Top 10 Senior Finance Manager Certifications

Certifications are important for a senior finance manager in the job market because they demonstrate expertise and knowledge in a certain area. They also provide evidence that the individual has the necessary skills to perform successfully in the role. Certifications provide validation of an individual’s ability and can be used to differentiate oneself from other applicants. Additionally, certifications can give employers assurance that the individual is up-to-date on relevant information and trends in their field. Lastly, certifications often come with continuing education requirements which can keep an individual sharp and informed about changes in the field.

The purpose of this article is to review the top certifications for Senior Finance Managers and explain how they can contribute to a senior finance manager's career growth.

What are Senior Finance Manager Certifications?

Senior finance manager certification is a professional designation that recognizes the expertise of individuals who manage financial operations and systems in organizations. This certification is offered by a variety of professional organizations, such as the Chartered Institute of Management Accountants (CIMA), and requires candidates to pass an exam to demonstrate their knowledge and skills.

The certification can help senior finance managers showcase their expertise and gain recognition from employers, peers, and other stakeholders in the industry. It also serves as evidence of their commitment to staying up-to-date on best practices in financial management. By obtaining this certification, senior finance managers can demonstrate their ability to develop and implement effective strategies for improving organizational performance, managing resources efficiently, reducing costs, and ensuring compliance with laws and regulations.

In addition, senior finance managers who have attained this certification are better equipped to provide guidance on important decisions related to budgeting, forecasting, investments, risk management, taxation, auditing processes, financial planning, operational procedures and more. This can enable them to be more valuable assets within their organization by providing strategic insight into the financial health of the company.

Pro Tip: Make sure to research the different certifications available for senior finance managers to ensure you are obtaining the certification that best suits your career goals and areas of expertise. Additionally, take advantage of online resources such as webinars or courses to brush up on topics related to the certification.

Related: What does a Senior Finance Manager do?

Top 10 Senior Finance Manager Certifications

Here’s our list of the best certifications available to Senior Finance Managers today.

1. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given by the American Institute of Certified Public Accountants (AICPA) to individuals who have met certain educational, experience, and examination requirements. CPAs are licensed by their respective state boards of accountancy and are responsible for preparing financial statements, tax returns, and other financial documents for businesses and individuals.

In order to become a CPA, you must meet the following requirements:

1. Have at least 150 semester hours of college education in accounting or related subjects;

2. Pass the Uniform CPA Exam administered by the AICPA;

3. Complete one year of public accounting experience; and

4. Meet any additional requirements set forth by your state board of accountancy.

The cost of becoming a CPA varies depending on where you live and how much preparation you need before taking the exam. Generally speaking, it can cost anywhere from $1,500 to $4,000 for all the necessary materials needed to prepare for the exam such as books, classes, review courses etc. Additionally, there may be fees associated with registering for the exam itself which can range from $200-$800 depending on your state board of accountancy's rules and regulations.

On average it takes between 6-12 months to complete all four parts of the CPA exam but this timeline can vary depending on individual circumstances such as how much time you have available to study or if you need additional help in certain areas like auditing or taxation.

2. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification in the field of management accounting, granted 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 12 and 18 months to become a CMA. To qualify for the CMA exam, you must have a bachelor's degree from an accredited college or university and two years of professional experience in management accounting or financial management. You must also be a current IMA member.

The cost of becoming a CMA varies depending on your membership status with IMA. If you are not an IMA member, you will need to pay both the one-time application fee ($225) and the annual membership dues ($180). In addition, there is an exam fee of $415 per part for non-members. However, if you are already an IMA member, you will only need to pay the exam fee ($415 per part).

In order to become certified as a CMA, you must pass both parts of the CMA Exam within three years. The 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 consists of 100 multiple-choice questions and two essay questions.

3. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation awarded by the CFA Institute, a global association of investment professionals. It is one of the most respected and recognized credentials in the field of finance and investment management. The CFA Program is a graduate-level program that combines a comprehensive curriculum with practical experience to prepare individuals for successful careers as investment professionals.

The CFA Program consists of three levels: Level I, Level II, and Level III. Each level requires passing an exam, which are offered twice annually at test centers around the world. To become a fully credentialed CFA charterholder, candidates must pass all three exams, have four years of qualified work experience in investment decision making, and join the CFA Institute as members in good standing.

It typically takes about two to four years to complete all three levels of the program depending on how quickly you can study and pass each exam. The cost to take each exam varies but generally ranges from $650-$1,000 per exam plus other associated fees such as registration fees or study materials costs.

4. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation given by the Certified Financial Planner Board of Standards, Inc. to financial advisors who have met certain educational, experience and ethical requirements. The CFP credential is one of the most respected and sought after designations in the financial planning industry.

To become a Certified Financial Planner, individuals must complete a CFP Board-approved education program that covers topics such as insurance, investments, taxes, retirement planning, estate planning and risk management. Candidates must also pass the CFP Certification Exam and meet other requirements such as having at least three years of full-time financial planning experience or equivalent part-time experience.

It typically takes between two and four years to become a Certified Financial Planner depending on an individual’s prior knowledge and experience.

In order to get certified as a CFP, individuals must first complete the necessary coursework from an accredited institution. After completing the coursework, applicants must then take and pass the CFP Certification Exam which consists of two parts: general knowledge questions related to financial planning topics and case studies that require candidates to apply their knowledge in real-world scenarios.

The cost of becoming a Certified Financial Planner varies depending on factors such as course fees, exam fees and study materials purchased for preparation. Generally speaking, it can cost anywhere from $2,000 - $5,000 USD to become certified as a CFP.

5. Certified Internal Auditor (CIA)

Certified Internal Auditor (CIA) is a professional certification designation awarded by the Institute of Internal Auditors (IIA). It is the most recognized credential for internal auditors and is designed to measure the knowledge, skills, and abilities required of internal auditors. The CIA designation is held by more than 100,000 professionals in over 180 countries.

To become a Certified Internal Auditor, candidates must complete an application process that includes passing a three-part exam. The exam consists of three parts: Part 1 - Essentials of Internal Auditing; Part 2 - Practice of Internal Auditing; and Part 3 - Business Knowledge for Internal Auditing. Each part must be passed within one year from the date of registration for all three parts.

The cost to take the CIA exam varies depending on where you live and which country's version you are taking. Generally speaking, it costs around $1,200 USD to register for all three parts of the exam. Additionally, there are other fees associated with taking the exam such as travel expenses or study materials.

Once you have passed all three parts of the exam, you will receive your official CIA certificate from IIA and can begin using your new designation on your resume and business cards.

6. Certified Treasury Professional (CTP)

Certified Treasury Professional (CTP) is a professional certification program offered by the Association for Financial Professionals (AFP). It is designed to recognize individuals who demonstrate knowledge and proficiency in the treasury profession. The CTP designation is widely recognized as the premier certification for treasury professionals.

To obtain the CTP designation, applicants must pass a comprehensive exam that covers topics such as cash management, investments, foreign exchange, risk management, and financial analysis. The exam consists of 150 multiple-choice questions and takes approximately four hours to complete.

Applicants must have at least three years of relevant experience in order to be eligible to take the exam. Those without prior experience may substitute additional education or training courses in lieu of experience.

The cost of the CTP exam varies depending on whether you are an AFP member or non-member. For AFP members, it costs $600; for non-members, it costs $850. Additionally, there is a $100 application fee that must be paid when submitting your application to take the exam.

Once you have passed the exam and met all other requirements, you will receive your official CTP designation certificate from AFP.

7. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation offered by the American Institute of Certified Public Accountants (AICPA). It recognizes individuals who have achieved a high level of expertise in the field of management accounting.

The CGMA designation is available to those who have met certain educational and experience requirements, and passed an exam. To qualify for the CGMA designation, applicants must have either:

• Completed at least 150 credit hours of college or university coursework leading to a bachelor’s degree or higher;
• Completed at least two years of professional-level work experience in management accounting; or
• Earned both a bachelor’s degree and one year of professional-level work experience in management accounting.

In addition, applicants must pass the CGMA Exam, which consists of four sections: Financial Reporting and Analysis; Business Planning and Budgeting; Performance Management; and Risk Management. The exam is administered twice per year by AICPA.

It typically takes between six months to one year to complete all the requirements for the CGMA designation. The cost for the exam varies depending on where you take it, but generally ranges from $400-$500 USD.

8. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional designation awarded by the Association of Certified Fraud Examiners (ACFE). The CFE credential is designed to recognize professionals who have demonstrated expertise in fraud prevention, detection and deterrence.

It typically takes between six months and one year to complete the requirements for the CFE credential. Candidates must first become members of the ACFE, which requires an annual membership fee. After becoming a member, candidates must pass an exam that covers topics such as financial transactions and fraud schemes, investigation techniques, law and ethics. Once the exam is passed, candidates must also complete at least 20 hours of continuing professional education courses related to fraud examination every two years in order to maintain their certification.

The cost of obtaining the CFE credential varies depending on whether or not you are already an ACFE member when you begin your application process. If you are already a member, it will cost $250 for the exam plus any applicable fees for additional materials or continuing professional education courses. If you are not yet an ACFE member, it will cost $450 for the exam plus any applicable fees for additional materials or continuing professional education courses.

9. Chartered Financial Consultant (ChFC)

Chartered Financial Consultant (ChFC) is a professional designation awarded by The American College of Financial Services. It is designed to recognize individuals who have demonstrated a high level of knowledge and expertise in financial planning, insurance, investments, taxation, retirement planning and estate planning.

To earn the ChFC designation, individuals must complete nine college-level courses and pass two comprehensive examinations. The courses cover topics such as financial counseling, insurance planning, investment strategies, tax planning, retirement planning and estate planning. Each course is eight weeks long and can be completed online or in-person.

To get the ChFC designation, an individual must first become a member of The American College of Financial Services. This requires an application fee of $50 and an annual membership fee of $150. After becoming a member, individuals must then register for the courses required for the ChFC designation. Each course costs $1,195 plus any applicable taxes or fees.

Once all nine courses are completed and both exams passed with a score of 70% or higher, individuals will receive their ChFC designation from The American College of Financial Services. On average it takes approximately one year to complete all requirements for the ChFC designation.

10. Accredited Investment Fiduciary (AIF)

Accredited Investment Fiduciary (AIF) is a professional designation awarded by the Center for Fiduciary Studies, a division of the Foundation for Fiduciary Studies. The AIF designation is designed to recognize professionals who have demonstrated expertise in the areas of investment fiduciary responsibility and investment management.

The AIF designation requires completion of a rigorous program that includes both coursework and an examination. The coursework covers topics such as fiduciary responsibility, investment policies, portfolio construction and management, asset allocation and performance evaluation. Upon successful completion of the coursework and exam, individuals are awarded the AIF designation.

The process to become an AIF typically takes several months to complete. Individuals must first register with the Center for Fiduciary Studies and then complete the required coursework and exam. After passing the exam, individuals will receive their AIF designation.

The cost to obtain an AIF designation varies depending on which program is chosen. Generally speaking, most programs range from $1,500 - $2,500 USD in total costs including registration fees, course materials and exam fees.

Do You Really Need a Senior Finance Manager Certificate?

The answer to this question depends largely on the individual and their career goals. For some, a Senior Finance Manager Certificate can be an invaluable asset to their resume and provide the necessary skills and knowledge to excel in this role. For others, the certificate may not be necessary if they already have a solid understanding of finance principles and possess sufficient experience in the field.

For those who are considering pursuing a Senior Finance Manager Certificate, it is important to consider the time and cost associated with obtaining such a certification. The cost of tuition and materials may vary significantly depending on institution, length of program, and other factors. Additionally, most certificate programs require applicants to have a certain level of professional experience or education before being accepted into the program. Therefore, it’s important to weigh all of these factors before deciding whether or not the certificate is worth pursuing.

In conclusion, while there are many benefits associated with obtaining a Senior Finance Manager Certificate, it is ultimately up to each individual to decide whether or not this type of certification is necessary for them based on their current career goals and level of experience.

Related: Senior Finance Manager Resume Examples

FAQs About Senior Finance Manager Certifications

1. What is a Senior Finance Manager Certification?

Answer: A Senior Finance Manager Certification is a professional credential that demonstrates a comprehensive understanding of finance and management principles, as well as the ability to apply them effectively in the workplace.

2. What are the benefits of becoming certified as a Senior Finance Manager?

Answer: Benefits include enhanced job security, higher salary potential, improved credibility in the workplace, and greater career advancement opportunities.

3. What qualifications do I need to become certified?

Answer: To become certified, you must have at least five years of experience in financial management or related fields, and pass an exam administered by an approved certifying body.

4. How long does it take to become certified?

Answer: The time required depends on the individual's existing knowledge and skills; however, it typically takes around six months to one year to complete all certification requirements.

5. Is there any ongoing continuing education or recertification required for my certification?

Answer: Yes, many certifying bodies require that you maintain your certification by completing continuing education courses or re-certifying every few years.