Types of Accounting Certifications

In this article you will find an abstract of all Accounting Certifications. As an accounting major students I come across many professors and people with titles such as CIA, and CFE, CFM and I was always curious as to what they stand for, what they do and most importantly whether I want to get any of them or not. So by reading this article you can get a good insight about accounting certifications and their implications.


CPA (Certified Public Accountant)
Certified Public Accountant is the statutory title of qualified accountants in the United States who have passed the Uniform Certified Public Accountant Examination and have met additional state education and experience requirements for certification as a CPA. Individuals who have passed the Exam but have not either accomplished the required on-the-job experience or have previously met it but in the meantime have lapsed their continuing professional education are, in many states, permitted the designation "CPA Inactive" or an equivalent phrase. In most U.S. states, only CPAs who are licensed are able to provide to the public attestation (including auditing) opinions on financial statements. The exceptions to this rule are Arizona, Kansas, North Carolina and Ohio where, although the "CPA" designation is restricted, the practice of auditing is not.

CMA (Certified Management Accountant)
The Institute of Management Accountants' (IMA ) Certified Management Accountant (CMA) certification is a comprehensive credentialing program that assesses mastery of the management accounting and financial management body of knowledge. Subject matter includes economics, corporate finance, cost management, internal controls, performance measurement, financial reporting, decision analysis, organization management, and strategic planning, with a strong emphasis on ethics. To date, the Institute of Certified Management Accountants (ICMA), the certification division of IMA, has awarded more than 30,000 CMA certificates in the U.S. and internationally.

CFM (Certified Financial Manager)
The CFM designation will be of interest to a broad range of professionals including current CMAs who wish to broaden their certification, personnel within the corporate finance organization (treasury, planning, analysis), finance educators, and students. Three parts of the CMA exam form the basis of the CFM exam, with one part on the latter covering advanced topics in Corporate Financial Management, including financial markets and instruments, risk management, corporate restructuring, financial statement analysis, and investor relations.

CFE (Certified Fraud Examiner)
Certified Fraud Examiner is a designation awarded by the Association of Certified Fraud Examiners (ACFE). The ACFE is a 41,000 member-based global association dedicated to provide anti-fraud education and training. In order to become a Certified Fraud Examiner one must meet the following requirements: Be an Associate Member of the ACFE in good standing. Meet minimum academic and professional requirements. Be of high moral character. Agree to abide by the Bylaws and Code of Professional Ethics of the Association of Certified Fraud Examiners. In today's era of specialization, Certified Fraud Examiners are widely recognized as experts in the anti-fraud field. Career opportunities abound for CFEs, and more are growing. The unfortunate reason is simple... fraud has always been with us, and it has never been more prevalent. (Enron, WorldCom, Tyco, etc.)

CFP (Certified Financial Planner)
The Certified Financial Planner designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards in the United States, Financial Planners Standards Council in Canada and 18 other organizations affiliated with Financial Planning Standards Board (FPSB), the international owner of the CFP mark outside of the United States. To receive authorization to use the designation, the candidate must meet education, examination, experience and ethics requirements, and pay an ongoing certification fee. The information contained herein relates specifically to CFP certification in the United States.

CIA (Certified Internal Auditor)
The Certified Internal Auditor is the primary professional designation offered by The IIA. The CIA designation is a globally recognized certification for internal auditors and is a standard by which individuals may demonstrate their competency and professionalism in the internal audit field. Earning the CIA qualification is intended to demonstrate a professional knowledge of the internal audit profession. CIAs are required to take continuing education courses. Many CIAs today are senior internal audit managers, Vice Presidents, Directors and Chief Audit Executives in top global MNC companies driving internal audit functions in their respective companies. The best thing in acquiring CIA is that it is very much relevant to internal audit profession.

EA (Enrolled Agent)
An Enrolled Agent is a tax professional recognized by the United States federal government to represent taxpayers in dealings with the Internal Revenue Service. The profession has been regulated by Congress since 1884. To become an enrolled agent an applicant must pass the Special Enrollment Examination or present evidence of qualifying experience as an Internal Revenue Service employee. A background check, including a review of the applicant’s tax compliance, is conducted. The right to practice before the Internal Revenue Service is regulated by Federal statute, and persons authorized to practice are known as "Federally Authorized Tax Practitioners," or "FATPs". The FATP status is granted to attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and to persons in a few other categories.

CGFM (Certified Government Financial Manager)
A Certified Government Financial Manager is a professional post-nominal certification issued by the Association of Government Accountants (AGA). It was created in 1994 to provide a professional standard of financial expertise and ethics in government and a standard by which government financial management professionals are measured. Its education, experience and ethics requirements have served to elevate the most seasoned financial professionals. More than 14,000 individuals have received the designation. The certification requires experience, education, and an examination. Candidates must have a minimum of two years experience in government financial functions. Candidates must have a bachelor's degree and complete 24 credit hours of instruction. The examination consists of 3 two-hour tests which must be taken within 3 years of the instruction. A CGFM must complete Continuing Professional Education (CPE) credits to maintain certification.