Finance Certifications to Pursue in 2022
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Financial certifications serve as a golden ticket for professionals seeking to take their careers to new heights. Although not always mandatory for work, these accolades often function as vital industry standards. Whether you're an individual looking to advance or a company aiming to boost your team, financial certifications can provide a significant edge. Here's a rundown of the top certifications in the finance realm.
Embracing the continuous learning mindset, businesses can empower their finance whizzes by offering financial support and guidance on the right certifications. Not only does this fosters skill growth, but it also strengthens your organization with a team of highly qualified experts. Plus, the benefits it brings to your company are not to be underestimated. From expanding your network, enhancing your reputation, to bolstering your bottom line, the perks are immense.
Now, with online education on the rise, empowering your finance team is just a click away. Here's a list of finance certifications that can launch your team members into stardom:
Finance Certifications: Take Your Shot
Certified Public Accountant (CPA)
CPAs are the epitome of financial certifications. This highly sought-after credential boasts around 664,000 active licenses in the United States alone. CPAs specialize in areas such as financial analysis, internal auditing, and tax accounting, providing balance to financial records, external audits, and helping CEOs formulate budgets. Among the essential skills Required for a CPA are problem-solving, meticulousness, and a knack for analyzing complex systems.
The American Institute of CPAs (AICPA) estimates that one would need to invest around 300 to 400 hours to ace the four-part CPA exam. To support your CPA aspirant, encourage study groups, pay for review courses, or adopt strategies similar to law firms that pay new recruits to study for the bar exams. Encourage your new accountants to study for the CPA even if it's just one hour a day or one day a week, so they can excel while gaining valuable experience.
Certified Public Bookkeeper (CPB)
As one of 1.7 million bookkeepers in the US, becoming a CPB can catapult your candidate into the big leagues. Bookkeeping involves recording financial transactions, preparing financial statements, and offering critical assistance to accountants. However, a CPB is a step above standard bookkeepers, handling extra responsibilities such as handling financial statements and payroll taxes.
The Association of International Certified Professional Accountants (AICPA) and the National Association of Certified Public Bookkeepers (NACPB) both offer certification programs, each with varying requirements. If your CPB candidate lacks formal education in bookkeeping, direct them to the AIPB, which requires at least two years of work experience. Meanwhile, those with accounting degrees can opt for the NACPB's CPB exam. These programs also offer preparation resources, including exam practice tests and on-demand video materials.
Financial Risk Manager (FRM)
Managing risks accurately is crucial in business, especially for larger enterprises. Financial Risk Managers (FRMs) leverage their exceptional analytical skills to identify, quantify, and recommend actions regarding financial risks. FRMs must be adept at working under pressure and reacting swiftly to shield their companies from potential financial threats.
To earn the FRM certification, candidates must pass a two-part exam and have at least two years of work experience in finance risk management within five years of passing the exam. Numerous online finance courses and training resources are available to help your employees advance their knowledge and skills in finance risk management.
Certified Financial Planner (CFP)
Financial planners play a vital role in helping individuals and businesses navigate the world of finance to achieve their financial goals. While there are approximately 300,000 financial planners, only 60,000 are CFPs. A CFP goes beyond simply managing money by offering comprehensive financial planning and investment advice to help clients make informed decisions. A CFP must possess strong analytical, decision-making, and communication skills to weigh the risks and rewards of various decisions and explain them to clients in easy-to-understand terms.
To become a CFP, candidates must have client-facing experience. They can follow one of two pathways: the standard path, which involves direct support from a supervisor, or the apprenticeship path, which offers additional supervised experience.
Financial certifications provide a fantastic opportunity for finance professionals to set themselves apart from the competition. With online learning platforms making it easy to pursue such certifications, you can further aid your team by offering support, such as paying for review courses, providing study materials, or offering flexible schedules so they can balance their work and studies.
For more tips on making digital certifications more accessible to all, check out our blog on Sertifier.
- Businesses can leverage online education platforms to support their finance team's pursuit of financial certifications, like the Certified Financial Planner (CFP), which can boost their organization's reputation and bottom line.
- In the realm of personal-finance, certifications such as the Certified Public Accountant (CPA) or the Certified Public Bookkeeper (CPB) not only enhances one's expertise but also opens doors to more opportunities within the business world.
