Accounting Certifications Explained

Accounting professionals are in high demand, and earning a certification can open the door to high-paying, fast-growing roles.

The Bureau of Labor Statistics (BLS) projects jobs for accountants and auditors to grow by 6% through 2033, which is faster than the 4% average for all occupations.

At the same time, many certified professional accountants (CPAs) and other accounting professionals are retiring, and fewer candidates are stepping in to replace them. That means employers are in need of experts to fill the gap.

Earning an accounting certification can give your career a boost, leading to higher salaries and stronger job prospects. Read on to learn more about the top accounting certifications and how they can help you advance in the field.

Accounting certifications are credentials that can help showcase your expertise in the industry and help you stand out in a competitive job market.

According to Colin Smith, CPA and financial reporting consultant, earning a credential like the CPA is also often essential for career advancement. “Many public accounting firms do not promote staff after 3-4 years if they don’t hold a CPA license,” Smith mentioned.

Some of the most popular options include the widely recognized CPA credential. Others are more specialized certifications based on your area of focus, like the Certified Internal Auditor (CIA) certification.

These certifications are usually offered by professional organizations like the American Institute of Certified Public Accountants (AICPA), which often provide added benefits like access to networking events and career resources.

Requirements vary by organization, but you’ll typically need to become a member, meet certain education and experience criteria, and pass one or more exams.

Whether you’re aiming for public accounting, corporate finance, or a leadership role, here’s a look at some of the most well-known certifications for accountants:

The certified public accountant (CPA) licensure is considered the gold standard for accounting certification in the U.S. It’s not required to work as an accountant, but many employers (especially major firms) prefer candidates with a CPA credential. This is because it ensures they’re hiring qualified and knowledgeable accountants.

Becoming a CPA is a rigorous process that varies slightly by state, but it generally involves:

CPAs work across a wide range of industries and generally earn more than non-CPA peers — CPAs earn around $11,000 more per year, on average. That said, keep in mind that your salary is also closely tied to years of work experience in the field.

A chartered accountant is an international accounting certification similar to what a CPA is in the U.S. It’s recognized in multiple countries, including the United Kingdom, Australia, Singapore, Nigeria, and more — though the specific requirements and agencies that grant the credential vary by region.

Being a CA comes with similar benefits to being a CPA. For instance, it shows your expertise as you’ve met your country’s professional standards by completing a rigorous exam, as well as education and work experience requirements.

Management accountants play a critical role in helping company leaders understand their organization’s finances and internal performance. Becoming a certified management accountant through the Institute of Management Accountants (IMA) can highlight your experience in this area.

To become a CMA, you’ll need to:

The IMA reports CMAs earn 21% more compared to their non-certified peers, making the certification process a worthwhile investment for many.

Internal audits are crucial for ensuring a company is compliant with local, state, and federal financial requirements. The certified internal auditor certification from the Institute of Internal Auditors (IIA) demonstrates you’re equipped for this role.

Becoming a CIA entails:

Keep in mind that the CIA certification is the main designation for internal auditors, and the IIA states it can increase your earning potential by as much as 51%.

An enrolled agent is a bit different from other certifications on this, as it’s a federal government authorization granted by the IRS. Along with the CPA, it’s the highest level of recognition for tax professionals and allows you to represent taxpayers nationwide before the IRS.

To become an EA, you’ll need to:

Becoming an enrolled agent can be a great advantage for accountants who focus on taxes. This certification gives you unlimited rights to represent clients before the IRS, meaning you can help any taxpayer, whether or not you prepared their tax returns.

There are several specialized certifications that can help you showcase your skills in niche accounting areas. Here’s an overview of some of the most popular ones:

This certification from the AICPA highlights expertise in valuation, which is the process of determining the value of an asset like a business or investment. This skill is key to helping investors make smarter decisions.

To earn an ABV, you’ll need to have an AICPA membership and pass the ABV exam, as well as meet the minimum education and experience requirements.

This certification shows that an internal auditor is knowledgeable in risk management assurance, a key skill for businesses aiming to mitigate risks that could lead to losses.

To become a CRMA, you’ll need to pass an exam and meet specific eligibility requirements.

The CFE credential from the Association of Certified Fraud Examiners (ACFE) proves your knowledge in identifying and preventing common business frauds. To get this certification, you’ll need to join the ACFE and pass the CFE exam.

The CGFM certification from the Association of Government Accountants (AGA) is geared toward financial managers working at the state, local, or federal level. It shows you understand the unique standards and complexities of public sector financial management.

You’ll need a bachelor’s degree and two years of relevant experience in government financial management to qualify for the certification. You’ll also need to pass three exams.

Financial forensics is a specialized area of accounting that includes work in bankruptcy, litigation support, family law, fraud investigations, and more. It’s the fastest-growing specialty area for forensic professionals, according to the AICPA.

The CFF credential is offered by the AICPA and can help you stand out in this area by validating relevant forensic accounting skills. There are multiple pathways to get it based on your experience, but you’ll typically need to at least be an AICPA member and pass an exam.

Which accounting certification is best for you depends on your career goals and what your current or future employers expect of you. Also, keep in mind that certifications aren’t mutually exclusive. Many CPAs also hold additional certifications, such as CFF, CGFM, or CIA.

Smith recommends pairing one that gives you a broad career path with one that makes you stand out. “Oftentimes, pairing a CPA license with a specialized credential like a CFE can help you stand out to employers and maximize your earning potential in your niche.”

You should also consider the cost and time it takes to earn a certification. For instance, many credentials require you to purchase study materials and a membership. However, the investment can pay off in the long term.

While spending thousands of dollars and dedicating years of study to earning a credential can feel like a significant commitment, Smith points out that the increased earning potential over the course of a 30-40-year career often far outweighs the initial cost and effort.