Certification in Action: Dorothy Novak - Articles

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

Each knowledge domain provides vital information to any construction financial professional (CFP). We wear many hats and are exposed to legal issues, IT questions, HR challenges, and risk management on a daily basis, not to mention tax, budgeting, and reporting requirements. The knowledge gained from the CCIFP designation provides tools to navigate all these disciplines.

Can you share a particular situation?

In preparing for the CCIFP exam, the IT domain was the most challenging for me, especially since we contract this area out to a third-party vendor.

Shortly after taking the CCIFP exam, my organization was faced with making several significant decisions regarding our enterprise resource planning (ERP) and IT structure. Someone within the organization needed to participate on the decision-making team, and the IT domain of the CCIFP exam provided me with that expertise.

What was the most obvious advantage you felt?

The knowledge I obtained in preparing for the exam enabled me to lead the decision-making team and identify a solution that will benefit my organization for years to come.

Can you share any metrics/KPIs?

As part of our month-end closing process, we evaluate gross profit margin; return on assets; debt to equity; and general and administrative expenses to revenue, backlog, and unabsorbed equipment costs. Other KPIs are compiled annually, following our year-end audit.

All KPIs are compared to CFMA’s Financial Benchmarker results, which provides insight into our organization’s performance within our specialty, geographic area, and revenue class. The CCIFP exam details KPIs that are significant and unique to the industry.

Why is it important to have a CCIFP in your organization?

There are many advantages to having a CCIFP within our organization, one of which is the ability to perform most financial functions in-house, resulting in timely and accurate data that allows us to analyze and identify issues immediately.

Why would you recommend the CCIFP to another person or company?

The CCIFP designation demonstrates that the professional is committed to the highest standards in the industry. It also provides a great level of confidence to banking partners, sureties, and auditors.

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

The CCIFP designation confirms a professional’s commitment to perpetual learning and growth — it’s a unique community dedicated to providing a pathway to all CFPs.

If you have your CCIFP designation and would like to share your experiences, please email certification@cfma.org.