Accounting remains one of the most lucrative careers for many people. There are different pathways one can pursue in accounting depending on one’s career goals. These pathways require some given qualifications that are crowned with accounting certifications which defines one’s chances of securing a job, pay rise or promotion. The following are the commonly available accounting certifications.
Certified public accountant (CPA)
This is the basic and most common accounting certification. The requirements of CPA certification include a bachelor’s degree, two-year accounting experience, and a pass in the CPA exam that entails financial, auditing, business, and regulation sections (Henderson, 2010). Some cases require a master’s degree which allows some exemptions in the course.
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Certified Management Accountant (CMA)
These certifications define one as an internal control auditing, cost management, decision analysis and forecasting expert. Certified management accountants maintain and analyze accounting information systems and their generated financial reports. Requirements for this certification include possession of a bachelor’s degree and 2 consecutive years of professional experience. Candidates for CMA certification take a CMA examination (Dumon, 2018).
Certified Internal Auditor
The certified internal auditor is a specialist in external auditing such as corporate or public businesses. CIA ensures proper recording and reporting of company finances. Requirements for CIA certification include a bachelor’s degree, a minimum of 2-year experience in internal auditing, or a 1-year relevant experience for master’s degree holders.
Certified Fraud Examiner
This is an accountant who specializes in auditing and analyzing financial reports with the aim of investigating alleged fraud and ensuring accountability in financial reporting. Requirements include a bachelor’s degree and the passing of the CFE exam
Certified Financial Planner
Certified financial planners examine the individual financial position and plan for the expansion of personal assets through financial planning and investments. The also make financial ethics advisory on financial planning, tax laws and maximization of personal assets for future benefits. The requirements for this certification are a bachelor’s degree and pass in CFP examination. Credentials are renewed every two years (Henderson, 2010).
Conclusion
I prefer to pursue CPA certification since it is universally applicable and has broad employability and further seek to pursue certified financial planner in order to gain more skills into financial planning necessary to raise my chances of promotion. This would also enable me to learn more about tax laws necessary for understanding and practicing ethics in accounting and further apply the same skills to my personal investments to secure a successful future. The professional ethics for accountants include integrity, competence and due care, objectivity, professional behavior, and confidentiality. These ethics are important for strengthening my accountancy profession and acquisition of a sense of confidence in professional practice and gaining trust within the accounting community. Also, ethics are key to the achievement of high-quality professional standards as well as for societal benefit in terms of strengthening economies (Ellrich & Stohlman, 2017).
References
Dumon, M. (2018, April 2). Finding the right accounting certification. Retrieved from https://www.investopedia.com/articles/professionaleducation/09/accounting-finance-certifications.asp
Ellrich, S. N., & Stohlman, P. A. (2017, September 19). The importance of ethics in accounting. Retrieved from https://ensscpa.com/the-importance-of-ethics-in-accounting/
Henderson, K. J. (2010, July 29). Types of certifications related to accounting. Retrieved from http://smallbusiness.chron.com/types-certifications-related-accounting-4090.html
