AICPA

Top Credentials

Certifications and advanced degrees can help accounting and finance professionals reap greater rewards in today’s business world.

By Robert Half International

As a student, you are no doubt currently focused on getting through – or simply into – college. And with all the studying and tests you’ve been engrossed in lately it may be difficult to imagine engaging in additional educational pursuits beyond your undergraduate degree. However, if you plan on a long and successful career as an accounting or finance professional, working in either a public or corporate setting, get ready for a lifetime commitment to learning.

In the business world, professional certifications and advanced degrees are highly respected – and required for many positions. Professionals who choose to enhance their knowledge through coursework demonstrate to employers a sincere commitment to furthering their careers. Earning certifications is not easy, and requires a sacrifice of both time and money. You may need to take night or weekend classes at a local college or university, or attend seminars out of town. Online courses may be more convenient, but are by no means less rigorous. You also can expect to pay enrollment fees for classes and exams, and for other materials, such as books and software. And yes, there is a good deal of studying involved.

Higher learning, higher pay

Despite the time commitment, accounting and finance professionals who keep up with the most in-demand accreditations in their field often find they have an extra edge when seeking new professional opportunities. This advantage can make pursuing professional designations and advanced degrees well worth the investment. Earning a relevant certification or degree, such as a master of business administration (MBA), can enhance your earning capacity, even for an entry-level position. You can expect to earn up to 10 percent more in base pay if you possess a graduate degree or professional certification, according to Robert Half International’s 2008 Salary Guide for Accounting and Finance. 

Industry certifications do carry clout with employers, especially those who understand the value of having a well-trained financial staff. The certified public accountant (CPA) designation is one example of a highly regarded credential, and is actually a requirement for many types of financial positions today. In fact, professionals who don’t have a CPA may be expected to earn one, and some employers will provide reimbursement for all or part of the cost of gaining that certification. This trend appears to be on the rise, particularly in the accounting and finance field. According to a recent survey conducted by Robert Half Finance & Accounting, almost half (46 percent) of companies today provide full or partial reimbursement for continuing education units necessary for maintaining professional designations.

Various routes to choose

There are many types of certifications in demand in today’s business world, and accounting and finance professionals who earn them can improve their overall marketability with employers. It’s important to note, however, that before you can earn some certifications, you may need to complete a few years of on-the-job experience. Or, in some cases, you may have to earn other certifications first, and then build on that knowledge with additional coursework. You also might need to be a member of the professional association offering a particular credential. And just like many licenses, some certifications expire and need to be renewed from time to time.

The certifications you ultimately choose to pursue will depend on what direction you want to take your career, as well as what leading employers might require. Following are just a few examples of in-demand certifications for accounting and finance professionals, according to Robert Half’s current Guide to Certifications:

• Certified Fraud Examiner (CFE) – This is a globally recognized credential offered by the Association of Certified Fraud Examiners (ACFE).  A CFE specializes in fraud prevention, detection and deterrence, and according to ACFE, “members with the CFE credential gain a professional advantage and quickly position themselves as leaders in the global anti-fraud community.” Employers such as the FBI and U.S. Department of Defense recognize this credential. For more information, visit www.cfenet.com.  
• Certified Internal Auditor (CIA) – This is the premier certification of the Institute of Internal Auditors (IIA), and is the only internationally accepted designation for internal auditors. The CIA certification is offered in 15 languages and in 85 countries. Internal auditors play a prominent in an organization’s risk management activities, and candidates hoping to earn the CIA must meet eligibility requirements for character in addition to work and educational experience. Visit www.theiia.org to learn more.
• Certified Information Systems Auditor (CISA) – In today’s high-tech world, companies must be able to control, monitor and assess their information technology (IT) and business systems. As a result, more financial professionals are pursuing the CISA certification, awarded by the Information Systems Audit and Control Association (ISACA), so they can audit these systems for businesses and make sure they are secure. Go to www.isaca.org/cisa for more information.

It’s a generational thing

Even though it may be a few years from now before you earn certifications or advanced degrees, you probably shouldn’t put off these pursuits for too long. In a newly released survey by Robert Half International and employment website Yahoo HotJobs, 73 percent of Generation Y members between 21 to 28 years of age who were polled said it’s likely they will go back to school to obtain another academic degree or certification. So, once you join the workforce, don’t be surprised if you feel a little bit of “peer pressure” to advance your education, especially when you see colleagues not much older than you pursing their certifications. 

Despite the shortage of skilled talent in the accounting and finance field today that gives job seekers an advantage, companies are still taking their time when evaluating candidates to ensure they find the individual who has the right experience and is a good fit for the position. As a result, those who can bring an array of useful credentials to the table improve their chances of catching the eye of an employer. In addition, broadening your skill set will make you a better professional and improve your chances of being offered more challenging assignments and greater responsibilities in the future.