By Amanda Sue Marcy, CPA, DBA

While the certified public accountant (CPA) credential continues to be the accounting profession’s “gold standard,” depending on your career goals you may want to consider one of the many add-on certificates to further foster your skill set and improve your value to employers and desirability in the job market.

As a baseline, let’s take a quick look at the CPA. CPAs are licensed accounting professionals committed to protecting the public interest by providing organizations and individuals an array of services, including assurance and attestation, tax preparation and planning, and financial reporting and advisory services. Before earning the CPA credential, candidates must have a bachelor’s degree (or higher) from an accredited institution with a total of at least 150 credits, including at least 36 credits in accounting and auditing, business law, finance, or tax subjects sanctioned by the Pennsylvania State Board of Accountancy. In addition, prospective candidates must pass a four-part CPA Exam and complete one year (1,600 hours) of work experience through employment in government, industry, academia, or public practice.

For more information on becoming a CPA in Pennsylvania, visit the PICPA’s “Become a CPA” webpage.

Now, let’s look at a few of the options you can add to your CPA credential.

Certified Management Accountant (CMA)

The CMA is an opportune credential for those pursuing careers in industry and aspiring to positions such as chief financial officer, controller, accounting manager, and financial analyst.

Education: Candidates must receive a bachelor’s degree (or higher) from an accredited institution or possess one of the following professional certifications: chartered financial analyst (CFA), certified internal auditor (CIA), certified fraud examiner (CFE), or certified treasury professional (CTP).

Examination: Candidates must pass a two-part CMA Exam. The first part covers financial planning, performance, and analytics; the second part is on strategic financial management. It must be completed within three years of beginning the exam.

Experience: Candidates must hold an active Institute of Management Accountants (IMA) membership, and complete two continuous years of professional experience in management accounting and/or financial accounting.

For more information on the CMA, visit www.imanet.org/cma-certification.

Certified Fraud Examiner (CFE)

CFEs use their skills and knowledge to develop and implement processes to prevent fraud and to detect and investigate fraud that has already occurred.

Education: Candidates must have a minimum of a bachelor's degree (or equivalent). One may substitute two years of fraud-related professional experience for each year of academic study.

Examination: Candidates must pass all four sections of the CFE Exam: financial transactions and fraud schemes, law, investigation, and fraud prevention and deterrence. Candidates are given three attempts.

Experience: Candidates must hold an active Association of Certified Fraud Examiners (ACFE) associate membership and have at least two years of professional experience in a field related to fraud detection or deterrence.

For more information on becoming a CFE, visit www.acfe.com/become-cfe-qualifications.aspx.

Certified Internal Auditor (CIA)

The CIA is the only globally recognized certification for internal auditors. Internal auditors help organizations improve their governance structures, assess risks, and evaluate and enhance internal controls.

Education: Candidates must possess at minimum a high school diploma, associate’s degree, General Certificate of Education (GCE), A Level, or equivalent.

Examination: Candidates must pass all three parts of the CIA Exam. Part one covers the essentials of internal auditing; part two looks at the practice of internal auditing; and part three reviews business knowledge for internal auditors. Exam takers must complete all three parts within three years.

Experience: Candidates must obtain professional experience in internal audit, quality assurance, risk management, compliance, external audit, internal control, and/or audit/assessment disciplines. Experience requirements are based on a candidate’s entry method:

• Master’s degree (or equivalent) = 1 year
• Bachelor’s degree (or equivalent) = 2 years
• Active internal audit practitioner/other education = 5 years

For more information on becoming a CIA, visit www.theiia.org/en/certifications/cia.

As you can see, these collections of letters following your CPA is more than alphabet soup. They indicate your tastes and, in some measure, are a menu of your experiences and expertise for potential employers and clients to consider.

Amanda S. Marcy, CPA, DBA, is an assistant professor of accounting at the University of Scranton in Scranton, Pa. She can be reached at amanda.marcy@scranton.edu.

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