What Are Accounting Certifications?
If you’re wondering, “Are accounting certifications worth it?” you’re in the right place. We’ll discuss their definition, cost challenges, and benefits. You’ll also learn steps to choose the best certification for your interests and goals.
What are accounting certifications in the first place? These are professional credentials for accounting professionals:
- Demonstrate expert knowledge and skills in specific areas of accounting
- Boost professional credibility and trustworthiness for its holders
As a result, these can increase career growth opportunities and earning potential, too. But it’s still up to you to leverage them. Like all credentials, certifications are nothing but ink on paper unless you put them to use.
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What are the most popular accounting certifications? Here’s a brief look at the five most popular accounting certifications in the United States.
| Certification | Awarded By | Focus Areas | Eligibility Requirements | Best For |
| Certified Public Accountant (CPA) | American Institute of Certified Public Accountants (AICPA), and state boards of accountancy | Financial reporting, auditing, taxation, and business law | – Bachelor’s degree in accountancy preferred but not required – 150 semester hours, but varies by state – Passing the CPA exam | Public accounting, auditing, and tax professionals |
| Certified Management Accountant (CMA) | Institute of Management Accountants (IMA) | Management accounting and financial management (planning, analysis, and control) | – Bachelor’s degree in any field, but finance, accounting or business is typical – Two years of work experience, ideally in financial management or management accounting – Passing the CMA Exam | Professionals in management accounting, corporate finance, and internal decision support |
| Certified Internal Auditor (CIA) | Institute of Internal Auditors (IIA) | Internal auditing, risk management, governance, and control | – Bachelor’s degree in any field – Relevant work experience – Passing the CIA Exam. | Professionals in compliance and internal auditing |
| Chartered Financial Analyst (CFA) | CFA Institute | Portfolio management, Investment analysis, economics, and ethics | – Bachelor’s degree or in your final year – Four years of relevant professional experience – Passing the CFA’s three exam levels | Professionals in investment, portfolio management, and equity research and analysis |
| Certified Fraud Examiner (CFE) | Association of Certified Fraud Examiners (ACFE) | Fraud prevention, detection, investigation, and deterrence | – Bachelor’s degree in any field. At least two years of fraud-related professional work experience. Passing the CFE Exam | Fraud examiners, internal auditors, forensic accountants, and compliance officers |
Accounting certifications are among the most popular credentials. This isn’t surprising considering the high salaries and demand for certified professionals.
In general, business and financial occupations earn $80,920/year in median wages (BLS, May 2024). Accountants and auditors earn $81,680/year, and financial examiners $90,400/year. Financial analysts earn higher salaries at $101,910/year, on average. In contrast, the median annual wage for all occupations is only $49,500/year.
Business and financial occupations are in high demand, too. Projected job growth ranges from 6% to 21% or 963,500 openings/year, on average.
CPAs, CMAs, and CFAs can also move into C-suite positions. Their expert accounting and auditing skills make them capable of these jobs.
Indeed, now is the best time to earn an accounting certification. If you do, you’ll have a competitive edge in the job market.
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Who Should Consider an Accounting Certification?
If you’re interested in the benefits of accounting certifications, earn them first. You’ll find that these benefits make the challenges of earning them worthwhile.
Here are the benefits you can look forward to.
- Gain a competitive edge for leadership roles
- Boost your professional reputation and credibility
- Expand your career growth opportunities
- Increase your earning potential
- Stay current with industry standards and regulations
But accounting certifications aren’t for everybody either. You must have the right traits to leverage these credentials to your advantage.
- Keen interest in accounting, auditing, and related areas
- Strong analytical skills and attention to detail
- Comfortable with numbers and technology
You must also have a lifelong learning mindset for many reasons. First, renewing accounting certifications demands continuing education credits. Second, accounting, auditing, and taxation principles and rules are in constant flux. Being updated is a must to stay on top of your game.
So, who should consider accounting certificates? If you want to enjoy the benefits and possess the traits, go for it.
In general, here are the types of individuals who are well-advised to consider them.
College students and recent graduates
If you’re pursuing a business, finance, or accounting degree, consider them. Becoming a CPA is your step toward establishing a successful career. Many employers also require or prefer accounting-certified employees.
Accounting professionals seeking career growth opportunities
If you’re already an accounting professional, you can move up the ladder with a certification. You should consider certifications that require professional experience (e.g., CMA or CIA). The certification formalizes your expertise and readiness for leadership roles.
Career changers or switchers transitioning into the accounting field
If you want to switch careers or reenter the workforce after a long absence, consider them, too. You can highlight your commitment to learning your new profession. Plus, earning a certification builds your specialized skills faster than a degree.
Again, the CMA, CFA, CIA, CFE, or CPA certification value is in your hands. Put your certification to use, and you’ll gain maximum value from it. Let it sit on the backburner – staying in a non-leadership role when you can apply for one – and you’ve wasted your skills.
How Much Do Accounting Certifications Cost?
The actual cost of accounting certification will depend on many factors, including the following:
- Type of certification you’re pursuing
- Registration and membership fees
- Types of exam preparation materials
- The choice to take certification exam review courses or not
- Number of exam attempts you made
Indeed, you can spend a significant amount of money on it. But look beyond the cost and appreciate the benefits of earning it, and spending becomes less of a burden.
Accounting certifications for students are usually more affordable than those for professionals. Student discounts, university partnerships, and bundled packages make it so. Check out the QuickBooks Certified User and Microsoft Excel Certification credentials.
Students can also qualify for the CMA and CIA credentials. Their exam fees are more affordable than those for professionals, too.
For the five major accounting certifications, the estimated costs are as follows. We’ve included the estimated time investment because it has value, too.
| Certification | Application/Membership/Registration Fees | Review and Course Materials | Certification Exam Fee | Estimated Time Investment |
| CPA | $50-$300 depending on state | $1,000-$3,000 | $150-$250 per exam section (i.e., four sections) depending on state. | 300-400 hours for preparation |
| CMA | $275-$595 depending on IMA membership (student or professional) | $800–$2,000 | $495 per part for professionals; $370 per part for students (i.e., two parts) | 150–200 hours per exam part |
| CIA | $65-$115 depending on membership (student, member, or non-member) | $500–$1,500 | $590 for members; $860 for non-members | Around 200–300 hours |
| CFA | $350 one-time enrollment fee | $500–$1,500 | $940 per CFA exam level (early registration) or $1,250 (standard registration) | Around 300 hours for every level |
| CFE | $670 for application and membership fee | $800-$2,000 | $475 for the first attempt (included in the application fee) | Around 300 hours for all four sections |
Be sure to add transportation and incidental costs to the mix. Note that certification exams are usually computer-based and conducted in authorized testing centers. This means you have to take a certification exam in person.
Yes, some certification exams are offered online with remote proctoring. But these are usually offered under specific and controlled conditions. This is true for the CFA and CIA exams.
If you retake an exam, it’s an additional cost, too. So, prepare as well as you can for a certification exam to avoid it.
Are Accounting Certifications Worth It?
Yes, they are worth it. The return on investment accounting certification is among the reasons for its enduring popularity. According to the IMA 2023 Salary Survey, CMAs earn 21% more in average salary than their non-CMA counterparts.
Here’s a closer look at the average annual salary of accounting-certified professionals in the US. Remember that your actual salary will depend on your position, experience, company, and location. (Figures from ZipRecruiter as of May 2025)
- CPAs: $91,980
- CMAs: $109,136
- CIAs: $76,185
- CFAs: $88,111
- CFEs: $147,203
Besides the high annual income, earning accounting certifications also boosts your professional reputation. Doing so is also a personal achievement.
But there are challenges and trade-offs, too. As seen above, the high upfront costs are a significant barrier. Not everybody has access to considerable financial resources.
There’s also a significant time commitment involved. Earning a bachelor’s degree is only the start. You must also prepare for the rigorous certification exam.
Even after you’ve earned an accounting certification, there are still challenges. Renewal fees and continuing education are foremost.
Again, look beyond these challenges and keep your eye on the rewards. Nothing great ever comes easy.
Certifications vs. Accounting Degrees: What’s the Difference?
In the accounting certification vs degree debate, it’s important to know their differences.
| Accounting Degrees | Accounting Certificates | |
| Scope and Purpose | Comprehensive education with gen-ed, core, and specialization courses | Specialized knowledge and skills |
| Time Commitment | 2-4 years, but it can be as long as 6 years | 6-12 months, but it can be longer depending on your pace |
| Cost | $38,270 per student per year, on average (EDI, 2024-2025, cost of attendance) | $1,200-$5,000 in total |
| Earning Potential | Varies but $50,000-$70,000/year on average for entry-level jobs | Increase 10%-25% in annual income over time |
| Career Outlook | Usually required for entry-level jobs | Boosts opportunities for promotions or specialized roles |
If you want to get the best of both worlds, earn a bachelor’s degree first and get a job. Then, consider one of the online accounting certifications. This way, you’re earning while learning and setting the stage for your career growth.
Can You Get Financial Aid for Certifications?
Yes, you can get financial aid for accounting certifications. But you must set realistic expectations as it isn’t as widely available as it is for college degrees. You’ll have to do more extensive research to find them.
Start with scholarships and grants offered by professional organizations and foundations. Most are available for students and early-career professionals.
- The AICPA Foundation Scholarship for Future CPAs provides up to $10,000 to aspiring CPAs.
- The IMA CMA Scholarship Program allows students to earn their CMA credential at no cost. Competitions with cash prizes are also available.
Then, check with your employer for tuition assistance or reimbursement. You may have your prep courses, study materials, and exam fees covered.
Ask about installment payment plans, partner discounts, and student and military discounts, too. Tax education credits (e.g., LLC) are also great for saving on costs.
Tips for Choosing the Right Accounting Certification
- Identify your interests and career goals first. Choose the CPA credential, for example, if you want to get into public accounting.
- Consider your work experience and current role, too. If you’re already in finance, becoming a CMA makes sense.
- Factor in the time and cost investment. Becoming a CPA is the most challenging, money and time-wise, but it’s also the most widely recognized.
- Determine the eligibility requirements. Compare them with your current credentials.
- Consider where you want to practice your profession. The CPA credential is recognized both here and abroad. The CMA and CIA credentials are better for international roles.
Final Thoughts: Are Accounting Certifications Worth It?
Yes, of course, for the reasons mentioned above. But accounting certifications are just tools in your career growth. You, the holder of these tools, have the power to use them well or waste them.
With the significant time, effort, and money that it takes to earn them, it behooves you to use them well. Highlight them on your resume, LinkedIn profile, and social accounts. Use them to apply for promotions or leadership positions. Share your knowledge with others and contribute to the body of knowledge.
In the end, the true value of accounting certifications lies in how well you use them for positive impact.