Top 11 Management Accountant Certifications

Certifications for a management accountant are important in the job market because they demonstrate that the individual has the knowledge and skills necessary to succeed in their role. They also help employers identify potential candidates who have the qualifications needed to perform the job effectively, and can be used as evidence of an individual's commitment to their profession. Certifications provide assurance to employers that a candidate is qualified to handle complex tasks and understand relevant regulations, making them an invaluable asset in the management accounting field. Additionally, certifications can give job seekers a competitive edge against other candidates when applying for positions.

The purpose of this article is to provide an overview of the top certifications for Management Accountants and explain how they can help advance a management accountant's career.

What are Management Accountant Certifications?

Management accountant certification is a professional certification that recognizes the expertise and knowledge of those who work in the field of management accounting. The certification is offered by the Institute of Management Accountants (IMA) and is designed to validate an individual’s skills and knowledge in the areas of financial analysis, budgeting, forecasting, cost analysis, internal control systems and other related topics. The certification requires applicants to pass a comprehensive exam covering a variety of topics related to management accounting.

Having a management accountant certification can be beneficial in numerous ways. It provides recognition for individuals who have achieved a high level of proficiency in their chosen field, which can open up more career opportunities. Additionally, it demonstrates an individual’s commitment to continuous learning and professional development. The certification also provides access to various resources such as webinars, conferences and seminars that can help individuals stay on top of industry trends and best practices. Finally, having this credential may lead to higher salaries and better job security due to its recognition within the industry.

Pro Tip: To become a certified management accountant, you need to pass the CMA exam. It is important to create a study plan and stick to it in order to properly prepare for the exam. Additionally, taking practice tests can help you identify your weak areas and focus on them during your studies.

Related: What does a Management Accountant do?

Top 11 Management Accountant Certifications

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

1. 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 professionals who have achieved excellence in management accounting and financial management. The CMA credential is recognized worldwide as a mark of distinction for those working in the field of management accounting and financial management.

To obtain the CMA certification, you must meet certain educational and experience requirements, pass two exams, and agree to adhere to IMA’s Code of Professional Conduct. To be eligible for the CMA exam, you must have a bachelor’s degree from an accredited college or university, plus two years of professional experience in management accounting or financial management.

The CMA exam consists of two parts: Part 1 covers Financial Reporting, Planning, Performance, and Control; Part 2 covers Financial Decision Making. Each part is four hours long and contains multiple-choice questions as well as essay questions. The exams are administered twice a year at Prometric Testing Centers around the world.

The cost for taking the CMA exam varies depending on your country of residence. In the United States it costs $415 for each part ($830 total). In addition to this fee there may be additional fees associated with scheduling your exam at a Prometric Testing Center.

Once you have passed both parts of the exam and met all other eligibility requirements, you will receive your CMA certificate in approximately six weeks after submitting your application materials to IMA.

2. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have met certain educational, experience and examination requirements set by their state board of accountancy. CPAs are licensed by the state in which they practice and must adhere to a code of professional conduct. They provide services such as auditing, tax preparation, financial planning and consulting.

It typically takes four years to become a CPA. The process begins with earning a bachelor’s degree in accounting or a related field from an accredited college or university. After graduating, you must complete 150 semester hours of education, including 30 hours in accounting-related courses. You will then need to pass the Uniform CPA Exam administered by the American Institute of Certified Public Accountants (AICPA).

Once you have passed the exam, you must meet the experience requirement for your state. This usually involves working for one year under the supervision of a licensed CPA. You will also need to submit an application to your state board of accountancy and pay any applicable fees before you can be issued your license.

The cost of becoming a CPA varies depending on factors such as tuition costs, exam fees, and licensing fees. Generally speaking, it can cost anywhere from $2,000-$5,000 to become certified.

3. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation that recognizes the expertise of finance professionals in business and management accounting. It is awarded by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA).

To become a CGMA, you must pass an exam administered by the AICPA and CIMA. The exam consists of two parts: a written knowledge test and an online case study. To prepare for the exam, you can take courses offered by either organization or purchase study materials from them. The cost of taking the exam varies depending on your location but typically ranges from $400 to $600.

It usually takes about six months to complete all requirements for becoming a CGMA, including passing the exam. Once you have passed the exam, you will need to submit an application with supporting documents such as proof of work experience and education credentials to be eligible for certification. After your application is approved, you will receive your official CGMA designation.

The cost of becoming a CGMA depends on which organization's courses or materials you choose to use for preparing for the exam. Generally, it costs around $1,000-$2,000 to become a CGMA if you are using AICPA or CIMA resources.

4. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is the only globally accepted certification for internal auditors and is designed to measure the knowledge, skills, and abilities of professionals in the field. The CIA designation is recognized as a mark of excellence in internal auditing worldwide.

The CIA exam consists of three parts: Part 1 – Internal Audit Basics; Part 2 – Practice of Internal Auditing; and Part 3 – Business Knowledge for Internal Auditing. Each part has multiple-choice questions and essay questions. Candidates must pass all three parts within a four-year period to earn the CIA designation.

To become a Certified Internal Auditor, you must meet certain eligibility requirements set by the IIA. These include having at least two years of professional experience in internal auditing or related fields, passing an ethics exam, and completing a minimum number of hours in continuing professional education activities each year.

The cost to take the CIA exam varies depending on your country or region. Generally speaking, it costs around $600–$900 USD per part to take the exam. In addition to this fee, you may also need to pay additional fees for study materials or other preparation courses if you choose to use them.

Once you have passed all three parts of the exam, you will be awarded with your Certified Internal Auditor (CIA) designation from the IIA. This designation is valid for life and can help open up new career opportunities in internal auditing and related fields.

5. Certified Government Financial Manager (CGFM)

Certified Government Financial Manager (CGFM) is a professional certification offered by the Association of Government Accountants (AGA). It is designed to recognize and promote excellence in government financial management. The CGFM designation demonstrates that an individual has the knowledge, skills, and abilities to perform successfully in the field of government financial management.

The CGFM program consists of three examinations which must be passed in order to become certified: Governmental Environment, Governmental Accounting and Financial Reporting, and Governmental Budgeting and Fiscal Management. Each exam consists of multiple-choice questions that are based on the body of knowledge established by the AGA for each particular examination.

In order to be eligible to take any of the CGFM exams, an individual must have at least a bachelor’s degree from an accredited college or university as well as two years of professional-level experience in government financial management.

The cost for taking each exam is $250 for members of AGA or $350 for non-members. It typically takes about six months to prepare for all three exams and pass them. After passing all three exams, individuals will receive their official CGFM certification from AGA.

6. Certified Fraud Examiner (CFE)

Certified Fraud Examiner (CFE) is a professional certification offered by the Association of Certified Fraud Examiners (ACFE). It is a globally recognized credential that demonstrates expertise in fraud prevention, detection and deterrence. The CFE credential is earned by individuals who have completed an intensive training program and passed an examination.

To become a CFE, you must meet certain eligibility requirements, which include having at least two years of full-time professional experience in the field of fraud examination or a related field; or having obtained a four-year college degree with at least 24 semester hours in accounting and/or auditing courses; or having obtained a four-year college degree with at least 12 semester hours in accounting and/or auditing courses plus two years of full-time professional experience in the field of fraud examination or a related field.

The CFE exam consists of 200 multiple choice questions covering topics such as financial transactions, legal elements of fraud, investigation techniques, computer forensics, fraud prevention and deterrence. The exam takes approximately three hours to complete.

To obtain the CFE credential, you must pass the CFE Exam and pay the associated fees. The fee for taking the exam is $400 USD for ACFE members and $450 USD for non-members. Additionally, there are fees associated with becoming an ACFE member ($100 USD), renewing your membership ($50 USD), and maintaining your certification ($50 USD).

7. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation awarded by the American Society of Appraisers (ASA). It recognizes individuals who have demonstrated expertise in business valuation through their education, experience, and commitment to the profession. The ABV credential is held by appraisers who have met rigorous standards for knowledge and experience in business valuation.

It typically takes about three years to obtain the ABV credential. To qualify for the credential, candidates must complete an ASA-approved course in business valuation and pass a comprehensive exam. Candidates must also demonstrate at least two years of full-time professional appraisal experience or its equivalent.

To get an ABV credential, you must first become a member of the American Society of Appraisers. You can apply online or by mail. Once you become a member, you can then apply to take the ABV examination. The exam consists of four parts: theory, practice, case studies, and written assignments.

The cost to obtain an ABV credential varies depending on your membership status with the ASA and other factors such as whether you are taking additional courses or exams related to business valuation. Generally speaking, it costs around $1,000 to become an Accredited Business Valuator (ABV).

8. Chartered Professional Accountant (CPA Canada)

Chartered Professional Accountant (CPA Canada) is a professional designation given to individuals who have met the educational, experience and examination requirements set by CPA Canada. This designation is recognized in all provinces and territories of Canada and around the world.

To become a Chartered Professional Accountant (CPA), you must first complete an accredited accounting program at a recognized post-secondary institution. You must then complete the CPA Professional Education Program (PEP) which includes three modules: Core Knowledge, Capstone 1 & 2, and the Common Final Examination (CFE). Once you have completed these modules, you will be eligible to apply for membership with CPA Canada.

The length of time it takes to become a CPA depends on how quickly you can complete the required courses and examinations. Generally, it takes four to five years to complete all of the requirements.

In order to get your CPA designation, you must first meet certain academic qualifications and then register for the PEP program. After completing the PEP program, you will need to pass the Common Final Examination (CFE). Once you have passed this exam and fulfilled any other provincial or territorial requirements, you may be eligible for membership with CPA Canada.

The cost of becoming a CPA varies depending on your province or territory of residence as well as your educational background. Generally speaking, tuition fees for PEP range from $2,000 - $3,500 per module plus additional fees such as registration costs and exam fees. In addition to tuition fees, there are also costs associated with textbooks and study materials which can range from $200 - $400 per module.

9. Certified in Financial Forensics (CFF)

Certified in Financial Forensics (CFF) is a professional certification offered by the Association of Certified Fraud Examiners (ACFE). The CFF credential recognizes individuals who have achieved a high level of proficiency and expertise in financial forensics. It is designed to provide assurance that credential holders possess the knowledge and skills necessary to conduct complex financial investigations and litigation support engagements.

It typically takes two years to complete the requirements for the CFF credential, including passing an exam, completing a minimum of 75 hours of continuing education, and having at least five years of experience in financial forensics.

To obtain the CFF credential, you must first become an ACFE member. Memberships range from $199-$499 annually depending on your career stage. After becoming an ACFE member, you can register for the CFF exam which costs $550 for members and $850 for non-members. Once you pass the exam, you will need to submit documentation verifying your experience and continuing education credits to receive your CFF credential.

Overall, it will cost approximately $750-$1,050 to earn the CFF credential depending on whether or not you are an ACFE member.

10. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is a globally recognized certification for information security professionals. CISA certification is designed to demonstrate an individual’s knowledge and experience in the areas of information systems auditing, control, and security. It is offered by the Information Systems Audit and Control Association (ISACA).

It typically takes six months to one year to prepare for the CISA exam. Preparation includes studying relevant materials such as ISACA's CISA Review Manual, attending training courses or seminars, and taking practice exams.

To become certified as a CISA, individuals must meet certain eligibility requirements. These include having at least five years of professional experience in information systems auditing, control, or security; passing a background check; and completing an online application process.

The cost of the CISA exam varies depending on your location. The exam fee can range from $575 - $815 USD plus applicable taxes. Additionally, there may be additional fees for study materials or training courses that you choose to take in order to prepare for the exam.

11. Chartered Institute of Management Accountants Diploma in Management Accounting

The Chartered Institute of Management Accountants (CIMA) Diploma in Management Accounting is an internationally recognized professional qualification designed to provide you with the skills and knowledge to become a successful management accountant. The diploma covers all aspects of management accounting, including financial reporting, budgeting and forecasting, performance measurement, cost analysis and pricing decisions.

The CIMA Diploma in Management Accounting typically takes 12-18 months to complete depending on your individual circumstances. To get started you will need to register as a CIMA student and pay the registration fee. You will then be able to access the online learning materials which include lectures, tutorials and practice questions. Once you have completed the course you will need to sit the final exam.

The cost of the CIMA Diploma in Management Accounting depends on how quickly you wish to complete it. The registration fee is £50 and there are additional fees for each module that you take. The total cost can range from £500-£1,000 depending on how many modules you choose to take at once and how long it takes you to complete them.

Once you have passed the final exam, you will be awarded with a CIMA Diploma in Management Accounting which is internationally recognised as a professional qualification. This will open up new opportunities for career progression or further study in management accounting or related fields such as financial services or business consultancy.

Do You Really Need a Management Accountant Certificate?

A management accountant certificate can be an invaluable asset for those seeking to work in the accounting field. This type of credential provides assurance to employers that a potential employee has the necessary knowledge and skills to perform the job duties associated with management accounting. It is also a way for professionals to demonstrate their commitment to the profession and their dedication to ongoing professional development.

The primary benefit of having a management accountant certificate is that it gives employers an indication of an applicant’s ability and qualifications. A certified management accountant will have demonstrated their expertise in accounting principles, financial reporting, budgeting, cost analysis, financial statement preparation, and other related topics. Employers are more likely to hire applicants who hold this type of certification as it signals both experience and knowledge in the field. In addition to providing employers with confidence in a potential hire’s credentials, having a management accountant certificate may also open up new career opportunities or advancements within an organization.

The requirements for obtaining a management accountant certificate vary depending on the individual certifying body but typically include passing an examination as well as additional coursework or continuing education credits. The process can take several months or longer depending on the individual’s background and level of preparation. The cost associated with this type of credential can range from several hundred dollars up into the thousands depending on how much time is spent studying for the exam and taking any necessary courses needed for eligibility.

In conclusion, obtaining a management accountant certificate can be beneficial for those looking to work in the accounting field due to its potential impact on hiring decisions and career advancement opportunities. It requires significant investment of both time and money but can pay off over time through increased job prospects or promotions within an organization.

Related: Management Accountant Resume Examples

FAQs About Management Accountant Certifications

Q1. What qualifications do I need to become a management accountant?

A1. To become a management accountant, you will need to have a recognized accounting qualification such as an ACCA or CIMA qualification.

Q2. How long does it take to become a certified management accountant?

A2. The length of time it takes to become a certified management accountant can vary depending on the qualifications and experience you have, but typically it will take between 2-4 years of study and work experience.

Q3. What is the difference between an ACCA and CIMA certification?

A3. The main difference between an ACCA and CIMA certification is that the ACCA focuses more on general business practice while the CIMA covers more specific aspects of management accounting such as cost control and budgeting.

Q4. What are the benefits of becoming a certified management accountant?

A4. Becoming a certified management accountant can open up many opportunities for career advancement, higher salaries, job security, and recognition in your field. It also provides you with the knowledge and skills necessary to be successful in today’s competitive business environment.

Q5. Does having an ACCA or CIMA certification guarantee me employment?

A5: No, having an ACCA or CIMA certification does not guarantee employment as there are many factors which employers consider when making hiring decisions such as experience, skillset, attitude etc