The Benefits Of Certification In Finance And Accounting

By BenOni | March 21, 2023

There are many benefits to becoming certified in finance and accounting. Perhaps the most obvious benefit is the potential to earn a higher salary. According to the Bureau of Labor Statistics, the median salary for financial managers was $127,990 in May 2019.1 Financial analysts earned a median salary of $85,660, and accountants and auditors earned a median salary of $70,500 during the same time period.

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But there are other benefits of certification that go beyond earning potential. For example, certification can give you an edge over the competition when you’re looking for a new job. It can also make you more marketable to employers and help you advance in your current role.

In addition, many finance and accounting professionals find that certification gives them a greater sense of confidence and competence. And, as you’ll see below, the process of becoming certified can also be a great way to network with other professionals and learn more about your chosen field.

What is Certification in Finance and Accounting?

Certification in finance and accounting is the process of becoming recognized by a professional organization as a qualified financial or accounting professional. In order to become certified, you must first meet certain eligibility requirements, which vary depending on the organization. Once you’ve met the requirements, you can then sit for the certification exam.

There are many different types of finance and accounting certification exams, each of which covers different material. The most popular and widely recognized exams are the Certified Public Accountant (CPA) Exam, offered by the American Institute of Certified Public Accountants (AICPA), and the Certified Management Accountant (CMA) Exam, offered by the Institute of Management Accountants (IMA).

Other popular finance and accounting certification exams include the Certified Internal Auditor (CIA) Exam, offered by the Institute of Internal Auditors (IIA), and the Certified Financial Planner (CFP) Exam, offered by the Certified Financial Planner Board of Standards (CFP Board).

Benefits of Certification

As we mentioned above, there are many benefits of certification in finance and accounting. Below, we’ve outlined some of the most significant benefits of becoming certified.

Earning Potential

As we mentioned above, one of the most significant benefits of certification is the potential to earn a higher salary. According to the Bureau of Labor Statistics, the median salary for financial managers was $127,990 in May 2019.1 Financial analysts earned a median salary of $85,660, and accountants and auditors earned a median salary of $70,500 during the same time period.1

While the median salaries for these positions are already quite high, it’s important to keep in mind that these are just median figures. That means that half of all workers in these fields earn less than the median salary, and half of all workers earn more.

So, if you’re looking to earn the highest salary possible, becoming certified is a great way to give yourself a raise. In fact, according to the AICPA, CPAs with certification and experience can earn up to 30% more than their non-certified counterparts.2

Job Security

In addition to earning potential, another benefit of certification is job security. In today’s economy, job security is more important than ever. And, according to the AICPA, CPAs with certification and experience are less likely to lose their jobs than those without certification.2

Job Satisfaction

In addition to earning potential and job security, another benefit of certification is job satisfaction. A study by the AICPA found that CPAs who are certified are more likely to be satisfied with their jobs than those who are not certified.3

Professional Development

Another benefit of certification is professional development. The process of becoming certified can help you learn more about your chosen field and network with other professionals.

Recognition

Finally, another benefit of certification is recognition. Certification can give you an edge over the competition when you’re looking for a new job. It can also make you more marketable to employers and help you advance in your current role.

How to Become Certified

If you’re interested in becoming certified, the first step is to research the different types of certification exams. As we mentioned above, the most popular and widely recognized exams are the CPA Exam, offered by the AICPA, and the CMA Exam, offered by the IMA.