For individuals working in the accounting profession, an accounting certification is one of the most valuable credentials you can add to your resume. Given the large number of professionals we have in the field today, competition for all accounting and finance job openings is high. If you wish to qualify for your dream job, you must have the skills and qualifications that will set you apart in a wide sea of applicants.
One way to demonstrate to potential employers that you are competent in your chosen accounting specialization is earning an accounting certification. Certificates act as proof of your expertise in a particular area, making you a desirable candidate for job openings and improving your earning potential. Today’s clients and employers need professionals who hold these designations, making them a valuable investment for anyone working in this field. Moreover, given the variety of accounting certifications available, it is easy to find an option that matches your interests, skillset, and career goals.
Suppose you are an accounting professional looking to reach greater heights in your career. In that case, certification is an excellent way to do it. Below are some of the benefits of holding an accounting certification you must know:
IMPROVED CAREER PROSPECTS
Accounting degrees can prepare you for most entry-level jobs in the field. Still, an accounting certification helps you go one step further in establishing your credibility with employers and clients. It communicates to them that you are a professional in your chosen field, significantly improving your career prospects.
Suppose you are looking to work within a particular accounting specialization. In that case, there are specific certificates that can equip you with all the knowledge and technical skills required to work in that field. For instance, many students wonder whether a CPA vs CMA certification will be the right fit for them. These are two of the significant certification choices for anyone wishing to work in the accounting sector. The proper certification for each accounting professional, in this case, depends on their interests and career goals.
The work of CPAs revolves mainly around tax matters, financial reporting, auditing, and compliance issues. On the other hand, CMAs focus more on budgeting, financial planning, strategic planning, and performance management. A CPA’s work is more outward-facing; their responsibilities relate to the reporting and disclosing financial information for external use. Conversely, the work of CMAs is mainly for internal use; they provide information to the management for decision-making. You must choose a certification that will allow you to expand your knowledge base in your preferred field.
INCREASED PAY
An accounting certification may require time, effort, and money to earn. Still, it is an investment that pays you back throughout your career. Having an accounting certification can significantly increase your earning potential compared to just holding an accounting degree. According to Investopedia, college graduates holding an accounting degree earned an average salary of $50,500 in 2012. During the same period, those with a CPA license were able to earn $73,800 on average, with the highest-paid professionals earning $124,000. There is a considerable difference between these salary figures. CPAs earn more due to the additional responsibilities and job duties than the average accountant. However, on average, those holding a professional certificate are likely to earn 10-15% more than those who don’t.
CONVENIENCE AND FLEXIBILITY
Enrolling in a university program to build your knowledge of a particular subject takes time and can be costly. For those looking to progress in the accounting and finance sectors conveniently and flexibly, these certificates are a great option. Many of the certification programs are easy to qualify for if you have a bachelor’s degree. For instance, if you wish to become a certified management accountant (CMA), all you need is a bachelor’s degree. And two years of experience in a relevant role, and a pass on the CMA exam.
Moreover, many of these certification programs have a defined time limit to complete them. It allows professionals to study at their own pace to some extent. They can decide when to sit for examinations, which means they do not have to put their career goals on hold as they study.
AVAILABILITY OF SUPPORT FROM EMPLOYERS
Earning an accounting certificate allows professionals to provide a better service to their current employers. A certification helps accountants and finance professionals build on their existing skills, knowledge, and expertise in different areas of accounting and finance, increasing their value to their employers. After earning a new certification, an employee may take on additional duties and responsibilities at their workplace, which can surely benefit the employer.
Most employers today recognize this and are willing to support employees wishing to gain further qualifications. They may offer support in the form of paid leaves to help professionals prepare for their exams. Many are even willing to cover part of the examination fee for certain accounting certifications.
PROFESSIONAL DEVELOPMENT AND INDEPENDENCE
Apart from the above benefits, an accounting certification provides a way for professionals to test their accounting skills, refine their knowledge, and improve their technical abilities on an ongoing basis. Technological progress is changing the world regularly, and the accounting and finance industry is no exception. By gaining a new certification, accounting professionals can build on their existing knowledge and keep their skills and expertise up-to-date according to the latest developments in the field.
Furthermore, certain accounting certifications give their members professional independence. For example, CPAs can run their private firms, providing their services directly to clients as consultants. If you belong to this group, you might want to automate your bookkeeping engagement letters. For professionals who wish to have their business venture instead of working for an employer, an accounting certification is an ideal choice.
THE BOTTOM LINE
Earning a certificate is a good idea for any accounting professional, particularly those wishing to take their career to the next level. Employers require these certifications for most senior-level positions today because they demonstrate a candidate’s intelligence, expertise, and ambition. While earning an additional qualification may seem like it is too much work right now, it is a good choice. You can reap its rewards in the form of better career prospects, increased salary, and greater job security for years to come.
