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.

Certified Construction Industry Financial Professionals (CCIFPs) are recognized leaders within their companies and the construction industry and have met rigorous standards recognized by Associated Builders and Contracts, Inc (ABC), The Associated General Contractors of America (AGC), American Subcontractors Association, Inc (ASA), Construction Industry CPAs/Consultants Association (CICPAC), International Risk Management Institute (IRMI), National Association of Surety Bond Producers (NASBP), and other professional organizations. 

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
  • Receivables
  • Leases
  • Costs in excess and billings in excess
  • Construction equipment
  • Subcontractor payables
  • Independent construction audit
  • Financial statements
  • Project management
  • Gross profit analysis

INCOME RECOGNITION METHODS (21%)

  • Financial reporting
  • Percentage-of-completion accounting method
  • Contract revenues, change orders and claims
  • Contract costs
  • Accounting for the effects of change in estimates

BUDGETING & PLANNING (14%)

  • Strategic planning
  • Strategic cost management
  • Capital budgeting
  • Cash management
  • Benchmarking
  • Succession planning

RISK MANAGEMENT (13%)

  • Risk management responsibilities
  • Construction-related insurance
  • Surety

TAXES (6%)

  • Accounting methods unique to the construction industry
  • Tax filing

Legal (9%)

  • Preparation and review of contracts
  • Subcontracts and purchase orders
  • Applicable laws
  • Warranties
  • Alternatives to litigation

Human Resources (7%)

  • Compensation
  • Employee benefit plans
  • Accounting/finance department administration
  • Labor and ERISA laws

INFORMATION TECHNOLOGY (7%)

  • Construction management platforms
  • Evaluation, implementation, selection and integration methods
  • Cybersecurity

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:

  • Validate Expertise
  • Strengthen Credibility and Trust
  • Expand Career Opportunities
  • Enhance Prestige among Peers
  • Bridge Knowledge Gap
  • Improve Client Relationships
  • Seek Challenges
  • Grow Network

Maintaining the CCIFP ensures continuous education, commitment to the highest ethical standards, and an investment in your career.

Eligibility

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.

  • Pass the exam
  • Bachelor's Degree or Higher
  • 12 credits from business related courses
  • Certification
  • 4,000 total hours of experience*
  • Pass the exam
  • Associate's or Equivalent Degree
  • 4,000 hours of experience
  • Certification
  • 8,000 total hours of experience*
  • Pass the exam
  • HS Diploma or GED Equivalent
  • 8,000 hours of experience
  • Certification
  • 12,000 total hours of experience*

*Additional Details Regarding Hours of Experience

For further information, please visit www.iccifp.org/eligibility.

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.

CFMA Exam Prep Resources

Visit www.iccifp.org to find out more about the benefits of earning the CCIFP designation.

 

 

CCIFP Recertification

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 email in regarding procedures for seeking Inactive or Retired status.