As those in the industry can attest, your role in construction finance is much more than just balance sheets and cost codes. As a strategic leader, how well you effectively implement and communicate your knowledge drives success within your company. Becoming a Certified Construction Industry Financial Professional (CCIFP) puts that knowledge front and center immediately, eliminating doubt, and establishing trust in your expertise immediately. We talked to a knowledgeable group of CCIFPs on what motivated them to become CCIFPs and how they have benefited from becoming certified.
The Right Motivation
The CCIFP designation is based on the current construction landscape, focusing on the competencies and knowledge of construction financial professionals needed to lead in today's competitive construction industry. It tests eight knowledge domains: accounting and reporting, income recognition methods, budgeting and planning, risk management, taxes, legal, human resources, information technology. Being certified isn’t a given; it takes drive and motivation to start the process. For some, it’s about pure professional growth and for others, it’s just part of their journey of life-long learning.
“Working in construction for over 15 years, I felt this certification added credibility to my skill set and provided another layer of industry-specific expertise in addition to my CPA license,” said Geri Pacheco, CPA, CCIFP, Chief Financial Officer at Arch-Con Corporation.
Many will begin the process on a recommendation from their company, who oftentimes will cover the cost associated with application and testing as the benefit of having knowledgeable, CCIFP-certified employees far outweighs the cost.
“The initial recommendation came from management to consider sitting for the CCIFP,” said Alexis Briggs CPA, CCIFP, Accounting Manager at Austin Industries. “I am fortunate to work for a company that puts high emphasis on continual learning and professional development for their employees. The decision to actually take the exam was easy, as I felt having the CCIFP designation would not only be a “badge of honor” but would really round out the years of experience I’ve had in the construction industry by introducing me to knowledge outside of accounting.”
Starting the certification journey all comes down to personal drive, however, to take that next step in one’s career as well as broaden their own knowledge base to become an expert in their field.
“I’m a big believer in always having a goal to work towards – if I’m not actively working towards something then I’m probably falling behind,” said Michael Egan, CPA, CCIFP, Chief Financial Officer at American Concrete Supply. “I decided a few years ago to go all-in on the construction and real estate industry, so to me, getting involved with CFMA and obtaining the CCIFP was a no-brainer to help me demonstrate my knowledge and skillset to interested parties.”
“For me, it was about personal growth,” said Hope Voigt, CPA, CCIFP COO at Tweet/Garot Mechanical. “I've met a lot of awesome people at CFMA that I respect, and they have their CCIFPs. Knowing them made me want to be a well-respected person inside CFMA as well. I look to them as the models and that was a motivation for me.”
Hit the Books
Whatever the reason, the first step to great things begins with ticking the boxes of eligibility, for those with years of experience and/or a financial education background, the application process is the easiest part. There are a few avenues eligible professionals can take to certification. The first option is to have a bachelor’s and higher degree from an accredited college or university, including at least twelve (12) credit hours in business-related coursework and does not require a certain amount of hours of experience. Other options include having an associate’s or equivalent degree plus 4,000 hours of experience, or a high school diploma or GED plus 8,000 hours experience in a professional financial position, working for a construction company in its accounting and/or finance department.
Experience is one thing; actually getting prepared for the test is another. This isn’t a test for the unprepared. For many, the process leading up to the test harkens flashbacks to high school with desks piled high with books and late-night studying. However, unlike students who are expected to spend their nights hitting the books, for the busy professionals with work and family responsibilities, the challenge becomes fitting study time into a packed schedule.
“I took the Bachelor’s degree route,” said Hope. “I already had more than 10 years of experience and my bachelor’s degree in accounting and business, so once I passed the exam, I had all of the boxes checked! I have three young children, so studying was a challenge. That was probably why it took me a little longer. remember asking myself when I was looking at materials at 9:30 at night, ‘why did they do this again?’”
Thankfully, there are resources available to set you on the path to success.
“To study, I purchased the CFMA webinar review course which covered each of the eight knowledge domains along with a copy of “The Book” to use as a resource,” said Michael. “Much of the material piggybacked well off the CPA exam I had just finished studying for – with about 65% of the material relating to accounting, income recognition, budgeting, and taxes, I was in a good position to do well without a lot of extra effort … Overall, I would estimate I studied at night and on the weekends for about a month and a half before taking the exam. I feel like the educational resources provided by the CMFA helped me get there without feeling unprepared.”
While some prefer to study alone, one great way to prepare for the test is to team up with others preparing to take the exam and create study groups, especially others working toward the same goal in the same company. This helps with accountability, motivation, and support.
“We created a group of six or seven of us who were all eligible and had filled out the application,” said Alexis. “We were given a study guide and worked for probably six months together to study for the exam before we all took it around the same timeframe. We met during lunch hours and booked meetings during slower times of the week to go over the study guys together and collaborate. There was definitely a time commitment to it, which was challenging, but it did help tremendously that our company allowed for study time. It was very structured to make sure we succeeded.”
Reap the Benefits
For some, the time commitment, hours of studying, and stress of test-taking may seem like too much to overcome. However, growth does not come from remaining stagnant and those who took the time and went through the process have only positive things to say about the aftermath. Not only is it considered a badge of honor to have gone through certification, it puts those who are certified into an elite group of professionals instantly recognized by their employers, clients, and peers as something special.
“The main benefit of obtaining the CCIFP designation is the differentiation factor,” said Michael. “In my state (Florida), there are less than 40 CCIFP’s in total and only 3, including me, in my city. The CCIFP designation is the premier construction financial management certification and it’s still pretty rare to find one of us out in the wild. One of the best ways to achieve a competitive advantage is obtaining something that is valuable and rare – becoming a CCIFP helps communicate to others the competitive advantage I’ve been working on in the finance side of the construction industry for many years now.”
The overwhelming sentiment from those certified is that it’s not just about making a commitment to your employer, but also, more importantly, making a commitment to better themselves and raising their value within the industry.
“The benefit of becoming CCIFP certified expresses to your employer that you are not only invested in personal development but that you are also invested in the industry and therefore the company,” said Alexis. “I feel like I am a subject matter expert and a lot of people have confidence in what I say. I have instant credibility.”
That feeling of credibility has also helped those certified raise through the ranks of their companies faster than before certification, giving them the tools to advance themselves and better the company for it as well.
“My career has had excellent trajectory over the past five years and I owe that to hard work and a lot of luck,” said Micheal. “The most successful people do everything they can to make their own luck – for me, that’s continuously investing in myself by obtaining new skills and designations that demonstrate my capabilities and putting myself out there in the community. I’ve advanced rapidly from an entry-level tax accountant to being the CFO of one of the biggest ready-mix suppliers in my area. Becoming a CCIFP has helped to show the people I work with that I care about being the best possible version of myself.”
“I was a Senior Accountant at the time I became CCIFP certified, I believe passing the exam has been an excellent boost to my credibility and it was also a big contributor to being promoted to Accounting Manager soon after,” said Alexis. “I have been in the construction accounting industry for several years, but the CCIFP is beyond accounting. It gives you glimpses of other really important areas of the business: HR, Risk Management, legal, and IT. The CCIFP has given me the confidence, in my new role, to have better conversations with others across these disciplines.”
Sage Advice
For those about to start the process or are hesitant to begin, our CCIFP-certified professionals have some advice:
“I would say stay the course,” said Geri. “Don’t be intimidated by the exam study materials; you are already a highly skilled CFM, you can do this!”
“I know it can be really intimidating, especially for people who have come up through a traditional accounting background and taken the CPA exam who are thinking, ‘oh my God, I'm going to go do that again,’” said Hope. “I'd recommend people that are interested in it should definitely take one of the CFMA education sessions; they do a really good job of overview about the process and give you access to people who've done it before.”
“I spoke recently with an accountant on the construction team at the firm I used to work with a few years ago. The advice I gave him is this: just do it,” said Michael. “Time is going to pass anyway and if you’re on the fence about getting certified … just do it. Your future self will thank you for the time and effort you put into better yourself. It’s never easy to go the extra mile but that is what is needed to set yourself apart from the pack and maintain success.”
“I would say really allow yourself the right amount of study time before taking the exam,” said Alexis. “Don’t assume because you have the industry experience, that you have all the answers. The CCIFP covers best practices in the industry, which may not be exactly what your company does, so be open to learning new ways. And lastly, I would say, utilize the tools that are on the CCIFP website. They have lots of resources available that can accommodate any learning method.”
Although the preparation needed can feel daunting, the benefits outweigh any challenges faced leading up to the exam. There are resources and study materials to help everyone prepare the best they can beforehand, including our Study Guide. In fact, after certification and seeing the gaps in resources, Hope joined the education committee at CFMA to help develop improved, more effective flashcards to help those taking the test in the future.
Looking to learn more? Check out what it takes to earn your CCIFP or get involved in CCIFP Month!
A special thanks to Micheal Egan, CCIFP; Alexis Briggs, CCIFP; Gerri Pacheco, CCFIP; and Hope Voigt, CCIFP for their participation in this article.