Pursuing accounting certifications is one path many professionals take to advance their careers. For those interested in deepening their accounting knowledge or specializing in areas like auditing, taxation, or systems, certifications offer credentials that demonstrate specialized skills. While achieving certifications requires an investment in exam fees and study time, the potential boost in job prospects, responsibilities, and pay makes it an appealing option for motivated professionals looking to take their careers to the next level. Read on to learn about the different Accounting certifications.
How Accounting Certifications Can Impact Career Growth
Obtaining accounting certifications can significantly benefit one’s career in several ways. Here is an explanation in easy-to-understand language:
1. Boosts Credibility and Respect
Certifications show current and future employers that you have mastered specific skillsets and bodies of knowledge. This earns you more credibility and respect in the accountancy field. Employers know certified accountants have put in the time and effort to be qualified.
2. Increases Job Prospects
Certified accountants stand out from the crowd during job searches and promotions. Certifications on your resume indicate you have an up-to-date understanding that translates into on-the-job performance. This gives you a competitive edge for landing jobs and advancing your career.
3. Higher Salaries
There is a proven correlation between accounting certifications and higher pay. Employers offer financial incentives to certified staff to attract and retain them. Various surveys show certified accountants earn 5-15% higher salaries on average than those without certifications.
4. More Responsibilities
As you obtain certifications, managers and executives entrust you with higher-level accounting tasks and leadership roles. This experience further sharpens your expertise. The more responsibilities you take on, the more you advance your know-how and visibility for growth.
Major Accounting Certifications
1. Certified Public Accountant (CPA)
This is one of the most well-known and prestigious accounting credentials. To become a CPA, you must pass a complex exam, meet education and experience requirements, and get licensed by your state. CPAs can provide individuals and businesses with accounting, tax, auditing, and consulting services. Getting your CPA is crucial if you want to lead an accounting firm or sign off on audit opinions.
2. Chartered Financial Analyst (CFA)
The CFA program focuses more on investment analysis and managing money. It requires passing 3 intensive exams covering economics, financial reporting, portfolio management, and ethical standards. Many stock analysts, fund managers, and wealth advisors pursue the CFA to show their investment expertise. It’s great for careers in corporate finance and the financial services industry.
3. Certified Management Accountant (CMA)
CMAs are financial planning, analysis, control, and decision support experts. Instead of tax returns and audits, they focus more on budgeting, performance evaluation, and strategy. The CMA exam covers financial statement analysis, corporate finance, management accounting, and other business topics. Large corporations often employ CMAs to guide financial strategy and planning. It’s a good fit if you want to climb the corporate ladder.
Choosing the Right Certified Accounting Courses
When choosing which certified accounting courses to take, you must consider your career goals and what you want to do in accounting. Here are these things to consider when choosing a Certificate in accounting:
1. Aligning Certification with Career Goals
As you consider getting certified in accounting, make sure the credentials you choose match up with the accounting career path you want. If you aim to be an auditor, pursue qualifications like the CIA (Certified Internal Auditor) specific to that job. Research different accounting specialities like forensic accounting, cost accounting, and tax accounting, and look into certs designed for each field.
2. Industry Trends and Future Outlook
When deciding on accounting certification, consider what skills are growing in demand and which credentials are preferred within the industry. As technology automates more basic accounting tasks, specialized skills like data analytics and information systems knowledge are becoming more sought after. Advanced certifications that teach relevant emerging skills can help future-proof your career.
The Bottom Line
Pursuing accounting certifications aligns well with career advancement goals. The right credentials demonstrate specialized expertise that leads to increased job prospects, higher salaries, more responsibilities, and, ultimately, the ability to reach higher positions in the accounting field.
FAQs
1. What’s the benefit of getting accounting certifications?
Certifications help you stand out by proving you have mastered specific accounting knowledge and skills required for the job. This leads to better career opportunities.
2. Which accounting cert is best for auditing jobs?
The CIA (Certified Internal Auditor) is specifically designed for professionals who want to perform and manage audits. It covers key material needed for this career path.
3. Do certifications increase pay?
Yes, obtaining accounting credentials has a proven correlation with higher salaries. Employers offer certified staff 5-15% higher pay on average.
4. How long does it take to get accounting certified?
It depends on the certification. Most require passing at least one complex exam plus meeting education and experience requirements. The entire process can range from 1-5 years.
5. What will be covered in the Accounting Fundamentals module?
This module will introduce students to financial statements – income statements, cash flow statements, and balance sheets. It will help students understand how different business events impact these statements through hands-on activities.
