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Who is a Certified Financial Accountant?

In the world of finance and accounting there are many designations as well as titles that have their roles chalked out for them. One designation that plays a very important role in this industry is that of certified financial accountant. In order to become a certified financial accountant it is necessary that the person take the CFA exam conducted by the CFA institute. This exam includes a battery of tests that are to be passed in order to acquire the designation of a certified financial accountant.

Though it might sound easy but actually it is not. The tests that are included in the CFA exam are considered to be one of the toughest tests in the whole industry. It has been estimated that more than half of the candidates who sit for this exam fail to qualify. Multiple areas of specialty like portfolio management, economics, investment strategies, etc. are tested in this exam. Even if you have worked as an accountant for years altogether, you may still find it difficult to clear the exam. However, there are many institutes that can help you in preparing for this exam. Many of these institutes are run by the certified financial accountant themselves and thus can help you in various areas of specialty that you need to master in order to pass this exam.

Once you become a certified financial accountant there are a number of responsibilities that you would be taking care of.

Some of the Responsibilities that would be a Part and Parcel of your Duties are:

  1. Stay updated on the latest tidings in the financial world
  2. Conduct internal financial assessments
  3. Record as well as review the financial transactions that are taking place in the company  
  4. Advice people on the various aspects of taxation
  5. Prepare reports as well as present them to the management along with the proper analysis of the report.
The role of the certified financial accountant in the present times is one of the most important roles in the industry. If he is working with an organization, he can be considered to be the backbone of that company. Almost all the major decisions that the company takes are based on the financial reports prepared by the certified financial accountants. All the banks as well as the other investment companies study the reports that are prepared by him before investing in the company. In almost all the financial aspects of the company it is really the certified financial accountant who has the last say.