Top 10 Financial Manager Certifications

Certifications are an important part of the job market for a financial manager because they demonstrate to potential employers that the individual has achieved a certain level of knowledge and expertise in their field. This can help to differentiate them from other candidates and show employers that they have taken the initiative to gain additional qualifications. Certifications also show that the individual is committed to staying up-to-date on the latest developments in their field, which can be an invaluable asset to any organization. Finally, certifications provide potential employers with an objective measure of the financial manager’s skills and abilities, which can give them an edge over other applicants.

The purpose of this article is to provide an overview of the top certifications for Financial Managers and to explain how they can help to further a financial manager's career.

What are Financial Manager Certifications?

Financial Manager Certification is a professional designation that demonstrates an individual’s knowledge and understanding of financial management principles and practices. It is designed to help financial managers demonstrate their expertise in the field, stay up-to-date on best practices, and gain recognition for their professional qualifications.

The certification covers topics such as cash management, budgeting, forecasting, financial reporting and analysis, investments, risk management, corporate finance, strategic planning, and more. It is designed to provide financial managers with a comprehensive understanding of the role of finance in organizations. By earning this certification, individuals can demonstrate their ability to effectively manage the finances of businesses or organizations.

Having a Financial Manager Certification can be beneficial for those seeking advancement within the field or looking to enter into new roles. It can also help employers identify qualified candidates who have a strong foundation of knowledge in this area. This certification can also give professionals access to exclusive job opportunities and career networks that are not available to those without the credential. Additionally, it may provide those with the designation with higher salaries due to its value in demonstrating expertise in the field.

Pro Tip: When considering a financial manager certification, be sure to research the requirements and prerequisites for the program. This will help you determine if the program is right for your experience level and career goals. Additionally, make sure to inquire about the cost of the certification, as well as any potential discounts or scholarships that may be available.

Related: What does a Financial Manager do?

Top 10 Financial Manager Certifications

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

1. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation awarded by the CFA Institute, an international association of investment professionals. The CFA program is designed to help individuals gain a comprehensive understanding of the global financial markets, and it is widely recognized as one of the most respected and sought-after credentials in finance.

The CFA program consists of three levels that are completed over a period of two to four years. Each level requires passing an exam that covers topics such as economics, accounting, portfolio management, ethics and more. In order to qualify for the exams, candidates must have at least four years of professional experience in the investment industry or have earned a bachelor’s degree in finance or related field.

To get started on your CFA journey, you will need to register with the CFA Institute and pay an enrollment fee. This fee varies depending on when you register but typically ranges from $450-$700 USD. Once registered, you can begin studying for the exams using materials provided by the CFA Institute or self-study materials available online or through third-party vendors.

The cost of taking all three levels of the CFA program can range from $2,000-$4,000 USD depending on how much time you spend studying and which materials you use. Additionally, there are fees associated with each exam ranging from $650-$950 USD per level.

2. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional certification that demonstrates a financial planner’s commitment to providing competent and ethical financial planning services. CFP professionals must pass a rigorous examination, complete continuing education courses, and adhere to the CFP Board’s Code of Ethics and Professional Responsibility.

It typically takes two to three years to become certified as a CFP. The process involves completing an approved educational program, passing the CFP Certification Examination, obtaining relevant work experience in the field of financial planning, and adhering to the CFP Board’s Code of Ethics and Professional Responsibility.

To get certified as a CFP, you must first meet certain educational requirements by completing either an undergraduate or graduate degree in finance or a related field from an accredited college or university. You must then pass the CFP Certification Examination which covers topics such as investments, taxes, retirement planning, estate planning, insurance and risk management. After passing the exam you must then obtain at least three years of full-time experience working in the field of financial planning before you can apply for your certification.

The cost for becoming certified as a CFP varies depending on where you take your courses and exams but generally ranges from $2,000-$3,000 USD including application fees.

3. Certified Public Accountant (CPA)

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

In order to become a CPA, individuals must first meet the educational requirements established by their state board of accountancy. Generally speaking, this includes completing 150 semester hours of college coursework with at least 30 semester hours in accounting subjects. In addition to meeting the educational requirements, individuals must also pass the Uniform CPA Examination administered by the American Institute of Certified Public Accountants (AICPA).

The amount of time it takes to become a CPA varies depending on an individual’s educational background and experience level. For those who have already completed the required coursework, it can take as little as six months to complete all of the necessary steps for licensure. However, for those who need additional coursework or have not yet taken the exam, it can take up to two years or more.

In order to become a CPA, individuals must first apply for licensure through their state board of accountancy. This process typically involves submitting an application along with supporting documents such as transcripts from college-level courses in accounting and business-related subjects. Additionally, applicants may need to provide proof that they have passed the Uniform CPA Examination or equivalent exams administered by other organizations such as NASBA's National Qualifying Examination (NQE).

The cost associated with becoming a CPA varies depending on which state you are applying in and what type of services you plan on providing once licensed. Generally speaking however, most states charge an application fee ranging from $50-$200 plus fees associated with taking the Uniform CPA Exam which can range from $800-$2,000 depending on how many sections you take at once and whether or not you use any special accommodations during testing.

4. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification awarded by the Institute of Management Accountants (IMA) to individuals who have met the educational, experience, and exam requirements. It is designed for finance and accounting professionals who are looking to advance their careers in management accounting and financial management.

To become a CMA, you must first meet the eligibility requirements set by the IMA. These include having a bachelor’s degree from an accredited college or university, two years of professional experience in management accounting or financial management, and passing the CMA exam.

The CMA exam consists of two parts: Part 1 covers financial planning, performance, and control; Part 2 covers financial decision making. Each part has 100 multiple-choice questions that must be completed within four hours. The cost of taking the CMA exam is $415 per part for members of IMA and $555 per part for non-members.

Once you have passed both parts of the CMA exam, you will need to complete an ethics course before receiving your certification. This course is offered free online through IMA and takes approximately two hours to complete. After completing this course, you will receive your official CMA certificate from IMA.

Overall, it can take anywhere from six months to one year to become a Certified Management Accountant depending on how quickly you can complete the necessary steps.

5. Chartered Financial Consultant (ChFC)

Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services. It is designed to recognize individuals who have achieved a high level of competency in the area of financial planning.

The ChFC program consists of eight courses that cover topics such as financial planning, insurance, investments, income tax, retirement planning, and estate planning. To obtain the ChFC designation, candidates must complete these courses and pass an exam.

It typically takes between six months to two years to complete the coursework required for the ChFC designation. In order to qualify for the exam, applicants must have three years of full-time experience in providing financial advice or services related to financial planning.

In order to get the ChFC designation, applicants must first register with The American College of Financial Services and pay a registration fee. After registering, applicants can purchase individual courses or packages of courses depending on their needs. The cost of each course varies depending on the package purchased but typically ranges from $200-$500 per course.

Once all eight courses are completed and passed with a grade of 70% or higher, applicants can then register for the ChFC exam which costs approximately $400-$500 depending on location and other factors. Upon passing the exam with a score of 75% or higher, applicants will receive their Chartered Financial Consultant (ChFC) designation from The American College of Financial Services.

6. Accredited Investment Fiduciary (AIF)

Accredited Investment Fiduciary (AIF) is a professional designation that signifies an individual has met the standards of knowledge, experience, and ability to provide investment advice. AIFs are required to act in their clients' best interests at all times when providing investment advice.

The AIF designation is awarded by the Center for Fiduciary Studies, which is affiliated with the University of Pittsburgh's Joseph M. Katz Graduate School of Business and College of Business Administration. The program requires individuals to complete a comprehensive course on fiduciary responsibility and pass an exam.

It typically takes about two months to complete the course and receive your AIF designation. To get started, you must register for the course online through the Center for Fiduciary Studies website. The cost of the course is $595 USD plus any applicable taxes or fees.

7. Chartered Alternative Investment Analyst (CAIA)

Chartered Alternative Investment Analyst (CAIA) is a professional designation awarded by the Chartered Alternative Investment Analyst Association (CAIAA). It is an advanced credential that provides specialized knowledge and skills in alternative investments such as hedge funds, private equity, real estate, commodities and structured products. The CAIA designation is globally recognized as the highest standard of excellence for professionals who specialize in alternative investments.

It typically takes between two to three years to complete the CAIA program. The program consists of two levels: Level I and Level II. Level I focuses on basic concepts related to alternative investments while Level II covers more advanced topics such as portfolio management and risk analysis.

To get the CAIA designation, you must first pass both Levels of the CAIA exam with a score of 70% or higher. After passing both exams, you must also meet certain experience requirements and submit an application for membership to the CAIAA.

The cost of obtaining the CAIA designation varies depending on your country of residence and whether or not you are a member of the CAIAA. Generally speaking, it costs around $2,000-$3,000 USD for non-members to take both levels of the exam and an additional $1,500 USD for annual membership fees once you have been accepted into the association.

8. 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 designed to recognize professionals who have demonstrated an understanding of global financial management and business strategy.

The CGMA designation program requires applicants to meet certain educational and experience requirements. To become a CGMA, individuals must have at least five years of professional experience in finance or accounting, a bachelor's degree from an accredited institution, and pass the AICPA's Uniform CPA Examination. They must also complete the CGMA Competency Framework, which consists of four online courses that cover topics such as strategic management accounting, financial reporting and analysis, risk management, and decision-making.

Once all requirements are met, applicants can apply for the CGMA designation through the AICPA website. The application fee is $200 USD for members of either the AICPA or CIMA, or $400 USD for non-members. The entire process typically takes two to three months to complete.

9. Financial Risk Manager (FRM)

Financial Risk Manager (FRM) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is designed to help financial professionals understand and manage risk in their organizations. The FRM designation is widely recognized as the premier credential for risk managers around the world.

The FRM Exam consists of two parts, each with 100 multiple-choice questions. Part 1 covers topics such as Foundations of Risk Management, Quantitative Analysis, Financial Markets and Products, Valuation and Risk Models, and Current Issues in Financial Markets. Part 2 covers topics such as Market Risk Measurement and Management, Credit Risk Measurement and Management, Operational and Integrated Risk Management, Investment Risk Measurement and Management, Algorithmic Trading and Execution Strategies.

It typically takes at least six months of studying to prepare for the FRM Exam. Candidates are encouraged to review GARP’s study materials which include practice exams, textbooks, online courses, webinars, podcasts, videos and other resources.

To become an FRM certified professional you must pass both Parts 1 & 2 of the exam within a two-year period. The cost for taking the exam varies depending on when you register but generally ranges from $400-$600 USD per part.

10. 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 knowledge and expertise in corporate treasury management. The CTP certification is the most widely recognized and respected credential in the field of treasury management.

It typically takes around three to six months to complete the CTP program, depending on how quickly you are able to study and prepare for the exam. To get certified, you must first apply online and pay a fee. You will then need to pass an exam that covers topics such as cash management, risk management, investments, financial markets, and international finance.

The cost of the CTP program varies depending on your membership status with AFP. Non-members must pay $1,295 for the application fee plus $795 for the exam fee. For members, there is a discounted rate of $995 for the application fee plus $595 for the exam fee.

Once you have passed the exam and become certified, you will be eligible to use the CTP designation after your name and receive access to exclusive member benefits such as discounts on conferences and events.

Do You Really Need a Financial Manager Certificate?

The answer to this question depends on your personal goals and the type of financial management job you are seeking. For those who want to become a Certified Financial Manager (CFM), a Financial Manager Certificate is a must. This certificate demonstrates that you have the skills and knowledge required to manage complex financial processes and investments. It also shows that you are committed to your profession and have the necessary experience to meet the demands of today’s competitive financial markets.

For those who do not wish to pursue a CFM, but still wish to work in financial management, there are other certifications available that may be more suitable. These include Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA). Each of these certificates will demonstrate your expertise in certain areas of finance, such as accounting, budgeting, taxes, or investments.

In general, if you are looking for a career in financial management, then obtaining some sort of certification is recommended. Having a certificate can help employers recognize your dedication and commitment to the field and may open doors for more lucrative positions or promotions down the road. Ultimately, it is up to you whether or not you choose to pursue any type of certification but having one can be beneficial when applying for jobs in the finance industry.

Related: Financial Manager Resume Examples

FAQs About Financial Manager Certifications

Q: What is a Financial Manager Certification?

A: A Financial Manager Certification is a professional designation that demonstrates a mastery of financial management concepts and principles. It is awarded by various organizations, such as the Institute of Certified Professional Managers (ICPM) or the Chartered Institute of Management Accountants (CIMA).

Q: How do I become certified as a Financial Manager?

A: To become certified as a Financial Manager, you must first complete an approved course of study at an accredited educational institution. You will then need to pass an examination administered by the certifying organization. Depending on the certification, you may also be required to have several years of experience in the financial management field.

Q: What are the benefits of becoming a Financial Manager?

A: Becoming certified as a Financial Manager can provide many benefits, including increased job opportunities and salary potential, greater credibility with employers and clients, and more respect in your chosen profession. Additionally, having certification may make it easier to obtain financing or loans from banks and other lenders.

Q: How long does it take to become certified?

A: The length of time it takes to become certified depends on the specific requirements for each certification program. Generally speaking, however, most programs require anywhere from six months to two years of study before taking the certification exam.

Q: Is Financial Manager Certification worth it?

A: Yes! Becoming certified as a Financial Manager can open up new career opportunities and increase your earning potential in the long run. Additionally, having certification can help you stand out from other applicants when applying for jobs in finance or related fields.