The Top Accounting Certifications to do in 2022
Accounting Certifications majorly emphasize the fields where an individual can focus on the time and effort to enhance their knowledge, skills as well as career. Many professionals nowadays have access to university education. Consequently, this means that bachelor’s degrees have become very easy to acquire, which resulted in less valuable.
Therefore, gaining the right kind of certification in the field of accounting will help an individual to stand out from the crowd to gain an edge in the current ongoing competition. Accounting Certifications give employers that one has to have the necessary skills and specialized understanding of each concept to succeed. Thus, doing the certifications is a great way to enhance the reputation, earning power, as well as job prospects.
According to the Bureau of Labor Statistics (BLS), the accountants earned a median annual salary of $71,550 as of 2019. Accounting careers are projected to grow on par with the national average from 2019–2029.
The below-mentioned list details more potential benefits of the top Accounting Certifications, which will improve one’s ability and also offers them the best career.
Certified Financial Planner ® (CFP®)
Those with the CFP® certification have demonstrated competency in all the disciplines of financial planning. Registrants attain knowledge on over 100 areas, such as stocks, bonds, taxes, insurance, retirement planning, and estate planning. This certification is administered by the Certified Financial Planner Board of Standards Inc. In addition to passing the CFP® certification exam, registrants must also finish qualifying work experience and agree to adhere to the CFP® Board’s code of ethics and professional gains and financial planning standards.
A financial planner mainly works with individuals so that they can understand their options and make financial decisions that are highly suited for their personal financial situation and objectives. The nature of their work usually has a lot of reliance is placed on these individuals, the CFP® Board posts data on the financial planning process and current licensees, offering clients of CFPs to verify if their financial planners’ designations are in good standing.
Certified Public Accountant (CPA)
The Certified Public Accountant (CPA) certification is considered as one of the most essential certifications for accountants and is also significant for a finance career path. For a career in accounting, the CPA is virtually a “should have” certification. Many employers list it as an option prerequisite for accounting positions. The CPA certification covers topics like auditing, attestation, financial accounting and reporting, business environment and concepts, and regulation.
The CPA does not have any levels and has a single exam that consists of four sections. Each of these four sections is tested separately, acting as their own exam. Completing the entire program can cost anywhere from $1,000 to $3,000, based on the jurisdiction and study program (self-study or live classes). However, accounting firms, usually pay their employees CPA fees. The pass rate for the CPA exam is around 50 percent.
Chartered Investment & Management Accountant (CIMA®)
Chartered Investment & Management Accountant (CIMA®) is designed for those professionals who are seeking several ways to start a global career to be an investment & management accountant professional. CIMA certification is among the world’s most uniquely designed powerful credentials in the discipline of finance and accounting from the United States.
CIMA accounting credential is perfect for individuals in two of the most quickly emerging super-specialization areas in accounting — investment accounting, and management accounting. CIMA® is very reliable and consists of the highly distinctive validation of advanced-level competence.
The CIMA certification offers each applicant with a proven promise and readiness for gathering the required and in-demand financial intelligence that globally several firms are needed to monitor, manage and grow in their businesses and investment assets and portfolios.
Certified Management Account (CMA)
The Certified Management Accountant (CMA) is an accounting credential, which is offered by the Institute of Management Accountants. The CMA looks further into financial accounting and mixes in elements of strategic management. The certification is concerned with teaching the underlying aspects behind a firm’s financials and the way strategic business decisions can be derived from them.
There are no levels in the CMA certification but there is a final exam with two parts that are tested separately. The CMA can cost anywhere between $850 to $2,500 based on the student or professional and if is planning to pursue further studies. The pass rate for the CMA exams lies between 40–50 percent.
Originally Content Published here:https://www.launchora.com/story/the-top-accounting-certifications-to-do-in-2022
