[Anonymous]

I will try to keep this as short as possible. I am trying to decide what I need to do to further my career. Since I like lists, I will list out details and in that format because it may be simpler to read.
1. I am 40.
2. I have a BS in Finance and a MBA.
3. I have 17 years of experience in audit, accounting, analysis, etc… in 2 large corporations and a small utility.
4. My career had stalled at the second large company after 7 years and 10 Vice Presidents.
5. I moved to a small utility when they approached me — HUGE mistake.
6. I am moving at the end of the month to be the accounting manager for a small city (former client of large corporation). I will be implementing a new financial software package and redoing city services accounting policies.
7. I know I don’t want to work in the small city very long (2-3 years max).
8. I really liked the large corporations because I was dealing with a lot of data, and I developed automated audit and regulatory programs, as well as, automated analysis (financial/pricing/operational).
9. I have 15 hours that count towards accounting (several financial accounting classes no longer count because of the FIN prefix on my transcript.
10. To sit in Maine, I would need to take an audit course.
11. I know the CPA is the best credential to have. I also know that it can be a terrible drain on life (I have kids).

My questions are this:
1. Would a CIA give my career the boost back on the correct track in around 12 months or am I just grasping at straws?
2. CMA – same question.
3. CGFM – same question.
4. Should I buckle down and take the CPA knowing that it is a huge time commitment?

I know how all of this sounds, but I am just beat up right now. I can’t seem to get the momentum I need. For those who would question my work ethic, I completed my MBA while working 50-60 hours a week in an office, travelling every other week, and building a house, all while my wife was on bedrest with our first child.
Thanks for any input. And fire away with any questions you would like to know.

[alloverit]

If you were going to stay in fund accounting the CGFM would be best, but you don't appear to want that.

The CIA is, as you know, an internal auditing certification. So it depends on if you'd like to do that. Probably not. You'd need to be in charge to really like that I would think.

The CMA is a mixed bag so you should do some research.

Given your background you might also look at the CFE.

I just passed the CPA at 46, have two children and a wife who works nights as a nurse. It took me 14 months from the time I passed my first test. And I studied 6 months prior to taking the first test.

So your concerns are legitimate.

[Anonymous]

I am in a somewhat similar personal situation: 40, 2 young boys, BS in accounting, MBA, demanding career. I have had my CMA for 5 years and getting it was a great decision for me; however, I work in a large global corporation. The CMA is definitely designed for business but has applicable skills for government roles. I obtained the CMA while working and just after my kids were born. It took me about 8 months and after being out of school a while “re-learning” was required. One of the best things I got out of it was confidence. So much so, 5 years later I'm one exam from completing the CPA. It is all doable, it all requires time, it all will add recognition of demonstrated knowledge and competence in our field.

It really comes down to how much effort your want to put into it. 40 with 2 kids and currently employed? My best guess is you would put in 6 to 8 months for the CMA and a year for the CPA. With your experience in audit you could probably get that exam done in a few weeks.

[aaronmo]

To me all of those certs are designed for people that can't, or won't, get a CPA. There are people hiring in organizations that will think geeee…it's all alphabet…but no one is going to prefer one of those to a CPA, and there are many (and I think it's the people who know what they're doing) who will definitely (and correctly) prioritize a CPA over alphabet that is really meaningless in terms of licensing and certification. When you get down to it…all of those letters are self promotion by organizations trying to puff.

Both in terms of value, and in knowing what you're doing, I think a CPA means something. I also don't understand, or respect, the value of any cert/degree in accounting that allows for only having 15 credits of actual accounting class work.

[Anonymous]

Alloverit and ChiliChil, thank you for incite and encouragement. What study materials are you using?

ChiliChil, did the CMA get you more interviews? I know with those large global companies, it is looked at really well.

AaronMo, I understand how the hiring mechanism thought process works. I was asking the questions I did because I wanted others experience, to see if anyone had good experience with the other certifications.
I think your 15 credit hour in accounting comment is kind of rough. My finance classes during college were the exact same as the accounting majors. The difference is, since I was a Finance major, the class was prefixed with FIN instead of ACT. I sat in the same classroom, took the same exam as accounting majors for 12 credits that do not count towards CPA requirements.

The reason I was in finance was because my brother was a very successful investment banker (retired by 40), and I wanted to follow. I, instead accepted a position with a large manufacturing company as an auditor and climbed the corporate ladder until the 2007 crash, so I went to another multi-billion dollar company. I had a position for eight years where accounting firms would call me and ask me how the team I managed was going to audit new accounting pronouncements, and how the entries be recorded. I was set to be a Vice President of that company until the entire management staff was eliminated by the new board.

So why am asking about other certifications? I don’t live in Maine. The State of Maine only requires 15 accounting labeled courses. I already have 18 credits in accounting labeled courses. I need an audit course that is labeled as accounting, I have two labeled FIN. I also already have 175 credit hours of college credit. I do not want to sit through more college courses because #1the money and #2 the time. So Maine is the easiest path right now. Still though, the CPA in itself is a lot of memorization and time commitment in and of itself and I just want to make the most equitable decision.

[ruggercpa2b]

I disagree with hiring people not taking notice to other certs. I also do not think that other certs are for people that cant or wont take the CPA. As someone above stated, it depends on where you see your career. The CIA is for someone in internal audit. I would only do that if that is the path you want to take. When I worked for a manufacturing company, cost accounting was a big part of our accounting. The CMA had more weight.

I look at the CPA is being universal and not so much specific as the other certs are. I too was a finance major for my undergrad.

AUD - 73, 72 retake 7/2/2016
BEC - 8/20/2016
REG - TBD
FAR - TBD

I am so ready for this nightmare to be over. Been at this way too long.

[ohiocpacma]

Yes, the CPA is recognized as the best, but I would not discount the other certifications too much. I chose to do the CMA after my CPA cert because my career was never in auditing or taxes. The CMA validated my time in cost accounting and corporate finance. The exam is not easy to pass, and compared to the CPA exam, the CMA exam requires a deeper understanding in cost accounting, forecasting, and budgeting.

[alloverit]

I used Gleim, but it is a bit more time consuming than others due to the sheer volume and depth. Odd because it's also the cheapest of the main programs.

[Anonymous]

@Bigmixer I was working as a financial analyst with my current employer when I got my CMA. I quickly moved to finance manager and I am a division controller now. In my mind my career path needed the CPA to make the move to the controller role. The CMA along with my MBA proved to my employer that I was serious about my career and dedicated to continuous learning. After being promoted I had only taken one CPA exam, BEC. I could have called it quit on the exams, since I already made the career move I wanted. But, I am big on finishing what you start, and to be honest I have gained a lot of knowledge studying for the CPA.

With that said, I am working on a project to establish core competency in the role of finance in my organization. The IMA Competency Framework will be the basis. Those in my organization that work in operational finance do not need all that comes with a CPA. The CMA has a better knowledge structure for most finance managers in a large corporation.

It's like this. When you start studying FAR you will hear the management accounting is different than financial accounting. This is very true. If you only intend to do management accounting get a CMA. If you plan to do financial accounting get a CPA. If you want to have the opportunity to excel at both, get both (or get a CGMA, but it's tainted with legacy CPA holders)

[Author]

Replies