Top 10 Financial Reporting Manager Certifications

Certifications are a valuable way for financial reporting managers to demonstrate their knowledge, skills, and experience in the job market. They provide employers with a reliable indicator of the candidate's abilities, and provide assurance that the candidate has been properly trained and experienced in the field. Certifications also give financial reporting managers an edge over other candidates who do not possess certifications in the same areas. They show prospective employers that they are committed to their profession, have kept up with industry trends, and have taken courses to gain additional expertise. This can help them stand out from the competition when applying for jobs or promotions. Additionally, certifications can indicate to employers that a financial reporting manager is able to work independently and is willing to take on extra responsibility.

The purpose of this article is to review and explain how certifications can help Financial Reporting Managers advance their careers.

What are Financial Reporting Manager Certifications?

Financial reporting manager certification is a professional certification that demonstrates an individual’s ability to effectively manage financial reporting processes. It provides recognition for individuals who demonstrate expertise in financial reporting, including the preparation of financial statements, analysis and interpretation of financial data, and the use of accounting systems and software.

The certification can help individuals advance their career by validating their knowledge and skills in the areas of financial reporting. This can be useful for those who are looking for a job or promotion within this field, as employers often prefer candidates with relevant certifications. It also helps to build confidence among employers that applicants have the necessary skills and understanding to properly manage financial reporting.

Additionally, having a financial reporting manager certification can result in better job opportunities, increased compensation, and greater responsibility within one’s current position. The certification also serves as a means of staying up-to-date on best practices related to financial reporting. Furthermore, obtaining this certification may make it easier to secure a loan or other type of financing from banks or other lenders due to its demonstration of expertise and knowledge in this area.

Pro Tip: Obtaining a financial reporting manager certification can help you gain credibility with employers and demonstrate your knowledge of the financial reporting process. Additionally, certifications can provide you with specialized knowledge and skills that can increase your value in the job market.

Related: What does a Financial Reporting Manager do?

Top 10 Financial Reporting Manager Certifications

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

1. Certified Financial Reporting Manager (CFRM)

Certified Financial Reporting Manager (CFRM) is a professional certification program offered by the American Institute of Certified Public Accountants (AICPA). The program is designed to recognize individuals who have demonstrated a mastery of financial reporting and related topics. It is intended for those who are responsible for preparing, auditing, or reviewing financial statements and related disclosures.

The CFRM certification requires passing a three-part examination that covers topics such as accounting principles, financial statement preparation, auditing standards, and disclosure requirements. The exam takes approximately six hours to complete and must be taken in person at an AICPA testing center.

To become certified, you must meet certain eligibility requirements including having five years of experience in financial reporting or auditing and holding a valid CPA license. You must also pass the three-part exam with a score of 75% or higher on each part.

The cost to take the exam varies depending on your location but generally ranges from $400-$600 USD. Additionally, there is an annual renewal fee of $50 USD to maintain your certification status.

2. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation that signifies expertise in accounting and auditing. CPAs are licensed by the state in which they practice, and must adhere to ethical standards set forth by the American Institute of Certified Public Accountants (AICPA).

To become a CPA, you must meet the educational and experience requirements of the state board of accountancy where you intend to practice. Generally, this includes completing 150 semester hours of college-level education, passing the Uniform CPA Exam, and completing one year of work experience in public accounting or two years in industry. Most states also require CPAs to complete continuing professional education courses each year. The time it takes to become a CPA varies depending on your current educational background and experience.

In order to get certified as a CPA, you will need to apply with your state board of accountancy. This application process typically requires submitting an application form along with proof of your educational credentials and work experience. You will also have to pay an application fee, which varies from state to state but is usually around $200-$300.

Once you have been approved for certification, you will be required to pass the Uniform CPA Exam before receiving your license. The exam consists of four sections: Auditing & Attestation; Financial Accounting & Reporting; Regulation; and Business Environment & Concepts. The exam costs approximately $800-$1,000 depending on the jurisdiction in which you are taking it.

Overall, becoming a CPA can be a lengthy process that requires dedication and hard work but can ultimately lead to greater career opportunities and higher salaries than other accounting positions.

3. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, formerly known as the Association for Investment Management and Research (AIMR). It is a globally recognized qualification that signifies expertise in investment analysis and portfolio management. The CFA program consists of three levels of exams, which are designed to test candidates’ knowledge of accounting, economics, ethics, financial analysis, portfolio management and quantitative methods.

It typically takes four years to complete all three levels of the CFA Program. Candidates must pass each level before moving onto the next one. To become a CFA charterholder, you must have at least four years of professional experience in investment decision-making or related fields.

To get your CFA charter, you must pass all three levels of exams and meet the following requirements:

• Have a bachelor’s degree from an accredited college or university
• Have four years of qualified work experience in finance or investments
• Pass an ethics review conducted by the CFA Institute
• Agree to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct
• Become a member of the CFA Institute

The cost for taking all three levels varies depending on when you register for each exam. Generally speaking, it costs around $2,000 USD per level to take the exam ($6,000 total). You may also need to pay additional fees if you want access to study materials or if you need to retake any exams.

4. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional designation awarded by the Institute of Management Accountants (IMA). It is a globally recognized certification that demonstrates an individual’s expertise in financial planning, analysis, control, decision support, and professional ethics. The CMA credential is highly sought after by employers as it signifies that the holder has the necessary skills to effectively manage and lead financial operations.

It typically takes around 12-18 months to complete the CMA program. To get certified, you must pass two exams administered by IMA: Part 1: Financial Planning, Performance and Control; and Part 2: Strategic Financial Management. You must also have two years of professional experience in management accounting or financial management.

The cost for the CMA program varies depending on your country of residence. Generally speaking, you can expect to pay between $1,000-$2,000 USD for tuition fees and exam fees combined.

5. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by The Institute of Internal Auditors (IIA). It is the most prestigious and globally recognized certification for internal auditors, and it is designed to demonstrate an individual's mastery of the internal audit profession.

To become a Certified Internal Auditor, individuals must meet certain criteria, including having at least two years of professional experience in internal auditing or related fields, passing a four-part examination, and agreeing to abide by the Code of Ethics established by The IIA. The CIA exam consists of four parts: Part 1 – Internal Audit Basics; Part 2 – Practices & Methodology; Part 3 – Business Knowledge for Internal Auditing; and Part 4 – Internal Audit Knowledge Elements. Each part consists of 100 multiple-choice questions that must be completed within three hours.

The cost for taking the CIA exam varies depending on your country and region. Generally speaking, the cost for all four parts ranges from $1,000 - $2,000 USD. Additionally, there are study materials available from The IIA that can help you prepare for the exam which may incur additional costs.

Once you have successfully passed all four parts of the CIA exam and met all other requirements set forth by The IIA, you will officially become a Certified Internal Auditor.

6. Certified Government Financial Manager (CGFM)

Certified Government Financial Manager (CGFM) is a professional certification program designed to recognize the highest standards of excellence in government financial management. The CGFM program is administered by the Association of Government Accountants (AGA), and it is designed to promote the highest standards of fiscal responsibility, accountability, and financial management in the public sector.

The CGFM program consists of three examinations: Governmental Environment, Governmental Accounting and Financial Reporting, and Governmental Financial Management. To become certified, you must pass all three exams within a five-year period. Each exam has a time limit of four hours and consists of 100 multiple-choice questions.

To get started on your path to becoming a CGFM, you must first create an account with the AGA website. Once your account is created, you can register for each exam separately or purchase a bundle that includes all three exams at once. The cost for each individual exam is $250 USD; the bundle costs $700 USD.

Once you have registered for an exam or bundle, you will be able to access study materials through the AGA website. You can also purchase additional study materials from third-party vendors if desired. After studying for each exam, you will need to schedule an appointment with one of the AGA’s approved testing centers in order to take the exam(s).

Once you have successfully passed all three exams within five years, you will receive your official CGFM certificate from the AGA. This certificate will serve as proof that you are officially certified as a government financial manager and demonstrate your commitment to excellence in public sector finance.

7. 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 and to promote best practices in financial management.

To get the CGMA designation, you must pass an exam administered by AICPA and CIMA. The exam consists of two parts: one on financial accounting and reporting, and one on strategic business management. Both parts are offered twice a year in June and December. The exam takes about four hours to complete, depending on your experience level.

The cost for taking the exam varies depending on where you take it, but typically ranges from $400-$600. You may also need to purchase study materials or enroll in an online course to prepare for the exam.

Once you have passed both parts of the exam, you will be eligible for membership with AICPA as a CGMA member. This will give you access to exclusive resources such as discounts on conferences, webinars, publications, and other benefits that come with being a CGMA member.

8. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional designation awarded by the Association of Certified Fraud Examiners (ACFE). The CFE credential is designed to identify and recognize individuals who have the knowledge and skills necessary to detect and prevent fraud.

The CFE credential requires candidates to pass a comprehensive four-hour exam that covers topics such as fraud prevention, detection, investigation, law, and ethics. Candidates must also meet certain education and experience requirements in order to qualify for the exam.

It typically takes about two years to prepare for the CFE exam. During this time, candidates should gain experience in fraud examination or related fields, complete an approved training course or seminar on fraud examination, and study for the exam using ACFE-approved materials.

To get the CFE credential, candidates must apply to take the exam through ACFE’s website. The cost of taking the exam varies depending on your country of residence but generally ranges from $400-$600 USD. Once you have successfully passed the exam, you will be issued a certificate verifying your status as a Certified Fraud Examiner.

9. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation awarded by the Canadian Institute of Chartered Business Valuators (CICBV). The ABV credential is designed to recognize and promote excellence in business valuation. To become an ABV, individuals must demonstrate their knowledge and experience in business valuation through education, training, and experience.

The process for becoming an ABV typically takes between two and three years. During this time, applicants must complete the CICBV’s Education Program which consists of four courses: Introduction to Business Valuation, Advanced Business Valuation, Corporate Finance & Financial Modeling, and Professional Practice & Ethics. Applicants must also pass a comprehensive exam at the end of each course as well as submit a portfolio demonstrating their professional experience in business valuation.

To get started on the path to becoming an ABV, individuals should visit the CICBV website to review the requirements for admission into the program. Once accepted into the program, applicants will need to register for each course and pay applicable fees before they can begin studying. The cost of obtaining an ABV credential varies depending on how many courses are taken; however, it typically ranges from $2,500 - $3,500 CAD.

10. Chartered Professional Accountant (CPA Canada or CPA Australia).

Chartered Professional Accountants (CPAs) are highly qualified professionals who have met rigorous academic and professional requirements. CPAs are recognized in Canada and Australia as the pre-eminent accounting designation, and they provide a wide range of services including financial reporting, assurance, taxation, risk management, business strategy and consulting.

In Canada, the CPA designation is offered through CPA Canada. To become a CPA in Canada, you must complete the CPA Professional Education Program (CPA PEP), which consists of two years of university-level courses followed by a three-month Capstone 1 course and a four-month Capstone 2 course. You must also pass the Common Final Examination (CFE). After completing these requirements, you can apply for membership with one of the provincial or territorial accounting bodies to become a CPA.

In Australia, the CPA designation is offered through CPA Australia. To become a CPA in Australia, you must complete an accredited degree program in accounting or commerce (or equivalent) and then pass the Certified Practising Accountant Program (CPA Program). This program consists of 10 subjects that cover topics such as financial reporting, taxation law and business law. Once you have passed all 10 subjects and completed 12 months of supervised work experience in public practice or industry/commerce/government sectors, you can apply for membership with CPA Australia to become a CPA.

The cost for becoming a CPA varies depending on your country of residence and whether you are studying full time or part time. In Canada, tuition fees for the CPA PEP range from $4,000 to $7,000 CAD per module plus an additional fee for enrolment in the Capstone courses. In Australia, tuition fees for the Certified Practising Accountant Program range from $3,500 to $5,000 AUD per subject plus an additional fee for enrolment in each subject.

Overall it typically takes 3-4 years to become a Chartered Professional Accountant depending on your country of residence and whether you are studying full time or part time.

Do You Really Need a Financial Reporting Manager Certificate?

The answer to this question depends on your individual goals and career path. While a financial reporting manager certificate may be beneficial for some, it is not necessarily required for all finance professionals.

For those who want to pursue a managerial role in the financial industry, obtaining a certificate may provide an advantage in terms of job opportunities and salary levels. A certificate can demonstrate that you have the necessary skills and knowledge to effectively manage the financial reporting process within an organization. Certifications can also provide recognition of your expertise in certain areas, such as international financial reporting standards, taxation, or auditing.

On the other hand, if you are already working in the field and have extensive experience with financial reporting and analysis, then it may not be necessary to obtain a certificate. In addition, if you are simply looking to gain entry-level positions or are just starting out in the field of finance, then a certificate may not be needed either. It is important to consider what type of job you would like to pursue before making a decision about whether or not to obtain a certification.

In conclusion, whether or not you need a financial reporting manager certificate is ultimately up to you and your individual needs and goals. Consider carefully what type of position you are interested in pursuing before deciding if this certification will be beneficial for your career goals.

Related: Financial Reporting Manager Resume Examples

FAQs About Financial Reporting Manager Certifications

1. What qualifications do I need to become a Financial Reporting Manager?

Answer: Generally, you will need a bachelor’s degree in finance, accounting, business administration, or economics. You should also have significant experience in financial reporting and analysis. Additionally, some employers may require that you hold a professional certification such as the Certified Financial Reporting Manager (CFRM).

2. What is the cost of getting a Financial Reporting Manager Certification?

Answer: The cost of getting certified as a Financial Reporting Manager can vary depending on your geographic location and the program you choose. Generally, the fee to take the exam ranges from $500 to $1,000 USD.

3. How long does it take to get certified as a Financial Reporting Manager?

Answer: The time frame for becoming certified as a Financial Reporting Manager depends on how quickly you complete the required coursework and pass the exam. Generally, it takes about six months to one year to complete all requirements for certification.

4. What type of jobs can I get with a Financial Reporting Manager Certification?

Answer: With your certification, you may be qualified for roles such as financial analyst, accounting manager, budget analyst or controller at organizations across various industries. Additionally, you could be eligible for higher-level positions such as Chief Financial Officer or Chief Accounting Officer at larger companies.

5. What are the benefits of becoming a Certified Financial Reporting Manager?

Answer: By obtaining this certification, you demonstrate your commitment and expertise in financial reporting and analysis which often leads to career advancement opportunities and higher salaries compared to non-certified professionals in similar positions. Additionally, having this credential can give you an edge over other candidates when competing for job openings in your field.