Top 11 Inventory Accountant Certifications
This article provides an overview of the top certifications for inventory accountants, including requirements, benefits and career paths.
Published 18 min read
Certifications are important for inventory accountants in the job market because they demonstrate mastery of the required skills and knowledge necessary to perform effectively in the profession. They also show potential employers that the individual is up-to-date on industry standards and best practices, making them a more attractive candidate for job openings. Additionally, certifications provide inventory accountants with an edge over other applicants who may not have taken the time to earn them. Finally, having certifications can help inventory accountants command higher salaries and better job opportunities.
This article reviews some of the top certifications for inventory accountants, and explains how these certifications can help to advance an inventory accountant's career.
What are Inventory Accountant Certifications?
Inventory accountant certification is a professional credential that demonstrates an individual's competency in inventory accounting. The certification is typically attained by completing a course of study and passing an examination. This certification can be beneficial to professionals who work with inventory, as it serves as proof of their knowledge and expertise in the field.
With inventory accountant certification, employers can be confident that their employees have the necessary skills to accurately track and manage inventories. Additionally, certified inventory accountants may have access to more job opportunities than those without the credential, as employers are more likely to hire individuals who have demonstrated proficiency in the field. Finally, those with this certification may also qualify for higher salaries or other perks due to their specialized knowledge and experience.
Pro Tip: When considering inventory accountant certification, be sure to research the requirements and qualifications for each program. It's important to understand the differences between various certifications as they may affect your career prospects in the field. Additionally, consider joining professional organizations that offer resources and networking opportunities to help you stay current with industry trends and best practices.
Top 11 Inventory Accountant Certifications
Here’s our list of the best certifications available to Inventory Accountants today.
1. Certified Management Accountant (CMA)
Certified Management Accountant (CMA) is a professional certification in the field of management accounting. It is awarded by the Institute of Management Accountants (IMA). The CMA credential demonstrates an individual’s expertise in financial planning, analysis, control, decision support and professional ethics.
It typically takes between six months to two years to complete the CMA program. To become a CMA, you must first meet the eligibility requirements set forth by IMA. These include having a bachelor's degree from an accredited institution, two continuous years of professional experience in management accounting or financial management, and passing the CMA exam.
The cost of obtaining your CMA credential depends on which route you take to earn it. If you choose to attend classes at an accredited university or college, then tuition fees will apply. If you opt for self-study materials and online courses, then the cost will be significantly lower. In addition to tuition fees, there are also exam fees associated with taking and passing the CMA exam.
Overall, becoming a Certified Management Accountant is an excellent way to advance your career and demonstrate your knowledge and expertise in this field.
2. Certified Public Accountant (CPA)
A Certified Public Accountant (CPA) is a professional designation that indicates an individual has met the educational, experience, and ethical requirements set forth by the state in which they are licensed. CPAs are qualified to provide a wide range of accounting services including preparing financial statements, auditing financial records, tax planning and preparation, and consulting services.
In order to become a CPA, an individual must meet certain educational requirements as well as pass the Uniform CPA Examination. The educational requirements vary by state but typically include at least 150 semester hours of college coursework with a concentration in accounting and business-related courses.
The Uniform CPA Examination is administered by the American Institute of Certified Public Accountants (AICPA). It consists of four sections: Auditing & Attestation; Business Environment & Concepts; Financial Accounting & Reporting; and Regulation. The exam takes approximately 14 hours to complete and covers topics such as taxation, auditing, financial reporting, business law, ethics, and more.
The cost for taking the Uniform CPA Examination varies by state but generally ranges from $200-$1,000 depending on the number of sections taken. Additionally, most states require applicants to pay an application fee ranging from $50-$200 when submitting their application for licensure.
Once all requirements have been met and an individual has passed the Uniform CPA Exam, they will be eligible for licensure in their state. Depending on the state’s licensing process this can take anywhere from 2-6 months after passing the exam.
3. Certified Internal Auditor (CIA)
Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is designed to recognize individuals who have achieved a high level of knowledge and expertise in internal auditing. The CIA designation is globally recognized as the standard of excellence for internal auditors.
To become a Certified Internal Auditor, you must meet certain requirements and pass an exam. To qualify, you must have at least two years of professional experience in internal auditing or related fields. You can also qualify with a combination of education and experience that adds up to two years.
To get the CIA designation, you must complete three parts of the exam: Part 1 – Essentials of Internal Auditing; Part 2 – Practice of Internal Auditing; and Part 3 – Business Knowledge for Internal Auditing. You can choose to take all three parts at once or break them up into separate sittings over time.
The cost for taking the exam varies depending on where you take it and how many parts you are taking. Generally, it costs around $1,500 USD for all three parts combined or $800 USD per part if taken separately.
Once you have passed all three parts of the exam, you will receive your official Certified Internal Auditor certificate from IIA. This certificate is valid for five years before needing to be renewed.
4. Certified Government Financial Manager (CGFM)
Certified Government Financial Manager (CGFM) is a professional certification program offered by the Association of Government Accountants (AGA). It is designed to recognize individuals who have demonstrated expertise in government financial management.
The CGFM program consists of three examinations that test the knowledge and skills required for successful performance as a government financial manager. The exams cover topics such as federal budgeting, accounting, auditing, and financial reporting. To become certified, applicants must pass all three exams within a two-year period.
To get the CGFM certification, applicants must first complete an online application and submit it to the AGA along with the applicable fees. After submitting the application, applicants will receive an email confirming their eligibility to take the exams. Once they are approved, they can register for any of the three exams through Prometric Testing Centers located throughout the United States.
The cost of taking all three exams is $1,050 ($350 per exam). This fee includes registration and testing fees as well as access to study materials provided by AGA. Additionally, applicants may be eligible for discounts if they are members of AGA or other organizations affiliated with them.
5. Chartered Global Management Accountant (CGMA)
The Chartered Global Management Accountant (CGMA) designation is a professional credential that recognizes the expertise of finance professionals in strategic management accounting. It is awarded by the Association of International Certified Professional Accountants, which is a joint venture between the American Institute of CPAs and the Chartered Institute of Management Accountants.
To become a CGMA, you must have at least three years of relevant work experience in financial planning, analysis, decision support, or controlling. You must also pass an exam administered by the AICPA and CIMA. The exam consists of two parts: a written exam and an online case study assessment.
The written exam covers topics such as financial reporting, budgeting, cost management, performance measurement, business strategy and risk management. The online case study assessment requires candidates to analyze real-world business scenarios and develop appropriate solutions.
It typically takes several months to prepare for the CGMA exam. Candidates should plan to spend at least 100 hours studying for the exam before taking it. Preparation materials are available through AICPA and CIMA websites or third-party providers.
The cost of taking the CGMA exam varies depending on where you take it and whether you use any third-party preparation materials. Generally speaking, it costs around $1,000 to take the exam plus any additional fees for preparation materials or other services related to taking the test.
6. Certified Information Systems Auditor (CISA)
Certified Information Systems Auditor (CISA) is a certification that demonstrates an individual’s ability to audit, control, monitor and assess information systems. This certification is offered by the Information Systems Audit and Control Association (ISACA).
It typically takes approximately 6-12 months of study to prepare for the CISA exam. To get certified, you must first meet the eligibility criteria set by ISACA. This includes having at least five years of professional experience in information systems auditing, control or security. Once eligible, you can register to take the CISA exam which consists of 200 multiple choice questions. The exam fee is $575 USD for ISACA members and $760 USD for non-members.
After passing the exam, you must complete an application form and submit it along with supporting documents such as proof of work experience and education transcripts. Once your application is approved, you will receive your CISA certificate from ISACA.
7. Certified Fraud Examiner (CFE)
Certified Fraud Examiner (CFE) is a professional certification awarded by the Association of Certified Fraud Examiners (ACFE). It is designed to recognize individuals who have demonstrated expertise in the prevention, detection and deterrence of fraud. The CFE credential is highly sought after by employers as it demonstrates an individual’s commitment to their profession and knowledge of the latest techniques used in fraud prevention.
It typically takes between 4-6 months to complete the requirements for the CFE credential. To become certified, applicants must pass an exam that covers topics such as financial transactions, investigative techniques, legal aspects of fraud, and fraud prevention and deterrence.
The cost of obtaining a CFE credential varies depending on whether you are a member or non-member of the ACFE. For members, the cost is $395 USD for the exam and $125 USD for the application fee. For non-members, the cost increases to $595 USD for the exam and $175 USD for the application fee.
Once certified, CFEs must maintain their credentials by completing continuing education credits every two years. This ensures that they remain up-to-date on best practices in fraud prevention and detection.
8. Chartered Financial Analyst (CFA)
Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, a global association of investment professionals. The CFA program is globally recognized and provides a comprehensive foundation of advanced investment analysis and real-world portfolio management skills. It is the highest standard of professional excellence in the investment industry.
The CFA Program consists of three levels that must be completed sequentially: Level I, Level II, and Level III. Each level requires approximately 300 hours of study time for preparation and can take up to four years to complete all three levels.
To become a CFA charterholder, you must pass all three levels of the exam within four years, have at least four years of qualified work experience in an investment-related field, and become a member of the CFA Institute. You must also agree to abide by its Code of Ethics and Standards of Professional Conduct.
The cost to take each exam level varies depending on when you register for the exam and whether or not you are an existing CFA Institute member. Generally speaking, it costs between $700-$900 USD per level to take the exams, plus additional fees for registration and membership if applicable.
9. Certified Financial Manager (CFM)
Certified Financial Manager (CFM) is an internationally recognized certification for financial managers. It is awarded by the Institute of Certified Professional Managers (ICPM), a non-profit organization dedicated to promoting excellence in management. The CFM credential is designed to demonstrate an individual's commitment to professional development and mastery of the core competencies needed to be a successful financial manager.
The CFM Certification Program consists of three levels: Level I, Level II, and Level III. Each level requires the completion of a series of courses and examinations. To become certified at any level, applicants must pass all required exams with a score of 70% or higher.
Level I - Certified Financial Manager (CFM) requires completion of two exams: Principles & Practices in Financial Management and Financial Analysis & Valuation. These exams are offered online or through ICPM-approved proctors. The cost for the two exams is $400 USD.
Level II - Advanced Certified Financial Manager (ACFM) requires completion of four additional exams: Investment Management, Corporate Finance, Risk Management & Insurance, and Taxation & Estate Planning. These exams are offered online or through ICPM-approved proctors. The cost for these four exams is $800 USD.
Level III - Executive Certified Financial Manager (ECFM) requires completion of six additional exams: Mergers & Acquisitions, International Finance, Derivatives & Options Markets, Real Estate Investment Analysis, Business Valuation & Appraisal Theory, and Strategic Planning & Execution Theory. These exams are offered online or through ICPM-approved proctors. The cost for these six exams is $1,200 USD.
In total it takes about 18 months to complete all three levels of certification depending on how quickly you are able to complete each exam as well as your own study schedule and availability for testing dates/locations; however it could take longer if you need extra time to prepare for the tests or if you miss any deadlines along the way.
The total cost for all three levels is $2,400 USD plus any applicable taxes or fees associated with taking the tests at approved proctoring sites if applicable in your area/country.
10. Certified Professional in Supply Management (CPSM)
Certified Professional in Supply Management (CPSM) is a professional certification designed to recognize the knowledge and skills of supply management professionals. It is offered by the Institute for Supply Management (ISM), a leading professional association for supply chain and procurement professionals.
The CPSM program consists of three parts: an exam, a portfolio review, and continuing education requirements. The exam covers topics such as strategic sourcing, supplier relationship management, and risk management. To pass the exam, candidates must score at least 70% on each part. The portfolio review requires candidates to demonstrate their ability to apply their knowledge in real-world scenarios.
It typically takes two to three years to complete all the requirements for the CPSM certification. Candidates must first pass the exam before they can move on to the portfolio review process. Once both components are completed, candidates must maintain their certification through continuing education credits every three years.
The cost of obtaining a CPSM certification varies depending on whether you are an ISM member or non-member. For ISM members, it costs $895; for non-members, it costs $1,095. Additionally, there is an annual fee of $50 for ISM members and $75 for non-members that must be paid every year in order to maintain your certification status.
11. Accredited Business Valuator (ABV).
Accredited Business Valuator (ABV) is a professional designation that is awarded to individuals who have demonstrated expertise in the field of business valuation. The ABV credential is offered by the American Society of Appraisers (ASA), and it requires that applicants demonstrate knowledge and experience in business valuation theory, practice, and application.
It typically takes between six months and two years to become an Accredited Business Valuator (ABV). The process begins with completing an online application, which includes providing evidence of professional experience in business valuation or related fields. Once the application is approved, applicants must pass a comprehensive exam to demonstrate their knowledge of business valuation principles and practices. After passing the exam, candidates must complete an apprenticeship program under the supervision of a qualified mentor. Finally, applicants must submit a portfolio of their work for review by a panel of experts before being awarded the ABV credential.
The cost for becoming an Accredited Business Valuator (ABV) varies depending on the applicant’s individual circumstances. Generally speaking, however, it can cost anywhere from $2,500-$5,000 to become an ABV. This cost includes fees for the online application process, exam fees, apprenticeship program costs, and portfolio review fees.
In conclusion, becoming an Accredited Business Valuator (ABV) requires dedication and commitment to learning about business valuation principles and practices. The process typically takes between six months and two years to complete and can cost up to $5,000 in total fees.
Do You Really Need a Inventory Accountant Certificate?
The answer to this question depends on the type of job you are seeking. If you are looking for a position as an inventory accountant, then having a certificate can be beneficial. The certification shows potential employers that you have taken the time to gain knowledge and skills in the area of inventory accounting. It also indicates that you are committed to your career path and have taken the necessary steps to become qualified for the job.
Having an inventory accountant certificate can give you a competitive edge over other applicants who do not have one. It demonstrates your qualifications and commitment to the field, which will likely give you an advantage when competing for available positions. Employers may also view your certificate as a sign that you are knowledgeable and capable of performing inventory accounting duties effectively.
In addition, if your company requires its employees to obtain certain certifications or qualifications, then having an inventory accountant certificate can help ensure that you meet those requirements. This could make it easier for you to secure employment with the company or even get promoted within it.
Overall, whether or not you need an inventory accountant certificate depends on your individual situation and career goals. If it is something that could potentially benefit your job search, then investing in such certification may be worth considering.
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FAQs About Inventory Accountant Certifications
Q1: What is an Inventory Accountant Certification?
A1: An Inventory Accountant Certification is a professional certification that demonstrates proficiency in inventory accounting. It focuses on the principles and practices of inventory accounting, covering topics such as cost determination, financial analysis, inventory management, and internal controls.
Q2: How do I become certified?
A2: To become certified as an Inventory Accountant, you must complete a certification program offered by an accredited institution or organization. The curriculum typically includes coursework in accounting principles, financial analysis, and inventory management.
Q3: What are the benefits of becoming certified?
A3: Becoming certified as an Inventory Accountant can help demonstrate your knowledge and skills to potential employers. Additionally, it can open up more job opportunities and provide a salary increase.
Q4: How long does it take to get certified?
A4: The length of time it takes to get certified varies depending on the certifying institution and the type of program you choose. Generally speaking, most programs require at least six months of study before taking the certification exam.
Q5: What type of career options are available for those with an Inventory Accountant Certification?
A5: Career options for those with an Inventory Accountant Certification include inventory control manager, cost accountant, operations analyst, financial analyst, audit specialist, and supply chain manager. These positions often involve analyzing data related to products or services in order to identify areas where improvements can be made in order to maximize efficiency and profitability.