What challenges/problems have you overcome that you could attribute to knowledge gained from the CCIFP designation?
As an auditor, it is important to understand the industry we serve. Engineering and construction is a unique and niche industry, and the CCIFP designation has given me the foundational knowledge to understand my client’s business outside of accounting, including bidding, estimating, project management, and risk management.
Additionally, having the CCIFP designation provides the opportunity to network with a community of professionals in the industry who are facing similar challenges.
Why is it important to have a CCIFP in your organization?
The CCIFP is the only financial designation focused on construction. While many public accountants have the certified public accountant (CPA) credential (or are on track to earn it), this is an added certification specific to those who want to focus on the construction industry.
Serving a wide spectrum of construction clients, from large GCs to smaller subcontractors, this certification provides deep knowledge of this industry so you can develop expertise in the field.
The certification is a differentiator and provides a competitive advantage in the marketplace.
Why would you recommend the CCIFP designation?
The CCIFP allows professionals working in this space to obtain an understanding of the construction business.
The topics covered during the study process can provide you with the confidence needed to execute high quality work. Whether you are in operations, surety, legal, risk management, or in my case, the financial side, with all the complexities such as overtime revenue, estimated costs to complete, contract assets, and liabilities with over/underbillings, you can find value in earning the CCIFP.
The study courses for the CCIFP exam are an added benefit in not only obtaining the certification, but in gaining relevant knowledge to equip professionals in this industry with topics that are impactful to operations, finance, and accounting.
If you have your CCIFP designation and would like to share your experiences, please send an email to certification@cfma.org.
Copyright © 2024 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in May/June 2024 CFMA Building Profits magazine.