Accounting is a rewarding career field with boundless opportunities. Every business needs someone skilled at handling the numbers. Professionals with a deep understanding of far-reaching money implications can help companies find ways to save on expenses and grow more profitable.
Employers looking for accounting or finance professionals may require specific certifications, especially in more advanced roles. These certification requirements can also mean a higher salary.
Some certifications require more preparation than others. For example, you might have to meet specific education and on-the-job experience beforehand or pass a lengthy exam afterward. You may even test on ethical dilemmas.
Some certifications require continuing education courses to keep them. Accountants must continue learning to keep up their credentials.
Certifications allow you to hone your knowledge and skill set. You can expand your general accounting knowledge or specialize in a more specific area.
Let's discuss the advantages of enhancing your knowledge through certifications.
Certifying in an area of accounting or finance allows you to become a better employee, giving you a leg up over the competition.
You strengthen your knowledge, earning potential, and the company you work for. Let's look into the many advantages of going for those certifications.
The following multipurpose accounting certifications can help you grow your career.
Accountants typically seek a CPA designation before pursuing more specialized ones. What can a CPA do that an accountant can’t?
CPAs have more legal authority to perform certain duties. For example, they can perform external audits or audits of publicly traded companies. They can represent clients in IRS proceedings and prepare financial statements for the Securities and Exchange Commission.
A CFP designation is a sign to clients that you work unbiasedly in their best interests–you aren’t just selling investments to make a commission. It also says you have years of experience behind you and have undergone a background check, stringent education, and testing requirements.
Take your auditing skills to the global level. While a CPA designation allows you to audit companies, it isn’t recognized anywhere but in the US. CIAs are in high demand in government, healthcare, and finance industries.
The CMA designation qualifies you for advanced managerial roles, such as chief financial officer. Increasingly, organizations need business accountants adept at analyzing data, forecasting, and suggesting recommendations. A CMA certification takes your skills to the next level by boosting your strategic planning skills.
Some accounting positions demand specialized expertise, like forensic accounting or fraud examiners. These specialized certifications show you’ve mastered select skills.
With an ABV certification, you can assess an entity's fair value. You’ll work closely with company founders and CEOs to help estimate the company’s assets for mergers, acquisitions, and business risk. Your financial opinions will be beneficial in legal matters.
This credential marks the highest achievement level for portfolio managers. Analysts can manage teams and monitor investments at financial firms.
CFEs excel at fraud prevention and detection. They use their knowledge of accounting and the law to investigate financial transactions and suspicions of fraud. They take on many roles: compliance officer, risk manager, external auditor, and special agent.
CRMA-certified accountants gain advanced risk management assurance expertise. You’ll provide your company with education and advice. You’ll assist with governance and strategies for mitigating operational and financial risks.
The ATA credential can highlight your high level of tax education and expertise. You’ll be recognized as an expert in tax planning and preparing who holds to a high ethical standard.
As a certified forensic accountant, you’ll examine financial information for evidence of illegal activities, from credit card fraud in payment systems to tax evasion. You could even team up with law enforcement agencies.
Accounting and finance certifications generally involve work experience, an exam, and CPE credits. Typically, a CPA credential is the gold standard for working in a public accounting firm. However, there's no hierarchy to certifications.
Identify your career path. Then, pursue the certifications that meet your needs. The best path and education for you combine your natural interests and abilities with your career goals.