professionals. The CFA designation is recognized as the highest standard of excellence for investment professionals around the world. It is earned through a rigorous program that tests and validates an individual's knowledge and skills in areas such as portfolio management, financial analysis, equity investments, fixed income investments, derivatives, and alternative investments.

The CFA Program consists of three levels of exams that must be completed in order to earn the designation. Each level requires approximately 300 hours of study over a period of 6-12 months. Candidates must pass all three levels within four years to become a CFA charterholder.

To get started on the path to becoming a CFA charterholder, you must first become a member of the CFA Institute and register for the program. This includes paying an initial registration fee which varies depending on when you register. After registering for the program, you can purchase study materials from the CFA Institute or other vendors to help you prepare for each exam level.

The total cost to complete all three levels of the CFA Program depends on when you register and what type of study materials you use. Generally speaking, it can range anywhere from $1,500-$3,000 USD including registration fees and study materials costs.

6. 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 a high level of knowledge and experience in government financial management. The CGFM designation recognizes professionals who have mastered the principles and practices of governmental accounting, auditing, financial reporting, budgeting, and internal control.

To obtain the CGFM designation, an individual must pass three examinations: Governmental Environment; Governmental Accounting, Financial Reporting & Budgeting; and Governmental Financial Management & Control. Each examination has a time limit of four hours and consists of 150 multiple-choice questions.

The cost for the three examinations is $450 ($150 per exam). In addition to passing all three exams, candidates must also meet the AGA's experience requirements in order to be eligible for the CGFM designation. The experience requirements vary depending on an individual's educational background but generally require at least two years of professional-level experience in government financial management.

Once all requirements are met, it typically takes six to eight weeks for an individual to receive their CGFM certificate.

7. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation offered by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). It recognizes individuals who have demonstrated expertise in management accounting, financial management, and business strategy.

To obtain the CGMA designation, applicants must meet specific educational and experience requirements. They must also pass an exam administered by the AICPA/CIMA Joint Exam Committee. The exam consists of two parts: a written portion and an oral presentation.

The written portion covers topics such as budgeting, forecasting, financial reporting, cost accounting, performance management, risk management, ethical considerations in business decisions, and global economic trends. The oral presentation requires applicants to present their research findings to a panel of experts.

The process typically takes six months to complete. Applicants should plan on spending at least 40 hours studying for the exam and preparing their oral presentation.

The cost of obtaining the CGMA designation varies depending on where you live and how you choose to pursue it. In most cases, it will cost between $1,000 and $2,500 in fees associated with registration for the exam as well as study materials.

8. Financial Risk Manager (FRM)

Financial Risk Manager (FRM) is a professional designation offered by the Global Association of Risk Professionals (GARP). It is designed to recognize individuals who have demonstrated an understanding of the core principles of risk management and their application in financial markets. The FRM certification is intended for those working in or aspiring to work in risk management, investment banking, asset management, and other related fields.

The FRM exam consists of two parts: Part I and Part II. Both parts must be completed within four years. Each part has 100 multiple-choice questions and must be completed within four hours. The exam covers topics such as quantitative analysis, financial markets and products, credit risk, operational risk, market risk, derivatives, investments and portfolio management, enterprise risk management, and more.

To obtain the FRM certification you must first register with GARP to become a member. You will then need to pay an exam fee which varies depending on when you register for the exam. After registering for the exam you will also need to complete all necessary coursework before taking the exams.

The cost of obtaining the FRM certification can range from around $1,000 - $2,500 depending on when you register for the exams and how much coursework is required.

9. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation that recognizes an individual's expertise in the field of business valuation. ABV holders are qualified to provide independent and objective valuations of businesses and other entities for a variety of purposes, including financial reporting, tax planning, estate planning, merger and acquisition advisory services, litigation support, and more.

In order to become an Accredited Business Valuator (ABV), applicants must meet certain educational requirements and demonstrate their knowledge of business valuation by passing the ABV Exam. The exam is administered by the American Society of Appraisers (ASA).

The ABV Exam consists of two parts: Part 1 covers topics such as business valuation theory and methodology; Part 2 covers topics such as financial statement analysis, industry analysis, economic analysis, market analysis, and more. The exam takes approximately four hours to complete.

To get started on the path to becoming an Accredited Business Valuator (ABV), applicants must first meet the educational requirements set forth by the ASA. This includes completing at least 30 hours of approved business valuation courses or seminars from accredited institutions or organizations. Applicants must also have at least three years of professional experience in business valuation or related fields.

Once all educational requirements have been met, applicants can register for the ABV Exam with the ASA. The cost for taking the exam is $750 USD for members of the ASA and $1125 USD for non-members. After successfully passing both parts of the exam, applicants will be awarded their Accredited Business Valuator (ABV) designation from the ASA.

10. Certified Government Auditing Professional (CGAP)

Certified Government Auditing Professional (CGAP) is a certification program offered by the Institute of Internal Auditors (IIA). It is designed to provide government auditors with the skills and knowledge necessary to perform their duties effectively. The CGAP certification program consists of three levels: Foundation, Intermediate, and Advanced.

The Foundation level covers basic concepts in government auditing, such as internal control systems and audit planning. The Intermediate level covers topics such as fraud detection, risk management, and performance measurement. The Advanced level focuses on topics such as financial statement analysis and data analytics.

It typically takes about two years to complete all three levels of the CGAP certification program. To get certified, you must pass an exam at each level. The exams are administered by the IIA or its authorized test centers around the world.

The cost of getting certified varies depending on which level you are taking and where you take the exam. Generally speaking, it costs between $250-$400 per exam plus any additional fees for registration or materials.

Do You Really Need a Financial Controller Certificate?

The short answer is that it depends. If you are looking to become a financial controller, then a financial controller certificate could be of great benefit. A certificate in financial controllership can provide you with the knowledge and skills necessary to manage finances effectively and efficiently, as well as prepare you for the CPA exam. It can also help you network with other professionals in this field and create contacts that may lead to better job opportunities.

However, if you already have experience in finance or accounting, then a certificate may not be necessary. In some cases, employers may require a certain level of education or certification depending on the position. So it’s important to check with prospective employers about their requirements before making your decision. Additionally, if you are considering a career change, having an advanced degree or certification can make you more attractive to prospective employers and help set you apart from other applicants.

In conclusion, the need for a financial controller certificate will depend on your individual goals and circumstances. While it may be beneficial in certain situations, it is ultimately up to you to decide if it is worth the time and cost investment.

Related: Financial Controller Resume Examples

FAQs About Financial Controller Certifications

Q1: What is a financial controller certification?

A1: A financial controller certification is a credential that demonstrates mastery of the skills and knowledge required to effectively manage a company’s finances. This includes understanding accounting principles, budgeting, cash flow management, taxation, and financial reporting.

Q2: What are the benefits of having a financial controller certification?

A2: Having a financial controller certification can demonstrate your expertise in the field, improve your job prospects and allow you to increase your earning potential. Additionally, having this credential can make you more attractive to employers and give you an edge over other candidates when applying for jobs.

Q3: What is the cost of obtaining a financial controller certification?

A3: The cost of obtaining a financial controller certification will vary depending on which program or institution you choose. Generally speaking, most programs range from $500-$2000 depending on the program length.

Q4: How long does it take to get certified as a financial controller?

A4: The amount of time it takes to become certified as a financial controller depends on which program or institution you choose and how quickly you are able to complete the requirements. Generally speaking, most programs require between 6-12 months to complete all of the necessary coursework and exams for certification.

Q5: Are there any prerequisites for obtaining a financial controller certification?

A5: Yes, many institutions have prerequisites for obtaining a financial controller certification. These may include having an undergraduate degree in business or accounting, passing certain exams such as the Certified Public Accountant (CPA) exam or other industry-specific exams, and completing relevant coursework/training courses prior to taking the final exam for certification.