Top 11 Project Accountant Certifications

Certifications are important for a project accountant in the job market because they demonstrate an individual’s knowledge and expertise in the field. They also show potential employers that an individual is committed to staying current with developments in the industry and is equipped to handle any challenges that may arise during a project. Furthermore, certifications can provide credibility to potential employers, as well as give an individual an edge over other applicants who don't have them. Having certifications can open up more opportunities for career advancement and higher salaries.

The purpose of this article is to review top certifications for Project Accountants and explain how they can help advance a project accountant's career.

What are Project Accountant Certifications?

Project accountant certification is a professional certification that recognizes the expertise and skills of project accountants. The certification is offered by the Project Management Institute (PMI) and it is designed to help project accountants demonstrate their knowledge and abilities in a variety of areas related to accounting for projects. This includes topics such as budgeting, financial analysis, reporting, cost control, and more.

Having this certification can be beneficial for project accountants in several ways. It can show potential employers that they have the knowledge and skills necessary to handle complex accounting tasks related to projects. It also demonstrates that they are committed to staying up-to-date on industry trends and best practices. Additionally, having this certification may give them an edge when competing for higher-level positions or promotions within their organization. Finally, earning a project accountant certification can provide project accountants with access to exclusive resources such as discounts on PMI courses, networking events, and other professional development opportunities.

Pro Tip: Make sure to research all of the requirements necessary to become a certified project accountant. Many certifying bodies have different requirements and prerequisites, so make sure to understand what is needed in order to be eligible for certification. Additionally, consider taking courses or seminars that can help you gain a deeper understanding of the field and better prepare you for the certification process.

Related: What does a Project Accountant do?

Top 11 Project Accountant Certifications

Here’s our list of the best certifications available to Project 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 and validate the knowledge, skills, and abilities of management accountants. The CMA credential is recognized worldwide as a symbol of expertise in financial planning, analysis, control, decision support, and professional ethics.

To become a CMA you must meet certain educational requirements and pass two rigorous exams. The first exam covers topics such as financial reporting, planning, performance measurement, cost management, internal controls, and professional ethics. The second exam focuses on financial statement analysis, corporate finance, decision analysis and risk management.

The entire process typically takes between 6-12 months to complete depending on your individual study schedule.

In order to get the CMA certification you must first register with IMA and pay the registration fee which is currently $250 USD. After registering you will be given access to practice tests and study materials so that you can prepare for the exams. Once you have passed both exams you will receive your CMA certificate from IMA.

The cost of the certification varies depending on how much time it takes you to prepare for the exams but typically ranges from $1,500 - $3,000 USD including registration fees and exam fees.

2. Certified Public Accountant (CPA)

Certified Public Accountant (CPA) is a professional designation given to an accountant who has met the educational, experience, and examination requirements set forth by the state board of accountancy. CPAs are licensed by their respective states and must adhere to a code of ethics when providing services for clients. They are responsible for preparing financial statements, auditing financial records, providing tax advice and consulting services, and performing other accounting-related duties.

It typically takes four years of college education plus one year of work experience in public accounting to become a CPA. However, some states may require more than five years of experience or additional coursework. To get the CPA designation, candidates must pass the Uniform CPA Examination administered by the American Institute of Certified Public Accountants (AICPA). The exam consists of four sections: Auditing & Attestation; Business Environment & Concepts; Financial Accounting & Reporting; Regulation.

The cost to take the CPA Exam varies by state but generally ranges from $200-$800 per section. In addition to this fee, there may be additional costs associated with obtaining study materials or taking preparatory courses.

3. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation for management accountants and financial professionals. It is awarded by the Association of International Certified Professional Accountants (AICPA), a global organization that represents the accounting profession. The CGMA designation recognizes individuals who demonstrate advanced knowledge in management accounting, financial management, and strategic decision-making.

To become a CGMA, you must meet certain educational requirements and have at least three years of experience in finance or accounting. You must also pass an exam administered by the AICPA. The exam consists of four sections: Financial Reporting, Strategic Management Accounting, Business Analysis & Valuation, and Risk Management & Control.

The cost to take the exam varies depending on your location; however, it typically ranges from $400-$500 USD. The exam takes approximately 4 hours to complete and can be taken online or at an approved testing center. Once you have passed the exam, you will receive your official CGMA designation certificate from the AICPA.

4. 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 validate the knowledge, skills, and abilities of government financial managers. The CGFM designation demonstrates that an individual has the expertise necessary to manage public sector finances effectively.

The CGFM program consists of three examinations: Governmental Environment, Governmental Accounting and Financial Reporting, and Governmental Budgeting and Fiscal Policy. To obtain the CGFM designation, individuals must pass all three exams within a five-year period.

To become eligible for the CGFM program, individuals must have at least two years of professional-level experience in government financial management or related fields. This experience must be verified by a supervisor or other qualified official.

The cost to take the CGFM exams varies depending on whether you are an AGA member or nonmember. For members, each exam costs $200; for nonmembers, each exam costs $250. Additionally, there is a one-time application fee of $50 for both members and nonmembers.

5. 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 professionals who have demonstrated proficiency in the field of internal auditing. The CIA certification is awarded to individuals who have met the educational, experience, and examination requirements set forth by the IIA.

To become a Certified Internal Auditor (CIA), an individual must meet certain eligibility requirements. These include:

• A minimum of a bachelor’s degree from an accredited college or university
• Two years of professional internal audit experience
• Passing all four parts of the CIA exam
• Completing the IIA’s ethics course
• Maintaining membership in good standing with the IIA.

The CIA exam consists of four parts that cover topics such as risk assessment, control environment, information systems, and governance and assurance services. Each part requires approximately two hours to complete and must be taken at a testing center approved by the IIA. The cost for each part of the exam ranges from $150-$200 USD depending on location. Once all four parts are successfully completed, an individual will receive their Certified Internal Auditor designation.

In addition to passing all four parts of the exam, individuals must also complete continuing education credits every three years in order to maintain their CIA certification status. The cost for these credits varies depending on how many are needed and what type of courses are taken.

6. Certified Information Systems Auditor (CISA)

Certified Information Systems Auditor (CISA) is a professional certification offered by the Information Systems Audit and Control Association (ISACA). It is designed to validate an individual’s knowledge, skills, and experience in the field of information systems auditing. The CISA certification is recognized globally as the standard of achievement for those who audit, control, monitor and assess an organization’s information technology and business systems.

In order to become certified as a CISA, you must meet certain eligibility requirements. These include: having at least five years of cumulative work experience in IS/IT-related areas; passing an exam administered by ISACA; and completing a comprehensive application process that includes providing proof of education, professional references, and other documentation.

The CISA exam consists of 200 multiple-choice questions which must be completed within four hours. The exam covers topics such as IT governance, risk management, audit processes and procedures, security management practices, system acquisition and development life cycles, business continuity planning, disaster recovery planning, legal regulations pertaining to IT operations and more.

The cost to take the CISA exam varies depending on your country or region; it typically ranges from $575-$750 USD. Once you have passed the exam you will need to pay an annual maintenance fee of $45 USD in order to maintain your certification status.

7. 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 an individual’s expertise in detecting, deterring, and preventing fraud.

It typically takes approximately six months to complete the CFE program. The process includes studying for the CFE Exam, completing the CFE Exam application, and taking the CFE Exam. Once you have passed the CFE Exam, you must also complete a minimum of 20 hours of continuing professional education (CPE) within two years of passing the exam in order to maintain your certification.

To become a Certified Fraud Examiner, you must first join ACFE as a member. After joining ACFE, you can then apply for the CFE Exam online through their website. The cost of the exam is $395 for ACFE members and $595 for non-members.

8. Professional Risk Manager (PRM)

Professional Risk Manager (PRM) is a professional designation offered by the Professional Risk Managers' International Association (PRMIA). It is an internationally recognized certification program that validates risk management knowledge and expertise. The PRM certification provides assurance to employers, clients, and other stakeholders that the holder has the necessary skills and experience to effectively manage risk in their organization.

The PRM program consists of three levels: Foundation, Advanced, and Expert. Each level requires a different amount of study time and involves passing a series of examinations.

To become a PRM, you must first pass the Foundation Level exam. This exam covers topics such as risk management principles and processes, financial markets, credit risk management, operational risk management, insurance and reinsurance markets, enterprise risk management, legal aspects of risk management, quantitative methods for risk analysis and modeling. The Foundation Level exam takes approximately five hours to complete.

Once you have passed the Foundation Level exam, you can then proceed to take the Advanced Level exams which cover topics such as derivatives markets & products; market & credit risks; operational & enterprise risks; portfolio construction & optimization; financial engineering; quantitative methods for pricing & hedging; legal aspects of derivatives transactions; corporate finance & capital budgeting; structured finance; asset-liability management; stress testing & scenario analysis. The Advanced Level exams take approximately seven hours each to complete.

Finally, once you have passed both the Foundation Level and Advanced Level exams you can then proceed to take the Expert Level exam which covers topics such as advanced derivatives pricing models; advanced asset-liability management techniques; advanced structured finance techniques; advanced quantitative methods for pricing & hedging complex instruments; advanced stress testing & scenario analysis techniques. The Expert Level exam takes approximately nine hours to complete.

The cost of becoming a PRM depends on your country of residence. Generally speaking it will cost between $1,000 - $2,500 USD for all three levels combined depending on where you live.

9. 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 project management credential in the world. The PMP certification demonstrates that a project manager has the knowledge and experience to successfully lead and manage projects.

To become certified as a PMP, you must meet certain educational and professional experience requirements, pass an exam, and agree to adhere to a code of professional conduct. To qualify for the exam, you must have either a secondary degree (high school diploma, associate’s degree or global equivalent) with at least five years of project management experience with 7,500 hours leading and directing projects and 35 hours of project management education; OR a four-year degree (bachelor’s degree or global equivalent) with at least three years of project management experience with 4,500 hours leading and directing projects and 35 hours of project management education.

The PMP Certification Exam consists of 200 multiple-choice questions covering five domains: Initiating the Project; Planning the Project; Executing the Project; Monitoring & Controlling the Project; Closing the Project. The exam is taken online through Pearson VUE testing centers. It takes about four hours to complete the exam.

The cost for taking the PMP Certification Exam varies based on your membership status with PMI. For non-members, it costs $555 USD while members pay $405 USD. Additionally, there are other fees associated with becoming certified such as application fees ($60-$150 USD), renewal fees ($60 USD every three years), and recertification fees ($150 USD every three years).

10. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation awarded by the Certified Financial Planner Board of Standards, Inc. to individuals who have met certain educational, experience, and ethical requirements. CFPs are trained to help individuals and businesses create comprehensive financial plans that include investments, retirement planning, estate planning, tax planning, insurance planning and other areas of personal finance.

It typically takes at least two years to become a Certified Financial Planner. In order to qualify for the certification exam, candidates must complete a bachelor’s degree from an accredited college or university with coursework in finance-related topics such as investments, taxes, insurance and retirement planning. Candidates must also complete a CFP Board-approved course in financial planning and pass the CFP Certification Examination.

The cost of becoming a Certified Financial Planner varies depending on the individual's educational background and experience level. The cost of taking the CFP examination is $695 for those who have completed all required coursework prior to taking the exam or $795 for those who need to take additional courses before taking the exam. In addition to this fee, candidates may also incur costs associated with their education such as tuition fees and textbooks.

11. Certified Construction Industry Financial Professional (CCIFP).

The Certified Construction Industry Financial Professional (CCIFP) is a professional certification program that recognizes the highest standards of financial management and leadership in the construction industry. It is offered by the Construction Financial Management Association (CFMA), a non-profit organization dedicated to providing education and resources to construction financial professionals.

To become a CCIFP, applicants must have at least five years of experience in construction finance or accounting, as well as a bachelor’s degree or equivalent from an accredited college or university. Applicants must also pass an exam administered by CFMA and complete a series of continuing education courses. The exam consists of two parts: a written portion and an oral interview with CFMA’s Board of Examiners.

It typically takes between 6-12 months to complete the process, depending on how quickly you can study for the exam and complete the required coursework.

The cost for obtaining your CCIFP certification varies depending on whether you are already a member of CFMA or not. For non-members, it costs $1,595 for the application fee plus $295 per course (up to three courses). For members, it costs $795 for the application fee plus $195 per course (up to three courses). Additionally, there is an annual renewal fee of $95 for both members and non-members.

Do You Really Need a Project Accountant Certificate?

A project accountant certificate can be an important asset for any accountant that is looking to specialize in project accounting. This certificate will show potential employers that the individual has a high level of knowledge and understanding of the principles behind project accounting. It also shows that the individual has been trained and certified in this specific area of accounting, which can be a great benefit to employers who are looking for someone with specialized knowledge.

Having a project accountant certificate can provide many benefits to those seeking employment in this field. Not only does it demonstrate a high level of expertise, but it also helps to separate individuals from other applicants who may not have had the same level of training or certification. This can be especially important when competing for certain jobs, such as those in government or private sector organizations that require highly specialized skillsets. Furthermore, having a certification can help employers better understand the candidate’s qualifications and abilities, making them more likely to consider them for positions within their organization.

In addition to providing job opportunities, having a project accountant certificate can also give individuals an edge when negotiating salary and promotions. Having a recognized certification from an accredited institution demonstrates that the individual is highly qualified and experienced in their field, which may make them more attractive to employers than those without similar credentials. This could potentially lead to higher salaries and better opportunities for advancement within the organization.

Overall, obtaining a project accountant certificate is definitely worth considering for anyone interested in working in this field. While it may not guarantee success or higher compensation levels, it does demonstrate dedication and commitment to one’s chosen career path and provides employers with additional assurance regarding an applicant’s qualifications.

Related: Project Accountant Resume Examples

FAQs About Project Accountant Certifications

Q1: What is a Project Accountant Certification?

A1: A Project Accountant Certification is a credential that demonstrates an individual’s knowledge and understanding of the principles and practices of project accounting. It involves passing an exam given by a recognized professional body, such as the American Institute of Certified Public Accountants (AICPA).

Q2: What are the benefits of obtaining a Project Accountant Certification?

A2: Obtaining a Project Accountant Certification can help demonstrate to employers that you have the necessary skills and knowledge to effectively manage projects. Additionally, it can lead to higher salaries, more job opportunities and greater career advancement.

Q3: How do I become certified as a Project Accountant?

A3: To become certified as a Project Accountant, you must meet certain educational requirements, such as completing an approved course or program in project accounting. You then need to pass the required certification exam given by the AICPA or other recognized professional body.

Q4: What is included on the Project Accountant Certification Exam?

A4: The exam covers topics such as financial reporting and project management fundamentals, cost control methods, budgeting techniques and risk assessment strategies. Additionally, it tests your ability to analyze financial data and identify potential risks associated with projects.

Q5: How long does it take to get certified as a Project Accountant?

A5: The amount of time required for certification varies depending on your experience level and educational background. Generally speaking, it typically takes between six months and one year to complete all requirements for certification.