There has been a proliferation of certifications and designations in the finance world, causing confusion among consumers. There are certifications for very specific sectors of finance and broad certifications with thousands of professionals. While a certification does not mean that a specific professional will be the right match for your needs, it does help you understand what
their specific training is.

We have listed many of the more popular certifications and licenses in the categories of investments, insurance and accounting. Some professionals may have more than one certification, and many professionals are licensed to offer help in one or more areas, including investments, planning, insurance, or accounting.

Investments
Individuals providing investment advice or products must be registered as either a securities representative (also know as a broker) with the Financial Industry Regulatory Authority (www.finra.org), or as an investment adviser with the SEC (www.sec.gov).

Registered Investment Adviser (RIA) – An investment adviser who has registered with, and is regulated by, the SEC. RIAs provide investment advice and analysis for specific investments and portfolios and may manage portfolios. Some RIAs might only provide the investment management of a portfolio, but many also provide full service financial planning for individuals.

Certified Financial Planner® (CFP®) – A CFP® professional is a credential from the Certified Financial Planner Board of Standards. Individuals who have met this credential are required to have 3 years of work experience, complete an education course on a variety of financial planning topics related to personal finances, including investments, insurance and taxes, and complete
the 10 hour CFP® certification exam.

Chartered Financial Analyst (CFA®) – The Chartered Financial Analyst is a designation from the CFA Institute. Individuals who have met this credential are required to have 3 years of work experience, and pass each of three levels of exams. The exams are given once or twice a year, requiring a minimum of three years to complete the exams before becoming a CFA®. The designation and exams are focused on corporate finance and accounting, investment valuation, economic analysis and portfolio construction. The CFA designation is common among investment analysts and managers of large investment funds, such as mutual fund managers.

Certified Investment Management Analyst (CIMA) – The CIMA designation is provided by the Investment Management Consultants Association and is generally held by professionals who provide financial consulting to large clients like pension funds and large asset managers. The designation focuses on items for managing large amounts of money such as investment policy, asset allocation, risk management and performance measurement. Individuals are required to have three years of experience in investment consulting, pass the CIMA course and complete 40 hours of continuing education every two years.