Top 10 Forensic Accountant Certifications

Certifications are an important part of a forensic accountant’s professional development and career. Having certifications demonstrates to employers that the accountant has achieved a level of proficiency in their field and is committed to staying up-to-date on the latest developments and industry trends. Certifications can also be used as proof of competence in court proceedings, helping to ensure that the accountant’s work is accepted as valid evidence. Additionally, certifications can open up job opportunities, such as working for government agencies or law enforcement organizations, as well as providing access to higher salaries.

This article reviews some of the top certifications for Forensic Accountants and explains how they can help to advance a forensic accountant's career.

What are Forensic Accountant Certifications?

Forensic accountant certification is a specialized type of accounting certification that recognizes professionals who have the knowledge and skills to perform comprehensive forensic accounting services. Forensic accountants are highly trained in the areas of financial analysis, investigation, and litigation support, and they have an understanding of the legal system and its procedures. Forensic accountant certification helps individuals who are looking to pursue a career in this field by providing them with proof of their expertise in forensic accounting. Certification also serves as a way for employers to identify qualified professionals who can provide reliable investigative services. By obtaining forensic accountant certification, professionals can demonstrate their commitment to the profession and their ability to perform complex financial investigations. In addition, this certification can help individuals stand out from other applicants when applying for positions within the field.

Pro Tip: When researching forensic accountant certification, look for certifications that are accredited by a professional accounting body such as the Association of Certified Fraud Examiners or the American Institute of Certified Public Accountants. Additionally, make sure to find out what continuing education requirements are associated with the certification in order to keep up with the constantly changing landscape of forensic accounting.

Related: What does a Forensic Accountant do?

Top 10 Forensic Accountant Certifications

Here’s our list of the best certifications available to Forensic Accountants today.

1. Certified Forensic Accountant (Cr.FA)

A Certified Forensic Accountant (Cr.FA) is a professional designation that recognizes an individual’s expertise in forensic accounting, the application of accounting principles to legal matters. This includes investigating financial fraud, analyzing financial documents for litigation support and providing expert testimony in court proceedings.

In order to become a Certified Forensic Accountant, an individual must have a minimum of five years of experience in forensic accounting and pass the Certified Forensic Accountant examination administered by the American College of Forensic Examiners International (ACFEI). The exam consists of six sections covering topics such as investigative techniques, fraud detection and prevention, legal concepts, evidence collection, and report writing.

The cost for the Cr.FA exam varies depending on whether you are a member or non-member of ACFEI. For members, the exam fee is $595 USD; for non-members it is $795 USD. In addition to the exam fee, there is also a one-time application fee of $50 USD and an annual maintenance fee of $150 USD once you become certified.

The process typically takes several months from start to finish. After submitting your application and paying all applicable fees, you will receive study materials and instructions on how to prepare for the exam. Once you feel adequately prepared, you can register for the exam at any time during the year. The exam itself consists of 150 multiple choice questions which must be completed within three hours. After successfully passing the exam with a score of 75% or higher, you will receive your official certification as a Certified Forensic Accountant (Cr.FA).

2. Certified in Financial Forensics (CFF)

Certified in Financial Forensics (CFF) is a professional certification offered by the American Institute of Certified Public Accountants (AICPA). It is designed to recognize CPAs who have demonstrated an advanced level of knowledge and skill in financial forensics.

Financial forensics involves the application of investigative and analytical techniques to financial data and other evidence for use in legal proceedings or investigations. This includes activities such as fraud examination, asset tracing, damage calculations, insolvency analysis, and litigation support.

To obtain the CFF credential, candidates must meet certain eligibility requirements, including a minimum of three years of full-time experience in financial forensics and passing a four-part exam. The exam consists of two sections on general financial forensics topics and two sections on specific areas such as fraud examination or bankruptcy/insolvency.

The exam can be taken online or at testing centers around the world. The cost for taking the exam is $250 per part ($1000 total). Once all four parts are passed, candidates will receive their CFF designation within 6-8 weeks.

3. Certified Fraud Examiner (CFE)

Certified Fraud Examiner (CFE) is a professional certification offered by the Association of Certified Fraud Examiners (ACFE). The CFE credential is designed to recognize individuals who have demonstrated expertise in detecting and deterring fraud. It is the highest level of certification available in the field of fraud examination.

To obtain the CFE credential, applicants must complete a comprehensive program that includes passing an exam and meeting experience requirements. Candidates are required to demonstrate knowledge of four main areas: financial transactions and fraud schemes, law, investigation, and criminology/ethics.

The CFE exam consists of 200 multiple-choice questions and takes approximately four hours to complete. The exam covers topics such as fraud prevention, detection, investigation, reporting, interviewing techniques, evidence collection and analysis, legal elements of fraud cases, and more.

To be eligible to take the CFE Exam, applicants must meet one of three criteria: 1) hold a bachelor's degree from an accredited college or university; 2) have at least two years of professional experience in the field; or 3) have completed 40 hours of ACFE-approved continuing education courses related to fraud examination within the past five years.

The cost for taking the CFE Exam varies depending on whether you are an ACFE member or non-member. For members it costs $450 USD while non-members pay $550 USD. In addition to this fee there may also be additional fees associated with obtaining study materials or other resources needed for preparation for the exam.

4. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation awarded by the American Society of Appraisers (ASA). ABV certification is designed to recognize professionals who have demonstrated a high level of knowledge and expertise in business valuation. It is an internationally recognized credential that signifies that the holder has achieved a certain level of competency in the field of business valuation.

To become an ABV, applicants must pass a comprehensive exam administered by the ASA and demonstrate their experience in business valuation. The exam consists of two parts: a written portion and an oral presentation. Applicants must also submit three letters of recommendation from qualified professionals, such as CPAs or attorneys, who can attest to their knowledge and experience in business valuation.

The entire process typically takes 6-12 months to complete, depending on the individual's availability for study and preparation for the exam.

The cost for obtaining ABV certification varies depending on the applicant's country of residence; however, it typically ranges between $2,000-$4,000 USD. This includes fees for application processing, examination registration and administration, and other related costs.

5. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to accountants who have passed the Uniform CPA Examination and have met additional state education and experience requirements for certification. The CPA designation is the highest standard of competence in the field of accounting and is recognized internationally.

It typically takes up to two years to become a CPA, depending on the state you are located in. In order to become a CPA, you must first meet educational requirements by completing 150 semester hours of college coursework with a concentration in accounting, including at least 24 semester hours of accounting-related courses. You will also need to pass the four-part Uniform CPA Exam administered by the American Institute of Certified Public Accountants (AICPA).

The cost of becoming a CPA varies depending on your state and other factors such as exam fees, study materials, licensing fees, and continuing education costs. Generally speaking, it can cost anywhere from $1,000-$2,500 or more to become a CPA.

6. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation granted by the American Institute of Certified Public Accountants (AICPA). The CGMA designation is designed to recognize management accountants who demonstrate excellence in financial decision-making, strategic planning, and business performance.

It takes approximately three years to complete the requirements for the CGMA designation. To become a Chartered Global Management Accountant, you must first pass the AICPA’s Uniform CPA Examination. Once you have passed the exam, you must then complete an approved program of study in management accounting. This includes completing at least 150 hours of coursework in topics such as financial analysis, cost/benefit analysis, budgeting and forecasting, and risk management.

After completing your coursework, you can apply for the CGMA designation through the AICPA’s website. To be eligible for the CGMA designation, you must also have at least two years of experience working in a management accounting role.

The cost to apply for the CGMA designation varies depending on your country of residence and other factors. Generally speaking, it will cost approximately $300-$400 USD to apply for the CGMA designation.

7. Certified Insolvency and Restructuring Professional (CIRP)

Certified Insolvency and Restructuring Professional (CIRP) is a professional designation granted by the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). The CIRP designation is recognized as the highest standard of excellence in insolvency and restructuring in Canada. It is awarded to individuals who have demonstrated a high level of knowledge, experience, and commitment to the profession.

The CIRP designation requires applicants to pass a comprehensive exam that covers all aspects of insolvency and restructuring. To be eligible for the exam, applicants must have at least three years’ experience in insolvency or restructuring practice, or an equivalent combination of education and experience.

It typically takes two to three months to complete the CIRP process from start to finish. The first step is to submit an application form along with supporting documents such as proof of work experience, references, transcripts, etc. Once your application has been approved, you will be sent an invitation to take the exam. You will then need to register for the exam and pay the applicable fee. After passing the exam, you will receive your CIRP designation certificate within four weeks.

The cost for taking the CIRP Exam varies depending on whether you are a CAIRP member or not. For non-members, it costs $1125 CAD plus applicable taxes; for members it costs $875 CAD plus applicable taxes.

8. Certified Valuation Analyst (CVA)

Certified Valuation Analyst (CVA) is a professional designation awarded by the National Association of Certified Valuators and Analysts (NACVA). The CVA designation is designed to recognize professionals who have achieved a high level of expertise in business valuation, financial litigation consulting, and related services.

To become a CVA, candidates must meet certain educational and experience requirements, pass an exam administered by NACVA, and agree to abide by the organization’s Code of Professional Standards. Candidates must also complete 40 hours of continuing education every two years to maintain their certification.

The process to become a CVA typically takes 6-9 months. To begin the process, candidates must submit an application along with supporting documents such as transcripts, work experience verification forms, and letters of recommendation. Once approved, candidates can register for the CVA exam which is offered twice yearly at testing centers around the world.

The cost for the CVA program varies depending on the country where you are located but typically ranges from $1,500 - $2,000 USD. This fee covers the application fee, exam registration fee and study materials needed to prepare for the exam.

9. Certified Government Auditing Professional (CGAP)

Certified Government Auditing Professional (CGAP) is a professional certification offered by the Institute of Internal Auditors (IIA). It is designed to recognize individuals who demonstrate a high level of knowledge and experience in government auditing. The CGAP certification is intended for internal auditors, financial professionals, and other professionals who work in or with government organizations.

To obtain the CGAP designation, candidates must pass an exam that covers topics such as government auditing standards, risk assessment and management, fraud detection and prevention, ethics and compliance, performance measurement, and information technology. The exam consists of 150 multiple-choice questions and has a time limit of three hours.

In order to be eligible to take the CGAP exam, candidates must have at least two years of professional experience in government auditing or related fields. Candidates must also complete 40 hours of pre-exam training from an approved provider prior to taking the exam.

The cost for the CGAP certification varies depending on the country where you are taking the exam. In the United States, it costs $450 for members of IIA and $550 for non-members. In Canada, it costs $400 for members of IIA and $500 for non-members.

Overall, obtaining the Certified Government Auditing Professional (CGAP) designation requires significant commitment but can open up new opportunities in government auditing or related fields.

10. Chartered Financial Analyst (CFA).

The Chartered Financial Analyst (CFA) designation is a professional certification offered by the CFA Institute, formerly known as the Association for Investment Management and Research (AIMR). It is one of the most respected and sought-after credentials in finance and investment management. The CFA program provides candidates with a comprehensive understanding of financial analysis, portfolio management, and ethical practices in the finance industry.

It typically takes three to four years of full-time study to complete all three levels of the CFA exam. The curriculum includes topics such as economics, accounting, quantitative methods, ethics, corporate finance, equity investments, fixed income investments, derivatives, alternative investments, portfolio management and wealth planning. Candidates must also have at least four years of professional experience in an investment decision-making role before they can become eligible for the CFA designation.

To get started on your journey towards becoming a CFA charterholder you will need to register with the CFA Institute. You will then be required to pay an enrollment fee which covers the cost of registering for exams and accessing study materials. After registration is complete you will need to purchase any additional study materials that you may require such as textbooks or online courses. Once you have completed all three levels of the exam you will be eligible to receive your charter from the CFA Institute.

The total cost for taking all three levels of the CFA exam can range from $2,000-$3,500 USD depending on which type of registration you choose and if there are any discounts available at that time. This cost includes enrollment fees and any additional study materials that you may have purchased along your journey towards becoming a charterholder.

Do You Really Need a Forensic Accountant Certificate?

The short answer to this question is no. Although having a forensic accounting certificate may be beneficial in certain situations, it is not an absolute requirement for success. It is possible to become a successful forensic accountant without holding a certification.

That being said, there are several factors that may influence whether or not obtaining a certification would be worthwhile. The first and most important factor to consider is the type of work you plan on doing. If you plan on performing financial investigations or testifying in court, then having a certificate in forensic accounting can be extremely helpful. A certification will demonstrate your knowledge and experience in the field, which can help increase your credibility with potential clients and employers. It can also make you more competitive when applying for jobs or contracts as many employers prefer candidates with certifications over those without them.

At the same time, if you plan on working mainly in consulting or auditing roles where you do not need to testify in court, then a certification may not be as necessary. While it could still provide some benefits such as increased credibility and job prospects, it may not be worth the additional time and effort required to obtain it if you do not need it for your current role or career goals.

Ultimately, whether or not obtaining a forensic accounting certificate is right for you will depend on your individual circumstances and goals. If you feel that having one would benefit your career path then by all means pursue one! However, if such a certification does not seem necessary for what you want to do then there is no need to worry about getting one right now – there will always be opportunities down the line if you decide that pursuing one would be beneficial later on.

Related: Forensic Accountant Resume Examples

FAQs About Forensic Accountant Certifications

1. What is a forensic accountant certification?

Answer: A forensic accountant certification is a professional credential that demonstrates an individual's knowledge and expertise in the field of forensic accounting. It is awarded by organizations such as the Association of Certified Fraud Examiners (ACFE) or the Institute of Certified Forensic Accountants (ICFA).

2. What are the requirements to obtain a forensic accountant certification?

Answer: Requirements vary depending on the certifying organization, but generally include having an undergraduate degree in accounting, finance or related field, passing an exam and completing relevant continuing education coursework.

3. How long does it take to become a certified forensic accountant?

Answer: The timeline for becoming a certified forensic accountant varies depending on your experience level and the certifying organization you choose. Generally, candidates can complete the process within one to two years.

4. What are some of the benefits of obtaining a forensic accountant certification?

Answer: Obtaining a forensic accountant certification can provide many benefits including increased job security, higher salaries, more job opportunities and greater credibility among clients and peers. Additionally, it may enable individuals to become experts in their field and pursue specialized consulting opportunities.

5. How much does it cost to obtain a forensic accountant certification?

Answer: The cost of obtaining a forensic accountant certification varies depending on which certifying organization you choose and whether you need to retake any exams or take additional continuing education courses. Generally, costs range from several hundred dollars up to several thousand dollars.