When considering a career in finance, two of the most respected qualifications are the Chartered Financial Analyst (CFA) and the Association of Chartered Certified Accountants (ACCA). Both are globally recognized and offer excellent career opportunities, but they cater to different career paths.
In this blog, we will compare CFA vs ACCA in terms of course structure, career prospects, difficulty level, salary potential, and which qualification is best suited for different financial careers.
What is CFA?
The Chartered Financial Analyst (CFA) designation is a globally recognized certification for finance and investment professionals. It is awarded by the CFA Institute and is ideal for those who want to specialize in investment banking, portfolio management, and equity research.
CFA Course Structure
- The CFA program consists of three levels: Level I, Level II, and Level III.
- The exams cover topics like financial analysis, ethics, investment management, and risk management.
- Candidates must have 4,000 hours of work experience in a finance-related field to become a CFA charterholder.
Career Opportunities for CFA Charterholders
- Investment Banking
- Portfolio Management
- Equity Research
- Risk Management
- Financial Advisory
CFA Exam Difficulty
- The CFA exams are considered highly challenging.
- The pass rate for Level I is around 35-45%, making it one of the toughest financial certifications.
Time Required to Complete CFA
- On average, it takes 2.5 to 4 years to complete all three levels.
- Candidates must study around 300 hours per level to prepare effectively.
What is ACCA?
The Association of Chartered Certified Accountants (ACCA) is a globally recognized accounting qualification that prepares candidates for careers in financial management, auditing, taxation, and corporate finance.
ACCA Course Structure
- ACCA consists of 13 exams divided into three levels:
- Applied Knowledge (3 papers)
- Applied Skills (6 papers)
- Strategic Professional (4 papers)
- Candidates must complete 36 months of relevant work experience to receive the ACCA qualification.
Career Opportunities for ACCA Professionals
- Financial Accounting
- Auditing
- Tax Consulting
- Management Accounting
- Corporate Finance
ACCA Exam Difficulty
- ACCA exams are challenging but have a higher pass rate compared to CFA.
- Pass rates range from 40-50% per paper.
Time Required to Complete ACCA
- ACCA takes 2 to 3 years on average to complete, but candidates have up to 10 years to finish all exams.
- It is possible to take up to 4 exams per session (4 exam sittings per year).
Key Differences Between CFA and ACCA
| Feature | CFA | ACCA |
| Focus Area | Investment Banking, Asset Management | Accounting, Auditing, Taxation |
| Levels/Papers | 3 Levels | 13 Papers |
| Exam Difficulty | Very High (Low Pass Rate) | High (Moderate Pass Rate) |
| Work Experience Required | 4,000 Hours in Finance | 36 Months in Accounting/Finance |
| Average Completion Time | 2.5 – 4 Years | 2 – 3 Years |
| Career Options | Investment, Portfolio Management, Risk Management | Accounting, Auditing, Financial Management |
| Recognized By | CFA Institute (Global) | ACCA Global (Worldwide) |
CFA vs ACCA: Which One Should You Choose?
Choose CFA if:
✅ You want to specialize in investment banking, portfolio management, or asset management.
✅ You enjoy working with financial markets, stocks, and risk analysis.
✅ You are willing to dedicate several years of rigorous study to pass three challenging exams.
✅ You aim to work in sectors like hedge funds, private equity, or financial advisory.
Choose ACCA if:
✅ You want to specialize in accounting, taxation, auditing, or corporate finance.
✅ You enjoy financial reporting, tax laws, and management accounting.
✅ You want a qualification that offers more flexibility in terms of exams and career paths.
✅ You aim to work in sectors like auditing firms, corporate finance, or financial consulting.
Salary Comparison: CFA vs ACCA
| Role | CFA Salary (USD) | ACCA Salary (USD) |
| Investment Banker | $80,000 – $150,000 | N/A |
| Portfolio Manager | $90,000 – $200,000 | N/A |
| Financial Analyst | $60,000 – $120,000 | $50,000 – $90,000 |
| Auditor | N/A | $45,000 – $100,000 |
| Tax Consultant | N/A | $50,000 – $90,000 |
Note: Salaries vary based on experience, location, and company size.
Can You Do CFA and ACCA Together?
Yes, some finance professionals choose to pursue both CFA and ACCA to enhance their career prospects. However, it requires significant dedication as both qualifications demand extensive study and work experience.
Advantages of Doing Both CFA and ACCA:
✔️ You gain expertise in both investment management and accounting.
✔️ You increase job opportunities in finance, banking, and corporate accounting.
✔️ You become a more competitive candidate for senior finance roles.
Conclusion
Both CFA and ACCA are prestigious qualifications in finance, but they serve different career goals.
- If you want to build a career in investment banking, asset management, or equity research, CFA is the best choice.
- If you want a career in accounting, auditing, taxation, or corporate finance, ACCA is the right path.
Ultimately, the best qualification depends on your interests, career aspirations, and long-term goals. Choose wisely based on your strengths and passion for finance!