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Best cost analyst certifications
The best certifications for a cost analyst are Certified Management Accountant (CMA), Project Management Professional (PMP), and International Accredited Business Accountant (IABA).
Cost analyst certifications demonstrate your competency as a cost analyst to employers. However, not all cost analyst certifications provide the same value.
Below is a list of the best cost analyst certifications. Obtaining a cost analyst certification will give you a leg up when you apply for jobs and increase your potential salary.
7 best certifications for cost analysts
| Rank | Cost analyst certification | Organization |
|---|---|---|
| 1 | Certified Management Accountant (CMA) | IMA |
| 2 | Project Management Professional (PMP) | PMI |
| 3 | International Accredited Business Accountant (IABA) | ACAT |
| 4 | Master Project Manager (MPM) | AAPM |
| 5 | Certified Cost Professional (CCP) | AACE |
| 6 | Program Management Professional (PgMP) | PMI |
| 7 | Chartered Financial Analyst (CFA) | CFA |
7 best cost analyst certifications
1. Certified Management Accountant (CMA)
The CMA (Certified Management Accountant) is the advanced professional certification specifically designed to measure the accounting and financial management skills that drive business performance.
- More than two years of education or training after high school required? Yes
- More than two years of work experience required? Yes
- Oral or written exam required? Yes
- Renewal required? Every 1 year(s)
2. Project Management Professional (PMP)
The PMP designation following your name tells current and potential employers that you have demonstrated a solid foundation of knowledge from which you can competently practice project management.To be eligible for a PMP Credential, you must first meet specific educational and project management experience requirements and agree to adhere to a code of professional conduct. The final step to becoming a PMP is passing a rigorous multiple-choice examination designed to objectively assess and measure your ability to apply project management knowledge in the following six domains: initiating the project, planning the project, executing the project, monitoring and controlling the project, closing the project, and professional and social responsibility. This computer-based examination is administered globally with translation aids in 10 languages.
- More than two years of education or training after high school required? No
- More than two years of work experience required? Yes
- Oral or written exam required? Yes
- Renewal required? Every 3 year(s)
3. International Accredited Business Accountant (IABA)
ACAT seeks to ensure that all accredited individuals possess both the theoretical knowledge and the practical knowledge necessary to be successful practitioners. For that reason, candidates for accreditation must satisfy an experience requirement before becoming fully credentialed: three years of related work experience, up to two of which may be satisfied through college credit. Related work experience includes verifiable experience in accounting, financial services, or other field requiring a practical and theoretical knowledge of the subject matter covered on the ACAT Comprehensive Examination for the International Accredited Business Accountant. Those who pass the exam but who have not met the experience requirement may market themselves as having passed the ACAT Comprehensive Examination for International Accredited Business Accountant, but are not entitled to use the IABA designation.
- More than two years of education or training after high school required? No
- More than two years of work experience required? Yes
- Oral or written exam required? Yes
- Renewal required? No
4. Master Project Manager (MPM)
If you have 3+ years of Project Management Experience, you may apply for MPM™ Master Project Manager Board Certification.
- More than two years of education or training after high school required? Yes
- More than two years of work experience required? Yes
- Oral or written exam required? Yes
- Renewal required? Every 2 year(s)
5. Certified Cost Professional (CCP)
A CCP is an experienced practitioner with advanced knowledge and technical expertise to apply the broad principles and best practices of Total Cost Management (TCM) in the planning, execution and management of any organizational project or program. CCPs also demonstrate the ability to research and communicate aspects of TCM principles and practices to all levels of project or program stakeholders, both internally and externally.
- More than two years of education or training after high school required? Yes
- More than two years of work experience required? Yes
- Oral or written exam required? Yes
- Renewal required? Every 3 year(s)
6. Program Management Professional (PgMP)
Project Management Institute's newest credential is specifically developed to acknowledge the qualifications of the professional who leads the coordinated management of multiple projects and ensures the ultimate success of a program. You will benefit from the many advantages of this new designation. Candidates earning this credential will be internationally recognized as professionals with the knowledge and experience to make and implement the important decisions and accomplish the strategic objectives that enhance business results.
- More than two years of education or training after high school required? Yes
- More than two years of work experience required? Yes
- Oral or written exam required? Yes
- Renewal required? Every 3 year(s)
7. Chartered Financial Analyst (CFA)
The CFA charter is recognized as the definitive standard by which to measure the competence, integrity, and dedication of serious investment professionals.
- More than two years of education or training after high school required? Yes
- More than two years of work experience required? Yes
- Oral or written exam required? Yes
- Renewal required?
What is the best certification for a cost analyst?
The best cost analyst certification is Certified Management Accountant (CMA). The Certified Management Accountant (CMA) is awarded by the The Association of Accountants and Financial Professionals in Business. This certification is great to have as it shows an improvement in your competency to perform your role. You can earn this certification at the beginning of your career, as it often doesn't require a minimum education level and work experience.
Here's a bit more background on how to obtain this cost analyst certification:
- To become a certified Certified Management Accountant (CMA), you need to pass the exam.
- This certificate requires more than two years of work experience.
- Renew certification every 1 year.
What are some of the most in-demand certifications for cost analysts?
The most in-demand cost analyst certification is Certified Management Accountant based on all active job postings. Having this cost analyst certification will give you access to more cost analyst jobs with higher salaries.
What certifications can impact a cost analyst career and salary?
The Certified Management Accountant certification will help you to secure a cost accounting manager position, which will increase your pay and career trajectory. A cost accounting manager's average salary is $78,260 whereas cost analysts make an average salary of $54,158.
The most common combination of cost analyst certifications include: Certified Management Accountant (CMA), Project Management Professional (PMP), and International Accredited Business Accountant (IABA).
Online courses for cost analysts to earn certifications
1. Basics of Cost Accounting: Product Costing
The core of the first course is to learn how companies record total costs and calculate unit costs for their individual products or services. For example, how can a car manufacturer figure out the costs of an individual car series? During the first weeks, participants learn what costs are and how to distinguish them from expenses or cash flows. Participants will understand how companies record total costs and distinguish important cost types such as material costs, personnel costs, or...
2. Cost Accounting
View the Specialization trailer: https://www.youtube.com/watch?v=XE5Rx91bdYw\n\nMany corporate decisions need cost accounting information. When you know the costs of your products, you will make better pricing decisions and you can better choose which products to offer. When you know the costs of your departments, you can better detect inefficiencies and you can better incentivize your employees.\n\nIn this Specialization, you will learn the fundamentals of cost accounting. Three courses cover...
3. Cost Accounting: Introduction to Management Accounting
Learn Cost Accounting for Management. Includes Process Costing, ABC Systems, Variance Analysis, Cash Budgets and more...
4. Projects Cost Management, Estimating, Budgeting and Control.
Learn how to estimate costs for any project, how to determine budget and how to use Earned Value Management tools. 3 PDU...
5. Cost Accounting: Decision Making
In the third course, you will learn how to use information from cost accounting to improve managerial decision-making. We discuss business decisions and suggest how cost information can support them best. For example, how will costs change if managers adjust cost drivers? How many units do companies need to sell in order to avoid losses or to achieve a targeted profit? How can managers improve pricing or product programs with information from cost accounting?...
6. Cost Reduction: Cut Costs and Maximise Profits
Cost cutting & cost reduction for a profit focused business...
7. Cost Accounting and Financial Management - A Complete Study
Learn theory and practical concepts in Cost Accounting and Financial Management with loads of video lectures...
8. Managerial and Cost Accounting: A Comprehensive Guide
Unlock Financial Insights, Make Informed Decisions: Optimize Business Performance, Maximize Profitability...
9. IT Project Budget & Cost Management
Project Management tips to manage a million dollar IT Project budget from start to finish...
10. Managerial (Cost) Accounting For Beginners
Management accounting for managers and students. Learn managerial and cost accounting. #1 accounting course online...
11. Financial Accounting - Inventory Costs
Mastering Inventory Costs & Flows: An In-Depth Guide to Accounting for Inventory in Business Operations...
12. Cost Accounting - A Comprehensive Study for CA/CMA/CS /ACCA/
Learn basic to advanced concepts in Cost Accounting comprehensively...
13. Flexible Budgets, Standard Costs, & Variance Analysis
Maximizing Financial Insight: Mastering Variance Analysis and Budgeting for Strategic Decision-Making...
14. Project Management: Cost & Schedule Monitoring using EVM
Earned Value Management, Project Management, Cost Control & Monitor, Budget, Schedule & Cost Variance, Performance Index...
15. AWS Cost Management Tools (Cost Explorer) Crash Course
Learn everything about AWS Cost Explorer, Cloud Financial Management and Reserved Instance/Savings Plan...
16. Learn Estimating & Cost Control
Develop a good practical understanding of best practice estimating and cost control on building & construction Projects...
17. Construction Cost Estimating and Management
Learn the tools used by construction management professionals to ensure their projects finish under budget...
18. Cost of Quality Analysis and Reporting using Microsoft Excel
Expertly collect, analyze and present quality cost data (using Microsoft Excel) to help drive continual improvement...
19. Cost Reduction for Managers & Management Consultants
A practical guide on how to cut costs in business & private life. Learn how efficiently to conduct cost-cutting projects...
20. Quantity Surveying Templates for Effective Cost Management
Quantity Surveying, Payment Application, Payment Tracker, Variation, Claim, Material Claim, Guarantees, Price Comparison...