Nearly every public and private business entity — across all levels of government, small and large businesses and major accounting firms (such as KPMG, EY, Deloitte and PwC) — employs finance professionals. These individuals help organizations manage budgets, reporting and other crucial financial operations.
Top 5 accounting and finance certifications
We’ll take an in-depth look at five of the most popular and valuable accounting and finance certifications, along with some additional credentials you may be interested in pursuing.
1. Certified Government Financial Manager
Those interested in government accounting, financial reporting, auditing and budget planning at the local, state or federal level should consider the Certified Government Financial Manager (CGFM) certification offered by the Association of Government Accountants (AGA).
According to the AGA, CGFM-certified professionals demonstrate mastery of governmental accounting standards, financial reporting and internal controls — skills that are in consistent demand across federal, state and local agencies. Salary data reflects that demand. According to ZipRecruiter, CGFM professionals earn an average salary of about $86,000 per year in the United States, with top earners making around $117,500.
To obtain a CGFM certification, candidates must hold a bachelor’s degree and have at least two years of professional experience in government financial management. They must also pass three CGFM exams:
- Governmental Environment (GE)
- Governmental Accounting, Financial Reporting and Budgeting (GAFRB)
- Governmental Financial Management and Control (GFMC)
Each exam costs $150. Candidates must also pay an application fee of $90 for AGA members, $36 for student members and $120 for nonmembers. The AGA also offers preparation courses in both in-person and virtual formats; pricing varies by course and format, so candidates should check the AGA’s official website for the most current options and fees.
2. CMA
The Institute of Management Accountants (IMA) is the membership organization behind the CMA certification, which is aimed at management accountants and financial professionals.
Regarding what differentiates a CMA from other accounting-related professionals, the IMA explains that CMAs understand the “why” behind numbers, not just the “what.” That means a CMA’s role may involve analyzing and reporting on monthly financials, forecasts and the annual budget, as well as providing strategic planning input.
Arvind Rongala, CEO of Invensis Learning, summarized it this way: “The CMA bridges finance and business strategy, equipping professionals to drive internal financial decision-making.”
A CMA certification can be lucrative. According to the IMA, CMAs globally earned median total compensation roughly 21 percent higher (up to 43 percent higher in some cases) than their non-CMA peers. In its most recent Global Salary Survey, about 62 percent of CMAs said their certification contributed to salary increases.
To achieve the CMA designation, you must have the following:
- Current IMA membership
- A bachelor’s degree or an approved professional certification
- Two years of relevant work experience
- A passing score on the two-part CMA exam
The first part of the CMA exam covers financial reporting, planning, performance management and analytics. The second part focuses on financial strategy and decision-making.
The IMA charges $295 for a Professional membership, an enrollment fee of $300 for professional members and $545 for each of the two exam parts. Discounts are available for students and academic members, and a limited number of scholarships are offered each year. CMA review course costs typically range from about $1,000 to $2,000, depending on the provider.
3. CPA
The CPA is considered the crème de la crème of accounting certifications. CPAs can work for public- or private-sector organizations or as consultants. These professionals can handle various tasks, such as maintaining financial records, corporate finance, budget oversight, tax preparation and financial planning.
Some CPAs earn additional certifications and take on more specialized roles, such as auditing internal financial records, using forensic accounting techniques to detect financial crimes or working as fraud examiners.
Each state, along with several U.S. jurisdictions, certifies and licenses CPAs through its board of accountancy, so you’ll need to research your state’s specific requirements. Most states require at least a bachelor’s degree and additional accounting coursework, often totaling 150 college credit hours. AccountingEdu.org and the Association of International Certified Public Accountants (AICPA) CPA Exam page are good starting points for determining the requirements you’ll need to meet.
ZipRecruiter reports that CPAs earn about $92,000 annually in the United States. CPAs who also hold a CMA certification can command significantly higher compensation, with some combined credential holders earning well above $100,000 annually.
Small businesses
hire CPAs to save time and money by staying compliant with IRS rules, claiming tax deductions and maintaining accurate, up-to-date financial records.
4. Chartered Financial Analyst (CFA)
The CFA Institute offers the Chartered Financial Analyst (CFA) certification, which is geared toward investment and portfolio managers, corporate finance advisors and analysts.
To be eligible for the CFA Level I exam, candidates must:
- Have a valid international passport
- Hold a bachelor’s degree (or be in the final year of a four-year program), or have at least 4,000 hours of professional work experience and/or higher education completed over a minimum of three consecutive years
To become a CFA charterholder, candidates must also:
- Pass all three CFA exams (Levels I, II and III)
- Complete at least 4,000 hours of qualified professional work experience in investment decision-making, accrued over a minimum of 36 months
- Submit professional references and become a regular member of the CFA Institute (annual membership costs $299)
Each CFA exam focuses on specific competencies:
- Level I emphasizes knowledge and comprehension of investment tools
- Level II focuses on asset valuation and analysis
- Level III covers portfolio management and wealth planning
Exam registration fees vary by registration window and exam level, with standard registration fees typically starting around $1,140. Early registrants typically pay a lower fee, so planning ahead can reduce costs.
ZipRecruiter data places the average salary for professionals with a CFA at about $88,000 annually. However, according to the U.S. Bureau of Labor Statistics, financial managers — a role for which the CFA is particularly well suited — earned a median annual salary of $161,700 in 2024.
5. Enrolled Agent (EA)
Tax professionals may be interested in earning the Enrolled Agent (EA) credential. Created by the IRS, this designation identifies individuals qualified to represent U.S. taxpayers in personal and business tax matters, such as collections and appeals. EAs typically have extensive experience preparing a wide range of federal and state tax returns. The EA is the highest credential the IRS awards.
Financial consultant Ethan Richardson highlighted the IRS’s role in authorizing this credential and explained what’s involved in obtaining it. “Candidates must pass a three-part exam covering individual and business tax returns, tax planning and representation,” Richardson explained. “Taxation experts are qualified to advise, prepare and represent taxpayers.”
To become an EA, you must either:
- Have at least five years of experience working for the IRS interpreting and applying the tax code, or
- Pass all three parts of the Special Enrollment Exam (SEE)
Additional requirements include:
To maintain EA status, credential holders must complete 72 hours of continuing education every three years, including ethics coursework.
Each part of the SEE costs $267, and candidates must pay a $140 enrollment application fee after passing all three exam parts. PSI Services administers the SEE, and candidates can register directly through the IRS website.
The National Association of Enrolled Agents (NAEA) provides additional information and training resources for individuals seeking to become an EA.
According to ZipRecruiter, the average annual salary for EAs is approximately $72,500, though pay can vary quite a bit by location and experience.
Like financial certifications,
marketing certifications can help professionals advance their marketing careers and demonstrate specialized knowledge.
