Financial Certifications With the Best ROI

Financial Certifications With the Best ROIFinancial Certifications With the Best ROIFinancial certifications require a big investment, both in time and money. But not only do unterstellung certifications provide value for individuals in the accounting and finance industry. They help their companies, too.Thats why so many employers help with the expenses of obtaining professional certifications. A new Robert Half Finance Accounting survey shows 94 percent of CFOs said their companies offer to cover all or some of the educational costs, and 95 percent provide full or partial support to maintain the credentials.The bottom line? Companies reap all kinds of benefits, from increased productivity to enhanced retention to information sharing, when they help their employees with professional development.What financial certifications are the best investment?When it comes to choosing credentials, your employees will need to think about what fits their career goals. Do they want to go into mana gement, for instance, or become an internal auditor?Theyll also need to assess how much time and money they are able to give to the process and to maintain the designation. Their eligibility, including education and experience levels, will also need to be taken into account.Heres a detailed rundown of four of the fruchtwein prestigious financial certifications to help you and your workers decide whats best to pursue.1. Certified Public Accountant (CPA)If your company provides jobs for CPAs, youll likely see this designation as the granddaddy of certifications. Its been around the longest and was originally conceived as a designation for public accountants. Now, however, all types of finance professionals in the U.S. get the certification to show their prowess in management accounting, financial accounting, corporate finance and strategic planning, audit, general business, and taxation. A CPA designation also gives the holder the statutory right to sign audit reports and issue audit opinions. Its the most well-known financial certification and, arguably, the most difficult to get.Granted by American Institute of Certified Public Accountants (AICPA) exam and license requirements vary state by stateEstimated cost $2,000-$3,000Prerequisites Five years of higher education, a minimum number of continuing education credits in business and accounting (typically about 150), and verified relevant experienceExam requirements Four levels can be taken in any buchungTime to certification Passing the CPA exam usually takes a year most state boards require one year of accounting experience before awarding the licenseOngoing requirements? Yes continuing professional education (CPE) credits required vary by stateWho should get it? The CPA designation is a very versatile one CPAs work in public accounting, management accounting, governmental accounting, taxation, financial advisory, compliance and other consultant roles. Its highly valued throughout the accounting industry, and some companies require it for managerial jobs.SUBSCRIBE TO OUR NEWSLETTER 2. Chartered Financial Analyst (CFA)Professionals in institutional money management and stock analysis are often the ones shooting for the CFA designation. Those who hold this financial certification are experts in accounting, economics, portfolio management, securities analysis, and ethical and professional standards.Granted by The CFA Institute, a non-profit based in the U.S.Estimated cost $2,500Prerequisites A bachelors degree and four years of relevant experienceExam requirements Three levels, with a total exam time of 18 hours one level must be passed before moving to the nextTime to certification It can be completed in 18 months, but most people take more than two years to complete the processOngoing requirements? A recommended 20 hours of CPE credits, which can be accomplished with online courses, with at least two hours of standards, regulatory and ethics educationWho should get it? Its the certificati on of choice in the investment community and has become a must-have for security analysts and asset managers. Finance professionals who are (or aim to become) equity analysts, fund managers or hedge fund managers will also find the CFA useful, as will anyone who hopes to reach the CFO or senior finance manager levels. Those who are pursuing a career in audit, however, wont find it particularly useful.3. Certified Management Accountant (CMA)As the title suggests, this financial certification focuses on management accounting - in other words, providing executives with financial information that will help a company resolve problems and make decisions. The CMA designation is often required for CFOs, controllers and finance managers. The exam covers more practical knowledge, such as the types of skills accountants and finance professionals use on a day-to-day basis.Granted by The Institute of Management Accountants (IMA)Estimated cost $1,000-$2,000Prerequisites A bachelors degree and tw o consecutive years in financial management or management accountingExam requirements Two levels, with a total exam time of eight hoursTime to certification Typically one to two yearsOngoing requirements 30 hours of CPE creditsWho should get it? Any accountant who wants to work in the corporate sector, particularly in large, multinational companies, should evaluate the advantaged of getting a CMA. Many accountants choose to get both the CPA and the CMA, as there is overlap in the exam topics, and the CMA is often considered a more practical application of the theoretical concepts tested in the CPA exams.4. Certified Internal Auditor (CIA)The CIA designation is the only globally recognized certification in the internal audit and compliance industry. As such, the CIA exam focuses almost entirely on internal audit topics, such as internal controls and risk management, auditing processes, fraud risk and controls, governance and business controls, and tools and techniques for conducting audit engagements.Estimated cost $1,500Prerequisites A bachelors degree and two years of internal audit experience (but a masters degree can substitute for one year of experience)Exam requirements Three levels, with a total exam time of 6.5 hoursTime to certification Typically a year to 18 monthsOngoing requirements? CPE credits are required the number depends on your work statusWho should get it? The CIA is really only useful to internal auditors. Its particularly important for those who would like to become managers or chief audit executives.Other certifications worth consideringThese financial certifications arent as high-profile as the four detailed above, but theyre worth a look, as wellChartered Global Management Accountant (CGMA) - This designation is for management accountants who combine business strategy with financial analysis to help companies grow and perform efficiently. This certification is valuable for financial professionals who would like to expand their career b eyond the finance department.Certified Information Systems Auditor (CISA) - This is the internationally recognized certification that demonstrates expertise in information systems audit, controls and security. Its useful for any internal auditor, but especially for those who specialize in the growing field of IT risk management.Certified Fraud Examiner (CFE) - This designation shows cutting-edge knowledge, skills and education in the detection of financial fraud, another growing field fueled by the financial crisis and laws like Sarbanes-Oxley and Dodd-Frank.The world of financial certifications can be confusing, with new designations popping up all the time. But for a view from the top, these are a few that can help finance and accounting professionals with their careers - and help companies, too. Tags