Suppose you’re planning to build a career in finance or accounting. In that case, you’ve probably come across three highly reputed designations: ACCA (Association of Chartered Certified Accountants), CFA (Chartered Financial Analyst), and CMA (Certified Management Accountant). Each of these qualifications offers excellent career opportunities, but they differ in focus, structure, scope, and job profiles. Choosing between ACCA, CFA, and CMA depends on your career goals, educational background, and interest areas—whether it’s accounting, investment, or management finance.
What is ACCA?
ACCA (Association of Chartered Certified Accountants) is a global body for professional accountants. It focuses on financial accounting, taxation, audit, law, and business management. It is ideal for students who want to become chartered accountants with international exposure.
- Headquartered in: UK
- Presence: 180+ countries
- Duration: 2–3 years
- Number of Exams: 13 papers (can be reduced based on exemptions)
- Focus Area: Accounting, audit, taxation, ethics, and business law
What is CFA?
CFA (Chartered Financial Analyst) is a professional designation offered by the CFA Institute, USA. It is highly respected in the investment and finance industry, particularly for careers in portfolio management, equity research, and investment banking.
- Headquartered in: USA
- Global Presence: 160+ countries
- Duration: 2.5 to 4 years
- Number of Exams: 3 levels (CFA Level 1, 2, and 3)
- Focus Area: Investment analysis, portfolio management, financial markets, and ethics
What is CMA?
CMA (Certified Management Accountant) is offered by the Institute of Management Accountants (IMA), USA. It is suitable for those looking to specialise in management accounting and cost control within organizations.
- Headquartered in: USA
- Presence: Recognised globally, especially in the USA, Middle East, and India
- Duration: 6–12 months
- Number of Exams: 2 parts
- Focus Area: Cost accounting, financial planning, analysis, and decision-making
ACCA vs CFA vs CMA
While ACCA, CFA, and CMA are all prestigious finance and accounting qualifications, they differ significantly in terms of focus area, structure, career path, and global application. Understanding these differences is crucial to selecting the right course based on your career goals.
| Feature | ACCA | CFA | CMA |
| Governing Body | ACCA (UK) | CFA Institute (USA) | IMA (USA) |
| Duration | 2–3 years | 2.5–4 years | 6–12 months |
| No. of Exams | 13 papers (3 levels) | 3 levels | 2 parts |
| Eligibility | 10+2 qualified (commerce or related stream) | Bachelor’s degree or final-year students | Bachelor’s degree or professional experience |
| Focus Area | Financial accounting, audit, law, tax | Investment analysis, research, portfolio mgmt | Management accounting, cost control |
| Career Roles | Auditor, Accountant, Tax Consultant | Analyst, Investment Banker, Fund Manager | Cost Accountant, Finance Analyst, Controller |
| Average Salary (India) | ₹6–10 LPA | ₹8–15 LPA | ₹5–8 LPA |
| Global Recognition | Very high in UK, EU, UAE, India | High in USA, Canada, Asia | Popular in USA, Middle East, India |
| Flexibility | High (multiple exam sittings yearly) | Moderate (exam windows in June/Dec) | High (year-round testing) |
| Work Experience Req. | 3 years (can be completed alongside exams) | 4 years in investment-related profile | 2 years (in management accounting) |
ACCA vs CFA vs CMA: Career Scope
Each qualification—ACCA, CFA, and CMA—offers a unique career path depending on your interest in accounting, finance, or management. These certifications are globally recognised and unlock diverse roles across industries and regions. Let’s break down the career scope of each one in detail.
1. ACCA Career Scope
ACCA professionals are eligible for roles in accounting firms, audit firms, multinational companies, and tax consultancies. It is a globally respected alternative to local chartered accountancy qualifications and is especially valuable for those targeting international job markets.
Popular Job Roles:
- Financial Accountant
- Internal Auditor
- Taxation Consultant
- Financial Controller
- Statutory Auditor
Industries: Audit firms, MNCs, BFSI, consulting
2. CFA Career Scope
CFA is considered the gold standard in investment finance. It opens doors to high-paying jobs in investment banking, equity research, hedge funds, and asset management.
Popular Job Roles:
- Equity Research Analyst
- Portfolio Manager
- Risk Manager
- Investment Banker
- Financial Strategist
Industries: Capital markets, investment firms, banks, mutual funds
3. CMA Career Scope
CMA is best for candidates aiming for roles in corporate finance, budgeting, and cost accounting. It offers highly valued job opportunities in manufacturing, FMCG, healthcare, and service industries.
Popular Job Roles:
- Cost Accountant
- Budget Analyst
- Financial Analyst
- Corporate Treasurer
- Finance Manager
Industries: Manufacturing, service sector, logistics, IT firms
Which Course Should You Choose?
Choosing between ACCA, CFA, and CMA can be challenging, especially when each qualification opens the door to impressive global career opportunities. However, the right choice depends on your individual career goals, interests, academic background, and where you see yourself professionally in the next 5 to 10 years.
Let’s look at the ideal candidate profile for each course to help you make a smart, future-oriented decision.
Choose ACCA If…
- You are interested in accounting, auditing, taxation, financial reporting, or business law.
- You want to build a career with Big 4 firms like Deloitte, EY, PwC, KPMG, or global MNCs.
- You are aiming for roles such as Chartered Accountant, Auditor, IFRS Consultant, or finance manager.
- You plan to work in countries like the UK, UAE, Singapore, Canada, or Europe, where ACCA is widely recognised.
- You want flexible learning, with multiple exam sittings and no fixed batch timelines.
- You’re from a commerce background or have completed B.Com/M.Com/CA Inter and want a globally valued accounting degree.
Why ACCA?
It’s ideal for those who want to stay on the accounting side of finance, with exposure to international standards like IFRS and global audit practices.
Choose CFA If…
- You’re passionate about investment banking, portfolio management, financial markets, equity research, or risk analysis.
- You want to work in high-finance roles such as Equity Analyst, Fund Manager, Financial Advisor, or Investment Banker.
- You enjoy deep financial analysis, modelling, valuation, and economics.
- You plan to work with investment firms, hedge funds, asset management companies, or financial research institutions.
- You have a strong background in finance, economics, or engineering and are ready to study quantitative concepts rigorously.
- You’re comfortable with a tough exam structure and willing to invest time and effort over 3–4 years.
Why CFA?
CFA is often called the gold standard in investment finance. It is best for those aiming for high-paying, analytical roles in the global finance industry.
Choose CMA (US) If…
- You’re more inclined toward internal financial management, cost control, budgeting, and strategic planning.
- You want to work in corporate finance roles, especially in industries like manufacturing, FMCG, healthcare, or technology.
- You are aiming for positions like Cost Accountant, Budget Manager, Finance Controller, or treasury analyst.
- You’re already working or want to work in the USA, Middle East, or India, where CMA (US) is in high demand.
- You prefer a shorter course duration (6–12 months) with focused content.
- You have or are pursuing a bachelor’s degree in accounting, commerce, or business and want a fast-track finance credential.
Why CMA?
CMA is practical and management-focused. It’s great for professionals who want to excel in internal finance roles and make strategic decisions within companies.
ACCA vs CFA vs CMA FAQs
Q1. Which course is easier: ACCA, CFA, or CMA?
In terms of exam structure and duration, CMA (US) is considered the easiest to complete because it has only two parts and can be finished in less than a year. ACCA has more papers but offers flexibility and higher pass rates. CFA is the most rigorous and analytical, with very low pass rates and a heavy focus on investment concepts.
Q2. Can I pursue a CFA after completing ACCA or CMA?
Yes, many finance professionals do so. ACCA and CMA focus on accounting and management, while CFA focuses on investment and market analysis. Combining ACCA or CMA with CFA gives a well-rounded financial skillset, especially for senior roles.
Q3. Which course is better for working abroad?
ACCA is widely recognised in the UK, EU, Singapore, and UAE. CFA is globally respected, especially in investment markets like the US, Canada, and Hong Kong. CMA is well accepted in the USA, the Middle East, and India. Your destination country matters when choosing.
Q4. Can I do ACCA, CFA, or CMA after the 12th?
- ACCA: Yes, students from a commerce background can start ACCA after the 12th.
- CFA: No, you must be in the final year of graduation or already a graduate to appear for Level 1.
- CMA (US): You can start the course, but you must complete your bachelor’s degree to get certified.
Q5. Which qualification gives a higher salary?
CFA holders generally earn higher salaries, especially in investment banking, equity research, and portfolio management. ACCA and CMA also offer competitive salaries depending on location, role, and company. However, CFA roles often carry more risk and pressure.
Q6. Which is better for accounting jobs: ACCA or CMA?
If your goal is external accounting, audit, or tax roles, then ACCA is better. If you want to work in internal finance and cost control within an organisation, CMA (US) is more suitable.
