Top 6 certifications for accountants in the Philippines

Accountants are in charge of managing a company's financial records. These records include balance sheets, profit and loss statements, and cash flow statements. Accountants can also analyze financial transactions to provide expert recommendations. Some specializations include forensics, management, tax, and financial accounting. 

If you're an accountant, taking extra accounting courses can benefit your working life. These accounting certifications cover advanced topics, improving your knowledge and skills. As a result, these courses may help you get higher compensation at your current workplace. You may also use your new certifications to find better job opportunities elsewhere. 

This detailed review of accounting certifications can help you find that next great opportunity. Here's what we'll cover: 

• What are the certifications for accountants?
• Top accounting certifications in the Philippines
• Benefits of having an accounting certification
• Certifications for specific accounting skills
• Conclusion
• FAQs

What are the certifications for accountants? 

Certifications for accountants are specialized courses that help accountants further their skills. They cover:

• Analytical skills: Applying logic to the information you receive can better help you check financial data.
• Technical skills: Knowing how to use various accounting software and tools is crucial for working as an accountant.
• Adaptability: Staying up to date on changes to regulatory standards and compliance requirements is necessary.
• Strategic thinking: Focusing on critical factors means providing better financial planning and advice.
• Attention to detail: Being detail-oriented can help ensure accuracy in your financial reporting.
• Organizational skills: Organizing your time and priorities can help you manage many tasks.

Top accounting certifications in the Philippines 

Here's a list of the top six accredited accounting certifications. The program you choose will depend on your specialization.

Certification	Issuing organization	Who is it for?	Duration of the course	Eligibility criteria
Certified Public Accountant	Professional Regulation Commission and Board of Accountancy	Auditors, tax advisors, and financial analysts	Three years to complete	Bachelor of Science in Accountancy or equivalent from a Commission on Higher Education-recognized educational institution
Certified Management Accountant	Institute of Certified Management Accountants of Australia and CMA Philippines	Managerial-level roles in finance and accounting	Three years to complete	Bachelor's degree in accounting, commerce, or finance or a Master of Business Administration (MBA) from a recognized university
Certified Fraud Examiner	Association of Certified Fraud Examiners	Compliance officers, law enforcement, and financial professionals working in the banking sector	Three to 12 months for preparation	Bachelor's degree, two years of fraud-related experience, and an Association of Certified Fraud Examiners membership
Chartered Financial Analyst	CFA Institute	Investment professionals	Three to five years to complete	Bachelor's degree (or final year) or three years of professional work experience (approximately 4,000 hours)
Certified Internal Auditor	Institute of Internal Auditors	Auditors and risk professionals	Three years to complete	Bachelor's degree or two years of post-secondary education, plus five years of work experience in auditing or equivalent
Chartered Global Management Accountant	Chartered Institute of Management Accountants and Association of International Certified Professional Accountants	Management accountants, business leaders, and finance professionals	Two to three years to complete	Bachelor's degree or higher in finance, business, or accounting, plus a minimum of three years of experience in management or financial accounting

1. Certified Public Accountant (CPA)

The Certified Public Accountant certification aims to provide an understanding of financial regulations and accounting practices. The Professional Regulation Commission, in collaboration with the Board of Accountancy, conducts the CPA Licensure Examination (CPALE).

• Relevancy: This certification may help those seeking roles as an auditor, tax advisor, or financial analyst.
• Eligibility criteria: You must have a Bachelor of Science in Accountancy or an equivalent degree from a Commission on Higher Education-recognized university.
• Duration of the course: You have a total of three years to complete this accredited program.
• Cost of certification: The CPA exam fee is ₱900.00 for the complete exam and ₱450.00 for re-examinations.

2. Certified Management Accountant (CMA)

The Institute of Certified Management Accountants of Australia, in collaboration with CMA Philippines, is responsible for conducting this examination. It aims to improve skills and knowledge in strategic cost and management practices. It also evaluates a person's organizational and decision-making skills and communication proficiency. Here are some additional details:

• Relevancy: This certification benefits those seeking managerial-level roles in finance and accounting.
• Eligibility criteria: The minimum requirement is a bachelor's degree in accounting, commerce, or finance or an MBA from a recognized university. You'll also need to have completed the CMA preparatory exam and have five years of relevant work experience.
• Duration of the course: The course duration is three years.
• Cost of certification: The certification cost comprises the examination and membership fees associated with the Institute of Certified Management Accountants of Australia. As a member, you can benefit from reduced examination fees.

3. Certified Fraud Examiner (CFE)

The Association of Certified Fraud Examiners conducts this examination. According to recent data, certified fraud examiners earn approximately 22% more than their non-certified colleagues. It aims to check a professional's skills in forensic accounting and compliance. Here are the additional details:

• Relevancy: This certification benefits those who work in areas susceptible to financial fraud. These can include banks, government agencies, and law enforcement.
• Eligibility criteria: The minimum requirement is a bachelor's degree in any field and two years of experience in fraud-related projects or areas (optional). You can take the CFE exam as long as you have 40 qualifying points (without any experience). But, you'll need 50 qualifying points and two years of experience to get the CFE credential.
• Duration of the course: The duration depends on how you choose to study. There is a self-study option, or you can opt for an instructor-led course to prepare for the examination. In general, it takes between three to 12 months to prepare.
• Cost of certification: The cost of accreditation includes the preparation, examination, and membership fees.

4. Chartered Financial Analyst (CFA)

The CFA Institute conducts this three-part examination to test your knowledge and skills in various areas. These include investment tools, asset valuation, portfolio management, and wealth planning. It also assesses your skills in investment management, ethics, and financial analysis. Upon completing this examination, you become a CFA charter holder. Here are some details about the examination:

• Relevance: This certification is beneficial for investment professionals. It can also benefit people with backgrounds in finance, accounting, business, or economics.
• Eligibility criteria: To apply, you must have a bachelor's degree or be in the final year of your degree program. You can also apply if you have three years of professional work experience in any domain and higher education. You must complete this experience before registering for your level 1 exam.
• Duration of the course: This is a three-level examination held once a year. Becoming a charter holder takes at least three years but may take as many as five years.
• Cost of certification: There's an initial enrollment fee and additional registration fees for each level. You'll also need to buy the course material, CFA Institute textbooks, and online resources.

5. Certified Internal Auditor (CIA)

The Institute of Internal Auditors is the international professional association that issues this certificate. The examination validates a professional's knowledge of internal audit, risk management, and control. It also enhances your ability to identify risks and effective solutions. The examination comprises three parts: the essentials of internal auditing, the practice of internal auditing, and business knowledge of internal auditing. Here are some details about the certification:

• Relevancy: This certification is beneficial for auditors and risk professionals or people looking to transition into these roles.
• Eligibility criteria: You must have a bachelor's degree from a recognized university to qualify. You're also eligible if you have two years of post-secondary education and five years of work experience in auditing or an equivalent field.
• Duration of the course: The course is flexible, and you can take the exams in any order. You have three years to complete the certification.
• Cost of certification: The costs include membership fees, CIA exam fees, and additional costs associated with study materials, review courses, and online resources.

6. Chartered Global Management Accountant (CGMA)

The Chartered Institute of Management Accountants and the Association of International Certified Professional Accountants award this certification after validating your knowledge in finance, operations, strategy, and management. This is a certification for accountants with strong technology, people, digital, business, and leadership skills. Here are some additional details you can refer to:

• Relevancy: This certification is beneficial for management accountants, business leaders, and finance professionals looking to develop strong management accounting skills.
• Eligibility criteria: You must have a bachelor's degree or higher in finance, business, or accounting and at least three years of experience in financial or management accounting.
• Duration of the course: This certification will take around four years to complete. You can self-learn or enroll in the Finance Leadership Program for guided learning.
• Cost of certification: The costs associated with the accreditation include examination fees and study materials. The costs are lower if you're a member of the Chartered Institute of Management Accountants. If you enroll in the Finance Leadership Program, you'll incur additional costs.

Benefits of having an accounting certification 

There are many advantages to having an accredited accounting certification. Here are some of the benefits to consider:

• Improves your career prospects: Organizations and businesses understand and recognize the value of accredited accounting certifications. These programs often demand rigorous effort and commitment. Completion of these programs can translate to promotions in the workplace, opportunities from other companies, and increased pay.
• Makes it easier to transition to another job: The certification evaluates multiple areas, including finance, accounting, business, and strategic planning. Once you have a firm grasp of these topics, it becomes easier for you to transition to different roles in finance and accounting.
• Leads to higher compensation and benefits: Employers are willing to pay higher salaries and benefits to certified accounting professionals. There's a higher demand for people with strong financial skills, accounting knowledge, and strategic decision-making skills.
• Improves your decision-making abilities: Technical knowledge and skills aren't the only capabilities you should have. The certifications also aim to improve your financial decision-making abilities. This is because the coursework comprises financial analysis, risk management, accounting principles, and other topics cemented on practicality and real-world scenarios.
• Enhances your network: The globally recognized accounting certifications listed above have a strong community presence. This enables you to connect with like-minded professionals and experts to grow your network.

Certifications for specific accounting skills 

Here's a list of additional certifications that you can take to improve specific accounting skills:

Certification name	Awarded by	What it evaluates
Certified Business Analysis Professional	International Institute of Business Analysis	Business analysis experience
Certified Compliance and Ethics Professional	Society of Corporate Compliance and Ethics	Compliance process, legal obligations, and organizational therapy
Certified Information Systems Auditor	Information Systems Audit and Control Association	Information systems control, security, and auditing
Certified Payroll Professional	The Chartered Institute of Payroll Professionals	Payroll expertise
Quality Auditor Certification	American Society for Quality	Quality systems assessment and compliance

Conclusion 

Employers look for professionals who have additional certifications in accounting. This is due to the global recognition of these accounting certifications and the prestige they carry.

The certification exams require rigorous preparation and can be very demanding. To become certified, you'll need to put in hard work and effort to complete these examinations. Some of these certifications may also require you to renew your certifications periodically. This emphasizes continuous learning and development.

Several accounting certifications are available in the Philippines. While you can take some of them online, you may have to attend physical testing centers for exams. You'll need to choose one that aligns with your work experience and interests.

CPA is ideal for auditors and financial analysts, CMA suits managerial roles, and CFE targets fraud prevention. CFA is for investment professionals and CIA benefits auditors and risk professionals. CGMA is designed for management accountants and finance leaders. Make sure to contact the respective institutes organizing these certifications to learn more. They can provide more information about the fee structure, curriculum, and course duration.

FAQs 

Here are some FAQs related to accredited certifications for accountants:

1. What certificate should an accountant have?
   ⁠In the Philippines, accountants should consider obtaining the CPA certification. It's one of the most widely recognized certifications. Many accounting positions need this certification.
2. What's the most popular accounting certification?
   ⁠The most popular accounting certification is the CPA certification. It shows expertise in areas such as tax, risk management, compliance, and forensic accounting. Certified public accountants can work in public accounting and financial advisory. They may also work in taxation, staff-tax accounting, and forensic services.
3. How do I become a certified accountant in the Philippines?
   ⁠You'll need to gain a bachelor's degree in accounting or a related field. You can also get a master's degree to boost your success on the CPALE and other accounting certifications. After passing the exam, you can get your license and gain professional experience. You'll also need to renew it periodically.
4. What is the difference between a CFA and a CPA?
   ⁠The main differences between a CFA and a CPA are their focuses and responsibilities. CFAs typically focus on wealth planning and investment analysis. They may also analyze financial data and stock prices. CPAs focus on compiling financial reports, accounting, audits, and taxes.
   ⁠CFAs analyze financial data to guide investment choices. On the other hand, CPAs often prepare and audit the financial statements for CFAs to use for analysis.
5. Is it more challenging to become a CPA or CMA?
   ⁠Becoming a CPA is usually more challenging than becoming a CMA. The CPA exam is typically more comprehensive. It covers a broader spectrum of accounting areas, making it slightly more difficult than the CMA exam.
   ⁠It's essential to consider your area of focus and preference. If you want to work as a management accountant in public or private companies, you may consider having a CMA certification. If you wish to work in compliance, tax, and auditing in public companies, consider gaining a CPA license.
6. Is an MBA worth it after I get an accounting certification?
   ⁠Pursuing an MBA after obtaining CPA certification can be beneficial for your career. It can help you align your career goals with additional accounting courses and open new career pathways. An MBA can also prepare you for leadership positions and help you negotiate better in the accounting field.