Part One  |  Part Two | Part Three 

How Professional Associations Can Help

If you are planning a career transition from public accounting to business and industry, you should familiarize yourself with the resources that are available to you through professional associations such as:

• The American Institute of Certified Public Accountants (AICPA);
• State CPA societies;
• The Institute of Internal Auditors (IIA);
• Industry-specific associations, e.g., the Healthcare Financial Management Association (HFMA) and Construction Financial Management Association (CFMA); and
• The Institute of Management Accountants (IMA).

These associations have helpful career advice at their websites (see the links below) and offer educational and networking opportunities through local chapter meetings, regional events, and national conferences. Here's a brief look at each.

AICPA
Did you know that there are more AICPA members in industry than there are in public accounting? To better serve the needs of its largest group of members, the AICPA created the Center for Excellence in Financial Management, which is an excellent starting point for all things "business and industry." Be sure to check out the Competency Assessment Tool, which will help you understand the competencies required of accounting and financial professionals in business and industry and create a personalized professional development plan to attain those competencies.
http://www.aicpa.org

State CPA Societies
Many state CPA societies have active Members in Industry groups. Some, like the North Carolina Association of CPAs, have a state-level volunteer committee that focuses on meeting the needs of Members in Industry. Others, like the Georgia Society of CPAs, have virtual communities of practice called "sections" that enable members with similar interests to interact with each other regularly online. And several state societies in the Midwest jointly operate the Center for Corporate Financial Leadership, a one-stop knowledge and networking resource for over 40,000 CPA and non-CPA corporate finance professionals.
http://www.ccflinfo.org

IIA
The IIA is a function-specific international professional association. IIA members work in internal auditing, risk management, governance, internal control, IT audit, education, and security.
http://www.theiia.org

Industry-Specific Associations
Two prominent industry-specific associations are the HFMA [http://www.hfma.org] and the CFMA [http://www.cfma.org], which provide career support for financial management professionals in healthcare and construction, respectively.

IMA
For more than 80 years, the IMA has led the way in providing professional education and certification in the areas of management accounting and corporate financial management. Through hundreds of local chapters in the US and abroad, IMA members learn, network, and further their careers in business and industry. Members also have the opportunity to participate in online Interest Groups. And at the IMA's website, accounting and finance professionals will find a wealth of educational resources available through the IMA's Lifelong Learning Center.
http://www.imanet.org

Does Being a CPA Carry Any Weight in Business and Industry?

Your CPA designation is a huge plus when pursuing career opportunities in business and industry. Private employers generally recognize that CPAs have an intimate understanding of issues related to the information needs of external stakeholders -- investors, creditors, regulatory agencies, etc. These information needs have certainly gained significance in recent years as a result of various high-profile failures of corporate governance.

But meeting the information needs of external stakeholders is only one aspect of the role of accounting and finance professionals in business and industry. As discussed in Part 1 of this series, the knowledge, skills, and abilities (KSAs) required for success in business and industry go beyond those required for success in public practice. Consequently, you should consider pursuing credentials that focus on business/industry KSAs to complement your CPA designation. Additional credentials will serve to distinguish you from other candidates in hiring and promotion.

What Credentials Are Available?

Several certifications for accounting and finance professionals are offered by various professional associations, including those noted above. If you are planning a career transition from public accounting to business and industry, you should familiarize yourself with credentials sponsored by:

• The Institute of Internal Auditors (IIA), which offers the Certified Internal Auditor (CIA) designation;
• Industry-specific associations, such as the Healthcare Financial Management Association (HFMA) which offers the Certified Healthcare Financial Professional (CHFP) designation, and the Construction Financial Management Association (CFMA) which offers the Certified Construction Financial Professional (CCFP) designation; and
• The Institute of Management Accountants (IMA), which offers the Certified Management Accountant (CMA) and Certified Financial Manager (CFM) designations.

Keep in mind that many other function-specific designations are available as well. Also keep in mind that obtaining certifications such as these will require you to satisfy examination, education, experience, and personal reference requirements. With that said, here are some additional facts about each of the designations referenced above:

CIA
The Certified Internal Auditor designation focuses on KSAs related to risk management, internal control, IT audit/security, and corporate governance. It is the only internationally accepted designation for internal auditors and has been attained by more than 40,000 people worldwide.
http://www.theiia.org

CHFP
The Certified Healthcare Financial Professional designation focuses on KSAs related to healthcare accounting and finance, patient financial services, physician practice management, and managed care.
http://www.hfma.org

CCFP
The Certified Construction Financial Professional designation focuses on KSAs related to financial management of construction companies and the accounting, insurance, surety, banking, legal, and software specialists who support the construction industry.
http://www.cfma.org

CMA and CFM
The Certified Management Accountant designation is the premier international credential for management accounting professionals. It focuses on KSAs related to analyzing, interpreting, and communicating information in support of managerial decisionmaking. Over 25,000 individuals worldwide have earned this designation since its inception in 1972. The newer Certified Financial Manager designation focuses on the KSAs of corporate cash management, financing and investment decisions, and risk management for optimal business performance.
http://www.imanet.org

Coming next: CPE and advanced degrees that enhance your career prospects in business and industry.

BRUCE POUNDER is President of Leveraged Logic, a professional service firm that provides education and consulting services to accounting and finance professionals. He has 20 years of experience developing innovative IT-based financial management solutions for clients including The Coca-Cola Company, Reliant Energy, and Fidelity National Financial.

In 2003, Leveraged Logic introduced the PREPanywhere Review Course System, the only series of live online review courses available for the Certified Management Accountant (CMA) and Certified Financial Manager (CFM) examinations. As a NASBA-registered sponsor of continuing professional education, Leveraged Logic also offers live online "CPEanywhere" sessions to help CPAs, CMAs, CFMs, and other certified financial professionals maintain their certifications.

Bruce holds the CMA and CFM designations, a Bachelor's degree from Syracuse University, and an MBA from Rice University. He is a member of the Institute of Management Accountants (IMA), serving as President of the Western North Carolina Chapter. Bruce currently resides in Asheville, North Carolina, where he can be reached by phone at (828) 254-4812 or by e-mail at bpounder@LeveragedLogic.com.