Why a Professional Certification

Why a Professional Certification

Dr. Roberto Castaneda, CPA Walden Program Director

Dr. Renee Williams, CPA Core Accounting Faculty

Presenters

Drucker on “Knowledge Worker”

Drucker's final contribution in the field of knowledge worker productivity is his insistence that knowledge workers need to learn to manage themselves. He quite simply points out that since the knowledge worker owns the assets (the knowledge) then they need to keep it up to date and use it to deliver the greatest contribution. He points out that their careers will outlast most businesses, and so they cannot and

should not rely on their employers for this development.

Knowledge workers have high degrees of expertise, education, or experience, and the primary purpose of their jobs involves the creation, distribution or application of

What is a certification

• Professional certification is a process in which a person proves

that he or she has the knowledge, experience, and skills to

perform a specific job. The proof comes in the form of a

certificate earned by passing an exam that is accredited by an

organization or association that monitors and upholds

prescribed standards for the particular industry involved.

• A wide variety of industries and careers offer professional

certification, from highly technical jobs and human services of

all kinds to jobs in the arts, including ballroom dancing. In

each case, the certificate assures employers, customers,

students, and the public that the certificate holder is

Why do I need a professional certification?

• The growth of certifications is due to the changing market demands.

• Certifications are portable and do not depend on any one company’s

definition.

• Certifications provide a third-party endorsement of an individuals

knowledge.

Certifications

CPA –Certified Public Accountant

CMA –Certified Management Accountant

CIA –Certified Internal Auditor

CFE –Certified Fraud Examiner

CFP –Certified Financial Planner

CGMA –Chartered Global Management Accountant

Other Certifications not Accounting Oriented-

-Actuarial

-Project Management -Six Sigma

Which certifications are pursued by accounting students?

(student’s were asked to choose as many certifications as they felt they would pursue).

CERTIFICATION PERCENTAGE

Certified Public Accountant (CPA) 75.5% Certified Management Accountant (CMA) 12.2% Certified Fraud Examiner (CFE) 12.2% Certified Internal Auditor (CIA) 8.2% Certified Government Financial Manager (CGFM) 2.0% None 24.5%

So what’s in it for you?

• Professional organization certifications provides value to you-

Confidence in our abilities

Maybe a requirement for employment or

practice

Can make you more valuable to potential

employers

Competitive advantage over candidates

without certificates

Process that demonstrates your knowledge,

experience and skills to perform a specific job

So what’s in it for your employer?

• Professional organization certifications s provides value to your potential employer that-

You may be well trained in your profession

You are self-motivated to improve yourself

You can provide a level of credibility at your

work

You may provide a higher level of

productivity

Positions in accounting today that use these certification-

• Internal Auditor

• Management Accountants • Tax accountant

• (CAO) Chief Accounting officer • Controller

• Financial Consultant

• Government Accountant

Other known jobs for accountants-

Where Can I go to find out more on professional certifications

• Many professional organizations have a monthly professional

journal that you can subscribe

• Professional certifications may have practice exam questions

by viewing their website

• Your local bookstore typically will have some preparation exam

books

• I would recommend taking a professional exam review course

that will help prepare you for taking these types of exams

• Most organizations have student memberships that you can

join to learn more

WALDEN MS ACCOUNTING COURSES MS Accounting (Required courses) MS Accounting & Management (Required courses) CPA http://www. aicpa.org/yell ow/ypascpa. htm CMA http://www .imanet.org/ CIA http://www.the iia.org/certificat ion/certified- internal-auditor/ CFE http://www .acfe.com/

Acct6100 Effective Communication for Accounting X X X X X X Acct 6110 Legal & Ethical Issues in Accounting X X X X X X Acct 6120 Managerial Accounting for Organizational

Performance X X X X Acct 6130 Financial Management Tools for Decision Making X X X X Acct 6140 Current Trends In Accounting Standards X X X X

Acct 6600 Managing Operational and Financial Business Risk X X X X Acct 6610 Managing Regulatory Compliance X X X X

Acct 6620 Accounting Theory & Application X X Acct 6630 Tax Analysis & Decision Making X X Acct 6640 Solving CPA Exam Problems X X Acct 6660 International Perspectives in Accounting X X Acct 6670 Not for Profit & Government Accounting X X

Acct 6650 Forensic & Advanced Auditing Topics X X X X ACCT 6665 Initiating and Managing Change X X X X Acct 6621 Global Information Systems Development X X X

ACCT 6675 Critical Thinking for Effective Management X X ACCT 6680 Leadership in a Global Landscape X X ACCT 6685 Creating Sustainable Solutions Through Systems

Thinking X X X ACCT 6690 Principles of Project Management X X X ACCT 6695 Leading Strategic Initiatives for Growth and New _{X X}

Weblinks with daily or monthly briefings on what is occurring in business today

Journal of Accountancy-Monthly highlights of accounting issues

http://www.journalofaccountancy.com/

Meisrow Financial Economist (click on Newsletter)

http://www.mesirowfinancial.com/# Smartbrief -Daily Business Briefings

http://www.smartbrief.com/big/index.jsp?campaign=hppartner

CFO –Monthly briefing on what’s important to CFO’s

http://www3.cfo.com/

Accounting Today –Daily accounting briefings

Common Accounting Certifications

Certification Website

Certified Public Accountant http://www.aicpa.org

Certified Management Accountant http://www.imanet.org/cma_certification.aspx

Certified Internal Auditor https://na.theiia.org/certification/CIA-Certification/Pages/CIA-Certification.aspx

Certified Fraud Examiner http://www.acfe.com/

Certified Financial Planner http://www.cfp.net/

Chartered Global Management Accountant

http://www.cgma.org/Pages/default.aspx

Other Certifications Non-Accounting

Project Management http://www.pmi.org/

Actuary http://www.beanactuary.org/

Six-Sigma http://prdweb.asq.org/certification/control/six-sigma/index