If an individual is into the field of finance, then financial accounting certification can improve the earning potential and qualify for the more positions. If one is considering getting the best accounting and finance certifications then exploring a few of the certifications will help to determine which the perfect fit is for them.
Doing certification in finance and accounts highlights that one has put in the time and effort to enhance their knowledge and skills by expanding it with better ways. More and more individuals nowadays have access to university education. Consequently, this means that bachelor’s degrees have become less valuable. Therefore, acquiring a professional certification will help an individual to stand out from the crowd and to gain an edge with the current competition.
In this article, let’s discuss the financial accounting certifications.
Financial Risk Manager (FRM)
This Financial Risk Manager (FRM) management accountant certification is accredited by the Global Association of Risk Professionals (GARP) and the professionals acquire proficiency in risk assessment. They are trained to assess risk in insurance companies, regulatory agencies, asset management firms, and banks.
Certified Government Financial Manager (CGFM)
This is among the best accounting certification expands the career opportunity as a government financial manager. It helps to attain competency in governmental accounting, internal controls, financial reporting, auditing, and budgeting. It is one of the respected qualifications that recognize the specialized knowledge in the said domain.
Chartered Investment & Management Accountant (CIMA®)
Chartered Investment & Management Accountant (CIMA®) is the perfect certification if an individual is looking to launch a global career to be an investment & management accountant professional.
CIMA professional qualification is among the world’s most uniquely designed powerful management accounting certification from United States.
CIMA® is very reliable and consists of the highly distinctive validation of advanced-level competence of professionals in two of the most rapidly growing super-specialization areas in accounting – investment accounting, and management accounting.
It is the best accounting certification, the charter offers CIMA qualified professionals with a proven promise and readiness for gathering the essential and in-demand financial intelligence, which globally several firms are in need to monitor, manage and grow their businesses and investment assets as well as portfolios.
Certified Financial Planner (CFP)
In college days, if one is among the students, who would make a budget plan for a short quick trip and divide contribution of money, then one must pursue the path to be a Certified Financial Planner. A holistic planning approach is necessary for insurance, education, tax, estate planning, asset management, employee perks, and more.
To have a bigger picture of clients’ finances, doing financial accounting certification in certified financial planner is highly recommended.
Certified Public Accountant (CPA)
The Certified Public Accountant (CPA) certification is considered as one of the most essential certifications for accountants and is also significant for a finance career path. For a career in accounting, the CPA is virtually a “must have” certification. Several employers list it as an option prerequisite for accounting positions. The CPA certification covers topics like auditing, attestation, financial accounting and reporting, business environment and concepts, and regulation.
The CPA does not have any levels and has a single exam that consists of four sections. Each of these four sections is tested separately, acting as their own exam. Completing the entire program can cost anywhere from $1,000 to $3,000, based on the jurisdiction and study program (self-study or live classes). However, accounting firms, often pay for their employees CPA fees. The pass rate for the CPA exam is around 50 percent.
Certified Management Account (CMA)
The Certified Management Accountant (CMA) is a financial accounting certification, which is provided by the Institute of Management Accountants. The CMA looks further into financial accounting and mixes in elements of strategic management. The certification is concerned with teaching the underlying aspects behind a firm’s financials and the way strategic business decisions can be derived from them.
There are no levels in the CMA certification but there is a final exam with two parts that are tested separately. The CMA can cost anywhere between $850 to $2,500 based on the student or professional and if is planning to pursue further studies. The pass rate for the CMA exams lies between 40-50 percent.
Chartered Financial Consultant (ChFC)
The finance professionals with this certification are skilled in practical applications of their knowledge. They can relate their knowledge easily to real-life scenarios and thus work as financial advisors mostly. They earn more as compared to their non-certified peer group.
They get well-versed in the integrated advanced arena of financial planning such as insurance, income tax, asset protection, estate tax, gift tax, employee benefits, and retirement planning.
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