You are about done with your undergraduate degree in accounting. You know you love numbers and people, but you really don’t know what type of career path you want. You would like to make sure you are paid a competitive wage, and that you have an edge on your competition. The best way to gain that competitive edge is through accounting certifications. In this article, I will explore five accounting certifications that you should at least consider.
CPA
The CPA is the “gold-standard” around the world. This is the first accounting certification that comes mind for anyone, regardless if they know anything about accounting or not. Obtaining a CPA license is no easy task. You must complete 150 hours of college education in most states. In addition to the credit hour requirements, there are certain accounting courses that are required.
In addition to educational requirements, those craving a CPA certification have to sit the CPA exam. This is a four-part rigorous exam that covers all of your accounting and business knowledge. After meeting your educational requirements and pass the exam, you will also need experience before obtaining your license. Experience requirements differ by state, so check with your state Board of Public Accountancy.
Unlike the other accounting certifications I will explore in this article, the CPA is a regulated certification. You are licensed and regulated by the state. Other certifications are given by sponsoring organizations.
CMA
The CMA is another well-known accounting certification. CMA stands for Certified Management Accountant. This accounting certification is given by the IMA. In order to become a CMA, you must have a bachelor’s degree. The nice thing is you don’t have to have a bachelor’s degree in accounting. This is a nice certification for people who came to accounting later in their careers and don’t have the time, money, or energy to go back to school and meet the educational requirements to sit the CPA exam.
A CMA usually works in industry. CMAs are familiar with accounting concepts, and are well versed in running a business. I am currently a CMA candidate.
CFE
CFE stands forCertified Fraud Examiner. You do not have to be an accountant in order to be a CFE. There are many CFEs that do not have an accounting background and that work in law enforcement. A CFE generally has a bachelor’s degree, but it isn’t required in all cases. Two years of fraud-related work experience can be substituted for each year of academic study. This is nice for people that need a relevant certification, but don’t have a bachelor’s degree. Fraud related work experience can be in Accounting and Auditing, Criminology or Sociology, Law, Loss Prevention, or Fraud Investigation.
If you do hold a bachelor’s degree, you will still need to have two years of anti-fraud related work experience in order to be certified.
In addition to educational requirements, a candidate must pass a four part exam. The nice thing about the CFE exam is that you can take it in the comfort of your own home. I am a CFE and I must say it is a very fun certification to have.
CIA
CIA stands for Certified Internal Auditor. Unlike external auditors who are independent of their clients, internal auditors work for a company. Internal auditors serve an important purpose in the corporate world. In order to become a CIA, you must have a bachelor’s degree. Like the other accounting certifications, there is a four-part examination that must be completed in order to become certified. In addition to educational requirements and passing an exam, you must have 24 months of internal audit experience or its equivalent. If you have a master’s degree in accounting, law, or finance your master degree can substitute 12 months of experience.
Whether you want to become a CPA, or if you would rather work in industry, there is an accounting certification for you. If you posses one or more of these accounting certifications, your resume will impress hiring managers and you will make more money.
