Your career in the finance sector may lag in the absence of any specialized degree or certification in finance. If you’re aspiring to a career as a financial analyst or already working as one, professional finance certification is highly recommended to increase your earning power, reputation, and ability to deliver high-quality financial analysis.
Furthermore, knowledge of finance certifications is crucial to making better career decisions and enhancing your career progression. This guide stipulates the top 5 professional financial courses for aspirers who are planning to enhance their careers as certified financial analysts.
. Certified Public Accountant (CPA)
CPA provides financial advice to clients and companies and helps them manage finances like income tax, the merger of companies, and financial strategies. In Australia, candidates must first complete an undergraduate or postgraduate degree in finance.
Candidates have to undergo three years of compulsory industry experience. CPA covers a vast area, including auditing, business environment, financial strategies, and accounting and regulatory activities.
Total cost: $3,000 (Approx.)
Pros
This certification creates a big difference between regular accounting degree holders and specialized financial experts.
Cons
CPA only has a small area of expertise in corporate finance and hence is more suitable for accounting jobs.
Chartered Financial Analyst
The CFA is an internationally well-known certification. It teaches individuals investment analysis, security, and portfolio management. A CFA certification is a global program that can be completed through the CFA Societies Australia. A CFA certification requires a bachelor’s degree or experience of four years.
Mainly the CFA looks after client portfolio management and investment analysis. The course covers topics like ethical and professional standards, financial reporting and analysis, corporate finance, quantitative methods, and economics portfolio management.
Cost: Between $4,000 and $5,000.
Pros
. Internationally recognized and highly skilled profession due to complex structure and tough syllabus.
. It is desirable for many jobs in asset management and equity research.
Cons
. Due to the vast syllabus, the pass rate is below 20%.
- . It can become much more expensive.
Financial Risk Manager (FRM)
Financial risk management may be the most common course for future finance professionals. This course is oriented toward risk management of financial institutions. Various functions of this course are fraud controlling, investment risk assessment, project management, and strategic planning.
FRM ensures that the client’s money is safe and the business continues to appreciate by conducting regular risk assessments. Although there are no formal prerequisites for this certification, attaining knowledge about investment risk, the flow of money, and theoretical knowledge of the economy, shall help the individual to secure this certification.
Cost: $1,500 (Approx.)
Pros
. FRM is a better choice if you want to have career-oriented risk management.
. It’s very cost-effective and time-efficient also.
Cons
. The FRM designation is new and less known in the finance market globally.
. Certified Financial Planner (CFP)
A certified financial education program focuses on investment, retirement plans, insurance, and wealth management. An individual should have great ethics to pursue his career as a CFP. In addition, they should be able to earn clients’ faith and suggest the best possible recommendations.
In Australia, the Financial Planning Association trains candidates for this certification. Candidates should have an undergraduate degree with a year’s experience in the professional industry. The duration of the course is two to three years. It is one of the most reputed certifications and is sought by high-net-worth clients.
Cost: $2000 approx.
Pros
It’s good value and shows the difference between retail, banking, and wealth management careers.
Cons
The CFP certification has a limited focus and is not adaptable to finance careers other than wealth management.
. Certified Management Accountant (CMA)
If you want a career in business strategies, risk management, budget planning, and financial analysis, the CMA certification is best suited to you. A degree in finance and economics, commerce, or accounting from a recognized university is required for this certification.
Cost: 708-2431 AUD (Approx.)
Endnote
One can choose any of the above certifications depending upon their caliber, interest, and course duration. Of course, one can also wish to have expertise in multiple fields, but it can cost them a lot of money and consume much valuable time.
Hence, it is suggested that one should do market research according to which he can figure out the most promising career for him.
