Top 10 Financial Reporting Analyst Certifications

Certifications are important to a financial reporting analyst in the job market because they demonstrate a certain level of knowledge, skill, and competence. A certification provides employers with assurance that an analyst has the necessary qualifications and experience to work in the financial reporting field. This can be especially useful for those who are new to the profession or looking to expand their knowledge and skillset. Additionally, certifications may provide access to higher-level positions and greater responsibilities within a company. Lastly, certifications may increase an analyst’s earning potential by making them more attractive to prospective employers.

This article reviews and explains the top certifications for Financial Reporting Analysts and how they can benefit a financial reporting analyst's career.

What are Financial Reporting Analyst Certifications?

Financial reporting analyst certification is a professional designation that provides recognition of an individual’s knowledge and skills in financial reporting. Financial reporting analysts are responsible for preparing, analyzing, and interpreting financial statements, as well as managing the data used to create them. This certification demonstrates that the holder has a comprehensive understanding of accounting principles, financial analysis techniques, and financial statement preparation.

The certification can help those seeking employment in the field of finance or accounting by providing evidence of their qualifications and abilities. It also helps employers identify candidates with the necessary skills to fill positions related to financial reporting. Additionally, it may provide holders with increased job security because they have demonstrated their commitment to staying up-to-date on current trends in finance and accounting. Finally, it may increase their earning potential due to the enhanced recognition associated with having this certification.

Pro Tip: If you are looking to become a financial reporting analyst, consider obtaining a professional certification from an accredited institution. This will demonstrate your commitment to the profession and provide you with the necessary knowledge and skills to excel in the field.

Related: What does a Financial Reporting Analyst do?

Top 10 Financial Reporting Analyst Certifications

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

1. Certified Financial Reporting Analyst (CFRA)

Certified Financial Reporting Analyst (CFRA) is a professional certification awarded by the Association of Certified Financial Reporting Analysts (ACFRA). It is designed to recognize and promote excellence in financial reporting analysis. The CFRA certification is intended for professionals who have a strong understanding of financial reporting standards, regulations, and principles.

To obtain the CFRA certification, applicants must pass an online examination that consists of multiple-choice questions covering topics such as accounting principles, financial statement analysis, corporate finance, and auditing. The exam takes approximately two hours to complete and costs $295 USD. Applicants must also have at least three years of relevant experience in the field of financial reporting or auditing.

In order to maintain their CFRA credential, certified analysts must complete 30 hours of continuing education every three years. This can be done through attending seminars or workshops related to financial reporting and analysis or by taking online courses offered by ACFRA.

2. Certified Government Financial Manager (CGFM)

Certified Government Financial Manager (CGFM) is a professional certification program designed to recognize individuals who demonstrate expertise in the field of government financial management. The certification is offered by the Association of Government Accountants (AGA), an organization dedicated to promoting excellence in government financial management.

The CGFM program consists of three exams: Governmental Environment, Governmental Accounting and Financial Reporting, and Governmental Budgeting and Fiscal Policy. In order to become certified, applicants must pass all three exams within a five-year period.

In order to be eligible for the CGFM program, applicants must have either a bachelor’s degree from an accredited college or university or two years of experience in governmental financial management. Applicants must also complete at least 80 hours of continuing professional education every two years in order to maintain their certification.

The cost of the CGFM program varies depending on how many exams are taken and when they are taken. The cost for one exam is $225; the cost for two exams is $425; and the cost for all three exams is $625. Additionally, there is an annual fee of $50 for maintaining certification status.

3. 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 the expertise of management accountants in providing strategic business advice, managing financial risk, and delivering financial performance.

The CGMA program requires applicants to hold a bachelor’s degree in accounting or a related field, have at least three years of experience in management accounting, and pass an exam. The exam consists of two parts: the Financial Management Performance Test (FMPT) and the Strategic Business Leader Exam (SBL).

It typically takes between six months to one year to complete the requirements for obtaining the CGMA designation. The cost for taking both exams is $1,450 plus applicable taxes. In addition, there are fees associated with membership in AICPA and CIMA which must be paid before you can take the exams.

Once you have successfully completed both exams and become a member of AICPA and CIMA, you will receive your CGMA certificate as well as access to exclusive resources such as webinars, networking events, industry insights, practice tools, research studies, and more.

4. Certified Public Accountant (CPA)

Certified Public Accountant (CPA) is a professional designation given to individuals who have passed the Uniform CPA Examination and met educational, work experience, and ethical requirements. CPAs are licensed by their respective state boards of accountancy and are held to a high standard of ethics and professional conduct.

It typically takes four years of college education plus one year of work experience in accounting to become eligible for the CPA exam. The exam itself is composed of four sections—Auditing & Attestation, Business Environment & Concepts, Financial Accounting & Reporting, and Regulation—and covers topics such as financial reporting, taxation, auditing, business law, and professional ethics.

To get certified as a CPA you must first pass the Uniform CPA Exam. You can do this by registering with your state board of accountancy or through the National Association of State Boards of Accountancy (NASBA). Once you complete the exam, you must also meet your state’s specific requirements for licensure before you can become a licensed CPA. These requirements vary by state but typically include completing additional coursework or continuing education credits related to accounting or auditing.

The cost to take the CPA Exam varies by state but typically ranges from $200-$800 per section. Additionally, there may be additional fees associated with applying for licensure in your state which can range from $50-$500 depending on where you live.

5. Certified Internal Auditor (CIA)

The Certified Internal Auditor (CIA) is a globally recognized certification that is awarded to individuals who demonstrate their knowledge and proficiency in the internal auditing field. The CIA certification is administered by the Institute of Internal Auditors (IIA).

To become a Certified Internal Auditor, an individual must meet certain educational and professional requirements and pass the three-part CIA exam. To be eligible to take the exam, applicants must have at least a bachelor’s degree in accounting or a related field, two years of internal audit experience, or one year of experience if they have an advanced degree in accounting or a related field.

The CIA exam consists of three parts: Part 1 – Internal Audit Basics; Part 2 – Practices and Principles; and Part 3 – Business Knowledge for Internal Auditing. Each part consists of 100 multiple-choice questions and must be completed within four hours.

The cost for taking the CIA exam varies depending on where you take it, but typically ranges from $400-$600 per part.

Once all three parts of the CIA exam are successfully completed, applicants will receive their official designation as a Certified Internal Auditor (CIA). The entire process usually takes about six months to complete.

6. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification in the field of management accounting. It is administered by the Institute of Management Accountants (IMA), a global association for accountants and financial professionals. The CMA credential is designed to recognize those who demonstrate mastery of the advanced knowledge and skills required in the field of management accounting, including financial planning, analysis, control, decision support and professional ethics.

It typically takes two to four years to complete the CMA program. To qualify for the CMA exam, you must have at least a bachelor’s degree from an accredited college or university and two years of experience in management accounting or financial management. You must also complete a minimum of 30 semester hours or 45 quarter hours of qualifying education in business-related topics such as accounting, finance, economics, statistics, information systems and business law.

To become certified as a CMA, you must pass both parts of the CMA exam. Each part consists of 100 multiple-choice questions that must be completed within three hours. The exam fee for each part is $250 USD ($500 USD total). Additionally, there is an application fee of $50 USD when submitting your application to take the exam.

7. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation awarded by the CFA Institute, an international organization that sets standards for the investment profession. The CFA designation is considered one of the most prestigious and respected credentials in the financial services industry. It is designed to measure and demonstrate competence in portfolio management, financial analysis, and other related areas.

To become a CFA charterholder, individuals must complete three levels of exams over a period of two to four years. Each level consists of multiple-choice questions and essay-style questions covering topics such as economics, accounting, ethics, quantitative methods, corporate finance, equity investments, fixed income investments, derivatives investments, alternative investments, portfolio management and wealth planning.

In order to be eligible for the CFA Program exams candidates must have:

• A bachelor’s degree or equivalent;
• Four years of qualified work experience in an investment decision-making process; or
• Have passed all three levels of the CFA Program exam.

The cost to register for each level of the CFA Program exam varies depending on when you register. Generally speaking, it costs $950 USD per level if you register early (up to six months before the exam date). If you register late (within six months before the exam date), it costs $1,380 USD per level. In addition to registration fees there are also study materials and other miscellaneous expenses associated with studying for and taking the exams which can range from several hundred dollars up to several thousand dollars depending on your individual circumstances.

8. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional certification that demonstrates an individual’s ability to provide comprehensive financial planning advice. The CFP designation is awarded by the Certified Financial Planner Board of Standards, Inc. (CFP Board). It requires individuals to pass a rigorous exam and meet certain educational and experience requirements.

It typically takes between two and four years to complete all of the requirements for the CFP designation. This includes completing a bachelor’s degree, gaining three years of full-time financial planning experience, passing the CFP exam, and agreeing to abide by the CFP Board’s Code of Ethics and Professional Responsibility.

To get the CFP designation, individuals must first complete a bachelor's degree from an accredited college or university with coursework in finance, accounting, economics, insurance, taxation, estate planning, investments, retirement planning and other related topics. After completing their degree program they must then gain three years of full-time financial planning experience before taking the CFP exam.

The cost for obtaining the CFP designation varies depending on which educational institution you choose to attend and how long it takes you to complete all of the required coursework and exams. Generally speaking it can cost anywhere from $2,000-$4,000 for tuition fees alone. In addition to this there are also application fees associated with taking the CFP exam which can range from $100-$200 depending on where you take it.

9. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional designation that is awarded by the Association of Certified Fraud Examiners (ACFE). The CFE credential is designed to recognize individuals who have demonstrated expertise in the detection and deterrence of fraud. To become a CFE, one must pass an exam that covers four core areas: financial transactions, fraud prevention and deterrence, law, and investigation.

It typically takes three to six months to prepare for the CFE exam. You can prepare for the exam by taking self-study courses or attending seminars offered by ACFE approved providers. The cost of these courses will vary depending on the provider. Additionally, you will need to purchase the CFE Exam Prep Course from ACFE which costs $400 USD.

Once you are ready to take the exam, you must register with ACFE and pay an additional fee of $450 USD. The exam consists of 200 multiple-choice questions and must be completed within four hours. After passing the exam, applicants must complete a two-year work experience requirement before receiving their certification.

10. Accredited Business Valuator (ABV).

Accredited Business Valuator (ABV) is a professional designation awarded by the American Society of Appraisers (ASA). It is designed to recognize individuals who have demonstrated proficiency in the valuation of business interests, intangible assets, and securities. The ABV credential requires a combination of education, experience, and examination.

It typically takes three to five years to complete all the requirements for the ABV credential. Candidates must first complete an ASA-approved course in business valuation or pass an equivalent exam. They must then accumulate two years of full-time experience in business valuation or related fields. Finally, they must pass the ABV Examination administered by the ASA.

The cost of obtaining an ABV credential varies depending on the type of course or program chosen and other factors such as travel expenses and application fees. Generally speaking, it can cost anywhere from $2,000 to $10,000 or more to obtain an ABV credential.

In addition to demonstrating expertise in business valuation, holders of the ABV credential are expected to adhere to a strict code of ethics and standards established by the ASA. This includes maintaining confidentiality with regard to client information and providing independent opinions that are free from conflicts of interest.

Do You Really Need a Financial Reporting Analyst Certificate?

The answer to this question depends on your current career goals and the type of financial reporting analyst role you are looking for. If you are already a financial analyst with experience in the field, then a financial reporting analyst certificate may not be necessary. However, if you are just starting out or want to advance your career in this area, then having a certificate can be beneficial.

Having a financial reporting analyst certificate demonstrates to potential employers that you have the knowledge and skills necessary to excel in a financial reporting role. This can be especially helpful if you are applying for more senior positions as it shows that you have taken the time to invest in your professional development and understand the complexities of the job.

In addition, having a certificate may give you an edge over other applicants who don’t have one. It is also important to note that some employers may require certain certifications for certain roles, so having one could make it easier for you to qualify for those positions.

Ultimately, whether or not you need a financial reporting analyst certificate depends on your individual circumstances and goals. However, having one can certainly help demonstrate your commitment and expertise in this field, which can give you an advantage when competing for jobs.

Related: Financial Reporting Analyst Resume Examples

FAQs About Financial Reporting Analyst Certifications

1. What is a Financial Reporting Analyst Certification?

Answer: A Financial Reporting Analyst Certification is a professional certification that demonstrates an individual's ability to analyze financial data, create financial reports, and interpret the results. It is designed to provide employers with assurance that a certified analyst has the necessary skills and knowledge to accurately assess and report on financial information.

2. How long does it take to become certified as a Financial Reporting Analyst?

Answer: The time frame for becoming certified as a Financial Reporting Analyst varies depending on the type of certification and the specific requirements needed for each program. Generally speaking, most certifications require completion of coursework or exams and may take anywhere from one month to two years to complete.

3. What are the benefits of becoming a Certified Financial Reporting Analyst?

Answer: Becoming certified as a Financial Reporting Analyst provides individuals with recognition of their expertise in this field and can boost career opportunities, such as higher pay or promotions. Additionally, it allows analysts to demonstrate their commitment to staying up-to-date on best practices in financial reporting.

4. Are there any prerequisites for obtaining a Financial Reporting Analyst Certification?

Answer: Most certifications do not have any prerequisites but some may require applicants to have certain educational or work experience qualifications before taking an exam or completing coursework. It is important to review each certification’s requirements before applying for it.

5. Are there any continuing education requirements for maintaining a Financial Reporting Analyst Certification?

Answer: Yes, most certifications require individuals to complete periodic continuing education courses in order to maintain their status as certified analysts. These courses help ensure that professionals remain informed about changes in the industry and new regulations related to financial reporting analysis.