Accounting Certifications: Are They Right For You?
Once you have earned your accounting degree, it is not required that you pursue certification. However, certification can improve your job prospects by showing your aptitude for a particular accounting specialty, or even help you make a case for a raise with your current employer. Read on to learn about a few of the more popular certifications for accountants and auditors.
Certified Public Accountant
The Certified Public Accountant (CPA) designation is the foremost accounting certification available. It is even required to file a report with the U.S. Securities and Exchange Commission. CPAs are licensed by state accounting boards. The requirements for earning the CPA credential are different for every state, but most states require that CPA candidates complete at least 150 semester hours of college coursework. This is 30 more hours than the average four-year bachelor's degree. In the states that do not have this requirement, you can become a CPA without a bachelor's or master's degree.
To become a CPA, you must pass all four sections of the Uniform CPA Examination in a span of 18 months. Almost every state also requires that CPAs complete a certain number of hours in continuing professional education. The CPA certification is very general and can help accounts in a variety of fields.
Certified Management Accountant
The Institute of Management Accountants offers the Certified Management Accountant (CMA) certification for management accountants who work for corporations and who use such skills as financial planning, budget preparation, auditing, analysis, control, and decision support. Becoming a CMA is an excellent way for management accountants to progress quickly up the corporate ladder.
In order to take the CMA exam, you must have either a bachelor's degree in any subject from an accredited college or university, or a professional qualification comparable to the CPA. You also need to have at least two consecutive years of professional experience in management accounting or financial management under your belt.
Certified Internal Auditor
The Certified Internal Auditor (CIA) certification is offered by the Institute of Internal Auditors as a way for accountants who are working as internal auditors to show a high level of competency and professionalism in their field. The Institute of Internal Auditors also offers certificates in Control Self-Assessment (CCSA); Financial Services (CFSA); and government auditing (CGAP). All of these certificates require a combination of relevant work experience and the successful completion of a test. The CIA is similar to the CPA in that it requires two years of experience and the successful completion of all four sections a certificate-specific exam within a certain time period.
Certified Information Systems Auditor
The Information Systems Audit and Control Association offers the Certified Information Systems Auditor (CISA) designation, which is recognized around the globe and has been earned by more than 70,000 accountants. The CISA is for accounting professionals who are interested in information systems auditing, control, and security. To become a CISA, you must successfully complete the CISA exam; possess at least five years of relevant professional experience; complete at least 20 hours of continuing education credits per year; and you must adhere to the association's code of ethics.
The association also offers the CGEIT (Certified in the Governance of Enterprise IT), the CISM (Certified Information Security Manager) and the CRISC (Certified in Risk and Information Systems Control) designations. Each of these certifications applies to very specialized areas of accounting.
Article Resources:
U.S. Bureau of Labor Statistics
The American Institute of Certified Public Accountants
The Institute of Management Accountants
The Information Systems Audit and Control Association
The Institute of Internal Auditors