If you want to excel in numbers-focused areas then polishing one’s skills in terms of accounting and finance is very essential as it will be useful for getting better job opportunities.
According to the Bureau of Labor Statistics (BLS), the accountants earned a median annual salary of $71,550 as of 2019. Accounting careers are projected to grow on par with the national average from 2019-2029. An accounting and financial management certificate provides a practical pathway in one’s career.
Doing financial accounting certification highlights that one has put in the time and effort to enhance their knowledge and skills. As they can achieve more in their professional journey. These certificates can facilitate transitions into entry-level accounting and bookkeeping careers, even without a college degree. Earning an accounting certificate can also improve the resume of a college graduate, providing further credentials in a faster timeframe than most degree programs.
Financial accounting certification holders can use their credentials to find work in several accounting industry jobs or pursue further education, based on their educational and professional background. Workers in the field might pursue accounting certificates to finish of prerequisites for an advanced accounting degree. Certificate-holders without a degree may find work as a clerk, small business bookkeeper, budget planner, or commercial banking specialist.
The below-mentioned list details more potential benefits of the best accounting certificates, which will enable to enhance one’s ability to be finance and accounting professionals.
Certified Management Account (CMA)
The Certified Management Accountant (CMA) is an accounting and financial management credential, 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 Investment & Management Accountant (CIMA®)
Chartered Investment & Management Accountant (CIMA®) is among the best accounting certificates for those professionals who are seeking various ways to begin a global career to be an investment & management accountant professional. It is among the world’s most uniquely designed credential in the discipline of finance and accounting from United States.
CIMA® is the perfect certification for the finance and accounting professionals in two of the most quickly emerging super-specialization areas in accounting – investment accounting, and management accounting. It is a top certification, the CIMA® charter provides each aspirant with a proven promise and readiness for gathering the required and in-demand financial intelligence that globally many firms are needed to monitor, manage and grow their businesses and investment assets and portfolios.
Certified Public Accountant (CPA)
The Certified Public Accountant (CPA) is the perfect accounting and financial management 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 Financial Planner ® (CFP®)
Those with the CFP® certification have demonstrated competency in all the disciplines of financial planning. Applicants gain knowledge on over 100 areas, such as stocks, bonds, taxes, insurance, retirement planning and estate planning. The accounting and financial management certification is administered by the Certified Financial Planner Board of Standards Inc. In addition to passing the CFP® certification exam, applicants should also finish qualifying work experience and agree to adhere to the CFP® Board's code of ethics and professional gains and financial planning standards.
A financial planner mainly works with professionals so that they can understand their options and make financial decisions that are highly suited for their personal financial situation and objectives. The nature of their work usually has a lot of reliance is placed in these professionals, the CFP® Board posts data on the financial planning process and current licensees, offering clients of CFPs to verify if their financial planners' designations are in good standing. The last aspect anyone requires is to choose a CFP which certification got revoked.
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