The Certified Financial Manager (CFM) accreditation from the Institute for Management Accountants is an industry-standard certification that helps individuals prepare to work in individual companies. The exam consists of 110 multiple-choice questions, and a bachelor’s degree is required. The CFM designation can lead to more opportunities for advancement and attract more customers. It is different from being a Certified Public Accountant (CPA), and CPAs can skip part of the CFM exam.
A Certified Financial Manager (CFM) is an individual who has received accreditation from the Institute for Management Accountants. Generally, the designation is considered an industry-standard certification, but whether individuals need the certification can vary from employer to employer. Rather than preparing individuals to work as investment analysts or portfolio managers, the Certified Financial Manager program helps individuals prepare to work in individual companies.
Requirements to become a certified financial manager include a bachelor’s degree in addition to successful completion of the exam. The exam consists of 110 multiple-choice questions, which are usually given via a computer. The computer will score immediately, so participants will know if they have passed immediately after completing the entire exam. Once approved, the Certified Finance Manager designation will be awarded to those who succeed. Test takers do not need to have a financial management degree or any kind of formal financial management training to take the test, but it may be easier.
In preparing for the test, individuals can take advantage of several study guides designed to adequately prepare them. The Institute of Management Accountants has a very popular kit to help you prepare for the exam. This kit was developed by those who also created the test. This can make it one of the most advantageous guides. It is not necessary to purchase the kit to take the exam, although it can give candidates a good idea of what to expect if they have never taken the exam before.
A certified financial manager is considered one of the top professionals in the field. Therefore, those with the designation may find that they have more opportunities for advancement. It can also help that individual to attract more customers. Even customers who may not understand much about the program can feel better about entrusting money to someone who has been given this professional designation.
Being a certified financial manager is also different from being a certified public accountant. While both are industry standards, the tests are different and CPAs must have completed a certain minimum number of hours in related courses. Additionally, the CPA designation is often determined by the licensing board of a government, such as a state. The CFM program is administered and monitored by a private organization that promotes professionalism and ethical practices in the field. Those who are CPAs are eligible to skip part of the CFM exam.
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