What FP&A Training is Available for New FP&A Professionals?
I have talked previously about how to make the transition from accounting to FP&A. This is an important point because many FP&A professionals come from accounting backgrounds, including Certified Public Accountants (CPAs) and Certified Managerial Accountants (CMAs).
Unfortunately, the university curriculum for accounting at most universities leaves much to be desired.
Of course, accounting programs teach some finance fundamentals but barely relate to FP&A. Graduates from accounting and finance programs will likely walk away with a foundational understanding of investments, financial statements, valuation, and financial metrics but a limited understanding of strategy and operations.
The fundamentals learned do not directly relate to what an FP&A will do on the job.
Accounting and finance professionals who want to move into an FP&A role typically need to get additional training so they are prepared to meet the demands that will face them when they join a company’s FP&A.
Top 3 FP&A Training Options
Fortunately, several routes are available to get FP&A training and certification. Here are three of the most common.
MBA Programs
While finance and accounting are by far the most common undergraduate degrees for FP&A professionals, they aren’t the only ones.
People are increasingly transitioning to FP&A from different backgrounds, including management information systems, computer science, engineering, marketing, general business, and even law.
These degrees can help FP&A professionals better understand the ramifications of the non-financial aspects of a business. But they don’t teach the financial fundamentals FP&A professionals will need to be successful.
So, non-financial business professionals can develop their expertise in these niches, then learn finance through an MBA program to round out their roles.
Many MBA programs incorporate real-life FP&A scenarios that graduates are likely to encounter. In addition, many MBA (and even some undergraduate) programs have begun incorporating teaching methods and business cases from business partners.
For example, the University of Illinois Urbana-Champaign Magelli Center for Experiential Learning invites corporate representatives to serve as partners and teach students about what they are likely to see and experience on the job. Other large universities with sizable grants and endowments have followed suit, inviting alumni and corporate partners to connect with students. This doesn’t just improve the recruiting process and pipeline but ensures students are receiving the education corporations want to see.
Programs that incorporate real-world scenarios into the classroom prepare students to meet the demands they will face once they enter the workforce as FP&A professionals.
Online Training
Of course, getting an MBA isn’t feasible for everyone. It’s expensive and time-consuming, often requiring a commitment to evening or weekend classes or even full departure from the workforce. Fortunately, there are online options available that can provide valuable training to anyone looking to move into an FP&A role.
The two primary benefits of online FP&A training are convenience and cost-effectiveness. Students can learn everything they need to know about FP&A from the comfort of their homes without needing to attend in-person classes or take on an expensive tuition bill.
The challenge is that online courses don’t always deliver on their promises. It can be challenging to know which FP&A training is legitimate, taught by an experienced instructor and practitioner, and will truly upskill the student. Also, online courses don’t always grant students access to the instructor, which means students can get stuck if they have questions beyond the material presented. Unfortunately, much online training is self-paced and provided at scale, sometimes referred to as massive open online courses, and has notoriously low completion rates of 15% or less.
FP&A Certification
Whether students get an MBA or take online courses, they may also consider getting FP&A certification through the Association of Finance Professionals (AFP).
Adding this certification to a resume can help job seekers stand out from the crowd by demonstrating that they have the skills required to perform the essential FP&A job functions. AFP certification can also benefit entry-level FP&A professionals trying to get promoted to the next level within an organization.
How Much Does Self-Paced FP&A Training Cost?
The answer to this question will vary widely depending on the type of FP&A training being considered. For example, an MBA program will likely cost significantly more than a self-directed FP&A online course.
Even online courses tend to come at a financial cost, however.
For example, Wall Street Prep (WSP) offers a self-directed FP&A course that includes eight lessons and takes around 27 hours to complete. The price is $499.
Meanwhile, FP&A certification through AFP costs over $1500 for non-members (though that price includes a one-year membership to AFP).
In addition to the monetary cost, AFP training requires at least 80 hours of preparation time plus 7.5 hours of test time.
So, students need to weigh the cost of FP&A training with the potential outcome. For instance, it may be worth paying $1500 (or more) for certification that leads to a significant pay increase, recognition among current and prospective employers, and boasts a sizable network of other practitioners.
It’s important to recognize that many FP&A training programs are designed for corporations to use with their employees. So, these programs may charge more money because they anticipate that companies are able (and willing) to pay higher fees than individuals.
Therefore, individuals seeking FP&A training programs should pay close attention to whether the program is focused on individual or team training.
How Much Does In-Person FP&A Training Cost?
Because self-paced learning has such a shockingly low rate of completion and doesn’t offer access to subject matter experts, many companies prefer in-person training. Not surprisingly, with the addition of a live, in-person intensive training, travel expenses and catering, the cost of in-person training is often notably higher than self-paced virtual programs.
One of the top features of in-person training is the ability to customize. While self-paced learning is static and pre-recorded, in-person training offers greater flexibility and tailoring to give attendees an intended experience. Content may be curated, questions may be asked, and greater connections can be made.
Greater customization, flexibility, and value come at a cost. Many FP&A training providers don’t list pricing on their website because of the uniqueness of the deliverable and the varying degrees of experience among instructors.
Some programs will be lecture-based, others will be mastermind-style, while still others will be computer simulations.
Some programs will be a few hours, others will be a full day, while still others will be multiple days long.
In-person FP&A training will likely range from $499 per day on the low end for public open-enrollment programs to upwards of $20,000 per day on the high end for customized corporate programs delivered by PhDs or executives. The more common price-points will be in the range of $800-$1500 per day.
Are Online Self-Study and In-Person FP&A Courses Worth It?
In short, yes, the right online FP&A self-study and in-person courses are worth the price of admission if they allow individuals to upskill, pursue a career in FP&A, or otherwise differentiate themselves. That being said, not all FP&A self-study courses are created equal.
Here are some criteria to look for when choosing an FP&A online course:
Instructor expertise
The internet can make it easy for anyone to fluff up their resume and sound like an expert. It’s critical that FP&A course takers take the time to ensure the person leading the course is truly an expert in their field. They should have years of practical FP&A experience, verifiable client testimonials, and examples of similar programs delivered for top companies.
People with genuine expertise and authority in a subject matter will be visible online. Search for their LinkedIn profile and professional website. Consider it a red flag if these are unavailable or appear inauthentic.
Access to additional information
Self-study courses make it easy for students to learn at their own pace and on their own schedule. However, they shouldn’t leave students high and dry when they have questions or want to learn more about a particular topic.
Look for online courses that offer access to the instructor and allow students to ask questions and receive responses from a real person (not an AI bot). Ideally, those individuals are the instructors themselves who are keyed into the subject matter being taught. For in-person training programs, students should have access to the instructor and work files.
Sought-after skills and knowledge
It can be helpful for emerging FP&A professionals to look through job postings for FP&A positions to determine what skills, traits, and industry knowledge employers are looking for. Then, they can compare those to the course descriptions to determine which course is best suited for the type of role the job seeker is looking for.
