Most people know that accounting is a steady, stable career where it’s possible to earn a very good living. Not everyone understands what different accounting designations mean or which are the most popular with employers. What’s more, some certifications are recognized worldwide, while some are regulated at the state level. People who are interested in working in the field should think carefully about which qualifications will help them build the career they desire.
One of the most marketable accounting certifications is that of a CPA or certified public accountant. Generally speaking, people need five years of college-level education to become CPAs. This designation also involves an exam. It takes about a year to complete all the parts of the exam. Completing a CPA also costs thousands of dollars. Every state has slightly different requirements for licensing CPAs. Many management jobs in the world of accounting require a CPA designation.
Another very desirable accounting certification is a Certified Financial Analyst. Like the CPA designation, this role requires relevant credits in higher education. But the CFA places more importance on real-world experience. A bachelor’s degree and at least four years of career experience are needed to become a CFA. The CFA is a useful qualification for anyone who wants to be an asset manager, securities analyst, or hedge fund manager. Usually, candidates need about one and a half to two years to complete the exams for this career.
Certified Fraud Examiners are also very important in the world of finance and accounting. They can work for public bodies or private companies. Some CFEs investigate fraud that’s already occurred. Others focus on ways that financial institutions can prevent fraud before it happens. CFEs must pass an exam, have three professional references. They must also have adequate career experience.
Finally, many popular accounting certifications have continuing education requirements. To maintain a designation like a CFA or CPA, people must be willing to continue to learn about the industry as it evolves. Accounting professionals must be comfortable with the idea of investing in their careers for years to come. Often, employers will cover the cost of credits and exams. But the professionals themselves need to be willing to put in time and effort.