Accountants have long been respected members of society, and they hold a variety of titles and credentials that reflect their professional knowledge and experience. Depending on the country, the level of training, experience, and membership in professional organizations, accountants might hold titles such as Certified Public Accountant (CPA) or Chartered Professional Accountant (CPA Chartered).
In the United States, a CPA is an accountant who is licensed by a state board of accountancy after passing the Uniform Certified Public Accountant Exam. To maintain the CPA status, the accountant must meet certain continuing education requirements, as well as abide by the ethical standards of the American Institute of Certified Public Accountants (AICPA). CPAs provide services related to the preparation and assurance of financial statement. They may also provide managerial advice, tax services, and consulting services to businesses, universities, non-profit organizations and individuals.
A CPA Chartered is an accountant who is licensed by CPA Canada, a professional body that sets the standards for operational excellence and ethical conduct for the profession. A CPA Chartered is required to have a university degree in accounting or another related discipline. They must also pass a set of exams, meet experience requirements and demonstrate an understanding of the professional standards of practice. CPAs can provide assurance, taxation and accounting services, as well as consulting services across a range of organizations and sectors.
In addition to the CPA and CPA Chartered titles, certifications and credentials can be earned through professional organizations. In the United States, a Certified Internal Auditor (CIA), Certified Management Accountant (CMA), and Certified Fraud Examiner (CFE) are some titles recognized by employers and clients that indicate a high level of expertise. Certified Internal Auditors are responsible for auditing the internal financial controls of an organization and producing reports that help management make informed decisions. Certified Management Accountants focus on providing reporting, analysis and recommendations to organizations in terms of financial management, cost-reduction strategies, business operations, and risk management. A Certified Fraud Examiner combines investigative and assessment skills to detect, combat and help prevent fraud.
At the highest level, a Chartered Global Management Accountant (CGMA) is an accountant who has earned a designation from the Association of International Certified Professional Accountants. The CGMA is the global standard for management accounting knowledge, experience and professional judgment. CGMA’s can provide strategic guidance to organizations and are sought after for their expertise in areas such as budgeting, financial analysis, cost management and performance management.
Regardless of the title or credential, a professional accountant is equipped with the knowledge and expertise to advise businesses and individuals on financial decisions. Having a clear understanding of the services, and the credentials required to carry them out, is key to selecting the right professional to guide you.
