Your Guide to the Top Accounting Certifications

Written by CFI Team

Read Time 6 minutes

Top Accounting Certifications

For finance professionals seeking to enhance their credibility, expertise, and career prospects, accounting certifications can be a game-changer. These credentials validate your knowledge and skills, demonstrating your commitment to excellence and opening doors to new opportunities. But with so many certifications available, how do you know which ones are the most valuable?

Let us walk you through the top accounting certifications sought by finance professionals, highlighting what makes them popular.

The Importance of Accounting Certifications for Finance Careers

Of course, every career requires training, but let’s see in finer detail why the appropriate certifications are so important for professionals who manage the purse strings of our enterprises and institutions:

Demonstrated Expertise: Certifications validate your knowledge and skills in specific areas of accounting and finance, showcasing your mastery of complex concepts and regulations.
Enhanced Credibility: Holding a recognized certification builds your professional credibility, earning the trust and respect of colleagues, clients, and potential employers.
Career Advancement: Certifications can unlock new career opportunities and give you a competitive edge in a crowded job market. They can also lead to salary increases and access to more senior roles for people already serving in an organization.
Professional Network: Many certification programs offer opportunities to network with other professionals in your field, fostering valuable connections and potential collaborations.

Key Benefits of Holding Top Accounting Certifications

In addition to the broader advantages mentioned above, specific benefits associated with top accounting certifications include:

Specialization: Some certifications focus on specific areas of accounting, allowing you to develop expertise in niche fields like forensic accounting or international accounting.
Job Security: Certifications demonstrate your commitment to continuous learning and staying abreast of industry developments, making you a valuable asset to any organization.
Personal Growth: The process of preparing for and earning a certification can be a rewarding experience. It hones everyday skills that can be applied beyond the context of a particular team or department, leading to personal and professional growth.

The Most Sought-After Accounting Qualifications

It’s impossible to name the highest-rated accounting certification because different positions require different combinations of credentials. However, some certifications are generally considered more prestigious and rigorous than others.

Here’s a rough hierarchy based on the number of applicants they attract:

Certified Public Accountant (CPA): Widely recognized in the United States, the CPA is a highly respected credential for public accounting and related fields. The Uniform CPA Examination is typically open to applicants with any bachelor’s degree that includes 150 semester hours, including a certain number of hours of accounting and business coursework, and 1-2 years of relevant experience, depending on the state awarding the credential. The certification is awarded by state boards of accountancy.
Chartered Accountant (CA): Not recognized in the United States but considered the gold standard in many countries, this designation requires extensive education, experience, and rigorous examinations. The requirements for sitting the exams vary by country, but in general applicants need to have a bachelor’s degree and 3-5 years’ experience working under a qualified CA. Certification is awarded by national or regional accounting bodies, such as the Institute of Chartered Accountants in England and Wales (ICAEW) or the Canadian Institute of Chartered Accountants (CICA).
Chartered Financial Analyst (CFA): While not strictly an accounting certification, the CFA charter is highly valued in investment management and financial analysis roles. Awarded by the CFA Institute, this designation requires prior attainment of a bachelor’s degree, passing all three levels of the CFA exam, four years of qualified work experience, and adherence to the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
Chartered Global Management Accountant (CGMA): Awarded to qualified CPAs seeking additional competence in management accounting skills and strategizing. Jointly awarded by the American Institute of CPAs (AICPA) and the Chartered Institute of Management Accountants (CIMA). Open to members of the AICPA or the CIMA with at least three years of relevant, work-based management accounting experience. Holders must commit to Continuing Professional Development (CPD) to maintain the designation.
Certified Management Accountant (CMA): Awarded by the Institute of Management Accountants (IMA), this certification focuses on management accounting and strategic financial management. Applicants must possess a bachelor’s degree and two years of relevant professional experience and must adhere to the IMA’s Statement of Ethical Professional Practice.

Specialized Accounting Certifications

The CFA, CPA, and CMA certifications are particularly sought after in the banking and finance sector, but one niche credential in this area is the Financial Risk Manager (FRM) certification, designed for professionals specializing in risk management within financial institutions.

The FRM is awarded by the Global Association of Risk Professionals (GARP) and has no specific educational or experience prerequisites. However, candidates must demonstrate two years of relevant work experience within five years of passing the exams.

In general, there are certifications in accounting that cater to specific tasks or functions, such as Accounting for Financial Analysts. Other noteworthy examples are:

Certified Internal Auditor (CIA)

Essential for professionals involved in internal auditing and risk management. Awarded by The Institute of Internal Auditors (IIA) and open to candidates with a bachelor’s degree and two years of verified internal auditing experience.

Certified Fraud Examiner (CFE)

Highly valued in fraud detection, prevention, and investigation roles. For candidates with a bachelor’s degree and two years’ professional experience in a field related to fraud detection or deterrence. Awarded by the Association of Certified Fraud Examiners (ACFE).

Certified Information Systems Auditor (CISA)

In demand for professionals working in information technology audit and security. Requires at least five years of professional information systems auditing, control, or security work experience. Substitutions and waivers for some experience are possible with certain qualifications. Awarded by ISACA (formerly the Information Systems Audit and Control Association).

Certified Government Financial Manager (CGFM)

Specifically designed for professionals working in government accounting and finance. Applicants must have a bachelor’s degree and two years of professional experience in government financial management. Awarded by the Association of Government Accountants (AGA).

Enrolled Agent (EA)

This certification is US-specific, allowing accountants to practice as tax advisors across the country. Awarded by the Internal Revenue Service (IRS). No formal education or experience requirements; automatically awarded to IRS employees with at least five years’ experience in the institution.

Accredited in Business Valuation (ABV)

This certification endorses the holder’s skill in business valuations, otherwise known as fair value calculations, and assessing intangible assets for transactional purposes. Awarded by the American Institute of CPAs (AICPA). Applicants must hold a valid CPA license, provide proof of conducting at least 10 business valuation engagements, and complete a 75-hour ABV course.

Certain industries typically prefer professionals with specific certifications. For example, public accounting firms often seek CPAs; the investment banking and asset management sector has a preference for CFA charterholders; auditing firms naturally opt for people with CIA certification; and CGFM certification can be a significant advantage in government and non-profit accounting roles.

Top Accounting Certifications - Accounting for Financial Analysts Specialization — *CFI’s Accounting for Financial Analysts Specialization*

How Many Certifications Should You Pursue?

The number of certifications you should accumulate depends on your career goals and personal preferences. While having multiple certifications can demonstrate a broad skill set, focusing on a few highly relevant credentials may be more beneficial. Consider your current role, future aspirations, and the specific certifications valued in your chosen field.

To align study options with your career trajectory, ask yourself:

What are my long-term career goals?
Which certifications are most valued in my desired field or industry?
What skills and knowledge do I need to develop for these goals?

Factors to Consider When Selecting Certifications

When evaluating which certifications match your career plan, there’s more to it than merely visualizing the role you wish to aim for. Now is the time for a deeper dive into the factors that determine the best certification for your situation:

Recognition: Choose certifications that are well-respected and recognized within your industry.
Rigor: Consider the difficulty level and time commitment required for each certification.
Cost: Factor in the cost of exam fees, study materials, and potential review courses.
Personal Interest: Choose certifications that align with your interests and passions within the field of accounting.

By carefully considering these factors, you can select the right certifications that will propel your career forward and help you achieve your professional goals.

Conclusion

Accounting certifications are a powerful tool for advancing your career in corporate finance. Investing in your professional development and earning recognized credentials demonstrates your commitment to excellence, enhances your credibility, and opens doors to new opportunities.

The Corporate Finance Institute (CFI) offers courses and resources to help you build foundational skills applicable to several certifications, particularly in financial analysis career paths.

Contact us to learn about our Financial Modeling & Valuation Analyst (FMVA®) certification and for general guidance on the Chartered Financial Analyst (CFA) career roadmap.