Popular Certifications in Accounting

Candidates who are building up a career in accounting field will know that while the essential requirement for getting a high-paying job in the sector is a master’s in the subject, taking a certification in any field of specialization is needed and sometimes mandatory. Undergraduate and graduate programs in the field allow students to choose from various specializations, most of which overlap with each other and, at the same time, allow candidates to work within a sector they prefer.

Taking any certification in the field of accounting can require candidates to invest more time, effort, and money into their education. However, this will increase their chances of getting higher-paying jobs. A few of the certifications that are popular among accounting majors include CPA, CFA, CIA, EA, etc. The eligibility requirements for each specialization will differ, as will the fee for the certification.

Popular Certifications in Accounting

Certificate	Fees	Average Annual Salary
CPA/Certified Public Accountant	$1,100 to $1,500 (total)	$119,000
CFA/Chartered Financial Analyst	$990 to $1,390	$90,000
CMA/Certified Management Accountant	$370 to $495 per part	$158,000
EA/Enrolled Agent	$259 per part	$60,000
CIA/Certified Internal Auditor	$215 to $445 per part	48,000
CFE/Certified Fraud Examiner	$450	$82,000
CGMA/Chartered Global Management Accountant	$325	$52,000
FSAC/Financial Services Audit Certificate	$625 to $1,999	$103,000
CGFM/Certified Government Financial Manager	$135 per exam	$92,000
CISA/Certified Information Systems Auditor	$575 to $760	$149,000
ABV/Accredited in Business Valuation	$175 to $275	$89,000

CPA Certification

The CPA Certification is required for becoming a Certified Public Accountant which is one of the most sought-after professions in the field allowing candidates to prepare audited financial statements and file reports in association with the Securities and Exchange Commission which is something normal accountants are not qualified to do. This certification allows them to represent clients without being an attorney or EA-certified in front of the Internal Revenue Service. It is awarded by the American Institute of Certified Public Accountants.

Candidates who are CPA certified can work for businesses and large corporations, providing tax services, audit/assurance services, or management services, depending on their interests. With this certification, they can apply for higher-level management positions in organizations without climbing the ladder step by step. They can also work for government agencies and non-profit organizations.

Eligibility Requirements

The eligibility requirements that one will have to meet for this certification will be dependent on the state in which one wishes to practice.

Eligibility to take the CPA exam

• 150 credit hours of coursework with a concentration in accounting
• Minimum age requirement varies by state, with some states not specifying any age requirement while others requiring the candidate to be at least 18 years old
• Some states require the candidate to be a resident of their state, while others require the candidate to be a US citizen. Yet others do not have residency stipulation

Eligibility to get the CPA license

• Pass the CPA exam with a score of at least 75 in each section
• Pass an Ethics Examination if their state requires them to, with a minimum score of 90. Some states may mandate taking the ethics exam while others may not, and the rest might have a test designed by them
• Acquire 1-2 years of relevant work experience as required by their state

CFA Certification

The CFA certification is for candidates who wish to be chartered financial analysts and is awarded by the CFA Institute. The focus areas of this field are investing and finance, and hence, it is mostly opted for by candidates who have specialized in either of these fields. This examination takes a little longer than the CPA certification for candidates to complete since it is not offered frequently throughout the year. Candidates are required to complete the CFA program, which enables them to take a 3-part examination for the certification.

The examination will cover the basics of fundamental tools, valuing assets, portfolio management, and even wealth planning. Candidates need to have an accounting background in finance, economics, and business to take the certification. This certification will allow them to work in top management positions in organizations, handling tasks like risk management, asset management, investment management, etc. They can also work as research analysts and portfolio managers with this qualification.

Eligibility Requirements

The CFA is a three-part exam that has to be taken sequentially. The candidate has to meet the eligibility requirements to enroll in the CFA program.

Eligibility to take the CFA exam

• Level I exam: Possess a bachelor's degree or be no more than 23 months away from graduation
• Level II exam: Be no more than 11 months away from graduation
• Level III exam: Earned bachelor's degree

Instead of educational qualifications, candidates can submit proof of 4,000 hours of relevant professional work experience in this field or a combination of work experience and educational qualifications.

Eligibility to become a Charterholder

• Pass all three levels of the CFA exam
• Accrue 4,000 hours of work experience or a combination of higher education and work experience that was acquired over a minimum of three sequential years
• Submit 2-3 reference letters
• Have a valid international passport
• Apply to become a Charterholder

CMA Certification

This certification is required for working as a Certified Management Accountant and is provided by the IMA for accountants and financial professionals in business. The examination has 2 parts which cover 12 competencies in all. Part 1 of the examination deals with Financial Planning, Performance, & Analytics, whereas Part 2 deals with Strategic Financial Management. Candidates will be able to complete the certification within 12 to 18 months.

Candidates will focus on areas like cost management, decision analysis, internal control auditing, etc., for the certification. It will be highly beneficial for candidates to take both the CPA and CMA certifications, especially if they work for multi-national companies since they deal with two areas that overlap within the workspace.

Eligibility Requirements

The eligibility requirements for the CMA certification are as follows-

• Active IMA membership of $49 annually for students or $295 for professional members
• Pay the CMA Entrance fee of $225 for students or $300 for professional members, valid for 3 years
• Candidates must hold a bachelor's degree from an accredited school OR an approved certification. The transcripts from the school or the validation letter from the certifying organization have to be emailed directly by the respective authorities
• Candidates must have 2 consecutive years of work experience in management accounting or financial management
• Pass Part 1 and Part 2 parts of the exams, taken on separate days, with at least 50% score
• Comply with the IMA Statement of Ethical Professional Practice

To maintain their certification, candidates must complete 30 hours of continuing professional education (CPE) annually, with a minimum of two hours dedicated to ethics.

EA Certification

The EA, or Enrolled Agent exam, is also known as the SEE/Special Enrollment Examination. It is conducted by Prometric on behalf of the Internal Revenue Service. An Enrolled Agent is tasked with representing taxpayers like an attorney in front of the Internal Revenue Service. The certification includes a comprehensive IRS test divided into three parts. Upon completing the certification, candidates will have unlimited practice rights like CPAs and attorneys.

Eligibility Requirements

There are no minimum educational or professional experience requirements for candidates to apply for the EA certification. However, higher education, like a Master's in accounting or a related field, and professional experience give them an edge over others.

• Obtain Preparer Tax Identification Number (PTIN) by paying the non-refundable fee of $19.75
• Pass the 3-part Prometric SEE exam within three years
• Submit Form 23 and enroll at the IRS website by paying $140
• Clear the suitability check, which is a background check into the candidate's financial and criminal records

CIA Certification

The CIA certification is taken for those who wish to be certified as Internal Auditors within organizations. This certification is provided by the Institute of Internal Auditors. This certification requires candidates to take a three-part examination in the field which includes areas like accounting, internal auditing techniques, management principles, etc. Since it is the only global certification provided for internal auditing, candidates who have taken this certification will be able to apply internationally for the services they offer.

Candidates with a CIA certification can work for organizations at any scale as long as they are dealing with internal audits. They will be able to work in designations like audit specialists, audit managers, operational risk consultants, staff internal auditors, etc.

Eligibility Requirements

To be eligible for CIA certification, candidates must meet the educational qualifications required to be approved into the CIA program, pass the CIA exams, and meet the work experience requirements corresponding to their educational qualifications. Only after completing the work experience requirements are they awarded the CIA certification.

• Bachelor’s degree - 2 years of Internal Auditor experience
• Master's degree - 1 year of Internal Auditor experience
• Active Internal Auditor Practitioner - 5 years of Internal Auditor experience
• 5 years of Internal Auditor experience

Candidates must either have the required degree at the time of enrolling, be in the final year of their degree, or be an active student with an approved Internal Audit Education Partnership (IAEP) school. Although not mandatory, IIA membership is recommended for candidates to have access to exam prep materials and courses.

CFE Certification

Certified Fraud Examiners often collaborate with legal investigative teams and they can work for both the public and private sectors, depending on their interests. They will also be able to work in fraud-related fields like criminology & sociology, fraud investigation, loss prevention, law, etc. The content that the certification focuses on includes topics like fraud examination in financial transactions, fraud schemes, and fraud prevention.

Eligibility Requirements

The eligibility requirements for a CFE certification include educational qualifications and work experience.

Eligibility to take the CFE exam

• Must become an associate member of the ACFE
• Should earn 40 points based on educational and work experience. The Point System Calculator allows the candidate to enter their work and educational qualifications to calculate their eligible points

A bachelor's degree is equivalent to 40 points. Educational requirement does not include a degree from any specific field of study

Eligibility to get the CFE certification

• Pass the CFE exam
• Have a minimum of 2 years of fraud-related work experience, which should bring the eligible points to 50
• Agree to the Code of Professional Ethics and apply for the certification

CGMA Certification

The CGMA certification is similar to the CMA certification, which is a globally recognized certification. Candidates who wish to mainly deal with management accounting skills in both the private and public sectors must take up this certification. It is globally recognized and hence provides candidates with the opportunity to work anywhere in the world.

To get CGMA certified, one must enroll in a CGMA program and complete the necessary coursework. They must also take the case study exams and subsequently demonstrate three years of related work experience.

Eligibility Requirements

Candidates who already hold the CPA certification will have a shorter pathway to getting their CGPA certification.

• Be a member of the AICPA
• Have a minimum of 3 years of related management accounting experience
• If already a CPA- Pass the CGMA strategic case study exam; If not a CPA- Take the CGMA Finance Leadership Program and case study exams
• Adhere to the AICPA Bylaws and Code of Professional Conduct.

FSAC Certification

This certification is taken by candidates who wish to be certified in Financial Servicing Audit. They will deal with financial statements, internal control & governance testing, risk management process analysis, etc. They will also have to ensure the prevention of fraud to a certain extent in the tasks they have been assigned to.

The qualification, provided by the Institute of Internal Auditors, is 15.3 hours long and requires candidates to take 2 examinations.

Eligibility Requirements

There are no prerequisites and eligibility requirements that one has to meet to take this certification specifically. A few of the general eligibility requirements include-

• An undergraduate degree from an accredited institute
• At least 24 months of auditing experience

CGFM Certification

The Certified Financial Manager for Government Entities certification is a valuable credential for finance professionals in the public sector, equipping them with the skills and knowledge necessary to effectively manage public funds, ensure compliance with regulations, and contribute to the financial health of government organizations.

This certification is designed for individuals who work in government finance roles, including those in federal, state, and local government agencies, as well as non-profit organizations operating in the public sector. It emphasizes financial management practices that are unique to government entities, including budgeting, accounting, financial reporting, and compliance with regulations.

Eligibility Requirements

The candidate will have to submit the required non-refundable CGFM application fee.

Eligibility to take the CGFM exam

• Hold a bachelor's degree or be 1 year away from graduation from a university accredited by US Department of Education. The proof of education should be submitted within 6 months of submitting the application
• Receive the Eligibility Letter from AGA, which is valid for 18 months to take the 3-part CGFM exam

Eligibility to get the CGFM certification

• Pass the CGFM exams
• Provide proof of a minimum of two years of work experience in government financial management- federal, state, local or tribal government, within 4 years of acceptance in the CGFM program
• Receive CGFM Award Letter, which can be used in lieu of the CGFM certification till it is received, is emailed 3-4 weeks after meeting all the certification requirements

CGFM certification is mailed 6-10 weeks after the Award Letter.

ABV Certification

The Accredited in Business Valuation (ABV) certification is a prestigious credential that acknowledges an individual's specialized knowledge and proficiency in the field of business valuation. This certification is particularly significant for professionals engaging in fair value assessments, which are critical for various financial reporting and transaction-related purposes. Fair value assessments involve determining the estimated worth of a business or its assets, taking into account market conditions, economic factors, and the specific circumstances surrounding the entity being evaluated.

The ABV certification is conferred by the American Institute of Certified Public Accountants (AICPA), a leading organization in the accounting profession. The AICPA sets rigorous standards for obtaining the ABV designation, requiring candidates to demonstrate a combination of education, experience, and successful completion of a comprehensive examination. This process ensures that only qualified individuals are recognized as business valuation experts, thereby enhancing their assessments' credibility and reliability.

Eligibility Requirements

The pathway to ABV certification is shorter for CPA than for non-CPA certification holders.

Eligibility to take the ABV exam
ABV examination is waived for certain candidates who have taken the ASA credential exam of the American Society of Appraisers, CFA exam level III of the CFA Institute, or CBV credential exam of the Canadian Institute of Chartered Business Valuators.

• Must maintain an active AICPA membership
• CPA- hold a valid unrevoked CPA license; Non-CPA- hold a bachelor's degree or equivalent AND complete the AICPA Professional Conduct and Standards Education for Finance Professionals course within 30 days of applying

Eligibility to get the ABV certification

• Pass the ABV exams if the waiver requirement is not met
• Accrue 1,500 hours, if CPA, or 4,500 hours if not a CPA, valuation experience within 5-years before credential application
• Complete 75 hours of valuation-related continuing professional development (CPD) within 5 years before the credential application