The "best" certification depends on your career path. CPA is the gold standard for public accounting and controller/CFO roles. CMA suits corporate finance and FP&A. CFE is ideal for forensic accounting (32% salary premium). CFA targets investment management, not accounting. EA is sufficient for tax-only careers. Most accountants should prioritize CPA, then add specialized credentials as needed.
- How the major accounting certifications compare
- Which certification fits which career path
- Salary premiums associated with each credential
- Time, cost, and difficulty for each exam
- When to pursue one certification vs. multiple
- Which certifications are worth skipping
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What is the best accounting certification?
The CPA is the most valuable for most accounting careers — it's required for many roles and provides 10-15% salary premium. However, the 'best' certification depends on your specific career path: CMA for corporate finance, CFE for forensics, EA for tax specialists.
Is CPA or CMA better?
CPA is better for public accounting, audit, and controller/CFO paths. CMA is better for corporate finance, FP&A, and cost accounting roles. CPA is more versatile and widely recognized; CMA is more specialized for industry finance.
Is the CFA worth it for accountants?
Usually not. The CFA is designed for investment management and financial analysis, not accounting. It's extremely difficult (combined pass rate ~10%) and provides little value in traditional accounting roles. Only pursue CFA if transitioning to investment management.
How much do certifications increase salary?
Salary premiums vary: CPA 10-15%, CFE 32%, CMA 10-15%. The premium depends on your role — certifications matter most when they're relevant to your work. A CFE in forensic accounting provides more value than a CFE in tax.
With multiple professional certifications available, choosing where to invest your time and money can be confusing. This guide compares the major credentials so you can make an informed decision.
Accounting Certifications Overview
Cost and Time Comparison
The CPA is most versatile but also most demanding. CFE provides highest salary premium (32%) for its target audience. CFA requires the most time investment. Choose based on career path, not just prestige.
CPA: The Gold Standard
- CPA (Certified Public Accountant)
The CPA is a license granted by state boards of accountancy to individuals who pass the Uniform CPA Examination and meet state-specific education and experience requirements. CPAs can sign audit opinions, represent clients before the IRS, and perform services non-CPAs cannot.
Why CPA Is the Default Choice
- Most recognized accounting credential globally
- Required for signing audit opinions
- Required for many controller and CFO positions
- Provides legal authority non-CPAs lack
- Strong salary premium (10-15%)
- Opens doors across industries
CPA Exam Pass Rates (2025)
When CPA Is Essential
You Need CPA If...
- You're in public accounting and want partner track
- You want to be a controller or CFO
- You need to sign audit opinions or represent before IRS
- Your state requires CPA for your intended practice
- Employers list CPA as required (not just preferred)
When CPA May Not Be Necessary
- Industry accounting without audit/controller aspirations
- Tax-only practice (EA may suffice)
- Forensic accounting (CFE may be more relevant)
- FP&A and corporate finance (CMA may be better fit)
CPA is the default choice for most accountants. Skip it only if you're certain your career path doesn't require it and another credential is more relevant.
CMA: For Corporate Finance
- CMA (Certified Management Accountant)
The CMA is granted by the Institute of Management Accountants (IMA) and focuses on financial management and strategic management. It emphasizes skills used in corporate finance, FP&A, and cost accounting rather than audit and tax.
CMA vs CPA
When CMA Makes Sense
- You work in FP&A or corporate finance
- You focus on budgeting, forecasting, cost analysis
- You're in industry accounting, not public
- You want a faster, less expensive credential than CPA
- Your role emphasizes decision support over compliance
CMA Exam Structure
Two parts:
- Part 1: Financial Planning, Performance, and Analytics (4 hours)
- Part 2: Strategic Financial Management (4 hours)
Pass rate is approximately 45%, lower than CPA individual sections but the exam is less extensive overall.
Many corporate finance professionals hold both CPA and CMA. The CPA provides baseline credibility; the CMA demonstrates specialized management accounting expertise. This combination is powerful for controller and VP Finance roles.
CMA is ideal for corporate finance and FP&A careers. It's faster and cheaper than CPA but has narrower applicability. Consider CPA + CMA combination for maximum versatility.
CFE: For Forensic Accounting
- CFE (Certified Fraud Examiner)
The CFE is granted by the Association of Certified Fraud Examiners (ACFE) and demonstrates expertise in fraud prevention, detection, and investigation. It's the premier credential for forensic accountants and fraud investigators.
The CFE Salary Premium
The CFE provides the highest documented salary premium among accounting certifications — 32% according to ACFE research.
CFE Exam Sections
When CFE Is the Right Choice
- You work in or aspire to forensic accounting
- You investigate fraud, embezzlement, or financial crimes
- You work in litigation support or as expert witness
- You're in internal audit with fraud focus
- You work for law enforcement or regulatory agencies
CFE vs CPA for Forensic Work
Many forensic accountants hold both. The CPA provides general accounting credibility; the CFE provides specialized fraud expertise. For dedicated forensic careers, CFE may be more valuable than CPA.
CFE provides 32% salary premium in forensic accounting — the highest documented premium. Essential for fraud investigation and litigation support careers.
CFA: Not for Accountants
- CFA (Chartered Financial Analyst)
The CFA is granted by the CFA Institute and focuses on investment analysis, portfolio management, and financial markets. It's designed for investment management professionals, not accountants.
Why CFA Is Usually Wrong for Accountants
Problems with CFA for Accountants
- Designed for investment management, not accounting
- Extremely difficult — combined pass rate approximately 10%
- Requires 900+ hours of study over 2.5-4+ years
- Provides little value in traditional accounting roles
- Better alternatives exist for accounting careers
CFA Pass Rates
When CFA Makes Sense
CFA is appropriate only if:
- You're transitioning to investment management
- You're pursuing portfolio management or buy-side analysis
- You're moving to private equity or hedge fund roles
- Investment valuation is your primary focus
For traditional accounting paths (public accounting, controller, CFO), CFA investment is misallocated.
CFA has prestige in finance, but prestige doesn't help if the credential doesn't match your career. A CPA with CMA provides more value for most accounting careers than adding CFA.
CFA is designed for investment management, not accounting. Don't pursue it unless you're leaving accounting for investment careers. The ROI for accountants is typically negative.
Other Accounting Certifications
EA (Enrolled Agent)
EA provides IRS representation authority without CPA requirements. Good for tax-focused careers that don't require audit or broader accounting work.
CIA (Certified Internal Auditor)
CIA is valuable for internal audit careers but has limited recognition outside that specialty.
CISA (Certified Information Systems Auditor)
For IT audit and information systems security — relevant if your work intersects technology and controls.
CGMA (Chartered Global Management Accountant)
Joint designation from AICPA and CIMA, combining CPA with management accounting focus. Available to CPAs who join the program.
EA suits tax-only careers. CIA is valuable for internal audit. Other credentials are niche — pursue them only if directly relevant to your work.
How to Choose the Right Certification
Define your career path
What role do you want in 5-10 years? Controller requires CPA. Forensic accounting benefits most from CFE. FP&A may prioritize CMA. Match credential to destination.
Start with CPA (usually)
Unless you're certain you won't need it, CPA is the default first credential. It opens the most doors and provides baseline credibility across accounting careers.
Add specialized credentials
After CPA (or instead of, if your path doesn't require it), add credentials relevant to your specialty: CFE for forensics, CMA for corporate finance, EA for tax-only practice.
Consider employer support
Many employers pay for certification costs and study time. Use employer resources before paying out of pocket. This may influence sequencing decisions.
Don't collect credentials
Each credential has diminishing returns. One or two relevant credentials provide more value than four that don't clearly apply to your work.
For most accounting careers: CPA first, then add CMA (for corporate) or CFE (for forensic) based on specialization. EA is a CPA alternative for tax-only careers. CFA is for investment management transitions only.
Choose based on career path, not prestige. CPA first for most accountants, then add specialized credentials as needed. Don't collect credentials that don't match your work.
Key Takeaways
- 1CPA is the gold standard — default choice for most accounting careers
- 2CMA is ideal for FP&A, corporate finance, and cost accounting roles
- 3CFE provides 32% salary premium for forensic accounting careers
- 4CFA is for investment management, not accounting — don't pursue for accounting careers
- 5EA is a lighter-weight alternative for tax-only practices
- 6Match certification to career path — don't collect credentials without purpose
- 7Consider CPA + CMA or CPA + CFE combinations for specialized careers
Frequently Asked Questions
Can I get a job without any certifications?
Yes, entry-level accounting jobs don't require certifications. However, advancement is limited without credentials, and many senior roles require CPA. Consider certifications as career investments, not entry requirements.
How many certifications should I get?
One or two is optimal for most careers. CPA alone is sufficient for many paths. Adding one specialized credential (CMA or CFE) based on your specialty makes sense. More than two provides diminishing returns.
Is CMA worth it if I already have CPA?
For corporate finance and FP&A roles, yes — CMA demonstrates specific management accounting expertise. For public accounting or audit, probably not. Evaluate whether CMA knowledge matches your work.
Should I get CIA if I'm in internal audit?
Yes, CIA is the standard credential for internal audit professionals. It provides specialized knowledge and is often expected for advancement in internal audit departments.
Is CFE worth it without a forensic accounting job?
The CFE's value is primarily in forensic roles. If you're not in or targeting forensic accounting, the 32% premium doesn't apply. Get CFE when you're in or actively pursuing forensic positions.
Which certification is easiest?
EA is generally considered easiest, followed by CMA and CFE at moderate difficulty. CPA and CIA are harder. CFA is the most difficult with only ~10% completing all three levels.
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Sources & References
- Learn more about CPA Exam scoring and pass rates — AICPA & CIMA (2026)
- 2024 Compensation Guide for Anti-Fraud Professionals — Association of Certified Fraud Examiners (2024)
- CMA Certification — Institute of Management Accountants (2024)
- CFA Program — CFA Institute (2024)