Exploring Top Accounting Credentials for Career Growth

Managing a successful accounting career requires staying current with industry trends and committing to ongoing education. With evolving financial regulations and market demands, accounting professionals must continuously enhance their skills to remain competitive. 

One of the best ways to advance in the field is by obtaining specialized accounting certifications, which can significantly boost career growth and earning potential. Keep reading to learn about the benefits of pursuing these credentials and explore some of the most common options. 

The Importance of Specialized Accounting Certifications

The financial services industry is rapidly evolving, increasing the demand for highly skilled professionals with prestigious qualifications. Employers seek accountants with advanced knowledge, analytical skills, and a deep understanding of regulatory compliance. Without ongoing professional development, career progression can become stagnant, limiting both opportunities and salary potential. 

While there are many accounting credentials available, selecting the right certification depends on career goals, industry requirements, and long-term aspirations. Below, we explore key certifications for public and corporate accountants, as well as additional designations that can enhance career prospects. 

Public Accounting Certifications

Public accountants play a crucial role in financial reporting, auditing and advisory services. The most widely recognized certification in public accounting is the Certified Public Accountant (CPA) credential. Holding a CPA license is often essential for career advancement, as it demonstrates expertise in financial reporting, tax preparation and regulatory compliance. 

Certified Public Accountant (CPA) 

• Four-part exam covering auditing, financial accounting, regulation and business environment 
• Issued by individual state boards of accountancy 
• Requires 150 credits of education (varies by state) and at least one year of professional experience 
• Continuing professional education (CPE) requirements vary by state to maintain licensure 

According to the National Association of State Boards of Accountancy (NASBA), there are more than 671,000 licensed CPAs in the United States. Additionally, a CPA credential serves as a prerequisite for other specialized certifications, such as the Accredited Business Valuation (ABV) and Certified Valuation Analyst (CVA) designations. 

Accredited Business Valuation (ABV) 

• Two-part exam covering professional standards, qualitative and quantitative analysis 
• Issued by the American Institute of Certified Public Accountants (AICPA) 
• Requires completion of 10 business valuation engagements and 75 hours of continuing education 

Certified Valuation Analyst (CVA) 

• Requires National Association of Certified Valuators and Analysts (NACVA) membership 
• Completion of a five-day training program 
• Passing of a two-part comprehensive exam 
• Submission of three professional references 

Corporate Accounting Certifications

For accountants working in the private sector, specialized certifications demonstrate industry-specific expertise. Many industries, including manufacturing, retail, government and technology, require accountants with in-depth knowledge of corporate finance and management. 

The Certified Management Accountant (CMA) designation is one of the most respected certifications for corporate accountants. This credential is offered by the Institute of Management Accountants (IMA). CMAs frequently hold leadership positions, such as accounting department managers, financial directors, or chief financial officers (CFOs). 

Certified Management Accountant (CMA) 

• Two-part exam covering financial planning, performance, control and decision analysis 
• Requires a bachelor’s degree from an accredited institution 
• Requires two years of relevant work experience in management accounting or financial management 
• Continuing education requirement: 30 hours of continuing professional education (CPE) annually, including two hours in ethics 

Additional Accounting Credentials for Career Growth

Expanding expertise beyond core accounting functions can enhance career prospects. Several certifications allow accounting professionals to specialize in areas such as auditing, financial services, and investment analysis: 

• Certified Bank Auditor (CBA): Specialized credential for professionals in the banking sector 
• Certified Financial Services Auditor (CFSA): Focuses on auditing in financial institutions 
• Certified Internal Auditor (CIA): The only globally recognized certification for internal auditors 
• Chartered Financial Analyst (CFA): Highly regarded in investment management and financial analysis 
• Certified Information Systems Auditor (CISA): Ideal for accountants specializing in information systems auditing 

By earning one or more of these credentials, accountants can differentiate themselves in a competitive job market and increase their earning potential.

Advance Your Career with a Master of Accountancy

Choosing the right accounting certification depends on individual career goals and industry demands. However, obtaining a professional credential starts with a strong educational foundation. A Master of Accountancy (MAcc) program provides the essential knowledge and preparation needed to pursue advanced certifications. 

The University of Scranton's on-campus and online master’s degree in accounting is designed for working professionals who want to advance their careers. This flexible program offers specialized coursework that aligns with CPA and CMA exam requirements, ensuring that students gain the necessary skills to excel in their certification pursuits. 

Learn more about how this program can set you up for a successful accounting career – explore the Master of Accountancy today!