Top 11 Financial Project Manager Certifications

Certifications are important for a financial project manager in the job market because they demonstrate to employers that the individual has the necessary skills and knowledge required of someone in this role. They validate a candidate’s abilities, experience, and expertise and can help them stand out from other candidates who may not have the same qualifications. Certifications also show employers that the individual is committed to their profession and has taken steps to stay up-to-date on the latest industry trends. Additionally, certifications may open up opportunities for career advancement or higher salaries.

This article reviews the top certifications for Financial Project Managers and explains how they can benefit a financial project manager's career.

What are Financial Project Manager Certifications?

Financial Project Manager Certification is a professional certification program designed to help individuals develop the skills and knowledge necessary to become successful financial project managers. The program provides a comprehensive understanding of financial management principles, financial analysis techniques, and project management best practices. It covers topics such as budgeting, forecasting, risk assessment, financial statement analysis, cash flow management, strategic planning and asset management.

By obtaining Financial Project Manager Certification, individuals will gain the skills and knowledge to effectively manage projects with financial components. This includes understanding the relationships between finance and other business functions, managing budgets and resources efficiently, developing accurate forecasts and projections, tracking performance against goals and objectives, identifying areas of risk or potential improvement opportunities in projects’ financials, and monitoring the overall health of the project’s finances. Additionally, Financial Project Manager Certification can also give individuals a competitive edge in the job market by validating their expertise in this area.

Overall, Financial Project Manager Certification can provide individuals with an invaluable resource that can help them excel in their role as a financial project manager. With its comprehensive coverage of essential topics related to finance and project management best practices it is an excellent way for individuals to build their skill sets while also demonstrating their commitment to professional development.

Pro Tip: When considering a financial project manager certification, research the various certifications available and make sure that the one you choose is accredited by an authoritative body. Additionally, look for certifications that provide continuing education to ensure that your skills remain up-to-date with the ever-evolving field of financial project management.

Related: What does a Financial Project Manager do?

Top 11 Financial Project Manager Certifications

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

1. Project Management Professional (PMP)

Project Management Professional (PMP) is a professional certification offered by the Project Management Institute (PMI). The PMP credential recognizes an individual’s expertise in leading and directing project teams. It is one of the most sought-after certifications in the project management field.

In order to obtain the PMP credential, individuals must have at least three years of professional experience leading and directing projects, as well as 35 hours of formal project management education. In addition, applicants must pass an exam that covers five key areas: initiating, planning, executing, monitoring and controlling, and closing projects.

The entire process typically takes about three to six months to complete. During this time, applicants should focus on studying for the exam and completing any required coursework or training.

The cost of obtaining the PMP credential varies depending on a variety of factors such as where you live and if you are a member of PMI or not. Generally speaking, it can cost anywhere from $400-$1,000 USD for all associated fees including membership dues, application fee, exam fee etc.

2. Certified Financial Manager (CFM)

Certified Financial Manager (CFM) is a professional certification offered by the Institute of Certified Financial Managers (ICFM). The CFM designation is awarded to individuals who have demonstrated knowledge and experience in the financial management field. The purpose of the CFM certification is to recognize those who have achieved a high level of proficiency in financial management.

It typically takes about one year to complete the requirements for obtaining the CFM designation. To qualify, applicants must pass an exam that covers topics such as budgeting, forecasting, financial analysis, and investment strategies. Applicants must also demonstrate at least three years of full-time professional experience in finance or related fields.

The cost to obtain the CFM designation varies depending on the country and region where you are applying. In general, it can range from $400-$1,000 USD. Additionally, there may be other costs associated with taking the exam such as travel expenses and study materials.

Overall, obtaining a Certified Financial Manager (CFM) designation can help individuals stand out in their field and increase their earning potential. It demonstrates knowledge and expertise in financial management that employers value highly.

3. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation offered by the CFA Institute, a global association of investment professionals. It is a globally recognized credential for financial analysts and portfolio managers who specialize in investments. The CFA program provides a comprehensive education in investment analysis and portfolio management, as well as ethics and professional standards.

It takes approximately three years to complete the CFA program. The program consists of three levels of exams, which must be taken in sequence: Level I, Level II, and Level III. Each exam covers different topics related to investment analysis and portfolio management.

To become a CFA charterholder, you must meet certain eligibility requirements including having at least four years of qualified work experience in the investment industry or a bachelor’s degree plus two years of qualified work experience. You must also pass all three levels of the CFA exam within four years and adhere to the CFA Institute Code of Ethics and Standards of Professional Conduct.

The cost to take each level of the CFA exam varies depending on when you register for it. Generally speaking, it costs about $1,000 per level for members of the CFA Institute and $1,400 per level for non-members. In addition to exam fees, candidates may need to purchase study materials such as books or online courses from third-party providers which can range from hundreds to thousands of dollars depending on what type of materials are purchased.

4. Certified Investment Management Analyst (CIMA)

Certified Investment Management Analyst (CIMA) is a professional certification offered by the Investment Management Consultants Association (IMCA). It is designed to provide financial advisors with the knowledge and skills necessary to effectively manage investments for clients. The CIMA certification program consists of two parts: an online exam and a comprehensive course.

The online exam covers topics such as investment management theory, portfolio construction, asset allocation, risk management, performance measurement, client communication, and ethics. The comprehensive course consists of five modules that cover topics such as financial planning principles, portfolio management strategies, asset classes, regulatory environment, and global investing.

It takes approximately six months to complete the CIMA certification program. To get certified you must first pass the online exam with a score of 80% or higher. Once you have passed the exam you can then register for the comprehensive course which will take three months to complete. After completing all five modules you will be eligible to take the final exam which will test your knowledge of all aspects of investment management.

The cost of getting certified varies depending on where you are taking the courses from but typically ranges between $2,000 - $5,000 USD. This includes both the online exam and comprehensive course fees as well as any additional materials or textbooks needed for studying.

5. 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 the knowledge, skills and abilities necessary to excel in the treasury profession. The CTP credential is widely recognized as the premier certification for treasury and finance professionals.

It typically takes about six months to complete the CTP certification process. To get certified, you must first pass an exam that covers topics such as cash management, investments, risk management and international finance. You must also meet certain educational and experience requirements.

The cost of obtaining the CTP certification varies depending on your membership status with AFP. For non-members, it costs $695 for the application fee and $395 for the exam fee. For members of AFP, it costs $595 for the application fee and $295 for the exam fee.

6. Certified Public Accountant (CPA)

Certified Public Accountant (CPA) is a professional designation that signifies an individual has met the education, experience, and examination requirements of the state in which they practice. CPAs are highly trained professionals who provide financial advice, audit financial statements, prepare tax returns, and advise clients on a variety of financial matters. CPAs must adhere to strict ethical standards and regulations when performing their duties.

In order to become a CPA, individuals must meet certain educational requirements set by each state's Board of Accountancy. Generally speaking, this includes completing at least 150 semester hours of college-level coursework with a concentration in accounting and passing 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 the individual's educational background and experience level. For those who have already completed an undergraduate degree in accounting or related field, it may take as little as two years to complete all necessary requirements for licensure. For those without an undergraduate degree in accounting or related field, it may take up to five years or more to complete all necessary requirements for licensure.

The cost associated with becoming a CPA also varies depending on the individual's educational background and experience level. Generally speaking, applicants can expect to pay fees for application processing, examination fees, licensing fees, continuing education courses/fees, and other miscellaneous expenses associated with becoming a CPA.

7. Financial Risk Manager (FRM)

Financial Risk Manager (FRM) is a professional certification offered by the Global Association of Risk Professionals (GARP). It is the most widely recognized and respected certification for financial risk management. The FRM designation is designed to provide a comprehensive understanding of financial risk management principles and techniques used in today's complex global markets.

The FRM program consists of two levels, each with its own exam: Level I and Level II. The Level I exam covers foundational topics such as quantitative analysis, financial products, and market risk measurement. The Level II exam focuses on advanced topics such as credit risk, operational risk, investment management, and integrated risk management.

It typically takes between nine months to one year to prepare for the FRM exams depending on how much time you can dedicate to studying. To get the FRM designation, you must pass both exams within four years of starting the program.

The cost of getting an FRM designation depends on several factors including whether or not you are a GARP member and which study materials you choose to use. Generally speaking, it will cost around $1,500-$2,000 for non-members to become an FRM. This includes registration fees for both exams as well as any study materials you may purchase or rent from GARP or other providers.

8. Chartered Financial Consultant (ChFC)

Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services. It is designed for financial professionals who want to specialize in providing comprehensive financial planning services to individuals, families, and small business owners.

The ChFC program consists of eight college-level courses that cover topics such as insurance, investments, income tax, retirement planning, estate planning, and risk management. The program also requires students to complete a capstone project that demonstrates their ability to apply the knowledge they have gained in the program.

In order to earn the ChFC designation, candidates must meet certain educational and experience requirements. Candidates must have a bachelor’s degree from an accredited college or university or five years of full-time work experience in the financial services industry. They must also pass an exam administered by The American College of Financial Services.

The cost of the ChFC program varies depending on which institution you attend and whether you take classes online or in person. Generally speaking, it will cost anywhere from $2,500-$5,000 for tuition and fees. Additionally, there may be additional costs associated with taking the exam such as registration fees and study materials.

It typically takes between one and two years to complete the ChFC program depending on how quickly you are able to study and complete coursework. After completing all of the requirements for the ChFC designation, candidates can then apply for certification through The American College of Financial Services.

9. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is designed to recognize individuals who have achieved a high level of proficiency in the internal audit profession. The CIA certification is globally recognized as the standard for measuring internal audit competency and knowledge.

To become a Certified Internal Auditor, one must meet certain educational and experience requirements, then successfully pass the three-part CIA exam.

The educational requirements include a minimum of an undergraduate degree from an accredited college or university, or equivalent work experience in accounting, auditing, finance, or business-related field.

The experience requirement includes two years of professional internal auditing experience within the last five years prior to applying for the exam.

Once these requirements are met, you can submit your application for the CIA exam. The exam consists of three parts: Part 1 – Internal Audit Basics; Part 2 – Practice of Internal Auditing; and Part 3 – Business Knowledge for Internal Auditing. Each part must be completed within 12 months from the date you applied to take the exam.

The cost to take each part of the CIA exam varies depending on where you take it and when you register; however, it typically ranges between $400-$600 per part. Additionally, there is an annual fee that must be paid to maintain your certification status with IIA which is currently $150 per year.

10. 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 is designed to recognize individuals who have demonstrated mastery in the field of management accounting.

To become a CGMA, applicants must meet certain educational and experience requirements. Applicants must hold an undergraduate degree from an accredited college or university, have at least three years of professional experience in management accounting, and pass the CGMA exam. The exam consists of two parts: a written portion that covers topics such as cost accounting, financial reporting, budgeting, and performance measurement; and a case study portion that tests problem-solving skills.

The entire process takes approximately six months to complete. After passing the exam, applicants must submit an application for certification to the AICPA/CIMA Joint Certification Board for review. Once approved, applicants will be awarded the CGMA designation.

The cost of taking the CGMA exam varies depending on where you take it. In most countries, it costs around $400 USD per part ($800 total). There may also be additional fees associated with submitting your application for certification after passing the exam.

11. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation given by the Certified Financial Planner Board of Standards, Inc. (CFP Board). It is a voluntary certification that recognizes individuals who have met certain education, experience, and ethics requirements. CFPs are qualified to provide financial planning services to individuals and businesses.

To become a CFP, an individual must complete the following steps:

1. Complete a bachelor’s degree from an accredited college or university with coursework in financial planning or related topics such as accounting, economics, finance, law, mathematics, or taxation.

2. Pass the comprehensive CFP Certification Examination administered by the CFP Board.

3. Meet the CFP Board’s experience requirement of at least three years of full-time personal financial planning experience or equivalent part-time experience within the five years prior to application for certification.

4. Agree to abide by the CFP Board’s Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.

5. Submit an application to the CFP Board and pay applicable fees ($325 for initial certification; $50 annual renewal fee).

6. Successfully complete a background check conducted by the CFP Board's third-party vendor (fee may apply).

It typically takes two to three years to complete all of these steps in order to become certified as a CFP. The total cost can vary depending on educational expenses associated with completing required coursework and exam preparation materials purchased for study purposes; however, most applicants spend between $1,000-$2,000 in total fees associated with becoming certified as a CFP professional.

Do You Really Need a Financial Project Manager Certificate?

The answer to this question depends on the individual and their specific career goals. If someone is looking to become a financial project manager, then having a certificate in this field may be beneficial. A certificate can provide proof of knowledge, skills, and experience in the area of financial project management. It can also demonstrate commitment to the profession and validate one's expertise. Additionally, many employers may prefer to hire those with a certificate since it indicates that the individual has taken extra steps to develop their skillset.

On the other hand, some individuals may not need a certificate in order to work as a financial project manager. This is particularly true if they have prior experience in the field or are highly knowledgeable about the subject matter. In these cases, potential employers may be more likely to consider other qualifications such as on-the-job training or professional certifications instead of formal education credentials.

Ultimately, whether or not someone needs a financial project manager certificate comes down to personal preference and career goals. Those who wish to advance further in their careers may find that having a certificate helps them stand out from other applicants and demonstrates their commitment and dedication to their profession.

Related: Financial Project Manager Resume Examples

FAQs About Financial Project Manager Certifications

1. What are the requirements for Financial Project Manager Certifications?

Answer: The requirements for Financial Project Manager Certifications vary depending on the certifying organization or institution, but typically include a combination of education, experience and exams.

2. How long does it take to get Financial Project Manager Certified?

Answer: The time frame for getting certified as a Financial Project Manager can range from six months to two years depending on the certifying organization or institution.

3. What is the cost of obtaining Financial Project Manager Certification?

Answer: The cost of obtaining Financial Project Manager Certification varies by certifying organization or institution, but typically ranges from several hundred to several thousand dollars.

4. What are the benefits of becoming a Certified Financial Project Manager?

Answer: Benefits of becoming a Certified Financial Project Manager include increased job opportunities, higher salaries and greater credibility in the field. Additionally, certification may also lead to better project management skills and improved customer service capabilities.

5. Are there any prerequisites for taking the exam for Financial Project Manager Certification?

Answer: Yes, most certifying organizations or institutions require applicants to have some experience in financial services before taking the exam for certification. Additionally, some require applicants to pass an assessment test before taking the exam.