Which accounting designation is best

A CPA is the most common certification in accounting and is required to hold many accounting positions. It verifies your abilities in forensic accounting, risk management, compliance, taxes and other skills required for top accounting roles. The CPA credential is widely recognized throughout the accounting industry and many companies require it for managerial positions. CPAs find work in public, management and governmental accounting, taxation, compliance and other roles.

There are four levels of testing that can be taken in any order. While the requirements can vary by state, most require that accountants have a year of experience before pursuing a CPA license. Aspiring CPAs are usually expected to have five years of higher education, which is approximately hours of credits. Ongoing requirements for continuing professional education CPE credits vary by state.

Related: Chartered Accountant vs. Having a CFA designation verifies a financial professional's knowledge and abilities regarding portfolio management, economics, professional and ethical standards and investment analysis. The certification is sponsored by the CFA Institute. Many investment companies require this certification for security analysts and asset managers. It also may benefit those interested 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 financial services. The exam has three sequential levels with a total time of 18 hours. Ongoing requirements include 20 hours of CPE credits. The CFE certification demonstrates expertise in four areas of fraud examination, including financial transactions and fraud schemes, law and fraud prevention and investigation.

This credential is useful for finance professionals who intend to focus on anti-fraud jobs in endeavors across private and public companies. Applicants must submit education and work experience documentation with three professional recommendations. The CIA certification is the only internationally accepted distinction for those seeking an internal auditor career.

It signifies competencies in risk and control as well as information technology. It also demonstrates proficiency working with internal staff and external clients.

CFAs typically work for hedge funds or investment firms analyzing market trends, managing portfolios, and researching investments. CFAs also tend to land executive roles in companies like CFO or controller because of their excellent analytical skills.

Thus, if you want to start a career in the finance and investment world, you should pursue the CFA certification. A certified management accountant is a professional who specializes in operational management and accounting. In other words, they are really good at running companies, streamlining operations, and increasing production and manufacturing efficiencies. This exam is much shorter than the CPA exam and much more focused.

The CMA credential is designed to train you to become an expert company manager and diagnosis operational problems and fix them. If you want to run a company instead of doing tax returns and audit reports, this is the designation for you! An enrolled agent is an expert tax professional who understands the corporate and individual income tax code in the United States and knows how to apply it.

For instance, an EA can represent clients in front of the IRS and sign client tax returns as a paid preparer. EAs are not allowed to sign audit reports or be a partner in a public accounting firm.

Additionally, the total exam time is also longer and costs more than the CPA exam. The Certified Management Accountant designation specializes in company accounting management.

Thus, it makes these candidates great for internal management and executive level roles in companies. This certification is not that great for public accounting, however. Thus, if you wanted to become an executive level officer in a Fortune company, this would be a good certification to get. You will also need to fulfill at least two years of work experience before becoming certified.

Ultimately, this designation is specifically focused on US taxation of all entity types: individuals and corporations. That being said, this designation does not educate you on any finance, auditing, management, or other business topics. If you have this, you know taxes. Thus, if you want to go into either tax preparation or internal tax work for a company, this would be a good credential to go after. If you want to work in public accounting, your CPA is almost a requirement.

Therefore, this makes the credential somewhat useful in public accounting. However, most states have additional laws for public firms that restrict ownership and authority to CPAs. It allows them to have many of the same rights as CPAs without the certification. The unique knowledge gained may mean few positions are available, but the employment opportunities that are available usually lead to higher salaries.

It's also worth noting that many high-level certifications are more difficult to attain. Seasoned professionals may benefit from exploring one or more of the following credentials:. It is the highest credential the IRS awards and recipients must adhere to ethical standards and complete 72 hours of continuing education courses every three years. There are many benefits to earning this credential, including unlimited practice rights.

Enrolled Agents are unrestricted as to which taxpayers they can represent, what types of matters they can handle, and which IRS offices they can address. A major benefit is learning what is needed to be successful and credible in alternatives.

Certified Financial Planners are rigorously trained in 72 areas of financial expertise and know how to assist with financial planning, taxes, insurance, estate planning, and retirement. Benefits of earning this certification include earning a mark of excellence in the financial industry and becoming highly valued by financial firms and consumers alike.

Benefits of earning this certification include developing an understanding of how different aspects of business come together, demonstrating an ability to look to the future of finance, and illustrating an ability to provide objective views.

They are proficient with financial modeling, sensitivity analysis, and strategy. Benefits of this program include boosting knowledge and skills, studying online at any pace, and becoming certified in only a few months. Certified Fraud Examiners uncover, prevent, and deter fraud as well as providing internal auditing to watch for fraud. This often entails studying employer financial records for discrepancies and collaborating with law enforcement when necessary.

Benefits of earning this credential include receiving a higher salary, increased job security, and distinction among other job candidates. Many of the entry-level and high-level credentials mentioned above can be extremely helpful in propelling a career forward. There are, however, a few certifications that are more sought after than all others in the field. Without one or more of the following credentials, it is impossible to secure many of the top jobs in accounting. Most states have similar application requirements, including the passing of the Uniform CPA Examination and the state board of accountancy will choose when you are prepared to receive your full CPA license.

Certified Public Accountants perform financial statement audits and other attestation services to keep investors informed. Benefits of earning this credential include increased employment opportunities, higher salaries, better benefits, job stability, and industry respect. CPAs may work for a public accounting firm, larger businesses, or as consultants for many clients.

IMA Certified Management Accountants possess significant knowledge in financial planning, analysis, control, decision support, and professional ethics.

Benefits of earning this credential include more opportunities within the business world, career advancement, increased earning potential, and more credibility in the field. Chartered Financial Analysts monitor and help improve financial performance for their clients.