According to a recent Manpower Group survey, in the last two years accounting and finance jobs were the fifth hardest positions to fill in the U.S. This is not surprising. Highly specialized fields, like accounting, provide many challenges for human resource executives who do not come from accounting backgrounds. As a result, many struggle to match a candidate’s qualifications and skills with the requirements of open positions.

While professional credentials can serve as a helpful guide for HR executives when evaluating candidates, certifications need to be viewed with caution as not all are created equal. With nearly 50 credentials available to accounting and finance professionals, it’s challenging to keep the certifications and the granting organizations straight. To help sort through the alphabet soup of credentials, here are some important insights and questions to ask when evaluating and comparing accounting and finance certifications.

Certification as a Differentiator

Professional certifications are often a key differentiator, a testament to a candidate’s commitment to continuous learning. They are also an indication of specific and proven professional knowledge, and sometimes treated as a “tiebreaker” when it comes to employment offers.

But to truly understand the value of those few extra (but very telling) letters on résumés, and whether they really mean much for the position you are looking to fill, you must take a deeper look into the work required to earn and maintain the credential(s). There are several available certifications that are simply member organization sponsored – meaning if you pay your dues, you get the certificate. The more substantial credentials, for companies and professionals alike, require extensive studying, real-life experience, and a dedication to ongoing education.

When evaluating a certification for total value, answer these questions:

• Is real life, on-the-job experience required? There is a difference between learning material from a book and on-the-job application (the real kind, not just theoretical). Did the professional pass a rigorous exam that tests both knowledge and job application? Many certifications require professionals to take learning courses, but only a few actually test competency of the material.

•  Are there any continuing education requirements? Once the professional has earned a credential, there should be continued learning requirements to keep the professional current with the latest trends and best practices.

Organizations Granting the Certification

Just as all certifications are not equal, not all organizations that grant certifications are cut from the same cloth. Along with looking deeply at the requirements professionals must meet to earn certification, hiring managers should also look at the organization behind the credential.

Some of the essential measuring points of the certification-granting organization include:

• Is the organization well known within the accounting and finance profession? Is it recognized for promoting and teaching best-practice standards?

• Does the organization have diversity across the accounting and finance field? Do the holders of the certification work in multiple organizations and industries? Is the certification for specific positions, or can it be valuable for professionals in a number of roles and positions? For example, professionals with CMA certifications work in both finance and accounting positions for a range of companies and industries, including publically traded, privately held, for-profit, not-for-profit, and government.

• Does the organization have widespread geographical ties? Is the organization and corresponding certification recognized around the world?

Certifications are only as valuable as the organization behind the credential. If the governing body of the certification isn’t a well-known or respected organization, there is a strong possibility the certification doesn’t represent high standards, and the holder may not possess the same proven knowledge as a candidate with a certification from an established and reputable organization.

Value of a Certified Professional to Your Company

One of the key factors to evaluate is the continued learning requirement of certifications. While these additional learning factors benefit the professional by keeping their knowledge up-to-date, your company can also significantly benefit from continual training.

By learning about the new trends, improving best practices, and staying current with regulation and reporting codes and procedures, your organization gains productivity and efficiency. Professionals with certifications that require continued learning not only bring a proven knowledge that will be an immediate asset to the company, but will have a lasting benefit due to their requirement to stay at the forefront of the latest industry practices.

The road to understanding and fully grasping the certifications available in the accounting and finance space can be daunting, but having basic insight is crucial to proper evaluation of candidates. Think of the certification as a reference. You surely wouldn’t hire someone without first checking their references, and you shouldn’t hire someone without first checking and understanding their certification. The effort required to research and become knowledgeable about certifications can be overwhelming at first, but if done well, the investment of adding a finance professional with a valuable certification will pay dividends well into the future.