What are Financial Certifications?
Financial certifications denote proficiency and expertise of a person in a specific area in the industry. A person can acquire financial certifications in fields including but not limited to Accounting, Auditing and Taxation.
A valuable certification testifies that the candidates know a lot about the field and are skilled at it. Financial Certifications are important in today’s world, as it validates one’s expertise in a subject.
Why are Financial Certifications necessary?
Candidates who have Global Financial certifications always stand out. When it comes to career growth, these credentials are more valuable than a bachelor’s and master’s degree in commerce. These highly specialized certification courses frequently simulate real-life professional situations and experiences. So, once a candidate prepares and completes a certification, he/she would have acquired immense knowledge to tackle such real-life professional situations with full confidence. Effectively, certifications give person a chance to hone their skills and abilities to the fullest.
The top 5 financial certifications that can help you progress in your career:
1. Certified Public Accountant (CPA)
The US Certified Public Accountant (CPA) is the gold standard in accounting and will help you for a quick career growth. Candidates who want to advance their careers in auditing, finance or accounting will benefit from this certification. This is a 4 paper examination that can be written in any order and can be completed within a duration of 12 to 15 months.
The AICPA (American Institute of Certified Public Accountants, USA, https://www.aicpa.org/ ) administers this certification. This is one of the most in-demand financial certification courses with international recognition. After completing the US CPA program, you will be eligible to join an exclusive group of Accounting Professionals who are recognized and employed in more than 192 countries.
The CPA exams can be taken by the following types of students:
· B.Com graduates from a college with an NAAC A+ rating with 70% or higher marks
· B.Com graduates who have finished the first year of their M.Com or any equivalent post-graduation
· Professionally qualified people like CAs, CMAs, and CSs who have a B.Com degree
It is highly recommended that before joining the CPA program you talk to qualified experts in an educational academy to understand further about the eligibility criteria and how to attain the same.
2. Certified Management Accountant (CMA)
The US CMA is an advanced accounting certification issued by IMA of the USA (Institute of Management Accountants, https://www.imanet.org/ ). This credential amply demonstrates the skill sets of the person in the areas of Management Accounting and Financial Management and signifies his/her knowledge base in the areas of Financial Reporting, Planning & Budgeting, Performance and Cost Management, Financial Statement Analysis, Corporate Finance, Risk Management, Planning and Budgeting and more importantly Professional Ethics.
The CMA is a two-part examination and with the right amount of dedication and focus, it can be completed within a period of just 10 to 12 months. The reward versus effort ratio, is very high for this certification
CMA is ideally suited for the following applicant groups: –
- Candidates who have completed the 12th grade.
- Candidates with a Bachelor of Commerce or a similar degree, with or without work experience
- Candidates who are unsuccessful in their CA Intermediate examinations or other professional examinations.
- Candidates who already have a degree and work for a company and want to become professional accountants.
3. Chartered Financial Analyst (CFA)
Chartered Financial Analyst or a CFA focuses on providing in depth knowledge on portfolio management and investment analysis. This certification is ideal for those who wish to secure a position as an investment manager. This is one of the most sought-after certifications to acquire as employers tend to use this as one of the benchmark qualifications for hiring medium/ top level finance executives.
CFA charter holders earn the right to use the designation after passing the 3-level examination, completing the necessary work experience and getting the reference letter confirming your experience and finally by applying with the CFA Institute. It is widely recognized as one of the most prestigious financial certifications. On an average it takes about 4 years to complete all the 3 levels.
4. Certified Internal Auditor (CIA)
CIA certifications are awarded by the Institute of Internal Auditors , USA (https://www.theiia.org/en/certifications/cia ) This is the only certification program for Internal Audit which has been gaining importance across the Globe after the various financial scams that rocked the US and the rest of the world in the early 2000s.
This is a single level examination with 3 papers that can be written in any order. Anyone who has completed their class 12th can take up this exam, though it is recommended that one should take it up after attaining some relevant work experience. One can complete the examination in 10 to 12 months.
Many multinationals as well as Big 4 audit firms look for a qualified CIA as their internal auditor, audit manager, compliance or investigation auditor. He / She can also handle executive positions like Vice President, Chief Audit Executive etc..
5. Certified Information Systems Auditor (CISA)
The Certified Information Systems Auditor (CISA) certification is the most recognized designation for information systems, audit control, assurance and security professionals. This certification is awarded by ISACA of US, an association for Information Systems Audit, assurance, security, risk privacy and governance professionals. Currently ISACA has more than 140,000 members in more than 170 countries worldwide. With the development of technology, the need for securities and protection is simultaneously increasing rapidly. Hence the huge surge in demand for CISA professionals.
FINSPIRE Academy specializes in offering such prestigious financial certifications. If you are looking to transform yourself, contact FINSPIRE Academy for expert guidance.