Certification or Licensing
Many accountants and auditors become certified to improve their skills and demonstrate to potential employers that they’ve met the highest standards established by their industry. Becoming certified can also translate into higher earnings. According to the Institute of Management Accountants, those who hold the certified management accountant (CMA) credential earn 63 percent more in total compensation than non-CMAs. Robert Half Accounting & Finance reports that the CMA credential is one of four certification designations that are in especially strong demand. The other credentials include:
- certified internal auditor (Institute of Internal Auditors)
- certified public accountant (American Institute of Certified Public Accountants, AICPA)
- chartered global management accountant (a joint venture of the AICPA and the Chartered Institute of Management Accountants)
Additionally, some accountants and auditors earn the following certifications:
- credited business accountant/advisor, accredited tax preparer, accredited tax advisor (Accreditation Council for Accountancy and Taxation)
- certification in control self-assessment, certified financial services auditor, certification in risk management assurance (Institute of Internal Auditors)
- certified financial manager (Institute of Management Accountants)
- certified treasury professional, certified corporate financial planning and analysis professional (Association of Financial Professionals)
A large percentage of accountants are certified public accountants (CPAs). Those who receive this designation have passed a qualifying examination and hold a certificate issued by the state in which they wish to practice. The Uniform CPA Examination, which is administered by the AICPA, is used by all states. Nearly all states require at least two years of public accounting experience or the equivalent before a CPA certificate can be earned.