What challenges/problems have you overcome that you could attribute to knowledge gained from the CCIFP designation?

The knowledge I gained from earning my CCIFP designation enhances my capabilities as a CPA to serve my clients effectively.

One challenge I face regularly is improving my clients’ processes for internal financial reporting. Making such improvements translates directly into more accurate financial records, allowing them to better manage their day-to-day work, reduce bonding fees, and make meaningful strategic decisions.

Can you share a particular situation?

One of my mid-sized construction clients was grappling with high bonding fees because the surety relied solely on outdated annual financial statements. Although accurate, these documents didn’t reflect the company’s current fiscal health.

Leveraging the knowledge gained from my CCIFP designation, I implemented a monthly internal financial reporting system. This provided real-time insights into the company’s finances and allowed the surety to reassess my client’s risk more favorably.

As a result, they reduced bonding fees by 0.5%, yielding significant savings and enhancing their market competitiveness.

What was the most obvious advantage you felt from becoming a CCIFP?

The biggest advantage I’ve experienced is the enhanced trust and credibility my CCIFP designation lends me in the eyes of my construction clients.

At our firm, we place high importance on being a trusted advisor to our clients. Those letters at the end of my name reflect high ethical standards, proficiency in the complex construction accounting matters, and dedication to continuing education that enhances my skills and expertise.

Why is it important for organizations to have CCIFPs?

Having a CCIFP is critical because the construction industry operates under unique financial management principles that differ significantly from other industries. The use of the percentage-of-completion accounting method, the complexities of job costing, and other aspects of business operations are challenges not typically faced in other industries.

A CCIFP brings a deep understanding of these principles to construction businesses. By having this knowledge, we ensure that our financial practices are not only compliant with industry standards, but also optimized for efficiency and profitability.

Why would you recommend the CCIFP designation to another person/business?

The CCIFP designation represents a mastery of the complex accounting and financial management skills specific to the construction industry. It’s a mark of credibility that can significantly enhance decision-making, risk management, and strategic planning.

For construction businesses, it’s a way to ensure financial integrity and gain a competitive edge in securing contracts and favorable financial terms. For individuals in the industry, it’s a career investment that opens doors to leadership roles and specialized consulting opportunities.

Is there anything else you’d like to share about becoming a CCIFP?

Becoming a CCIFP is a commitment to excellence in the niche field of construction financial management. It’s not just about passing an exam; it’s about ongoing learning and professional development to stay abreast of industry changes, regulations, and best practices. It represents a dedication to the highest ethical standards and delivering value through specialized knowledge.

For anyone considering it, the CCIFP is more than a credential — it’s a career-defining move that can elevate your professional standing and impact your organization’s success. 

If you have your CCIFP designation and would like to share your experiences in CFMA Building Profits, please reach out to Kristy Domboski at kdomboski@cfma.org.

Copyright © 2023 by the Construction Financial Management Association (CFMA). All rights reserved. This article first appeared in November/December 2023 CFMA Building Profits magazine.