Credentialing is the only way professionals can highlight their qualification and distinguish themselves in a particular field. This article will explore different accounting certifications including the CEIV, CFF, CITP, PFS, and ABV offered by the American Institute of Certified Public Accountants for those currently holding a valid and unrevoked CPA license.
1. Accredited in Business Valuation (ABV)
Accredited in business valuation is a professional qualification offered to Certified Public Accountants (CPA) who’ve specialized in calculating the value of a business. The certification is overseen by American Institute of Certified Public Accountants (AICPA). Candidates who want to be ABV certified are required to fill an application form, pass an exam and meet the minimum education and business experience requirements.
The study program designed for ABV professionals covers valuation analysis, qualitative and quantitative analysis, professional standards among others. Once you are done with the course you can work in consulting firms, business valuation firms or any other business that deals with business value. It’s mandatory for ABV professionals to complete a sixty-hour professional education every three years. Additionally, they have to part with an annual fee of seven hundred dollars.
2. Certified in Financial Forensics (CFF)
This credential is awarded to professional accountants who have demonstrated their expertise in forensic accounting through their experience, skills, and knowledge. CFF professionals apply their know-how in different service areas including economic damage calculations, financial statement misinterpretation, fraud detection & prevention, as well as computer forensic analysis.
Enrolling to become Certified in Financial Forensics has a lot of advantages. For starters, you can demonstrate your commitment to continuously improve accounting certifications legitimacy (including the very certificate you are pursuing). Secondly, the specific niche area of forensic accounting requires intense skills and expertise; CFF certification is held to rigorous license requirements which proves an increased professional competency. Lastly, it increases referral opportunities for clients, lawyers, strategic partners and other practitioners.
3. Personal Financial Specialist (PFS)
Personal Financial Specialists are Certified Public Accountants who have demonstrated the ethical standards, examination, education and requisite experience established under the AICPA credentials. To obtain a PFS certification one should have earned a minimum of eighty hours in personal financial planning education and should have passed a comprehensive personal financial planning exam.
Certified Public Accountants with PFS have to meet the accounting license requirements if they are to address their client’s financial needs comprehensively. Every area of planning has tax implications, and by working closely with a PFS credential holder, you are guaranteed that important issues in your financial plan wouldn’t be overlooked. Some of the areas that a PFS would be of help include retirement planning, risk management, investments and business planning.
4. Certified Information Technology Professional (CITP)
The CITP is among the AICPA credentials offered to Certified Public Accountants who demonstrate a unique business ability, expertise and experience in the areas of data analytics, IT Risks and other emerging IT trends. within the field of accounting. This program is designed to achieve different objectives. One of the key objectives is that it enhances the quality of information assurances provided by the CITP professionals. Also, it increases the career opportunities and practice developments for the professionals.
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Certified public accountants who provide technology assurance and information management services should consider obtaining CITP credential. This is because it demonstrates their commitment and ability to continuously improving IT expertise and skills resulting in increased professional competency.
5. Certified in Entity and Intangible Valuations (CEIV)
The CEIV credential is designed to help professional accountants demonstrate their commitment to enhancing transparency, consistency and audit quality in fair value measurements for companies. The credential holders always commit to a newly established framework as well as ongoing quality review process, and this increases confidence in the transparency and consistency of their work.
Even after obtaining the CEIV certification the professionals have to meet credential maintenance requirements as well as rigorous qualification. They are also supposed to submit to an on-going engagement level quality review process.