Top 10 Professional Accountant Certifications

Certifications are important for professional accountants in the job market because they demonstrate a level of proficiency and expertise in the field. Employers often look for certifications when considering candidates for accounting positions, as it provides assurance that the individual has met certain standards and requirements in order to obtain a specific credential. Certifications also serve to differentiate one candidate from another, as employers may prefer a particular certification over another. Furthermore, having certifications can open up opportunities to work with larger clients or move into higher-level positions within organizations.

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

What are Professional Accountant Certifications?

Professional accountant certification is a credential that demonstrates an individual’s high level of expertise and knowledge in the accounting field. It is often awarded to those who have completed rigorous educational programs, such as a master’s degree in accounting or finance, and have passed a series of examinations. Professional accountant certification can help individuals stand out from the competition when seeking employment in the accounting profession. It also shows employers that the individual has the necessary skills and knowledge required to handle complex financial tasks with accuracy and efficiency. Additionally, professional accountant certification can provide individuals with access to higher-level positions and greater earning potential within the accounting field. Finally, certified professionals may be eligible for discounts on professional liability insurance policies, which can help protect them from any potential lawsuits related to their work.

Pro tip: Make sure you research the various professional accountant certifications available, as each one may have different requirements and benefits. Also, be sure to check for any prerequisites and other requirements that may be necessary before taking the certification exam.

Related: What does a Professional Accountant do?

Top 10 Professional Accountant Certifications

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

1. Certified Public Accountant (CPA)

Certified Public Accountant (CPA) is a professional designation given to individuals who have met the educational, experience and examination requirements of their respective state board of accountancy. CPAs are qualified to provide a wide range of accounting services, including auditing, tax preparation and consulting.

In order to become a CPA, candidates must complete the following steps:

1. Earn a bachelor’s degree in accounting or related field from an accredited college or university.

2. Pass the Uniform CPA Examination administered by the American Institute of Certified Public Accountants (AICPA).

3. Meet the experience requirements set by individual states. This typically includes one year of public accounting experience or two years of industry experience in an accounting-related position.

4. Obtain licensure from their respective state board of accountancy by submitting an application, passing a background check and paying any applicable fees.

The cost for becoming a CPA varies depending on each individual's situation, but typically includes exam fees, licensing fees and continuing education costs. The total cost can range anywhere from $500-$2,000 depending on where you live and what type of program you choose to pursue your certification through. The amount of time it takes to become a CPA also varies depending on individual circumstances; however, it usually takes between 1-2 years to complete all the necessary steps for licensure.

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification awarded by the Institute of Management Accountants (IMA). It is designed to recognize individuals who demonstrate the knowledge and skills necessary for success in management accounting and financial management. The CMA credential demonstrates mastery of financial planning, analysis, control, decision support, and professional ethics.

To become a CMA, you must meet certain educational requirements and pass two exams administered by the IMA. To qualify for the exams, applicants must have earned a bachelor’s degree from an accredited college or university or have at least two years of professional experience in management accounting or financial management.

The CMA exam process consists of two parts: Part 1 covers topics such as financial planning, performance measurement, cost management, internal controls, and decision analysis; Part 2 covers topics such as financial statement analysis, corporate finance, investments, and strategic management. Each part is four hours long and consists of multiple-choice questions and essay questions.

The cost to take the CMA exam varies based on your country/region but generally ranges from $300-$400 USD per part. The total cost to become a CMA can be anywhere from $600-$800 USD depending on where you live. The time it takes to get the certification depends on how quickly you can study for the exams and how many times you need to retake them if necessary. Generally speaking it can take anywhere from 6 months to 2 years depending on your level of preparation.

3. Certified Internal Auditor (CIA)

The Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is the most recognized credential in the internal audit profession and is held by more than 200,000 professionals in over 180 countries. The CIA designation demonstrates an individual’s commitment to ethical practices, professional standards, and knowledge of internal auditing best practices.

To become a CIA, individuals must pass three exams: Part 1 – Essentials of Internal Auditing, Part 2 – Practice of Internal Auditing, and Part 3 – Business Analysis and Information Technology. Each exam consists of 150 multiple-choice questions that must be completed within four hours.

The total cost for all three exams is $895 USD for IIA members or $1,095 USD for non-members. The time it takes to complete the program varies depending on how quickly you can study and prepare for each exam. Generally speaking, it takes about six months to one year to complete all three exams.

In addition to passing the exams, individuals must also meet certain experience requirements before being eligible for certification. For example, candidates must have two years of internal auditing experience before taking the first exam and at least five years before becoming certified as a CIA.

4. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation offered by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). The CGMA designation is designed to recognize those who have achieved a high level of expertise in management accounting, financial management, and strategic decision-making.

It typically takes three years to become a CGMA. During this time, you must complete four courses: Foundations of Management Accounting, Advanced Management Accounting, Financial Strategy & Analysis, and Strategic Decision Making. Each course requires approximately 100 hours of study time.

To get the CGMA designation, you must meet certain educational requirements and pass an exam administered by AICPA/CIMA. You must also be a member in good standing with AICPA/CIMA and maintain your membership for at least two years after receiving your CGMA designation.

The cost to become a CGMA varies depending on the country you live in and whether or not you are already an AICPA/CIMA member. Generally speaking, it will cost between $1,000-$2,000 USD to become certified. This includes the cost of tuition for the four required courses as well as the exam fee.

5. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional who has been certified by the Association of Certified Fraud Examiners (ACFE) to possess the knowledge and skills necessary to detect, investigate, and prevent fraud. CFEs are trained in a variety of fraud-related topics, including financial statement analysis, interviewing techniques, evidence collection and preservation, report writing, and more.

To become a CFE, applicants must pass a four-hour exam that tests their knowledge of fraud prevention and detection. The exam consists of multiple-choice questions covering topics such as white collar crime, law enforcement investigation techniques, financial statement analysis, money laundering schemes, computer frauds, and other areas related to fraud examination.

The cost for the CFE certification program is $400 for ACFE members or $500 for non-members. The fee includes the cost of the exam as well as access to online study materials and practice exams. It typically takes about three months to prepare for the exam; however, some candidates may take longer depending on their prior experience with fraud examination.

Once an applicant passes the exam they will receive their CFE certificate from the ACFE. This certificate is valid for three years before it needs to be renewed by taking additional courses or retaking the exam.

6. Accredited Business Valuator (ABV)

Accredited Business Valuator (ABV) is a professional designation granted by the American Society of Appraisers (ASA). It is awarded to individuals who have met the rigorous qualifications and standards set forth by the ASA. The ABV credential is designed to recognize professionals who are knowledgeable in the field of business valuation and demonstrate their commitment to continuing education and ethical practice.

It typically takes two years to become an Accredited Business Valuator. In order to qualify for this designation, applicants must meet all requirements including having at least five years of experience in business valuation, passing a comprehensive exam, completing a minimum of 80 hours of continuing education credits in business valuation topics, and demonstrating professional ethics and integrity.

In order to obtain the ABV designation, applicants must first become members of the ASA. Applications can be found on their website or through their local chapter. After submitting an application and paying the membership fee, applicants will receive access to study materials and exams that they must pass in order to qualify for the ABV designation.

The cost for obtaining an Accredited Business Valuator (ABV) designation varies depending on individual circumstances such as location, type of membership desired, etc., but typically ranges from $1,000 - $2,000 USD.

7. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation awarded by the Certified Financial Planner Board of Standards, Inc. It is a voluntary certification that demonstrates a financial planner has met the rigorous education, examination, experience and ethical requirements set forth by the CFP Board. The CFP designation is widely recognized as the highest standard for financial planning professionals in the United States.

It typically takes 3-4 years to complete all of the requirements for becoming a CFP. To become a CFP, an individual must have at least three years of full-time financial planning-related experience, or equivalent part-time experience. They must also pass a comprehensive exam and complete an ethics course.

The cost to become a CFP varies based on where you live and which educational program you choose to pursue. Generally speaking, it can cost anywhere from $2,000-$7,000 depending on your location and program choice. Additionally, there are annual fees associated with maintaining your certification such as continuing education credits and renewal fees which range from $50-$200 per year.

8. Chartered Professional Accountant (CPA Canada)

Chartered Professional Accountant (CPA Canada) is a professional designation that is recognized across Canada. It is the highest standard of accounting education and experience available in the country. CPAs are responsible for providing financial information and advice to individuals, businesses, governments, non-profits, and other organizations.

To become a Chartered Professional Accountant (CPA), you must complete an accredited CPA program, pass the CPA Common Final Examination (CFE), and meet all other requirements set out by CPA Canada. The CPA program typically takes three to four years to complete. During this time, you will take courses in accounting principles, auditing, taxation, financial reporting, management accounting, and more. You will also need to complete at least 30 months of practical work experience in public practice or industry before you can write the CFE.

The cost of becoming a Chartered Professional Accountant (CPA) varies depending on your province or territory of residence. In general, tuition fees for the CPA program range from $3,500-$5,000 per year plus additional costs for textbooks and supplies. The cost of writing the CFE is approximately $1,200-$1,400 depending on your province or territory of residence.

In addition to tuition fees and exam costs there are also membership fees associated with becoming a Chartered Professional Accountant (CPA). These vary by province but typically range from $100-$300 annually.

Overall it can take up to five years and cost several thousand dollars to become a Chartered Professional Accountant (CPA).

9. Enrolled Agent (EA)

An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service (IRS). Enrolled Agents are required to demonstrate to the IRS their competence in matters of taxation before they may represent a taxpayer before the IRS.

In order to become an Enrolled Agent, you must pass a three-part examination administered by the IRS or have worked for at least five consecutive years in an IRS position that regularly dealt with federal tax issues. The exam covers individual and business taxes, representation, ethics, and other related topics. It typically takes between four and six months to complete all three parts of the exam.

The cost for taking the EA Exam varies depending on where you take it, but generally ranges from $100-$200 per part. Additionally, there is an annual fee for maintaining your EA status that ranges from $30-$50 per year.

10. Certified Information Technology Professional (CITP).

Certified Information Technology Professional (CITP) is a professional certification offered by the Institute of Certified Professional Managers (ICPM). It is designed to recognize IT professionals who have demonstrated their knowledge and experience in the field. The CITP certification is awarded to individuals who have achieved a certain level of proficiency in the areas of IT management, systems analysis, project management, software engineering, and other related disciplines.

The CITP certification requires applicants to pass a comprehensive exam that covers topics such as IT governance, risk management, project management, system design, system architecture, security and network architecture. Applicants must also demonstrate their knowledge and skills through a portfolio review.

The CITP exam typically takes three hours to complete and consists of multiple-choice questions. The cost of the exam varies depending on the country or region where it is taken. In the United States, for example, the cost ranges from $250-$500 depending on whether you take it online or in person.

In order to become certified as a CITP professional, applicants must first meet certain requirements including having at least three years of IT experience or equivalent education; passing an ICPM-administered examination; submitting an application form; and providing proof of successful completion of a portfolio review. Once all these requirements are met, applicants will be issued their CITP certification which is valid for three years before renewal is required.

The cost of obtaining your CITP certification varies depending on location but typically ranges between $500 - $1,000 USD. This includes registration fees and the cost of any preparatory materials that may be needed prior to taking the test.

Do You Really Need a Professional Accountant Certificate?

The answer to this question depends on your individual needs. If you are looking to be taken seriously in the business world, or if you are seeking a career in accounting, then getting a professional accountant certificate could be beneficial. A professional accountancy certificate is an internationally recognised qualification that will demonstrate to potential employers and clients that you have the knowledge and skills necessary to work as an accountant.

Having a professional accountant certificate will also help demonstrate your commitment to the profession, as it shows that you have invested time and money into furthering your education and training. In addition, having a certificate can open doors for other opportunities, such as teaching accounting classes or gaining access to higher-level positions within companies.

On the other hand, if you are already experienced in accounting and don’t need the extra certification, then it may not be necessary for you to obtain one. Alternatively, depending on how experienced you are with accounting principles, it may be more beneficial for you to pursue continuing education courses instead of getting a professional accountant certificate.

Ultimately, it is up to each individual to decide whether or not they need a professional accountant certificate. There are advantages and disadvantages associated with both options and by weighing these carefully, you can make an informed decision about what is best for your career goals.

Related: Professional Accountant Resume Examples

FAQs About Professional Accountant Certifications

1. What are the different types of professional accountant certifications?

Answer: The two main types of professional accountant certifications are the Certified Public Accountant (CPA) and the Chartered Professional Accountant (CPA). Both certifications require passing a rigorous exam and meeting certain educational, experience, and ethical requirements.

2. How do I become a certified professional accountant?

Answer: To become a certified professional accountant you must meet specific educational requirements, pass an examination, and meet any applicable experience or ethics requirements. You can find more information on specific requirements for each type of certification on your state board of accountancy website.

3. What is the difference between CPA and CGA?

Answer: The CPA (Certified Public Accountant) certification is offered in the United States while the CGA (Chartered Professional Accountant) certification is offered in Canada. Both certifications require passing an exam as well as meeting certain educational, experience, and ethical requirements.

4. How long does it take to become a certified professional accountant?

Answer: It typically takes 3-4 years to complete all of the necessary education, exam preparation, and experience requirements to become a certified professional accountant. However, this timeline can vary depending on your individual situation and the type of certification you are pursuing.

5. What types of jobs can I get with a professional accountant certification?

Answer: With a professional accountant certification you can pursue various accounting positions such as auditors, controllers, financial analysts, tax advisors, forensic accountants or financial planners/advisors/managers in both public and private sectors.