Professional Certifications Guide
Everything you need to know to earn the CPA, CFA, CMA, or EA — requirements, exam structure, timeline, and official sources.
CPAPublic Accounting
CFAInvestment Analysis
CMAMgmt. Accounting
EATax Representation
Education
- Bachelor's degree required (accounting or business preferred)
- Path A: Bachelor's + 30 additional credit hours (150 total) + 1 year experience
- Path B (new 2025): Bachelor's with accounting concentration + 2 years experience
- Path C: Master's or post-baccalaureate degree + 1 year experience
- Most states require 24–30 hrs upper-level accounting coursework
Exam Structure
- 4 sections total — 3 Core + 1 Discipline of your choice
- Core: AUD, FAR, REG (each 4 hours)
- Discipline (choose 1): BAR, ISC, or TCP
- Minimum passing score: 75 per section
- Must pass all 4 sections within 30 months
Experience
- Path A/C: 1 year of supervised public accounting experience
- Path B (2025 new): 2 years of supervised experience
- Must be verified by a licensed CPA supervisor
- Experience can be in public, private, or government accounting (varies by state)
Ethics & Other
- AICPA Ethics Exam required — open book, score of 90%+ required
- Some states require state-specific ethics exams (e.g. VA, OH)
- Application fee + state licensing fee (varies by jurisdiction)
- Apply through your state's Board of Accountancy
Continuing Education (CPE)
- 40 CPE hours per year to maintain a Permit to Practice
- Requirements vary by state — check your state board
- Ethics CPE required annually in most states
- License must be renewed per your state's cycle (typically 1–3 years)
Timeline & Cost
- Typical timeline: 12–18 months to pass all sections
- Exam fees: ~$344/section (4 sections = ~$1,376)
- Study materials: $1,000–$3,000+
- Application + licensing fees vary by state
CPA Exam Section Breakdown
| Section | Type | Focus Area | Duration | Pass Score |
|---|---|---|---|---|
| AUD — Auditing & Attestation | Core | Audit standards, ethics, internal controls | 4 hours | 75 |
| FAR — Financial Accounting & Reporting | Core | GAAP, governmental accounting, NFP | 4 hours | 75 |
| REG — Taxation & Regulation | Core | Federal taxation, business law | 4 hours | 75 |
| BAR — Business Analysis & Reporting | Discipline | Financial analysis, data analytics | 4 hours | 75 |
| ISC — Information Systems & Control | Discipline | IT audit, cybersecurity, SOC | 4 hours | 75 |
| TCP — Tax Compliance & Planning | Discipline | Advanced tax planning | 4 hours | 75 |
Education / Eligibility
- Bachelor's degree (any field) OR be in final year of undergraduate studies
- No specific major required — finance, accounting, or economics is advantageous
- Alternative: 4,000 hours of professional work experience over 3+ years
- Valid international travel passport required to register
- Must not be a citizen of sanctioned countries (OFAC rules apply)
Exam Structure (3 Levels)
- Level I: Tools & inputs, intro to asset valuation (multiple choice)
- Level II: Asset valuation applications, 20 vignettes (item sets)
- Level III: Portfolio management; choose a Specialized Pathway (2025+)
- Pathways at Level III: Portfolio Mgmt, Private Markets, or Private Wealth
- Each level can be taken up to 6 times total (max 2x per year)
Work Experience
- 4,000 hours of qualifying investment-related experience required
- Minimum of 36 months (3 years) to complete those hours
- Must directly relate to investment decision-making
- Full-time, part-time, and remote work all qualify
- Can be accumulated before, during, or after passing exams
Membership & References
- Must become a CFA Institute Regular Member to earn the charter
- Annual membership fee: $299/year
- 2 professional references if one is a local CFA society regular member
- 3 professional references if no sponsor is a local CFA society member
- Sign the CFA Institute Code of Ethics and Standards of Professional Conduct
Continuing Education
- No mandatory CPE required to keep the charter
- CFA Institute encourages 20 professional learning credits annually
- 2 credits annually recommended in Standards, Ethics & Regulations
- Annual renewal by June 30 — pay dues + professional conduct statement
Timeline & Cost
- Minimum 12 months if you pass each level on first attempt
- Most candidates take 2–4 years to complete all three levels
- Registration fee: varies (early ~$900–$1,200/level)
- Average median salary for charterholders: $180,000/year (CFA Institute)
- Total cost estimate: $3,500–$9,000 including study materials
CFA Exam Level Breakdown
| Level | Focus | Format | Approx. Study Hrs | Avg. Pass Rate |
|---|---|---|---|---|
| Level I | Foundational tools, ethics, intro valuation | Multiple choice (180 questions) | ~300 hrs | ~40% |
| Level II | Asset valuation applications | 20 vignettes × 6 questions | ~350 hrs | ~45% |
| Level III | Portfolio management + Specialized Pathway | Constructed response + vignettes | ~350 hrs | ~52% |
Education
- Bachelor's degree from an accredited college or university required
- Any accredited degree qualifies — not limited to accounting
- Degrees from any country accepted if from an accredited institution
- Alternative: certain IMA-approved professional certifications
- Education proof must be submitted within 7 years of passing the exam
Exam Structure
- 2-part exam — can be taken in any order
- Part 1: Financial Planning, Performance, and Analytics
- Part 2: Strategic Financial Management
- Minimum passing score: 360 (scale 0–500)
- Both parts must be completed within 3 years of program entry
Work Experience
- 2 continuous years of full-time professional experience required
- Must be in management accounting or financial management roles
- Can be completed before or within 7 years of passing the exam
- Verified via the IMA online CMA Experience Requirement Form
IMA Membership
- Must be an active IMA member to sit for the exam
- Professional membership: ~$245/year
- CMA program entrance fee: ~$280 (one-time, non-refundable)
- Student/academic membership available at a discount
- Exam fee: ~$460 (professional) or ~$345 (student) per part
Continuing Education (CPE)
- 30 hours of CPE required each year to maintain certification
- At least 2 of those hours must cover ethics
- Annual IMA membership dues must remain current
- CMA Annual Maintenance Fee also required each year
Timeline & Earning Potential
- Most candidates complete in 12–18 months
- IMA recommends 170 hrs of study for Part 1, 130 hrs for Part 2
- CMAs earn 21% higher median salary than non-certified peers (IMA 2023)
- 79% of CMAs reported career advancement opportunities (IMA survey)
CMA Exam Content Areas
| Part | Topic Areas | Weight |
|---|---|---|
| Part 1 — Financial Planning, Performance & Analytics | External reporting, budgeting, forecasting, performance mgmt, cost mgmt, internal controls, technology & analytics | 50% |
| Part 2 — Strategic Financial Management | Financial statement analysis, corporate finance, decision analysis, risk management, investment decisions, ethics | 50% |
ℹ️
IRS Highest Tax Credential: Enrolled Agents share unlimited IRS representation rights with CPAs and attorneys — the only three professionals with this status. As of March 2026, the EA exam is transitioning from Prometric to PSI Services for the 2026 testing cycle.
Education Requirements
- No college degree required — the EA is uniquely accessible
- No specific educational prerequisites to sit for the SEE exam
- Accounting, taxation, or finance coursework is strongly recommended
- Many EAs hold accounting or business degrees but it is not mandatory
Step 1: Get a PTIN
- Obtain a Preparer Tax Identification Number (PTIN) from the IRS
- Apply online at IRS.gov — takes ~15 minutes
- Fee: $19.75 to apply; renew annually mid-October through December 31
- Processing time: approximately 4–6 weeks
Step 2: Pass the SEE Exam
- Special Enrollment Examination (SEE) — 3 parts, must pass within 3 years
- Part 1: Individuals | Part 2: Businesses | Part 3: Representation & Procedures
- 100 multiple-choice questions per part, 3.5 hours each
- Fee: ~$267 per section (as of March 2025)
- Scaled scoring; maximum score 130
Step 3: Apply for Enrollment
- File Form 23 (Application for Enrollment) at IRS.gov / Pay.gov
- Application fee: $140 (non-refundable)
- IRS conducts a background check including review of personal tax compliance
- Any unfiled or unpaid taxes may result in denial of enrollment
- Processing time: approximately 60 days
Continuing Education (CPE)
- 72 hours of CE required every 3-year enrollment cycle
- Minimum 16 hours of CE per year (2 of which must be ethics)
- Must use IRS-approved CE providers only
- Renewal via Form 8554 + $140 fee per 3-year cycle
- Renewal cycle determined by last digit of your SSN/TIN
Alternative Path: IRS Experience
- 5 years of IRS employment regularly interpreting the tax code qualifies you
- Applies and submit Form 23 + background check — no exam required
- Must still meet continuing education requirements to maintain status
- IRS work must involve income, estate, gift, employment, or excise taxes
SEE Exam — Part Breakdown
| Part | Topic Coverage | Questions | Duration | Fee |
|---|---|---|---|---|
| Part 1 — Individuals | Individual income tax, credits, deductions, retirement plans | 100 MCQ | 3.5 hrs | $267 |
| Part 2 — Businesses | Business entities, partnerships, S-corps, payroll taxes | 100 MCQ | 3.5 hrs | $267 |
| Part 3 — Representation | IRS procedures, Circular 230, taxpayer rights, audits | 100 MCQ | 3.5 hrs | $267 |