Top 11 Financial Systems Analyst Certifications

Certifications are important for a financial systems analyst in the job market for a variety of reasons. First, certification provides validation that an individual has the necessary knowledge and experience to carry out the tasks associated with being a financial systems analyst. Additionally, certifications can demonstrate to potential employers that an individual is committed to staying up-to-date with industry best practices and trends. Finally, many organizations require or prefer candidates who have specific certifications as part of their hiring process, making it essential for those looking to break into or advance within the field.

The purpose of this article is to review the best certifications for Financial Systems Analysts and explain how they can benefit a financial systems analyst's career.

What are Financial Systems Analyst Certifications?

Financial systems analyst certification is a professional designation that recognizes individuals who have attained a certain level of expertise in the field of financial systems analysis. Financial systems analysts are responsible for analyzing and developing financial systems to ensure they meet the needs of their organization or client. Certification confirms an individual’s knowledge, skills and abilities in the areas of financial systems design, implementation and maintenance.

Having a financial systems analyst certification can help individuals stand out from the competition when applying for jobs. It also serves as an indication to employers that the individual has taken initiative to improve their skills and gain knowledge related to financial system analysis. Additionally, certification can provide opportunities for advancement within an organization and open up more job opportunities in other organizations. Having this certification may also lead to increased earnings potential due to increased qualifications, experience and expertise.

Pro Tip: When considering financial systems analyst certification, make sure to research the specific certifications available, as well as their requirements. Different certifications may require varying levels of education and experience, so take the time to ensure you are choosing the right one for your career goals.

Related: What does a Financial Systems Analyst do?

Top 11 Financial Systems Analyst Certifications

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

1. Certified Financial Systems Analyst (CFSA)

Certified Financial Systems Analyst (CFSA) is a professional certification program offered by the Institute of Certified Financial Analysts (ICFA). It is designed to help financial professionals gain expertise in the areas of financial systems, analytics, and technology. The CFSA certification recognizes individuals who have demonstrated knowledge and skills in these areas.

The CFSA program requires applicants to complete a comprehensive online course and pass an exam. The course covers topics such as data analysis, financial systems design, database management, system implementation, and project management. It also includes instruction on the use of software tools for financial analysis. Upon successful completion of the course and exam, candidates receive their CFSA certification.

The cost of the CFSA program varies depending on the provider offering it. Generally speaking, it can range from $1,000 to $2,500 or more. The duration of the program also varies depending on the provider; some programs may take up to six months to complete while others can be completed in less than two months.

To become certified as a CFSA, applicants must meet certain eligibility requirements including having at least two years’ experience working with financial systems or analytics and passing a background check. Additionally, applicants must be able to demonstrate proficiency in using software tools for financial analysis and possess strong communication skills.

2. Certified Banking and Financial Systems Analyst (CBFSA)

Certified Banking and Financial Systems Analyst (CBFSA) is a professional certification program designed to provide banking professionals with the skills and knowledge necessary to become successful in their field. The CBFSA certification is offered by the Institute of Certified Banking and Financial System Analysts (ICBFSA).

The CBFSA certification program consists of four levels: Level 1, Level 2, Level 3, and Level 4. Each level requires a certain number of hours of coursework and examinations. To obtain the certification, candidates must pass all four levels.

Level 1 focuses on basic banking principles such as financial statements, banking regulations, risk management, customer service, and financial analysis. Level 2 covers more advanced topics such as investment analysis, portfolio management, derivatives trading, credit analysis, capital markets operations, and international banking. Level 3 examines topics such as financial modeling and forecasting techniques, corporate finance theory and practice, quantitative methods for financial decision-making, mergers & acquisitions strategies, venture capital financing methods, and private equity investments. Lastly, Level 4 focuses on specialized topics such as enterprise risk management systems design & implementation; asset liability management; global banking & finance; project finance; structured products & securitization; wealth management & trust services; compliance & regulatory issues; corporate governance & ethics; strategic planning & execution; IT systems development & integration; business process reengineering; e-commerce solutions development & maintenance.

It typically takes between 6 months to 1 year to complete the CBFSA program depending on how much time you are able to dedicate to studying each week.

To get the CBFSA certification you must first register with ICBFSA online or through their office in your city/state/country. Once registered you will be provided with access to all the materials needed for each level of the program including textbooks and study guides along with access to online resources like practice exams and webinars. After successfully completing all four levels of the program you will receive your official CBFSA certificate from ICBFSA which is valid for three years from date of issue.

The cost for obtaining the CBFSA certification varies depending on where you live but usually ranges between $2 000 - $5 000 USD for all four levels combined including registration fees.

3. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is an internationally recognized certification that indicates a professional’s ability to audit, control, monitor and assess an organization’s information technology and business systems. CISA certification is designed for IT auditors, security professionals, IT consultants and other individuals who have a deep understanding of the information systems audit process.

To obtain CISA certification, applicants must have at least five years of cumulative paid professional work experience in the field of IS/IT auditing, control or security. In addition to this experience requirement, applicants must pass a rigorous exam administered by the Information Systems Audit and Control Association (ISACA). The exam consists of 200 multiple-choice questions that cover topics such as system acquisition, development and implementation; IT governance; operations management; protection of information assets; and business continuity planning.

The cost to take the CISA exam varies depending on where you take it. Generally speaking, the fee is around $500 USD. It takes approximately six months to prepare for the exam and complete all requirements necessary to become certified.

4. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation that indicates a person has met the educational and experience requirements set by their state and passed the Uniform CPA Examination administered by the American Institute of Certified Public Accountants (AICPA). CPAs are licensed by their respective state boards of accountancy and must adhere to a code of ethics.

It typically takes five years to become a CPA, depending on the individual’s educational background. To qualify for the CPA Exam, individuals must have completed at least 150 semester hours of college credit, including a bachelor’s degree with 24 semester hours in accounting courses. In addition, some states require applicants to have one year of work experience in accounting or auditing before they can sit for the exam.

To get certified as a CPA, you must meet all eligibility requirements set by your state board of accountancy and pass the Uniform CPA Examination. The exam consists of four sections: Auditing & Attestation; Business Environment & Concepts; Financial Accounting & Reporting; and Regulation. After passing all four sections, you will be eligible to receive your license from your state board of accountancy.

The cost of becoming a CPA varies depending on where you live and what type of education or training you need to complete in order to qualify for the exam. Generally speaking, it can cost anywhere from $1,000 - $3,000 just for exam fees alone. Additional costs may include registration fees, study materials, review courses and travel expenses if necessary.

5. 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 one of the most respected and recognized investment credentials in the world. The CFA Program provides a strong foundation of real-world investment analysis and portfolio management skills that are highly sought after by employers.

The CFA Program consists of three levels, each with its own curriculum and exams. To become a CFA charterholder, candidates must pass all three levels within four years. Each level requires approximately 300 hours of study time and includes topics such as economics, financial reporting, corporate finance, quantitative methods, ethics, portfolio management, and more.

The cost to obtain the CFA designation varies depending on which level you are taking and whether you are an individual or institutional candidate. Generally speaking, registration fees range from $700 to $2,000 USD per exam level for individual candidates; institutional candidates may pay significantly less depending on their organization's size. In addition to registration fees, candidates should also budget for study materials such as textbooks and practice exams which can cost several hundred dollars more.

Overall, obtaining the CFA designation is a significant commitment in terms of both time and money but it can be well worth it for those who are looking to advance their career in finance or investments.

6. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification offered by the Institute of Management Accountants (IMA). It is designed to recognize and validate the knowledge, skills, and experience of professionals in management accounting and financial management. The CMA certification demonstrates an individual’s expertise in areas such as financial planning, analysis, control, decision support, and professional ethics.

It typically takes two to three years to complete the requirements for the CMA designation. To become a CMA, candidates must have a bachelor’s degree from an accredited college or university; pass two exams administered by IMA; meet work experience requirements; and agree to abide by IMA’s Code of Ethics. The two exams are divided into four parts: Financial Reporting, Planning, Performance & Control; Financial Decision Making; and Strategic Financial Management.

The cost of becoming a CMA varies depending on the country you live in and your membership type with IMA. Generally speaking, it costs around $500-$600 for exam fees plus an additional fee for membership with IMA.

7. Certified Internal Auditor (CIA)

A Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). The CIA designation is a globally recognized certification that demonstrates an individual’s knowledge and experience in the field of internal auditing. It is designed to provide assurance that an individual has the skills and knowledge necessary to perform internal audit activities in accordance with internationally accepted standards.

To become a CIA, individuals must meet certain educational requirements, pass an examination, and have at least two years of professional experience in internal auditing, control, or related financial management areas. The exam consists of four parts: Part 1 – Internal Audit Basics; Part 2 – Practice of Internal Auditing; Part 3 – Business Knowledge for Internal Auditing; and Part 4 – Information Technology.

The total cost to obtain the CIA designation varies depending on your country and whether or not you are an IIA member. Generally speaking, it can range from $1,000 - $2,500 USD.

The time required to complete the CIA designation depends on how quickly you can study for and pass each part of the exam. On average it takes about six months to one year to complete all four parts of the exam.

8. Project Management Professional (PMP)

Project Management Professional (PMP) is a professional certification offered by the Project Management Institute (PMI). It is the most widely recognized and respected project management certification in the world. The PMP certification demonstrates that an individual has the knowledge and experience to successfully manage projects of any size or complexity.

To obtain a PMP certification, an individual must meet certain educational and professional experience requirements, as well as pass a rigorous four-hour exam. To qualify for the exam, applicants must have either a secondary degree (high school diploma, associate’s degree or global equivalent) plus at least five years of project management experience with 7,500 hours leading and directing projects, or a four-year degree plus at least three years of project management experience with 4,500 hours leading and directing projects.

The cost to take the PMP exam varies depending on whether you are already a PMI member or not. For non-members, it costs $555 USD; for members it costs $405 USD. The cost includes access to online study materials from PMI.

It typically takes between six months to one year to prepare for the PMP exam. This includes studying for the exam using online resources such as practice tests and books, attending review classes or workshops if available in your area, and taking practice exams to become familiar with the format of the actual test.

9. Microsoft Certified Solutions Expert: Data Platform

Microsoft Certified Solutions Expert: Data Platform (MCSE: Data Platform) is a certification offered by Microsoft that validates a professional’s expertise in designing, building, and managing data solutions. It demonstrates the ability to implement and maintain on-premises and cloud-based data solutions using Microsoft SQL Server technologies.

To get the MCSE: Data Platform certification, individuals must pass two exams: 70-461 Querying Microsoft SQL Server 2012/2014 and 70-462 Administering Microsoft SQL Server 2012/2014 Databases. Both exams are multiple choice and typically take between 2 to 4 hours to complete.

The cost of taking the exams varies depending on where you take them. The exam fee for each exam is $150 USD. In addition, there may be additional costs associated with study materials or training courses depending on your learning style.

Once you have passed both exams, you will receive your MCSE: Data Platform certification from Microsoft. This certification is valid for three years after which it must be renewed by passing one of the new version of the exams or an upgrade exam.

10. Oracle Database Administrator Certified Associate

Oracle Database Administrator Certified Associate (OCA) is an entry-level certification offered by Oracle that validates a database administrator’s knowledge and skills in administering Oracle databases. It is designed to demonstrate that the holder has a basic understanding of Oracle database administration, including installation, configuration, patching, backup and recovery, security management, monitoring and performance tuning.

The OCA exam typically takes around two hours to complete and consists of multiple-choice questions. The cost of the exam varies depending on the country in which it is taken. In the United States, the cost is approximately $245 USD.

To become an OCA certified database administrator, candidates must first pass one or more exams from the list of available exams for the OCA certification. Candidates can choose from either the Oracle Database 12c: Installation and Administration or Oracle Database 11g: Administration I exams. After passing one or both of these exams, candidates must then pass an additional exam to become certified. This additional exam can be either the Oracle Database 12c: Advanced Administration or Oracle Database 11g: Performance Tuning exams. Once all required exams have been passed successfully, candidates will receive their OCA certification from Oracle Corporation.

11. SAS Certified Base Programmer for SAS 9

SAS Certified Base Programmer for SAS 9 is a certification program designed to help individuals demonstrate their knowledge and skills in using the SAS programming language. This certification is ideal for those who are new to SAS or those who need to demonstrate their proficiency in the language.

The certification exam consists of 60 multiple-choice questions and takes approximately 90 minutes to complete. To become certified, you must pass the exam with a score of at least 70%.

To get certified, you must purchase an exam voucher from SAS Institute Inc., which costs $180 USD. You can then register for the exam online and schedule your test date. Once you have passed the exam, you will receive a certificate that confirms your status as a SAS Certified Base Programmer for SAS 9.

Do You Really Need a Financial Systems Analyst Certificate?

The short answer is no, you do not need a financial systems analyst certificate to become a financial systems analyst. However, having a financial systems analyst certificate can be beneficial in numerous ways.

For starters, having a financial systems analyst certificate shows employers that you possess the necessary skills and knowledge required for the job. The certificate also serves as proof that you have completed an approved program of study and have obtained the necessary skills to work in this field. Additionally, it can also help demonstrate your commitment to continuing education and staying up-to-date with industry trends.

Another benefit of having a financial systems analyst certificate is that it can give you an edge over other applicants when applying for jobs. Having the certification on your resume will make you stand out from the competition and could even result in more job offers. Moreover, having the certification may also lead to higher pay or more attractive benefits packages since employers may view you as someone who has already acquired specialized training in the field of financial analysis.

Finally, obtaining a financial systems analyst certification can be beneficial if you are looking to advance your career by taking on more challenging roles within your current organization or at another company. Having the certification demonstrates that you have obtained specialized knowledge and skills related to financial analysis which could potentially open up new opportunities for career advancement or higher wages.

In conclusion, while it is not essential to obtain a financial systems analyst certification in order to become a successful financial system analyst, having one can certainly help open up new doors of opportunity and provide an advantage when competing for jobs or promotions within this field.

Related: Financial Systems Analyst Resume Examples

FAQs About Financial Systems Analyst Certifications

1. What certifications are available for Financial Systems Analysts?

Answer: Common certifications for Financial Systems Analysts include Certified Financial Systems Analyst (CFSA), Certified Information Systems Auditor (CISA), and Certified Public Accountant (CPA).

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

Answer: The length of time it takes to become a certified Financial Systems Analyst varies depending on the certification chosen, as well as the amount of study and preparation time required. Generally, it can take anywhere from six months to two years to earn a certification.

3. What type of jobs can I get with a Financial Systems Analyst certification?

Answer: With a Financial Systems Analyst certification, you may be eligible for positions such as financial analyst, systems analyst, data analyst, or IT auditor.

4. Are there any prerequisites for obtaining a Financial Systems Analyst certification?

Answer: Depending on the specific certification desired, there may be certain prerequisites that must be met before beginning the process of obtaining the certification. These may include educational requirements and/or work experience in related fields.

5. How much does it cost to obtain a Financial Systems Analyst certification?

Answer: The cost of obtaining a Financial Systems Analyst certification will depend on the specific certification chosen and may vary based on factors such as course fees, exam fees, and other associated costs.