Certified Construction Industry Financial Professionals Credential
Your role in construction finance is 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.
Once you have 3-5 years of experience it typically takes 6-9 months to prepare for the CCIFP exam. Check out the Journey Map to learn where you are in the process.
What Is the CCIFP Credential?
The Certified Construction Industry Financial Professional (CCIFP) premier designation recognizes only those professionals with all-encompassing bodies of knowledge, competency, and ethical behavior.
The CCIFP designation demonstrates a high level of competence in all areas of construction financial management, including these eight knowledge domains:
The following is a detailed outline of the eight knowledge domains of the exam updated to ASC-606 with an indication of the approximate percentage of the construction finance exam devoted to each area:
ACCOUNTING & REPORTING (23%)
Accounting standards and guidelines
Basic methods of accounting
Costs in excess and billings in excess
Independent construction audit
Gross profit analysis
INCOME RECOGNITION METHODS (21%)
Percentage-of-completion accounting method
Contract revenues, change orders and claims
Accounting for the effects of change in estimates
BUDGETING & PLANNING (14%)
Strategic cost management
RISK MANAGEMENT (13%)
Risk management responsibilities
Accounting methods unique to the construction industry
Preparation and review of contracts
Subcontracts and purchase orders
Alternatives to litigation
Human Resources (7%)
Employee benefit plans
Accounting/finance department administration
Labor and ERISA laws
INFORMATION TECHNOLOGY (7%)
Construction management platforms
Evaluation, implementation, selection and integration methods
Why Should You Become a CCIFP?
CCIFPs go beyond the numbers as professionals with unique skills and a body of knowledge over and above that of financial generalists. Along with your CCIFP designation comes the assurance that your company knows and embraces financial efficiencies that can translate into bottom line results.
Construction financial managers and industry service providers earn the CCIFP credential for a variety of reasons:
Strengthen Credibility and Trust
Expand Career Opportunities
Enhance Prestige among Peers
Bridge Knowledge Gap
Improve Client Relationships
Maintaining the CCIFP ensures continuous education, commitment to the highest ethical standards, and an investment in your career.
There are three different paths that you can choose from when determining your eligibility, for each path there are two sets of criteria you must meet. The first set of criteria is for taking the CCIFP exam. After you have passed the exam there is eligibility you must meet in order to become certified.
Hours of experience from exam criteria apply to the certification criteria, which means you would need an additional 4,000 hours of experience for path 2 and path 3. Hours of experience must be acquired during the last five years or you can obtain it within five years of passing the exam.
Qualifying experience includes working in a professional financial position, working for a construction company in its accounting and/or finance department, or as a provider of financial services to the construction industry. Click here to see a listing of applicable job titles for more info.
Visit www.iccifp.org to find out more about the benefits of earning the CCIFP designation.
The CCIFP certification is a time-limited credential with a duration of three (3) years. In order to maintain the credential, holders of the CCIFP designation are required to fulfill recertification requirements annually and triennially. The goal of the recertification process is to enhance continued competence in the field of construction financial management. Active CCIFPs may contact CCIFP departments at 609-945-2400 or emailin regarding procedures for seeking Inactive or Retired status.