April 16, 2014 | 5 min read
Scaling the Corporate Ladder— Choosing Between Advanced Degrees and Certifications

Tandym Group

If you are an accounting professional looking to take the next step in your career, you have an important decision to make: should you go back to school to get your Master’s degree/MBA, or should you pursue an advanced certification? If you don’t know the answer, don’t worry—you’re not alone. While each focus may have its advantages and disadvantages, current market trends continue to show a sway towards advanced certifications.

“Every hiring manager is looking for a candidate that is dedicated, hard-working, diligent, and committed to holding themselves to the highest industry standards,” notes Elisa Dammacco, Managing Director of The Execu|Search Group’s Accounting/Finance division. “To an employer, the candidate who holds the advanced certification is the one they typically consider to be the best choice. As a result, when deciding between an advanced degree and a specialized certification, when you consider your decision, you want to make sure you are spending your time, money, and energy in the most efficient way possible. Therefore, if you feel you can accomplish it, pursuing an advanced certification will make you more marketable.”

For accounting and finance professionals, here are a number of certifications to consider depending on your area of specialization:

CPA

As an accountant, choosing the right type of education to complement your skills can be a difficult decision to make. Specifically, you can either pursue a Master’s in Tax or Accounting or start the path towards becoming a CPA. While the applicability of a Master’s degree tends to change depending on the demands of the current employer, an advanced certification will enhance your professional marketability and is something that employers are demanding from more experienced candidates.

“In the past, employers would give their employees 5 years to attain their CPA, but today, many organizations that are looking for accountants with 2 or more years of experience, are demanding that candidates have their CPA or parts passed,” notes Elisa. “Therefore, if you want to enhance your professional mobility, acquiring your CPA is the best route to take.”

The same concept applies to tax professionals who have either become an Enrolled Agent, are considering it, or contemplating getting their Master’s in Tax. As Elisa explains, “While being an Enrolled Agent or having your Master’s in Tax may suffice at your current firm, if you are looking to advance and find a job with another firm, having your CPA will make all the difference.”

Keep in mind, while the demand for CPAs has increased over the years, attaining this certification has become even more demanding. While a Master’s degree typically requires the completion of 130 credits to graduate, for the advanced certification you must complete at least 150 credit hours of education in addition to the uniform CPA exam.

CFA

Finance professionals should also take note. While completing an MBA is an excellent accomplishment and looks impressive on a resume, a CFA certification is offered at a relatively lower cost and in the long-run, is the better investment as it demonstrates that you have the hands-on skills needed to delve into all investment, banking, and financial data.

As the certification may seem like the more cost-effective choice, the CFA is no easy task to accomplish. Although much cheaper than an MBA education, to become a CFA you must pass three exams in addition to two years of acceptable work experience to be considered a “complete” investment and financial professional. On average, an individual can collectively spend over 1000 hours preparing for these exams! In this marketplace, having a certification will prove to a hiring manager that you have the ability, ethical grounding, and transferable analytical skills necessary to do the job well.

CIA/CISA

Lastly, if you are an audit professional and are interested in adding value and improving an organization’s operations, the decision between going back to school for an advanced degree or attaining a specialty auditing certification can be difficult. Currently, market trends continue to show that accounting firms and internal audit departments will typically want their auditors to possess certifications like the Certified Internal Auditor (CIA) certification. Earning this designation will not only open doors for career opportunities and increase your credibility in the market, but will also serve as a professional advantage for an auditor at any level in their career.

Likewise, since the early 2000s, an increase in stricter government regulation has resulted in a rise in the demand for more IS audit professionals. The Certified Information Systems Auditor (CISA) certification will give you a competitive edge over your peers, and meet the growing demand for professionals with this designation. The process includes successful completion of the CISA examination in addition to meeting the work experience requirements and completing the CISA Application for Certification. With this credential you will immediately boost your earning potential, stand out in the hiring process, and enhance your professional recognition. So, before you pursue a Master’s in Computer Management or Information Systems, consider how much more marketable you will be if you have proven success auditing in a professional environment.

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