Top 11 Financial Services Manager Certifications

Certifications are important for financial services managers in the job market because they demonstrate a level of professional competency and knowledge in the industry. They show employers that the individual has the necessary skills and qualifications to work in the field. Additionally, certifications provide evidence that a manager is up-to-date on changes and developments in the industry, which is important for making informed decisions when managing investments or other financial matters. Certifications can also help a financial services manager stand out from other candidates when applying for jobs, as employers often look for individuals who have achieved such credentials.

This article reviews some of the top certifications for Financial Services Managers and explains how they can help to advance a financial services manager's career.

What are Financial Services Manager Certifications?

Financial services manager certification is a professional designation for individuals who provide financial services to clients. It helps ensure that those working in the financial services industry have the necessary knowledge and skills to provide high-quality advice and service. The certification is designed to give professionals the expertise needed to work in a variety of financial areas, such as investments, banking, insurance, and estate planning.

The certification process involves completing an approved training program, passing an examination, and meeting specific requirements for continuing education. Earning this certification can help professionals stand out from the competition and demonstrate their commitment to providing quality financial services. Professionals with this certification may be preferred by employers or clients due to their knowledge of current trends and regulations within the industry.

Financial services manager certification can also provide individuals with access to exclusive networking opportunities and other benefits offered by organizations that offer the designation. This can help them further advance their careers in finance or move into more specialized positions. Additionally, earning this certification can increase job stability since it shows employers that you are dedicated to your profession.

Pro Tip: To become a certified financial services manager, it is important to complete the necessary educational requirements and obtain relevant work experience. Additionally, you should stay up to date on industry trends and developments in order to remain competitive in the job market.

Related: What does a Financial Services Manager do?

Top 11 Financial Services Manager Certifications

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

1. Certified Financial Services Auditor (CFSA)

Certified Financial Services Auditor (CFSA) is a professional designation that is awarded by the Institute of Internal Auditors (IIA). The CFSA certification is designed to demonstrate an auditor's knowledge and understanding of the financial services industry, including banking, insurance, investments, and other financial services.

It typically takes between six months and one year to complete the requirements for the CFSA certification. To be eligible for the CFSA certification, applicants must have at least three years of experience in internal auditing or related fields within the financial services industry. Additionally, applicants must pass a two-part exam that covers topics such as banking regulations, risk management, fraud prevention and detection, and financial statement analysis.

The cost of obtaining the CFSA certification varies depending on where you live and how you choose to study. Generally speaking, it will cost around $1,000-$2,000 USD to obtain the certification. This cost includes registration fees for both parts of the exam as well as any coursework or materials necessary for studying.

2. 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 certification that recognizes individuals who have met certain educational and ethical standards, and have demonstrated knowledge and experience in financial planning.

In order to become a CFP, one must first complete an approved college-level course of study in financial planning, or equivalent work experience. This typically includes courses in insurance, investments, taxes, retirement planning, estate planning and risk management. After completing the educational requirements, individuals must then pass the CFP Certification Exam administered by the CFP Board. The exam consists of two parts: a computer-based multiple choice test and a case study simulation.

The total cost for becoming a CFP can vary depending on the individual’s educational background and other factors. Generally speaking, it can cost anywhere from $2,000 to $5,000 to complete the necessary coursework and take the exam. Additionally, there are annual fees associated with maintaining the certification which range from $225 to $325 per year depending on when you initially became certified.

Overall, obtaining the CFP certification requires dedication and hard work but can be very rewarding in terms of career advancement opportunities as well as providing clients with sound financial advice.

3. Chartered Financial Analyst (CFA)

The Chartered Financial Analyst (CFA) designation is a globally recognized professional credential awarded by the CFA Institute. It is the most respected and recognized investment management designation in the world. The CFA program provides a strong foundation of advanced investment analysis and real-world portfolio management skills that will give you a career advantage in today's competitive job market.

The CFA program consists of three levels of exams, which must be completed sequentially. Level I is the introductory level, while Levels II and III are more advanced. Each level requires approximately 300 hours of study time, so it typically takes about two to four years to complete all three levels depending on your study schedule.

To become a CFA charterholder, you must have at least four years of qualified work experience in the investment decision-making process or pass all three levels of the CFA exam within four years. You must also commit to upholding the CFA Institute’s Code of Ethics and Standards of Professional Conduct.

The cost to take each level of the CFA exam varies based on when you register for the exam and whether or not you are an existing member of the CFA Institute. Generally speaking, it costs around $1,000 USD per level plus additional fees for registration, membership, etc.

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 and other professionals with the knowledge and skills needed to effectively manage investments for their clients. The CIMA certification is recognized as a mark of excellence in the investment management industry.

To obtain the CIMA certification, candidates must complete an IMCA-approved program that consists of three courses: Investment Management Theory, Investment Products and Strategies, and Portfolio Management. The program also requires successful completion of a comprehensive exam. Candidates must have at least three years of experience in investment management or related fields before taking the exam.

The cost for the CIMA program varies depending on where you take it. Generally, it costs around $4,000 to $5,000 for all three courses plus the exam fee.

It typically takes between six months to one year to complete all three courses and pass the exam. However, this timeline can vary depending on how quickly you are able to complete each course and pass the exam.

5. Chartered Wealth Manager (CWM)

Chartered Wealth Manager (CWM) is a professional designation given by the Chartered Institute for Securities & Investment (CISI). It is awarded to professionals who have demonstrated a high level of knowledge and expertise in the field of wealth management.

The CWM designation requires individuals to pass three exams: Principles of Financial Planning, Advanced Financial Planning, and Professionalism & Ethics. The exams are offered twice a year and can be taken at any CISI approved examination centre.

In order to become a Chartered Wealth Manager, candidates must also demonstrate at least five years of relevant experience in wealth management or financial planning. This experience should be evidenced by either having held an appropriate role in the financial services industry or having completed an approved qualification such as the CISI Diploma in Wealth Management or the CISI Advanced Diploma in Wealth Management.

The cost of becoming a Chartered Wealth Manager varies depending on which route you take towards achieving it. Taking the exams alone will cost around £500-£600 per exam plus registration fees. If you choose to take an approved qualification such as the CISI Diploma in Wealth Management, this will cost around £3,000-£4,000.

Overall it typically takes between one and two years to become a Chartered Wealth Manager depending on how much time you can dedicate to studying for and taking the examinations.

6. Certified Treasury Professional (CTP)

Certified Treasury Professional (CTP) is a professional certification program offered by the Association for Financial Professionals (AFP). The CTP designation is globally recognized as a symbol of excellence in treasury management. It is designed to recognize and promote the highest standards of treasury management and professionalism.

To become a CTP, you must meet certain eligibility requirements, including at least three years of experience in a treasury-related role and an acceptable level of education. You must also pass the CTP exam, which consists of two parts: the Treasury Management Knowledge Exam and the Treasury Management Applications Exam.

The Treasury Management Knowledge Exam covers topics such as cash management, financial risk management, investments, corporate finance, international finance, and banking operations. The Treasury Management Applications Exam focuses on practical applications of these concepts in real-world scenarios.

It typically takes between six months to one year to complete all requirements for the CTP designation. This includes studying for and passing both exams as well as meeting the experience requirement.

The cost to take the CTP exam varies depending on your membership status with AFP. Non-members pay $450 per exam while members pay $400 per exam. Additionally, there are study materials available from AFP that can help you prepare for each exam at an additional cost ranging from $100-$200 per material set.

7. Chartered Retirement Planning Counselor (CRPC)

Chartered Retirement Planning Counselor (CRPC) is a professional designation awarded by the College for Financial Planning. The CRPC designation is designed to recognize individuals who have demonstrated a high level of knowledge and experience in retirement planning. This designation is held by financial advisors, planners, and other professionals who specialize in helping clients prepare for retirement.

The CRPC program consists of two courses: Retirement Planning Process and Wealth Management Strategies. It takes approximately six months to complete the courses and pass the exams. The cost of the program varies depending on which institution you choose to take it through, but typically ranges from $1,500 - $2,000 USD.

To become a CRPC, you must first meet certain eligibility requirements such as having at least three years of experience in financial services or retirement planning; completing an approved course of study; passing two exams; and agreeing to abide by the code of ethics established by the College for Financial Planning. Once you have met these criteria, you can apply for your CRPC designation.

8. Accredited Financial Counselor (AFC)

Accredited Financial Counselor (AFC) is a professional designation that recognizes individuals who have achieved a high level of knowledge and experience in the field of personal financial counseling. The designation is awarded by the Association for Financial Counseling and Planning Education (AFCPE), which is an international, non-profit organization dedicated to advancing the financial well-being of individuals and families through research, education, and advocacy.

To become an AFC, applicants must meet certain eligibility requirements and pass a comprehensive exam. Eligibility requirements include having at least three years of full-time work experience in the financial counseling field; completing at least 30 hours of continuing education in financial counseling; and being affiliated with an AFCPE approved organization or institution.

The exam consists of two parts: a written section covering topics such as budgeting, credit management, debt management, consumer protection laws, retirement planning, investments, insurance planning, tax planning, estate planning, and other related topics; and a practical section that tests applicants’ ability to apply their knowledge to real-life scenarios. The exam takes approximately four hours to complete.

The cost for taking the exam varies depending on whether you are already affiliated with an AFCPE approved organization or institution. If you are not affiliated with one of these organizations or institutions then you will need to pay a fee of $250 USD in order to take the exam.

Once you have successfully passed the exam you will be awarded your Accredited Financial Counselor (AFC) designation which can be used on business cards and resumes as proof that you have achieved this professional certification.

9. Chartered Alternative Investment Analyst (CAIA)

Chartered Alternative Investment Analyst (CAIA) is a professional designation offered by the Chartered Alternative Investment Analyst Association (CAIAA). It is the only globally-recognized credential for alternative investment professionals. The CAIA designation is designed to provide financial professionals with an in-depth understanding of alternative investments and their role in modern portfolio management.

The CAIA program consists of two levels: Level I and Level II. Level I focuses on the fundamentals of alternative investments, while Level II builds on this knowledge to explore more advanced topics such as portfolio construction, risk management, and due diligence. Both levels are composed of four modules each, which cover a range of topics including hedge funds, private equity, real estate, commodities, structured products, and derivatives.

It typically takes about one year to complete both levels of the CAIA program. To get started, you must first register for the program and pay a registration fee. After that you will need to purchase study materials from the CAIAA website or from an approved third-party provider. You can then begin studying for the exams at your own pace.

The cost of obtaining the CAIA designation varies depending on which study materials you choose and whether or not you decide to take advantage of any discounts or special offers available through the CAIAA website. Generally speaking, it can cost anywhere from $2,000 - $4,000 USD to become a Chartered Alternative Investment Analyst (CAIA).

10. Certified Fund Specialist (CFS)

Certified Fund Specialist (CFS) is a professional designation that recognizes individuals who have demonstrated expertise in the areas of mutual funds, exchange-traded funds (ETFs), and other investment vehicles. The program is administered by the Institute of Business & Finance (IBF), an independent, non-profit organization.

The Certified Fund Specialist program consists of three courses: Mutual Funds, Exchange Traded Funds, and Money Market Funds. Each course requires approximately 30 hours of study and includes a comprehensive exam. Upon successful completion of all three courses and exams, candidates are awarded the CFS designation.

To get the CFS designation, you must first complete an application with IBF. You will then be required to take each of the three courses offered by IBF and pass their corresponding exams with a score of at least 70%. Once you have passed all three exams, you will be eligible to receive your CFS designation.

The cost for the entire program is $1,495 USD plus applicable taxes. This fee covers all course materials and exams as well as access to IBF’s online learning platform for one year.

11. Certified International Wealth Manager (CIWM).

Certified International Wealth Manager (CIWM) is a professional certification program designed to recognize individuals who demonstrate expertise in the field of international wealth management. The program is offered by the International Association of Certified Financial Planners (IACFP).

The CIWM program is designed to provide financial professionals with an understanding of the complexities of international wealth management and how to best serve clients’ needs. It covers topics such as global investment strategies, taxation, estate planning, asset protection, risk management and more.

The CIWM program consists of four courses: Global Investment Strategies, Taxation & Estate Planning, Asset Protection & Risk Management and International Regulatory Compliance. Each course requires approximately 40 hours of study time and includes lectures, case studies and exams.

To earn the CIWM designation, candidates must pass all four courses within two years from the date they begin their studies. Candidates must also have at least three years of experience in international wealth management or related fields.

The cost for the CIWM program varies depending on location but typically ranges between $2,000 - $3,000 USD.

Do You Really Need a Financial Services Manager Certificate?

The answer to this question depends on your individual situation and goals. If you are already working in the financial services sector or are looking to advance your career within this field, then a Financial Services Manager Certificate could be beneficial. The certificate can provide you with an understanding of the principles and practices associated with managing financial services operations, as well as the legal and regulatory framework that governs them. It can also help you develop skills such as budgeting, forecasting, risk management, and customer service.

On the other hand, if you simply want to gain a better understanding of the financial services sector and do not plan to pursue a career in it, then a Financial Services Manager Certificate may not be necessary. There are many books, websites, and courses available that offer basic information about finance and financial services without requiring any formal credentials. Additionally, some employers may consider relevant work experience more important than having a certificate for certain positions within their organization.

Ultimately, whether or not you need a Financial Services Manager Certificate will depend on your own personal circumstances and career objectives. If you believe it would be helpful for advancing your career in the field or gaining more knowledge about financial services operations, then obtaining one may be worth considering.

Related: Financial Services Manager Resume Examples

FAQs About Financial Services Manager Certifications

Q1: What is a Financial Services Manager Certification?

A1: A Financial Services Manager Certification is a professional credential that verifies the knowledge and skills of those who manage financial services organizations. It demonstrates your expertise in managing investments, risk management, financial analysis, and other areas related to the financial services sector.

Q2: Who should pursue a Financial Services Manager Certification?

A2: Financial Services Manager Certifications are ideal for experienced financial professionals who want to demonstrate their abilities to employers and potential clients. It is also beneficial for those who are looking to advance their careers in the financial services industry.

Q3: What types of certifications are available?

A3: There are several different Financial Services Manager Certifications offered, including Certified Investment Management Analyst (CIMA), Chartered Alternative Investment Analyst (CAIA), and Certified Private Wealth Advisor (CPWA).

Q4: How do I obtain a Financial Services Manager Certification?

A4: To obtain a Financial Services Manager Certification, you must first complete an accredited program or course. After completing the program or course, you must then pass the certification exam in order to become certified.

Q5: Are there any prerequisites for obtaining a Financial Services Manager Certification?

A5: Generally speaking, most programs require applicants to have at least three years of experience in the financial services industry before they can be eligible for certification. Additionally, some programs may also require applicants to hold certain degrees or designations such as CFA or CFP.