If an individual is into the field of finance, then an accounting certification can enhance the earning potential and qualify for the more positions. If one is considering getting an accounting certifications then exploring a few of the certifications will help to determine which the perfect fit is for them.
In this article, let’s discuss the best management accounting certifications and their benefits.
Chartered Financial Analyst (CFA)
Having a Chartered Finance Analyst (CFA) certification demonstrates a financial professional’s knowledge and abilities about the portfolio management, economics, professional and ethical standards and investment analysis
Several investment firms are looking for individuals who have done this certificate in management accounting for security analysts and asset managers. It also adds perks for those who are keen in jobs as equity analysts, fund or hedge fund managers, chief financial officers or senior finance managers.
This credential needs a bachelor’s degree along with four years of experience in the domain of financial services. The exam has three sequential levels with a total exam time of 18 hours. An individual must qualify the first level only then they can shift to the next level. The recommended ongoing requirements include 20 hours of CPE credits with at least two hours of standards, regulatory and ethics education.
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. It is among the world’s most uniquely designed powerful management accounting certifications from the 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 a perfect certificate in management accounting, the CIMA® charter offers each applicant 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 Internal Auditor (CIA)
The Certified Internal Auditor (CIA) certification is an internationally accepted certificate in management accounting for people who are looking for an internal auditor career. This certification offers the competencies in areas, which include risk and control and information technology. It also demonstrates proficiency working with internal staff and external clients. The CIA credential is very useful for internal auditors who are aiming to be managers or chief audit officers.
Individuals should have a bachelor’s degree and two years of internal audit experience. A master’s degree can be substituted for one year of experience. The exam includes three levels, with a total exam time of 6.5 hours. The ongoing prerequisites include CPE credits that may change by an individual’s work status.
Certified Management Accountant (CMA)
The Certified Management Accountant (CMA) certification is granted by the IMA (Institute of Management Accountants), which is recognized globally. It verifies competency in cost management, decision analysis, forecasting and internal control auditing. It also demonstrates a mastery of critical accounting and financial management skills from an internal, managerial and generalized perspective.
Most accountants acquire both the CPA and CMA certifications, mainly if they are pursuing careers in big, multinational organizations. The CMA is described as a highly practical application of theoretical concepts tested in the CPA exam.
Applicants should have a bachelor’s degree and two consecutive years in management accounting or financial management. The exam has two levels for a total of 8 hours. The ongoing prerequisites include 30 hours of continuing professional education (CPE) credits.
Financial accounting professionals are the backbone of any organization. A competent accountant is required anywhere there is money. After completing a financial accounting school, you will be able to work in any industry, ranging from mega-corporations specializing in shares and investments to a plethora of other businesses.
The benefits of enrolling in accounting certification programs are in abundance. They immediately lead to several careers such as:
- Certified public accountant
- Secretary of the company
- External auditor
There are several more distinguishing advantages of obtaining certifications in finance and accounts, which include…
- Increasing your chances of being employed
- Reducing your chances of being dismissed during layoffs
- Maximizing the market value of your skillset
- Raising your income
- Providing professional integrity for you and your firm
Doing the accounting certifications provide several perks, which include more career opportunities, attractive salary, more flexibility if an individual wants to change careers and be a part of the well-reputed and growing organization.