5 Best Certifications to do for Careers in Investment & Management Accounting

If an individual is into the field of Accounting & Finance, then doing a certification in finance and accounts can enhance the earning potential and qualify for the more positions. If one is considering having a big mark in the Careers in Investment & Management Accounting then exploring a few of the certifications will help to determine which the perfect fit is for them.

In this article, let’s discuss the best certification in finance and accounts that one should do.

Chartered Global Management Accountant (CGMA) Designation

The Chartered Global Management Accountant (CGMA) designation was jointly established by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA). It is a globally recognized certification in finance and accounts that has been established by two of the longest standing accounting associations. If one wants to be a current CIMA member, they should automatically qualify for a CGMA and if you are a current voting AICPA member, you have the option of a faster route to obtaining the designation.

The CGMA focuses on topics which include financial and management accounting, reporting, and strategy. There are three levels in the CGMA, each consisting of three programs which have their own exam. In addition, a case study exam must be completed at the end of each level. Thus, the CGMA has a total of 12 exams.

Finishing the CGMA takes about three to four years and costs about US $3,000 to US $5,000 when the mandatory AICPA membership is included. This amount varies based on how long it takes for completion of CGMA. The program offers all material on a subscription basis and the price increases for longer subscriptions. Depending on the exams, the pass rates for the CGMA can vary from 50-88 percent for first-time test takers. Students usually spend three to four months studying for each exam, and six to eight weeks for each case study exam.

Certified Financial Analyst (CFA)

Having a Chartered Finance Analyst (CFA) certification demonstrates a financial professional's knowledge and abilities about the portfolio management, economics, professional and ethical standards and investment analysis

Several investment firms are looking for individuals who have done this certification in to enhance their careers in Investment & Management Accounting for security analysts and asset managers. It also adds perks for those who are keen in jobs as equity analysts, fund or hedge fund managers, chief financial officers or senior finance managers.

This credential requires a bachelor's degree along with four years of experience in the domain of financial services. The exam has three sequential levels with a total exam time of 18 hours. An individual must qualify the first level only then they can shift to the next level. The recommended ongoing requirements include 20 hours of CPE credits with at least two hours of standards, regulatory and ethics education.

Chartered Investment & Management Accountant (CIMA®)

Chartered Investment & Management Accountant (CIMA®) is the perfect certificationin finance and accounts if an individual is looking to launch global Careers in Investment & Management Accounting to be an investment & management accountant professional. It is among the world’s most uniquely designed powerful management accounting certification from United States.

CIMA® certification is very reliable and consists of the highly distinctive validation of advanced-level competence of professionals in two of the most rapidly growing super-specialization areas in accounting – investment accounting, and management accounting. The CIMA® certification offers each applicant with a proven promise and readiness for gathering the essential and in-demand financial intelligence, which globally several firms are in need to monitor, manage and grow their businesses and investment assets as well as portfolios.

Certified Internal Auditor (CIA)

The Certified Internal Auditor (CIA) certification is an internationally accepted certificate in management accounting for people who are looking for an internal auditor career. This certification offers the competencies in areas, which include risk and control and information technology. It also demonstrates proficiency working with internal staff and external clients. The CIA credential is very useful for internal auditors who are aiming to be managers or chief audit officers.

Individuals should have a bachelor’s degree and two years of internal audit experience. A master’s degree can be substituted for one year of experience. The exam includes three levels, with a total exam time of 6.5 hours. The ongoing prerequisites include CPE credits that may change by an individual’s work status.

Certified Management Accountant (CMA)

The Certified Management Accountant (CMA) certification is granted by the IMA (Institute of Management Accountants), which is recognized globally. It verifies competency in cost management, decision analysis, forecasting and internal control auditing. It also demonstrates a mastery of critical accounting and financial management skills from an internal, managerial and generalized perspective.

Most accountants acquire both the CPA and CMA certifications, mainly if they are pursuing Careers in Investment & Management Accounting, multinational organizations. The CMA is described as a highly practical application of theoretical concepts tested in the CPA exam.

Applicants should have a bachelor's degree and two consecutive years in management accounting or financial management. The exam has two levels for a total of 8 hours. The ongoing prerequisites include 30 hours of continuing professional education (CPE) credits.