Lesson 92 - Beginner accounting course

92. Certifications in Accounting: CPA, CMA, ACCA, CFA

Earning an accounting certification can enhance your career prospects, increase your salary potential, and open doors to specialized roles. Below is an overview of four major accounting certifications: CPA, CMA, ACCA, and CFA.

1. CPA (Certified Public Accountant)

Overview

The CPA certification is one of the most recognized and respected credentials in accounting. It is primarily required for accountants who work in auditing, taxation, and financial reporting.

Who Should Get It?

✔ Those who want to work in public accounting (audit, taxation, consulting).
✔ Professionals aiming for senior accounting or finance roles.

Eligibility Requirements

• A bachelor’s degree in accounting or a related field.

• Completion of 150 credit hours of education (may require a master's degree).

• Passing the CPA Exam, which consists of four sections:

  1. Auditing and Attestation (AUD)

  2. Business Environment and Concepts (BEC)

  3. Financial Accounting and Reporting (FAR)

  4. Regulation (REG)

• Work experience (typically 1-2 years under a licensed CPA).

Career Benefits

✔ Required for public accountants and auditors.
✔ Increases job opportunities in Big 4 firms (Deloitte, PwC, EY, KPMG).
✔ Leads to higher salaries and executive-level positions (e.g., CFO).

2. CMA (Certified Management Accountant)

Overview

The CMA certification focuses on management accounting and financial decision-making. It is ideal for professionals working in corporate finance and strategic management.

Who Should Get It?

✔ Accountants who want to specialize in cost management, budgeting, and financial strategy.
✔ Those pursuing leadership roles like finance manager, controller, or CFO.

Eligibility Requirements

• A bachelor’s degree in accounting, finance, or business.

• Passing the CMA Exam, which has two parts:

  1. Financial Planning, Performance, and Analytics

  2. Strategic Financial Management

• Two years of work experience in management accounting or financial management.

Career Benefits

✔ Opens doors to corporate finance roles (budgeting, financial planning).
✔ Helps in decision-making positions (controllers, financial analysts).
✔ Recognized internationally and respected by employers in various industries.

3. ACCA (Association of Chartered Certified Accountants)

Overview

The ACCA certification is an internationally recognized qualification for accountants and finance professionals, especially in Europe, Asia, and the Middle East. It covers financial management, auditing, taxation, and business law.

Who Should Get It?

✔ Those who want a global accounting career in corporate finance or auditing.
✔ Professionals seeking a versatile credential covering both accounting and business management.

Eligibility Requirements

• No strict degree requirement, but a background in finance or accounting is recommended.

• Passing the ACCA Exam, which consists of 13 papers divided into three levels:

  1. Applied Knowledge (3 exams)

  2. Applied Skills (6 exams)

  3. Strategic Professional (4 exams)

• Three years of work experience in finance or accounting.

Career Benefits

✔ Recognized in over 180 countries, making it ideal for international careers.
✔ Covers a wide range of financial and business topics beyond accounting.
✔ Preferred by multinational corporations and global accounting firms.

4. CFA (Chartered Financial Analyst)

Overview

The CFA certification is highly respected in investment management, financial analysis, and corporate finance. Unlike CPA and CMA, it is not focused on traditional accounting but rather on investment strategies, portfolio management, and financial markets.

Who Should Get It?

✔ Professionals aiming for roles in investment banking, asset management, and equity research.
✔ Those who want to work as financial analysts, fund managers, or portfolio managers.

Eligibility Requirements

• A bachelor’s degree or equivalent.

• Passing the CFA Exam, which consists of three levels:

  1. Level 1 – Financial reporting, ethics, quantitative methods.

  2. Level 2 – Portfolio management, asset valuation, fixed income.

  3. Level 3 – Advanced investment management and risk analysis.

• 4,000 hours of work experience in investment-related fields.

Career Benefits

✔ Highly valued in investment banking, hedge funds, and asset management.
✔ Provides in-depth knowledge of financial markets and risk management.
✔ Leads to prestigious roles like portfolio manager, financial consultant, and CFO.

Comparison Table: CPA vs. CMA vs. ACCA vs. CFA 

Which Certification Should You Choose?

✔ If you want to work in auditing or taxation → Choose CPA
✔ If you want to specialize in management accounting → Choose CMA
✔ If you want a globally recognized qualification → Choose ACCA
✔ If you want to work in investment banking or asset management → Choose CFA

Conclusion

Each accounting certification offers unique benefits and career opportunities. Choosing the right certification depends on your career goals, interests, and location. Whether you want to become a public accountant, financial analyst, or corporate finance expert, earning a professional certification can significantly boost your career and salary potential.