FMAA (Financial and Managerial Accounting Associate) is the new entrant from the portfolio of Institute of Management Accountants (IMA) that was introduced recently and is being considered as a path breaking foundational certification course for accounting and finance professionals. Acquiring the FMAA certification will help the professional, particularly at the entry level to make them more presentable to the present-day employers with solid foundational knowledge and upskilling in present and future accounting arena. With the current challenges faced by the accountants with the intrusion of technologies and shortage of well-equipped accountants, the FMAA certification is meant to break the traditional barriers to make the field wide open for not only the accounting field but also from other domains to make it accessible for any business professionals.
FMAA Eligibility
The beauty of this innovative curriculum is regardless of educational background, there are no prerequisites to pursue the FMAA certification course allowing business professionals as well as entry level personnels from every corner to attain this certification.
FMAA Course
To get the FMAA certification, one must acquire knowledge in 5 below mentioned content domains with respective weightage of each section.:
General accounting and financial management (25%),
Financial statement preparation and analysis (25%),
Planning and budgeting (20%),
Cost management and performance metrics (20%),
Professional ethics (10%).
FMAA Exam
With a recommended 50 hours of study, the FMAA is a single part exam of 2 hours duration having 80 MCQs to answer.
FMAA Registration
As per IMA, it will start from January 2024 for the initial testing windows of March 2024 in English and exams will be conducted by Prometric centers across the globe.
Summary
The FMAA certification program provides a unique innovative opportunity for accounting students and professionals to acquire essential fundamental accounting and finance skills for everyday use in the workplace, including the tech sector financial services. Apart from the budding accountants, FMAA is aimed to target talent acquisition in professionals from non-accounting sectors too and those are not able to pursue the CMA US program to make them hirable by the employers.
Earning certifications in finance and accounting is a big step toward improving your marketability and career advancement as a professional in this field.
Continuing education is an investment in time and money, of course, and your employer may help make the case for credentials. Robert Half research shows that a majority (72 percent) of CFOs interviewed say their company will cover all or some of the cost of obtaining a professional certification, and 76 percent said their organizations help in maintaining such certifications once they’re earned.
What are the best accounting certifications?
The answer depends on your career path, specialization plans, resources and eligibility. Of the numerous certifications, each has its own requirements with regard to education, work experience and examination. Each, too, has specific skills to be gained by attaining it and ways in which it would benefit your career and positioning as an expert in the field of accounting and finance.
Certified Public Accountant
Chartered Global Management Accountant
Certified Management Accountant
Chartered Financial Analyst
Certified Financial Services Auditor
Certified Internal Auditor
Certified Fraud Examiner
Certified Government Auditing Professional
Certified Information Systems Auditor
Certified Information Technology Professional
Let’s first take a closer look at three certifications geared to careers in corporate accounting.
Certified Public Accountant
The Certified Public Accountant (CPA) license has a long reputation as the gold standard for accounting and finance roles in the United States. With this accounting certification, you validate your expertise in forensic accounting, tax, compliance, risk management and other skills that can lead to top CPA jobs.
Granted by: American Institute of Certified Public Accountants (AICPA)
Estimated cost: $2,000 to $3,000
Prerequisites: Five years of higher education, a minimum number of continuing education credits in business and accounting (typically about 150), and verified relevant experience
Exam requirements: Four levels; can be taken in any order
Time to certification: Passing the CPA exam usually takes a year; exam and license requirements vary state by state, but most state boards require one year of accounting experience before you get the license.
Ongoing requirements: Requirements for continuing professional education (CPE) credits vary by state.
Who should get it: This designation is a versatile one, as CPAs work in public accounting, management accounting, governmental accounting, taxation, financial advisory, compliance and other roles. The CPA is highly valued throughout the accounting industry, and some companies require it for managerial jobs. If you know you want to make your career in accounting and have the time and money to invest, the CPA is a good credential to pursue.
To learn more about how to make the most of your accounting and finance career and find your next job, mail to info@upliftprofessionals.in.
Chartered Global Management Accountant
The Chartered Global Management Accountant (CGMA) financial certification is a global designation for CPAs working in business and government. It’s an achievement that demonstrates your competency in management accounting skills and your expertise in developing strategy that connects all aspects of business.
Granted by: Both AICPA and the Chartered Institute of Management Accountants (CIMA), two of the world’s leading accounting organizations
Estimated cost: $325 plus membership fee for AICPA; for CIMA, cost of designation is included in membership
Prerequisites: Any AICPA member is eligible, with an experience requirement of three years of relevant, work-based, practical management accounting experience. CIMA members are already qualified.
Exam requirements: One computerized case study taken on site, which asks for long-form, written answers that reflect management accounting competencies
Time to certification: Exams offered four times a year; results released within four weeks
Ongoing requirements: Membership in good standing
Who should get it: Finance and accounting professionals who want their experience and skills recognized throughout the world, in addition to research, tools and a global network
Certified Management Accountant
The Certified Management Accountant (CMA) certification is sponsored by the IMA (Institute of Management Accountants), and is recognized globally. Professionals who hold this accounting certification demonstrate mastery of critical accounting and financial management skills from a generalized, managerial and internal perspective.
Granted by: IMA
Estimated cost: $1,000 to $2,000
Prerequisites: A bachelor’s degree and two consecutive years in financial management or management accounting
Exam requirements: Two levels, with a total exam time of eight hours
Time to certification: Typically one to two years
Ongoing requirements: 30 hours of CPE credits
Who should get it: Many accountants choose to get both the CPA and the CMA, as there is considerable overlap in the exam topics. The CMA is often considered a more practical application of the theoretical concepts tested in the CPA exams and is recommended for accountants in the corporate sector, particularly in large, multinational companies.Learn more about CMA US here: https://www.upliftprofessionals.in/CMA-USA.html
If you are considering a career as a financial analyst, or already working as one, you’ll want to look at the CPA license, as well as professional finance certifications.
Here are five certifications for careers in banking and financial services.
Chartered Financial Analyst
Chartered Finance Analyst (CFA) certification demonstrates your knowledge and competence regarding principles of portfolio management, investment analysis, economics, and professional and ethical standards.
Granted by: CFA Institute, a nonprofit based in the U.S.
Estimated cost: $2,500
Prerequisites: A bachelor’s degree and four years of relevant experience
Exam requirements: Three levels, with a total exam time of 18 hours; you must pass one level before you move to the next
Time to certification: Can be completed in 18 months, but most people take more than two years
Ongoing requirements: A recommended 20 hours of CPE credits, with at least two hours of standards, regulatory and ethics education
Who should get it: This has become a must-have for security analysts and asset managers in the investment community. Finance professionals who are (or aim to become) equity analysts, fund managers or hedge fund managers will also find the CFA useful, as will anyone who hopes to reach the CFO or senior finance manager levels. If you are pursuing a career in audit, however, it won’t be particularly useful to you.
Certified Financial Services Auditor
The Institute of Internal Auditors’ Certified Financial Services Auditor (CFSA) is a specialty certification for audit professionals who have a minimum of two years of experience in financial services organizations, such as banks, holding and investment companies, insurance companies, credit agencies, or security and commodity services.
These certifications are geared to audit, fraud and risk managementcareers.
Certified Internal Auditor
The Certified Internal Auditor (CIA) is the only internationally accepted designation for the internal auditor career path, and people who hold this financial certification demonstrate competence in areas such as risk and control and information technology, as well as proficiency in working with internal staff and external clients.
Granted by: Institute of Internal Auditors (IIA)
Estimated cost: $1,500
Prerequisites: A bachelor’s degree and two years of internal audit experience (but a master’s degree can substitute for one year of experience)
Exam requirements: Three levels, with a total exam time of 6.5 hours
Time to certification: Typically a year to 18 months
Ongoing requirements: CPE credits are required; the number depends on your work status
Who should get it: The CIA is really only useful to internal auditors, with particular importance for those who would like to become managers or chief audit executives.
Available to members of the Association of Certified Fraud Examiners, the Certified Fraud Examiner (CFE) is beneficial for finance professionals focused on anti-fraud endeavors across private and public agencies. Passing the CFE exam demonstrates expertise in the four main areas of fraud examination: Financial Transactions and Fraud Schemes, Law, Investigation, and Fraud Prevention and Deterrence.
Applicants for the CFE exam need to submit documentation of their education and work experience, along with three professional recommendations.
Certified Government Auditing Professional
The Institute of Internal Auditors offers the Certified Government Auditing Professional (CGAP) for audit practitioners in the public sector. It demonstrates skill in the unique requirements of government auditing. To qualify for the exam, auditors must have two years of experience in government auditing.
Here are two certifications for accountants with information technology careers.
Certified Information Systems Auditor
Accountants holding a Certified Information Systems Auditor (CISA) certification can show they have a proficiency in information systems control, security and auditing.
Granted by: ISACA (previously known as the Information Systems Audit and Control Association)
Estimated cost: $450 for members; $650 for nonmembers
Prerequisites: No experience is required to take the exam
Exam requirements: 150 questions; four hours, on site at locations worldwide
Time to certification: A minimum of five years of professional information systems auditing, control or security work experience is required for certification, with some substitutions possible
Ongoing requirements: Maintenance fees and CPE hours
Who should get it: Information systems audit, control and security professionals who desire global recognition
Certified Information Technology Professional
Offered by the AICPA, the Certified Information Technology Professional (CITP) is a specialty credential for CPAs who want to demonstrate technology skills that can help a company span the gap between business concerns and technical consideration. Aside from passing the CITP exam, additional requirements include having a minimum of 1,000 hours of business experience and 75 hours of continuing education in information management and technology assurance within the five years preceding application for the CITP.
Certifications for specific roles
Accounting education, from associate’s, bachelor’s and graduate degrees to certifications, is valuable not only for moving your career forward but also for expanding your skills and expertise to become a more well-rounded professional.
It can also help you become a more desirable job candidate or employee, one who can command a higher salary. According to the Robert Half Salary Guide for Accounting and Finance Professionals, specialized certifications can put you at the higher end of the compensation tables.
What are the most highly sought accounting jobs and the credentials that would boost your resume if you were aspiring to them? Here’s an alphabetical list of a few:
Accounts receivable/accounts payable — Most accounts receivable/accounts payable professionals hone their skills with on-the-job experience. But an accounts receivable or accounts payable certification can make you a more desirable applicant or move you up the job ranks. AR professionals might look into Accredited Receivables Manager (ARM) or Accredited Receivables Specialists (ARS) certifications. AP professionals might consider the Accredited Payables Manager (APM) and Accredited Payables Specialist (APS) credentials.
Auditors — To reach higher-level auditing positions, you’ll want to consider a Master of Business Administration (MBA), as well as a CPA or CIA. IT auditors should look into the CISA, rather than the CIA.
Business and business systems analysts — Business analysts and business systems analysts can increase their marketability by acquiring an MBA. If you want to go a step further, you can sit for the Certified Business Analysis Professional (CBAP) or Certification of Competency in Business Analysis (CCBA).
Compliance professionals — The options for compliance certifications vary, depending on your industry and specialization, and they are almost as numerous as regulatory mandates. Options include the Certified Compliance and Ethics Professional (CCEP), Certified Compliance and Regulatory Professional (CCRP), Certified Regulatory and Compliance Professional (CRCP) and Investment Adviser Compliance Certification Program (IACCP).
Controllers — If you’re a controller on the job market, an MBA will distinguish you from other candidates, especially if it’s accompanied by a CPA or CMA credential. It’s important to note that most employers prefer the CPA, making it one of the most in-demand certifications.
Cost accountants, staff accountants, senior accountants — You can propel yourself upward in these accounting jobs by obtaining a CPA or CMA. Employers prefer the CPA, and if you’re looking to hit senior or management levels, an MBA can help you get there.
Financial analysts — To make the preferred candidate list as a financial analyst, you’ll need a CPA or an MBA. Having both is even better.
Payroll professionals — Looking to land your dream payroll job? The Certified Payroll Professional (CPP) designation can help you make it to supervisory roles.
Have you seen enough acronyms for one article? Here’s another: The AICPA’s Certified in Entity and Intangible Valuations™ (CEIV™) credential is for CPAs and finance professionals to demonstrate a commitment to enhancing audit quality, consistency and transparency in fair value measurements for public company financial reporting purposes in the U.S.
When considering what accountant certifications to pursue, carefully study how each might help advance your career. Your choice may be swayed, for instance, by whether you work in private vs. public accounting. The niche that is your company’s focus might also dictate your direction as well as your own career aspirations.
Do you have the certifications needed to set yourself apart from other candidates and command a higher salary? If not, there’s no time like the present to show employers you mean business and increase your career opportunities by investing in professional development.
When we talk about an accountant, we think about some office goers either in public or private settings who jumble with various numericals to prepare financial documents. But is it true that an accountant is meant for some repetitive stereotyped job? Probably not nowadays. In today’s world, options are available through which an accountant can diversify the career path to various job profiles apart from the customary one. How to achieve rewarding career opportunities? Well, the first and foremost approach is to obtain an internationally recognised professional credential in accounting. Let us discuss some of the non-orthodox career paths in accounting.
International Professional Accounting Certifications:
Briefly, the CPA has one of the top order slots with its own versatility. A CPA can work anywhere ranging from a small organization to large corporate houses including hardcore auditing jobs as well as provides opportunity for individual practice.
CMA US, on the other hand, is a global certification that paves the way towards management accounting. Being a financial analyst or controller, CMAs are an integral part of financial management and can effectively contribute to strategic financial decisions based on the available resources.
Having specific interest in internal auditing? Think about the CIA certification. A CIA credential means the person is especially skilled to produce accurate and organized financial statements of a company in a global perspective. Apart from that, a CIA often assesses and mitigates the risks involved.
Do you have interests in the US tax domain? Then EA certification should be your cup of tea. The EA is the highest certification given by the Internal Revenue Services (IRS) of the treasury department under the federal government of the USA. An EA has unlimited right to represent clients before the IRS in any kind of tax related issues from individual to corporate and other taxes.
Irrespective of the courses mentioned, whatever you select, you can get end to end support from Uplift Pro Academy to obtain your dream certification.
Diverse Career Paths:
Accountant as Faculty
Ask yourself first. Do I have an inclination for teaching and research? If the answer is yes then your right destination career is obviously an educational institution like colleges and universities having added advantage of research facilities. Having the proper mindset, the role of an accountant in academia can always be a rewarding career.
Business Analyst
A business analyst is responsible for analysing an organization’s financial data and making recommendations for how the business can improve its operations. Business analysts often work in consulting, where they provide advice to clients on a variety of topics.
Financial Planner
Role of a financial planner is immense in terms of proper investment and future financial security of an individual or a family. A financial planner helps individuals and families to set their short- and long-term financial goals. This is mainly an independent consultancy service having great demand in the society.
Accountant in Healthcare and Hospitality
Since there is a leaping growth in hospital services and hotel industries, a certified accountant has great demand starting from billing, budgeting as well as to deal with the insurance settlements.
Accountant in Environment
A fascination towards a clean and sustainable environment often brings an accountant in such organizations where a cleaner pollution free environment is a priority. Investing in renewable / alternative energy sources and such manufacturing of such equipment comes under the advisory domain of a certified accountant.
Forensic Accountant
Detection of unlawful financial frauds, misleading or hiding of financial activities and money laundering comes under the purview of a forensic accountant. If you have accounting skill with a good analysing thinking process, this can be a lucrative career path for you.
Entrepreneur Accountant
Being a certified accountant, if you have the idea for a business, potential clients, and enough savings to keep you afloat, you can always think about the transition towards an entrepreneur.
Accounting Information Technology
Software and information systems play a major role in accounting. If you are interested in pursuing a technology role, some of the courses mentioned above can provide you with an effective amalgamation of accounting and information technology knowledge integrated within the course.
Accountant as C-Level Executives
This is the top order of the corporate ladder, where ‘C’ stands for Chief. If you have the right ambition and approach then becoming a CFO/CEO is a great option. Accountants reaching this level are responsible for making strategic decisions and overseeing the operations of an organization. This is the perfect career path for accountants who have a strong head for business and an effective communication style.
Summary
Selecting the right accounting career path has tremendous value nowadays. By taking a career path which is unorthodox or non-conventional can give you a cutting edge over the peers. So this is the time to break the cocoon, coming out of the shell to explore different kinds of ventures for elevated career growth. To achieve this, above mentioned global professional accounting credentials are really a boon for the right aspirants.
By now, we entered the hall of the post-pandemic era, we have learned that to survive and excel in the accounting job market, we need special knowledge and upgraded skill sets with a positive attitude to learning as a continuous process. It is not about just handling the money matters, rather to make yourself future proof against the robotic uprising in the accounting arena of corporate sectors.
Hence, the challenge lies in the transformation from everyday accountant to exceptional accountant as per the demand of the industry. According to Helen Brand, chief executive of the Association of Chartered Certified Accountants (ACCA), “To succeed as a professional accountant…a vastly different set of skills is required than was necessary just 10 short years ago.
And in the next decade, things are likely to change even faster and more dramatically as the global economy continues to evolve at an ever-quickening pace.” Let’s look into the need and required skill sets for new age accountants.
The Entry Level Accounting Jobs
1. Junior accounting associate
2. Staff accountant
3. Tax accountant
4. Audit associate
5. Accounts receivable/accounts payable clerk
Skills Required to be a Successful Accountant
The technological advancement like in other fields have also penetrated the accounting domain and have changed the scenario a lot which have not been foreseen in the past. Taking the above cues, the present-day accountants need to show their proficiency in the following areas.
1. Communication
No doubt at any stage of career including accounting job, this is the basic skill required to bring clarity in explaining different financial situations to co workers and clients with superior clarity.
2. Evaluative Thinking
This is the skill needed to be seen in a successful accountant, the ability to think critically that help in a quick decision-making process in a highly effective manner.
3. Creative Problem-Solving ability
Today’s firms need accountants who can think of a problem outside the box and solve it with outstanding creativity. This is a continuously evolving process, where the accountant has to be embedded to impress the employer as well as to bring more smoothness in the career path.
4. Project Management
Gone are the days when an accounting job was a solo performance by performing the routine assigned jobs. The present-day mantra is team work. Hence, firms are more interested in hiring accountants who have exposure to project management. Nothing to be worried about. If you don’t have the experience, you can grab it from various learning tools/short term courses on the same at your fingertips.
5. Microsoft Excel
One has to have proficiency in using this particular tool in accounting jobs. If you are not comfortable with pivot tables, VLOOKUPs etc. you have to learn it.
6. Data analysis
Today’s accounting needs handling of large accumulation of data with effective analysis and filtering to make it sensible. Accordingly, the present-day employers need their accountants to provide recommendations supported by analyzed final data itself.
7. Cloud-based Accounting Software
In the metamorphosis of everyday accountant to exceptional accountant, you have to be tech savvy as per the need of the hour. In order to cope with such need for real-time financial reporting, many accounting firms have changed over from conventional to the implementation of cloud-based accounting software. This indicates that as a current day accountant, you need to be comfortable working with programs like QuickBooks, Xero, and FreshBooks etc.
The Way to Learn Accounting Skills on Demand
The on job learning process is the best way in this journey and also a time-tested process. However, for a fresher this is not applicable before joining. So, what to do? An internship or entry level job can provide the learning opportunity. Another good alternative is to obtain a good professional accounting credential like US CMA/CPA/EA etc. before or after entering the accounting job arena. Along with the skill development, build your resume accordingly to get the interview call to finally land up into your desired career path.
A Meaningful Resume
1. Show the Pinnacle of your accounting experience
In this part of your resume, incorporate all relevant accounting experiences including internships. You can link your skills to specific duties you performed or use them to explain how you met certain key performance indicators (KPIs) including your familiarity with accounting software if any.
2. Calibrate your Achievements
Use numbers whenever possible to show your success like you can mention the number of team members you have worked with and your achievements or if you have led a team of interns, mention their number and the success achieved with you.
3. The Key Words
This is a very important part of the resume on which we generally don’t pay much attention. Please keep in mind that today’s employers rely on applicant tracking systems (ATS) to help them filter candidates. To be successfully selected by the ATS, it is suggestive of the use of appropriate relevant keywords throughout the resume in an optimized manner.
Summary
It appears obvious that to meet the demand of the present-day accounting firms, the present-day accountants have to be more tech competent with some special skill sets as mentioned above. One of the finest ways to meet the demand is to go for some professional accounting courses like US CMA /CPA/EA etc. which can be pursued along with the conventional academic curriculum or as early as possible after entering the job to extract maximum benefit.
As of now, a career that emerged in 1884 as a result of civil war loss claim has successfully sailed the calm and rough seas to become today’s Enrolled Agent (EA). An Enrolled Agent (EA) is an upskilled tax specialist who deals with US tax laws and applications in and outside the USA. EAs are entitled to tackle all US tax-related issues of an individual as well as business/corporate entities, trusts, NGOs, etc. that comes under the Internal Revenue Services (IRS) as a whole which includes tax return preparation to represent the client in front of IRS in relation to any dispute or settlement.
EAs are privileged because the IRS empowers them with special tools that make them much better equipped with knowledge and skills than non-EA tax preparers. As a result, EA is the top credential under the IRS umbrella, making it prestigious in the job market. A Certified Public Accountant (CPA) can also handle the same tax-related issues, but they have a broader horizon than the specific niche of EAs.
The EA credential involves successful clearance of a 3-part Special Enrollment Exam (SEE) rather than a 4-part CPA exam. The unique point in the EA journey is academic eligibility. Unlike CPA, there is no educational requirement to sit for SEE. Furthermore, the course duration is much shorter than a CPA course and is considered easier to pass. Lastly, a CPA has a state license, while an EA gets a federal license and can practice anywhere in the country and represent clients from any state.
Hence, anyone focusing on the IRS-governed US tax domain rather than public accounting should opt for an EA credential rather than a CPA. Moreover, EAs can work part-time or full-time as practicing status. It has to be noted that besides an attorney or a CPA, only EAs are authorized to plead and represent taxpayers before the IRS for tax-related issues.
The Job Security
As we all know, irrespective of the state of the economy, be it stable, inflation, or recession, taxes are there to stay with various reforms with increasing numbers of taxpayers. In this scenario, one can interpret the importance of an EA with continuous professional education (CPE). Thus, EA appears as a future-proof job type in all economic conditions of the country.
Job Sectors for EAs
Public Accounting Firm (PAF)
In this sector, EAs can play the role of tax return preparer and represent clients in front of the IRS concerning any tax-related issues. In addition, PAFs often offer higher salaries and work flexibility.
US Taxation
Many MNCs, including Big 4s as well as BPOs, KPOs, or any organization which follows US taxation and is accountable to IRS, are great places for EAs to venture. Attractive packages are offered to EAs more than an average commerce graduate.
Banking Sector
Banks under federal regulations hire EAs to review the rules and tax compliance. In return, EAs get a good salary, benefits, and job security.
Investment Firm
EAs are hired here because an EA can advise how to minimize the tax burden in various investments, including buying and selling, to maintain clients’ interests.
Law Firm
EAs find an excellent place to work in tax law firms, mainly for the representation of clients before the IRS. The packages of EAs in such organizations vary with the size of the clientele.
Own Business
Nevertheless, this option is open to every EA to start their consultancy firm where the sky would be the limit. Outsourcing for individuals and corporations, trusts, or NGOs can be highly rewarding regarding money and freedom.
Enrolled Agent (EA) – The Complete Kaleidoscope: Course, Eligibility, Syllabus, Exam Structure and Job Opportunities in India:– Want to learn more about Enrolled Angent course? Then click to learn more…. Continue reading
Adding the above to the Indian scenario, the horizon appears brighter for EAs. The advent of globalization imparted tremendous growth in various BPO and KPO sectors, where they very much follow the US taxation policy because of their US and international client base. Hence, EAs holding the top ladder of US taxation is much preferred in these sectors.
Apart from these, all Fortune 500 companies, including the Big 4s, rely on US taxation and have to file returns under the FATCA rules, which govern financial transactions with US investors and are dependable on EAs to comply with and proper financial functioning of the organization.
