Why Industry Partners/Vendors Should be CCIFPs
The Certified Construction Industry Financial Professionals (CCIFP) designation is a great way for industry partners, such as those in public accounting, surety, and banking to enhance their professional credibility and demonstrate their specialized knowledge related to construction financial management by showing their expertise in these eight knowledge domains:
- Accounting & Reporting
- Income Recognition Methods
- Risk Management
- Budgeting & Planning
- Human Resources
- Information Technology
Additionally, here are three reasons why all industry partners should have CCIFPs on staff:
1. Trust and Credibility
One of the most effective ways to build trust and confidence with clients is by demonstrating the depth and breadth of your knowledge and by being able to “speak their language” having CCIFP appear after your name will help you to accomplish this.
2. Stand Out from the Crowd
Unlike public accounting, construction financial management doesn’t require professionals to obtain a certification, therefore you can use it to your advantage to stand out from the competition. When others are offering similar services, it can be challenging to differentiate your company. The CCIFP designation can distinguish you from the competition and give you an edge. Your certification will act as a badge of excellence and demonstrate that your company is keeping up with industry trends and understands the needs of your clients. It communicates that your company will be more than just a service provider, you will be a partner.
3. Improve the Way You Work
Becoming a CCIFP is about more than just checking a box. Understanding construction financial management best practices will give you a new appreciation for what your clients do, and how you can better support them. Additionally, you’ll learn new information and can find other opportunities to enhance your standing in the construction industry. You'll meet other construction financial professionals whom you can network with and find ways to support and gain assistance from them.
What Public Accounting Partners say about the value of the CCIFP
“The CCIFP designation is not only an excellent learning experience and key mark of distinction in the construction industry, it’s also a wonderful network of highly skilled individuals that seek to truly benefit the industry by sharing real world construction industry experience. Becoming a CCIFP has helped me grow in knowledge and leadership which translates into increased benefit for the construction clients I serve.”
--Dan Gaston, CPA, CCIFP, Partner, FORVIS Construction Leader
“Bringing specialized knowledge and value to our clients and the construction industry is critical. More than 40 of our CLA professionals have earned the CCIFP credential, demonstrating our team’s personal commitment to and deep understanding of the construction industry.”
--Jason Bakke, CPA, CCIFP, CLA Construction Industry Principal
“The CCIFP sets us apart and allows us to better help our construction clients operate more efficiently and profitably. It attracts new construction clients and fosters trust and stronger relationships with our existing clients, knowing that our advisors are knowledgeable and committed to the industry in addition to its unique challenges, trends, and best practices.”
--WADE SANDY, CPA, CCIFP, Eide Bailly LLP, Partner‐in‐Charge of Construction & Real Estate
What Surety Partners say about the value of the CCIFP
“Surety Underwriters and Surety Agents having the Certified Construction Industry Financial Professional (CCIFP) designation provides clients assurance that they understand the intricacies of construction finance. It validates how committed they are to our industry.”
--Erika Urbani, CCIFP, CMA, Chief Financial Officer, R.D. Olson Construction
“CCIFP surety bond producers can explain the changes to their underwriters because their continuing education keeps them abreast of accounting developments. As a surety adviser, it separates you from the other agent who doesn’t understand it. I had a circumstance on an account where financial statements were provided to support a bond request, and they did not make any sense to me. Something seemed wrong about those financial statements. The additional information showed there were significant problems with the contractor's financial difficulties, so I declined. Another surety wrote that bond and another bond after it. Ultimately, that contractor went into claim. It ultimately went bankrupt. In all, $7 million was paid out in claims because others relied on inaccurate financial information.”
--Dave Pesce, CCIFP, Head of Surety, Munich Re Specialty Insurance
“When I first meet a construction company one of my initial questions is to find out who the surety agent and underwriter is. If I see the surety team has earned CCIFP certification it sends a strong message of alignment and collaboration to make our industry stronger and our construction contractors the best they can be through proactive, relevant advice and best practice management.”
--Carl Oliveri, CPA, CCIFP, CFE, Partner, Construction Practice Leader, Grassi & Co.