Top 11 Trust Accountant Certifications

Certifications are important for a trust accountant in the job market because they demonstrate knowledge and skills in the field of trust accounting. Certifications also provide employers with assurance that the candidate has the necessary qualifications to perform duties related to trust accounting, such as managing financial transactions, preparing financial statements and monitoring complex investments. Additionally, certifications can help a trust accountant stand out from other candidates by showing their commitment to professional development and expertise in their chosen field.

This article reviews some of the top certifications for Trust Accountants, and explains how they can contribute to a trust accountant's career development.

What are Trust Accountant Certifications?

Trust accountant certification is a professional designation that recognizes individuals who have achieved a high level of competence in the field of trust accounting. Trust accountants are responsible for managing and maintaining financial records related to trusts, estates, and other fiduciary accounts. They must be knowledgeable about the laws and regulations governing these types of accounts, as well as being able to accurately interpret financial statements and documents.

Having a trust accountant certification can help individuals stand out among their peers and demonstrate their commitment to the profession. It is also beneficial for employers, as it provides them with assurance that their trust accounting staff has the necessary skills and knowledge to perform their job duties efficiently and effectively. Additionally, having this certification may open up opportunities for career advancement or increased pay. Lastly, trust accountants with this certification may be more likely to receive referrals from clients due to their expertise in the field.

Pro Tip: When obtaining trust accountant certification, make sure to thoroughly research the requirements and qualifications for the certifying body you are considering. Also, be sure to review the potential benefits of certification in order to determine if it is the right fit for you and your career goals.

Related: What does a Trust Accountant do?

Top 11 Trust Accountant Certifications

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

1. Certified Public Accountant (CPA)

A Certified Public Accountant (CPA) is a professional designation given to individuals who have passed the Uniform CPA Examination and met certain educational, experience, and ethical standards. CPAs are licensed by their state boards of accountancy and are responsible for providing financial advice, auditing financial statements, preparing taxes, and other accounting-related services.

The process to become a CPA varies by state but typically requires passing the Uniform CPA Exam as well as completing a certain number of college credits in accounting-related topics. Generally speaking, it takes between two to four years to become a CPA depending on the individual's educational background and experience level.

To get certified as a CPA, you must first meet the education requirements set by your state board of accountancy. This usually involves completing at least 150 semester hours of college coursework with an emphasis in accounting-related topics such as auditing, taxation, ethics, business law, and finance. You must also pass the Uniform CPA Exam which is administered by the American Institute of Certified Public Accountants (AICPA). Once you have completed these steps, you can apply for licensure with your state board of accountancy.

The cost associated with becoming a CPA will vary depending on where you live and what type of educational program you choose to pursue. Generally speaking, it can cost anywhere from $2,000-$10,000 or more for tuition fees alone depending on how many courses you take and what type of institution you attend. Additionally, there are fees associated with taking the Uniform CPA Exam which range from $150-$200 per section plus any applicable state licensing fees.

2. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation granted by the Certified Financial Planner Board of Standards, Inc. (CFP Board). The CFP certification is a mark of excellence that demonstrates a financial planner’s commitment to providing comprehensive financial planning services in an ethical and professional manner. A CFP must demonstrate competency in financial planning through education, examination, experience and ethics.

It typically takes three to five years to complete the requirements for the CFP certification. To become certified, individuals must first meet the CFP Board’s education requirements which include completing a university-level program focused on financial planning or completing a course of study that meets the CFP Board's guidelines. After meeting the educational requirements, individuals must pass the CFP Certification Examination and then complete at least three years of full-time financial planning related experience. Finally, applicants must agree to abide by the CFP Board's Code of Ethics and Professional Responsibility and Financial Planning Practice Standards.

The cost for taking the CFP Certification Examination varies depending on where you take it; however, it typically ranges from $695 to $995 USD. In addition to this fee, there are also annual fees associated with maintaining your certification which range from $195 to $295 USD per year depending on when you obtained your certification.

3. Chartered Global Management Accountant (CGMA)

Chartered Global Management Accountant (CGMA) is a professional designation for management accountants that is awarded by the American Institute of Certified Public Accountants (AICPA). It is designed to recognize the expertise and skills of those who have achieved a high level of proficiency in the field of management accounting.

To become a CGMA, you must first be an active member of the AICPA and have at least five years of experience in management accounting or financial management. You must also pass the CGMA exam, which consists of two parts: The Strategic Management Accounting Exam and the Financial Reporting and Analysis Exam. The exam can be taken online or in-person at one of several testing centers located throughout the United States.

The cost to take the CGMA exam varies depending on whether you are taking it online or in-person. For online exams, it costs $150 per part. For in-person exams, it costs $250 per part. Additionally, there may be additional fees associated with registering for the exam and obtaining study materials.

Once you have successfully completed both parts of the exam, you will receive your CGMA designation within four to six weeks after passing both parts.

4. Certified Trust and Financial Advisor (CTFA)

Certified Trust and Financial Advisor (CTFA) is a professional designation offered by the American Bankers Association (ABA). It is designed to recognize professionals who have acquired a high level of knowledge and experience in trust, estate planning, investments, financial planning, tax planning, and fiduciary responsibilities.

To become a CTFA, individuals must complete a series of educational courses and pass an exam administered by the ABA. The exam consists of two parts: the first part covers trust and estate planning topics; the second part covers investments, financial planning, and fiduciary responsibility.

The process of becoming a CTFA typically takes about one year. Individuals must complete all required coursework prior to taking the exam. Additionally, they must meet certain prerequisites such as having at least three years of relevant work experience or completing an approved graduate degree program in finance or related field.

The cost for becoming a CTFA varies depending on the individual's circumstances. Generally speaking, it can range from $1,000 to $4,000 for tuition fees and exam costs combined.

5. Certified Management Accountant (CMA)

Certified Management Accountant (CMA) is a professional certification offered by the Institute of Management Accountants (IMA). It is designed to demonstrate a mastery of financial planning, analysis, control, decision support and professional ethics. The CMA credential is widely recognized and respected in the business world.

It typically takes two to three years to complete the CMA program. To become certified, candidates must pass two exams: Part 1 and Part 2. Both exams are administered by IMA and are available in multiple languages.

The cost of becoming a CMA varies depending on the country you live in. Generally speaking, it costs around $2,000 to become certified. This includes exam fees, study materials, and membership dues.

In order to be eligible for the CMA certification program, applicants must have at least a bachelor’s degree from an accredited institution or equivalent work experience in management accounting or financial management. Candidates must also have completed 30 hours of approved continuing education credits within the past three years prior to taking the exams.

6. Accredited Estate Planner (AEP)

Accredited Estate Planner (AEP) is a professional designation granted by the National Association of Estate Planners & Councils (NAEPC). The AEP designation recognizes estate planning professionals who have demonstrated knowledge and experience in the areas of estate planning, trust administration, taxation, charitable giving, asset protection, elder law, and other related disciplines.

To become an AEP, you must meet certain educational and experience requirements. You must have completed at least three courses from an approved list of courses in estate planning or related fields. You must also have at least five years of full-time experience as an estate planner or related professional. In addition to the coursework and experience requirements, you must pass a comprehensive written examination administered by NAEPC.

The process for becoming an AEP typically takes about six months to complete. After completing the required coursework and gaining the necessary experience, you will need to apply for the AEP designation with NAEPC. Your application will be reviewed by a committee of experienced professionals who will determine whether you meet all the requirements for the designation. Once your application is approved, you can take the exam and receive your AEP designation upon successful completion of it.

The cost to become an Accredited Estate Planner depends on several factors such as which courses are taken and how many years of experience are needed to qualify for the designation. Generally speaking, it can cost anywhere from $500-$2,000+ depending on these factors.

7. Certified Internal Auditor (CIA)

The Certified Internal Auditor (CIA) is a professional certification offered by the Institute of Internal Auditors (IIA). It is a globally recognized credential that demonstrates an individual’s knowledge and expertise in the field of internal auditing. The CIA designation is designed to identify and recognize individuals who possess the skills, knowledge, and experience to perform internal audit activities in accordance with the International Standards for the Professional Practice of Internal Auditing.

To become a Certified Internal Auditor (CIA), you must meet certain educational requirements and pass three exams administered by IIA. The exams cover topics such as risk management, control systems, governance, assurance services, and ethics. To qualify for the CIA exam, you must have at least a bachelor’s degree from an accredited college or university, or equivalent work experience.

It typically takes between six months to two years to complete all three parts of the CIA exam. After passing all three parts of the exam, you will receive your official certification from IIA.

The cost of taking the exam varies depending on your location and whether you are taking it online or in-person. Generally speaking, it costs around $1,000 USD to take all three parts of the exam.

8. Chartered Financial Analyst (CFA)

The Chartered Financial Analyst (CFA) designation is a professional certification offered by the CFA Institute, a global association of investment professionals. The CFA program provides a comprehensive curriculum that covers the principles of finance, economics, accounting, ethics, and portfolio management. It is designed to equip candidates with the knowledge and skills necessary to become successful investment professionals.

The CFA program consists of three levels of exams and takes an average of four years to complete. Each level requires at least 300 hours of study in order to pass. Level I focuses on financial reporting and analysis; Level II focuses on asset valuation; and Level III focuses on portfolio management.

In order to be eligible for the CFA program, candidates must have a bachelor’s degree or equivalent work experience in finance-related fields. Candidates must also agree to abide by a code of ethics set forth by the CFA Institute and pass all three levels of exams within four years.

The cost for the CFA program varies depending on location but typically ranges from $2,000-$3,500 USD per exam level. This includes registration fees as well as study materials such as textbooks and practice exams.

9. Certified Fraud Examiner (CFE)

Certified Fraud Examiner (CFE) is a professional certification offered by the Association of Certified Fraud Examiners (ACFE). It is designed to recognize individuals who have demonstrated expertise in fraud prevention, detection and deterrence. The CFE credential is awarded to those who demonstrate knowledge and proficiency in four areas: financial transactions and fraud schemes, investigative techniques, law, and criminology.

It typically takes around six months to one year to complete the CFE program. To get certified, applicants must first pass a comprehensive four-hour exam that covers all aspects of fraud examination. Once applicants pass the exam, they must then meet additional requirements such as completing an ethics course and submitting a professional background check.

The cost for the CFE program varies depending on which country you are located in and what type of membership you have with ACFE. Generally speaking, the cost ranges from $500 USD to $1,000 USD for the exam fee alone. Additional fees may apply for other components of the program such as background checks or ethics courses.

10. Chartered Professional Accountant (CPA Canada)

Chartered Professional Accountant (CPA Canada) is a professional designation granted by the Canadian Institute of Chartered Professional Accountants (CPA Canada). It is the highest level of accounting qualification in Canada and is recognized internationally.

To become a CPA, you must first complete an undergraduate degree in business or accounting, as well as additional post-secondary education and experience requirements. Depending on your educational background, it can take between three to five years to become a CPA.

To get started, you’ll need to register with CPA Ontario and pay the registration fee. You’ll then be eligible to write the Common Final Examination (CFE), which is a four-day exam that tests your knowledge of professional accounting practices. Once you have passed the CFE, you will need to fulfill work experience requirements before being able to apply for certification.

The cost of becoming a CPA varies depending on your educational background and other factors such as exam fees and membership fees. Generally speaking, it can cost anywhere from $2,000-$5,000 CAD for tuition fees alone. In addition, there are other costs associated with becoming a CPA such as registration fees, membership fees and exam fees.

11. Chartered Investment Manager (CIM).

Chartered Investment Manager (CIM) is a professional designation offered by the Canadian Securities Institute (CSI). The CIM designation is a comprehensive program that provides financial professionals with the knowledge and skills required to effectively manage portfolios of securities on behalf of their clients.

The CIM program consists of four courses and two exams, which must be completed within two years. The courses cover topics such as portfolio management, investment analysis, risk management, and ethics. To obtain the CIM designation, individuals must pass all four courses and both exams.

The cost for the CIM program varies depending on the provider. Generally, it costs between $2,000-$4,000 CAD for tuition and registration fees.

In addition to completing the coursework and passing both exams, applicants must also have at least three years of relevant work experience in order to be eligible for the CIM designation.

Do You Really Need a Trust Accountant Certificate?

A trust accountant certificate is not a requirement for all trust accountants, but it may be beneficial for those who want to demonstrate their knowledge and expertise in the field. A trust accountant certificate demonstrates that an individual has a comprehensive understanding of the laws and regulations associated with trust accounting and the ability to manage trust accounts in a professional manner.

The requirements for obtaining a trust accountant certificate vary from state to state, but generally include completing continuing education courses or passing an examination. Additionally, most states require a certain amount of experience managing trust accounts as well. Depending on the specific requirements, obtaining a trust accountant certificate can take anywhere from one month to several years.

Having a trust accountant certificate can give you an edge when looking for employment or advancing your career within the field of trust accounting. It can show potential employers that you have taken the initiative to learn more about your profession and are committed to staying up-to-date on current trends in the industry. It also provides assurance that you are qualified and capable of handling complex financial matters related to trusts.

Ultimately, whether or not you need a trust accountant certificate will depend on your career goals and ambitions within the field of trust accounting. If you plan on working in this area long-term, then it could certainly be worth investing in additional certifications or qualifications that may give you an advantage over other candidates. However, if you are just starting out or do not plan on making this your primary profession, then it may not be necessary to pursue further certifications at this time.

Related: Trust Accountant Resume Examples

FAQs About Trust Accountant Certifications

1. What is a Trust Accountant Certification?

Answer: A Trust Accountant Certification is a professional credential that demonstrates an individual's knowledge and expertise in trust accounting, which includes financial management and reporting of funds held by a trustee on behalf of another person or entity.

2. What are the requirements to become certified as a Trust Accountant?

Answer: The requirements vary by jurisdiction, but generally include passing an exam administered by an accredited certifying body, completing continuing education credits, and having a minimum amount of experience in trust accounting.

3. How long does it take to become certified as a Trust Accountant?

Answer: It typically takes between 6 months and 1 year to complete all the requirements for certification.

4. What are some benefits of becoming certified as a Trust Accountant?

Answer: Becoming certified as a Trust Accountant can give you greater credibility with clients, employers, and other professionals in your field; expand career opportunities; increase earning potential; and demonstrate your commitment to professional excellence.

5. Is there any ongoing maintenance required for my certification?

Answer: Yes, most certifying bodies require ongoing maintenance of your certification through completion of continuing education credits or periodic recertification exams.