8 professional accounting and finance designations to help boost your career

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Are you passionate about working with numbers? If so, a career in accounting or finance will give you the personal satisfaction of doing something you love and fulfill you professionally. While earning a degree in these fields is a great way to start, the sheer complexity of the economic landscape makes additional specialization necessary. The good news is plenty of certifications are available to help you focus on a specific area. However, knowing what each one represents and how it can help your career takes some research.

What are professional designations in accounting and finance?

Professional designations in accounting and finance are credentials people working in these fields can earn to demonstrate their relevant proficiency. Specializing in areas of finance and accounting helps you improve your productivity and signals to potential employers that you have the ambition, dedication and talent to do a great job. This, in turn, can lead to faster promotions and higher earnings throughout your career. Here are a few benefits from earning a certification in these fields:

• Demonstrate your existing skills and knowledge
• Boost your professional brand and reputation
• Show your commitment to continuous improvement as a professional
• Improve your confidence in your own abilities
• Help you earn the respect of your peers
• Differentiate you from other candidates competing for the same positions
• Increase your chances of professional advancement and higher earnings

8 valuable accounting and finance certifications

Here are some of the most valuable accounting and finance certifications you can earn to advance your career:

1. Certified public accountant (CPA)

The CPA professional designation is the most common in the accounting field and a basic prerequisite for many accounting jobs. It's issued by your state's Board of Accountancy and acts as proof you're a capable accounting professional companies and individuals can rely on. Only CPAs can sign off on audited financials, and they’re required to maintain their license through continuing professional education.

While the exact requirements for taking the CPA exam vary depending on the state in which you want to get certified, you're likely to require a relevant bachelor's degree and at least two years of accounting work experience. The CPA exam is the same in every state and has four major sections:

• Auditing and Attestation (AUD)
• Business Environment and Concepts (BEC)
• Financial Accounting and Reporting (FAR)
• Regulation (REG)

2. Chartered financial analyst (CFA)

If your desired career path is more about managing investment portfolios and giving high-level financial advice, the CFA certification might be more appropriate. Issued by the CFA Institute, this designation proves your proficiency in areas like portfolio management, investment analysis, economic principles and relevant ethical standards. The CFA certification has three different levels you can earn, each of which can increase your total earning potential.

If you want to work in any type of security management or analysis role, including top roles like chief financial officer and hedge fund manager, earning this professional designation is a crucial step. Eligibility for the CFA exam includes a relevant bachelor's degree and at least four years of experience in finance-related roles.

3. Certified management accountant (CMA)

This certification is aimed at accounting and finance professionals who want to pursue high-level management and executive roles. It can give you the knowledge and tools to make crucial decisions on behalf of your organization and based on the financial information you have available, perform internal audits to determine ways to improve financial performance and forecast future developments to help you make strategic decisions.

If you're an accountant and want to pursue high-end jobs at large corporations, earning both the CPA and CMA certifications can help you fulfill your aspirations. The Institute of Management Accountants (IMA) issues this certification, and candidates require at least two years of financial management or management accounting experience.

"Earning an advanced certification is great way to help Finance and Accounting professionals shatter career ceilings and significantly increase their earnings. Certifications like the CPA and CFA signal to potential employers that you are an expert in your field, you are staying current in your knowledge and you are being held to the highest ethical standards of your profession." – Kforce Senior Manager Mark Goldstein

4. Certified government financial manager (CGFM)

If you'd rather use your skills for public service at a local, state or federal level, earning the CGFM designation is a great way to do so. It's issued by the Association of Government Accountants (AGA) and proves your knowledge and ability in accounting, financial reporting, budgeting, auditing and internal controls at all levels of government. Some of the prerequisites for earning this certification are having a relevant bachelor's degree and at least two years of government financial management experience. You must also agree to AGA's Code of Ethics and take an exam involving three distinct parts:

• Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
• Governmental Financial Management and Control (GFMC)
• Governmental Environment (GE)

5. Certified fraud examiner (CFE)

If you're interested in preventing and discovering financial fraud at public and private organizations, taking the CFE exam can help boost your career. Fraud attempts are increasingly sophisticated and difficult to detect, which increases the demand for finance professionals who specialize in detection and prevention. This exam is issued by the Association of Certified Fraud Examiners (ACFE) and covers four main areas of anti-fraud work:

• Financial transactions and fraud schemes
• Legal implications and ramifications of fraud investigations
• Formal investigation procedures in fraud cases
• Fraud prevention and deterrence

6. Certified financial planner (CFP)

If you want to help clients make sound financial and investment decisions, earning the CFP certification can give you the competence to provide them with expert advice. It covers more than 100 related topics, such as stocks and bonds, tax information, insurance, retirement saving and estate planning, among others. It's issued by the Certified Financial Planner Board of Standards and provides multiple professional opportunities to help clients with their investments, both independently or while working for a financial firm.

Because trusting another individual with your savings is a major issue, the CFP Board requires candidates to sign an ethics declaration and be subject to background checks, in addition to education and experience requirements. You must also pass a 170-question multiple-choice examination.

7. Enrolled agent (EA)

This designation is useful for accounting professionals who want to represent clients in personal or business tax audits conducted by the Internal Revenue Service (IRS). It's issued by the IRS and allows you to help clients in multiple ways, such as giving them tax advice, representing them in tax-related cases and assisting them in preparing tax returns. Becoming an EA gives you the opportunity to work with various types of individuals and institutions, as many entities are required to pay taxes and report their financial dealings to the IRS.

Becoming an EA requires passing the Special Enrollment Examination – a three-part test that assesses candidates' tax law knowledge regarding individuals and businesses – as well as knowledge regarding representation, practices and procedures. IRS employees with more than five years of experience working with the tax code don't have to take the exam. Also, because the tax code is continuously evolving, you must complete at least 72 hours of continuing education every three years.

8. Chartered global management accountant (CGMA)

This certification is issued by the American Institute of Certified Public Accountants (AICPA) and the Chartered Institute of Management Accountants (CIMA) and demonstrates your proficiency in management accounting. It's recognized internationally and shows you have a wide range of finance, accounting and technical skills to lead organizations to success. It also helps you develop additional skills required for high-level business success, such as business knowledge, interpersonal skills and leadership. The exam comprises a case study that enables you to showcase your management accounting proficiency.

Because specialization is key to achieving success in the world of finance and accounting, deciding which way you want to go in your career is a major step. Any of these professional designations can give you the competency to excel in your field of choice and open up professional opportunities that can help you grow, both as a professional and an individual. Once you've earned one or more of these certifications, be sure to update your resume and then upload it on CareerBuilder so employers can find you.

More tips on finance and accounting careers:

• Interested in growing your career in finance? Check out some available jobs in finance today.
• If studying and working with numbers come naturally to you, you might want to check out these 17 jobs for nerds.
• Choosing which type of accounting career to pursue can be a challenge, so learn more about the public and corporate career paths.