I think it is important to note that professional certifications and licenses do not normally guarantee an increase in pay when they are achieved.
If you work for a bureaucracy (e.g. government agency, a large organization, etc.), you might experience an increase in pay for achieving a university degree or a professional license or certification. Aside from those employers, most employers do not immediately financially reward their employees via a bonus or an increase in compensation.
Over my career, my perspective on professional licenses and certifications has evolved. I now view these as essential marketing tools that we need to get past those tasked with screening employment applications. Depending on how we perform once we are hired and the decisions that we make, while in that role, will influence our future career opportunities and those future career opportunities might include greater compensation or some other desired circumstance that meets our needs or desires.
I regularly speak with my students about Robert Half's article, "Accounting Certifications Employers Really Want to See" (https://www.roberthalf.com/us/en/insights/career-development/finance-and-accounting-certifications-employers-want-to-see) because it helps them prioritize the certifications and licenses they should pursue. (I wish I had seen a list like this when I was a student.)
In previous versions of this article, Robert Half actually ranked the certifications that employers want their employees to have. For convenience, I will do this here based on the 2024 version of this article:
- Certified Public Accountant
- Certified Management Accountant
- Chartered Global Management Accountant, which (the last time I looked) had a prerequisite of the CPA if you live or work in the Americas
- Chartered Financial Analyst
- Certified Internal Auditor
- Certified Fraud Examiner
- Certified Bank Auditor (which no longer exists- the Banking Administration Institute terminated the credential in 2021)
- Certified in Financial Forensics
Honorable Mentions: Certified Information Systems Auditor, Certified Information Technology Professional
The others highlighted in their article (see the section "Other accounting credentials) are not highly sought after by employers, but can influence a candidate's ability to get an interview. Before I would consider committing to obtaining or pursuing any accounting credential not listed in this post above (see 1-6 & 8), I would spend some time seriously looking at a lot of advertised legitimate employment opportunities at large companies to see what those employers desire. Some of the credentials listed in the "Other accounting certifications" section will not add much, if any, value to their holder's career opportunities.
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Andrew Griffith, DBA, EA, CPA, CMA, CIA, CFE, CRMA
Associate Professor of Accounting
Iona University
New Rochelle, NY
United States
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