While I was in college, I worked a part-time job doing bookkeeping for a roofing contractor in Rapid City. By the time I was done with school, the company had grown and I took a full-time position as their Controller. Since I enjoyed working for a private business and never saw myself getting into public accounting I never pursued my CPA designation.
I know many construction industry finance professionals with similar stories. We have spent years in the industry and have worked our way to the highest levels of our organizations, but when we put together a resume it is missing something. It's not that we don't have expertise and experience or that we aren't as qualified as the next candidate. It’s just a bit harder to stand out in a stack of resumes.
Even among CPA's leaving public practice there are wide variances of exposure to and experience with the construction industry. (And make no mistake, the construction industry IS unique.) The CPA designation alone does not tell the story of their qualification for a position with a construction company.
For those looking to demonstrate themselves as the most qualified among their peers or among a pool of candidates, CFMA offers the Certified Construction Industry Financial Professional designation. Never heard of it? Well, then we as a chapter have not been doing our job. We are now.
At our board meeting in July, the Siouxland Chapter made a commitment to begin promoting the CCIFP among its members. And we are literally putting our money where our mouth is. Well, not literally. We would never do that. (Neil Patrick Harris and Heineken fans will get this. The rest of you, well, Google it.)
As a service to our members we will reimburse up to $500* of the exam fee for members who take and pass the exam by March 31, 2016. In addition, we will be offering an exam preparation course a few weeks prior to the Heartland Conference where the exam will be offered.
CFMA members who have registered for the exam can attend the preparation course free of charge. Members who want to attend the preparation course for CPE purposes (8 hours of CPE available), are trying to decide whether or not they want to sit for the exam or are just interested in brushing up on their knowledge will pay a nominal fee of $125 to cover course materials and a meal.
How do I earn the CCIFP designation?
The CCIFP designation is earned by demonstrating knowledge of construction-specific principles and issues in eight areas:
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Accounting & Reporting
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Income Recognition Methods
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Budgeting & Planning
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Risk Management
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Taxes
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Human Resources
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Legal
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Information Technology
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This is done by examination. There are 200 multiple choice questions and you are allowed 4 ½ hours to complete the exam which is overseen by a proctor.
Who is eligible to take the exam?
There are three requirements:
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Formal Education – BS from an accredited college or university, including at least twelve credit hours in business-related coursework. OR Four years of experience working for a construction company in its accounting and/or finance department, or as a provider of accounting and/or financial services to the construction industry.
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Professional Experience – 4,000 hours in construction-related activities within the last five years. Must be in a professional financial position for a construction contractor or as a provider of accounting and/or financial services to the construction industry.
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Verification of Work Experience – Submission of a Statement of Work Experience.
Are you at least intrigued? More information about the certification is online at iccifp.org and more information about the preparation course and the examination being offered at the Heartland Conference will follow. If you are unable to attend the Heartland Conference examination, other exam locations and dates can be found here. (Registration for the exam being held in conjunction with the Heartland Conference is listed as September 23, 2015 hosted by BKD in Omaha, NE.)
We will send information on the preparation course as soon as the details are finalized. I hope to see lots of you there!
*Reimbursements are limited to 10 members with preference given to those serving on one of our chapter committees with remaining reimbursements on a first-come/first-served basis. (Good incentive to join a committee today!)