What challenges have you overcome that you could attribute to knowledge gained from the CCIFP designation?
When a client encounters a problem, we are often their first call, even if it isn’t an accounting-related problem. With the skills gained from the CCIFP designation, we can answer tough questions that are rarely encountered in a traditional tax/assurance-based CPA firm — even those with a focus in construction.
In addition, knowledge in areas such as human resources, risk management, legal, and IT has been invaluable to the continual support we provide to our clients. Our expanded skill set and deeper understanding of key business areas is due to the CCIFP designation, which is held by 12 of our construction team members.
Can you share a particular situation?
At Brown, Edwards & Company, LLP, we believe that the client relationship strengthens when we go beyond the role of accountant and provide additional value as a trusted business advisor. A key factor in establishing that trust comes from the CCIFP designation, which helps to provide instant credibility during interactions with potential clients. I’ve also found that conversations are much easier when the person on the other side of the table knows that we have in-depth knowledge of their industry that many others do not.
What has been the most obvious advantage from becoming a CCIFP?
One advantage of the CCIFP designation has been using our depth of knowledge as a selling point to candidates during mergers and acquisitions. We are able to showcase what we could provide to their clients in specific industries, such as construction. Additionally, the number of CCIFP team members on staff has demonstrated commitment to our team members by investing in training and education, not just for our team, but for our clients as well.
Why is it important to have a CCIFP in your organization?
Leading a top 50 construction practice for a rapidly growing CPA firm can certainly lead to challenges, and the CCIFP designation has been an important part of our construction practice from the beginning. Our firm realized early on that a designation that requires a certain level of work experience specific to the construction industry as well as annual continuing education requirements would be something that sets us apart from our competitors and showcases our industry expertise.
Why would you recommend the CCIFP designation to another person/business?
While the designation has been a great marketing tool for our firm, we see the certification as an investment in each of the individuals who achieved it. Once you’re certified, it’s something that you can carry with you wherever your career takes you. Additionally, we are seeing more companies considering the CCIFP designation when it comes to hiring and promotions.
This certification was specifically created for the construction industry, not for those in public accounting. Those who work in construction will have an advantage in obtaining the designation due to their exposure to the industry, and I recommend that anyone working in the construction industry should study for and take the exam.
Is there anything else you’d like to share about becoming a CCIFP?
Just go do it! It was one of the best decisions that I ever made, and I don’t know anyone who has ever regretted earning this distinction.
If you have your CCIFP designation and would like to share your experiences, please reach out to Veronica Whitehead at vwhitehead@cfma.org.
Copyright © 2022 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in September/October 2022 CFMA Building Profits magazine.