The world of accounting specialties is vast. From tax preparation to forensic accounting, there is something for everyone. However, making your way into the career path of your choosing will take more than just a basic accounting degree.
Over the past few decades, organizations focusing on specific accounting and financial niches have developed training programs to further an accountant’s education. As evidence of completing coursework, passing an examination, and maintaining continuing education requirements, these organizations award certificate designations.
Obtaining any one of the following certifications is an impressive accomplishment. With a new designation comes new opportunities for advancement, employment, or expanding your clientele base. Deciding which certification is right for you very much depends on the area of specialty you wish to pursue.
We have put together a list of five of the leading certification programs available today. Whether you are just beginning your accounting career or a seasoned CPA, obtaining one of the following designations will certainly propel your career.
Chartered Financial Analyst (CFA)
The investment community, where the CFA certification is most prevalent, has done well to promote the CFA designation. And rightfully so. Anyone considering working in the securities and investment industry will need to consider pursuing the CFA seriously.
For accountants, the CFA is not necessarily a requirement to work with investment firms. However, obtaining this coveted designation certainly will bring an accountant on par with their focused investment peers, providing a definite employment advantage over those relying on more traditional accounting certifications.
Requirement for the CFA include:
- Examination: 3 parts
- Education: Bachelor’s degree or 4 years relevant experience
- Experience: 4 years
An accountant looking to work with today’s hedge funds registered investment advisory firms, and securities dealers, the CFA designation is a sure-fire way to gain the attention of potential employers.
Certified Fraud Examiner (CFE)
Accountants working in fraud examination operate in an area relatively hidden from the outside world. Obtaining the CFE designation opens up a number of career paths such as forensic accounting, auditing, compliance, investigation, and even law enforcement.
With fraud increasing at an exponential rate, there likely will be no shortage of job opportunities in this arena. Pursuing and obtaining the CFE will put you in a high demand sector of the accounting industry.
Requirements for the CFE include:
- Examination: 4 parts
- Education: Bachelor’s degree
- Experience: 2 years
Those pursuing a career in fraud services work to reduce fraud across the globe. From the Madoff Ponzi scheme to the mortgage crisis of the mid-2000’s, the specialized skills of a CFE will be in demand for decades to come.
Certified Financial Planner (CFP)
The CFP examination has sometimes been said to be more difficult than the CPA examination. The exam’s level of difficulty may be up for debate, but be certain, obtaining the CFP designation may land you more clients or that next job opening.
The CFP encompasses some topics including:
- Tax planning
- Estate planning
- Insurance planning
- Education planning
- Investment planning
- Requirement planning
Like the CFA certification described earlier, the CFP has received a strong marketing push from the CFP Board. The CFP Board oversees available training programs and administers the grueling examination.
Requirements for the CFP include:
- Examination: 4 parts
- Education: Bachelor’s degree
- Experience: 3 years
The CFP designation distinguishes students as having met stringent educational standards and meet the obligations required of a fiduciary.
Certified Internal Auditor (CIA)
Self-explanatory in most respects, the CIA is specifically dedicated for the internal auditor. The employment opportunities for internal auditors is vast making the CIA certification a way to stand out amongst the crowd.
Requirements for the CIA include:
- Examination: 3 parts
- Education: Bachelor’s degree or 2-7 internal audit experience
- Experience: 2 years or a master’s degree in a relevant field
Employment opportunities for internal auditors are typically found within large organizations. Internal auditors almost exclusively perform audit procedures and assist with independent auditors when necessary. Holding a CIA designation is the gold standard for this accounting niche.
Certified Management Accountant (CMA)
Focusing almost exclusively on management accounting, the CMA adds value to accountants specializing in cost accounting, financial analytics, and strategic corporate planning. The program is administered by the Institute of Management Accountants in the U.S. and is recognized worldwide.
It is important to note there are comparable designations offered in other countries such as the CIMA in the United Kingdom and the CMA in Canada. Because of the global competition in this particular area, the CMA may not carry the same significance as accountants would like as other certifications.
Requirements for the CMA include:
- Examination: 2 parts
- Education: Bachelor’s degree
- Experience: 2 years
The CMA is indeed the standard-bearer for management accounting. Consider this certificate program if your current or prospective clientele requires this special skill set.
Selecting a Certification
Obtaining any certification is no walk in the park. As you begin your certification journey, it is recommended you start with a designation focusing on topics that interest you the most. After all, it takes a serious commitment to learn large amounts of new information and pass excruciating examinations.
One of the potential benefits of all your hard work obtaining a designation is the opportunity to expand your service offering. As with any accounting practice, make sure your Professional Liability insurance adequately covers you for all services you provide. An event of negligence, misrepresentation, or mistake could be costly for your business.
Certificate designations show your prospects and clients you take your profession seriously. They indeed require a tremendous amount of time and energy, but the potential rewards are well worth the effort!
