Two very respected courses in the field of auditing, accounting and finance not only in India are- ACCA and CFA. Both courses give in-depth knowledge in the same. When we compare ACCA (Association of Chartered Certified Accountants), and CFA (Chartered Financial Analyst), and qualifications, it’s necessary to consider various factors such as career goals, job market demands, personal interests, and preferred specialization areas. Both the courses help students to take up higher level jobs in multinationals all around the world in the field of accounting, auditing and finance with lucrative salaries, but selection amongst them is completely dependent on the specific field the candidate wants to pursue and individual’s potential and knowledge level.
ACCA offers a well-renowned and recognized qualification that helps in building successful careers in accounting, finance, and management on a global scale. It is globally recognition, and emphasis on technical expertise and professional values make it a popular choice for aspiring accounting professionals worldwide.
The Chartered Financial Analyst (CFA) designation is a worldwide recognized professional qualification for finance and investment professionals. The CFA designation is recognized as the gold standard for professionals in the investment management industry. Its curriculum, global recognition, and focus on financial analysis and ethics make it a prestigious qualification for individuals aspiring to excel in finance and investment careers.
Even though both CFA and ACCA both are from related fields of study, still there are great differences in them in terms of their course structure, expected salary, scope etc. which has been stated below, in a tabular form.
| Criteria | ACCA | CFA |
| Scope | Offers a broad and versatile qualification covering accounting, finance, and management topics. | Specializes in investment management and financial analysis. |
| Global Recognition | Recognized in over 170 countries, making it valuable for international career opportunities. | Highly regarded in the finance industry for roles in investment banking, asset management, and financial research. |
| Career Opportunities | Opens doors to diverse roles in accounting, finance, and management across industries. | Prepares candidates for roles in investment management, equity analysis, portfolio management, and asset valuation. |
| Emphasis | Focuses on technical skills, ethics, and professional values, preparing individuals for varied roles in the corporate world. | Delves deep into topics such as portfolio management, equity analysis, fixed income, and derivatives. |
| Duration | Typically takes three to four years to complete, depending on individual pace and prior qualifications. | Candidates often require four years or more to pass all three levels of the exam. |
| Sectors | Corporate finance, public practice, public sector industries | Investment banking, finance, asset management, etc. |
| Passing Rate | 30-50% | 40% |
For CFA entry level salary is $50000-$80000 annually whereas, for CFA it is $40000-$60000 annually. If you are looking for a versatile qualification that opens doors to various accounting and finance roles, ACCA might be the right choice. If your passion lies specifically within investment management and financial markets, the CFA designation could provide significant advantages and higher earning potential in those areas. Salary for ACCA can be referred to separately.
It is actually difficult to choose between ACCA and CFA but the choice depends on an individual’s career aspirations, longing for global recognition, area of interest and personal capability as well. An in-depth research on both the topics to seek advice from related professionals, and evaluating the potential benefits of each qualification can help make an informed decision tailored to one’s goals and aspirations. CFA is much more difficult to pursue as compared to ACCA because its curriculum is difficult to follow as compared to ACCA. CFA vs ACCA is although an interesting topic to be studied.
Q1. ACCA vs CFA which is harder?
Ans. Both courses have their own challenges and difficulties, but in comparison CFA is a bit more difficult due to its curriculum and exam patterns.
Q2. ACCA vs CFA which is better?
Ans. Both are good career options, but when we compare ACCA gives career opportunity in finance and accounting and CA gives career options in investment banking and financial analysis.
Q3. What is the primary focus of ACCA vs. CFA?
Ans. ACCA’s focus is to cater to a broad range of accounting and finance topics. This includes financial accounting, management accounting, taxation, and audit. CFA on the other hand, specializes in investment management, financial analysis, portfolio management, and financial markets.
Q4. Which qualification is better for global recognition?
Ans. ACCA is globally more recognized as compared to CFA.
Q5. What are the typical time commitments and pass rates for each qualification?
Ans. In ACCA for qualifying 13 papers it needs-3-4 years and pass rate is between 30%-50%. For, CFA it takes 3-4 years, and pass rate is between 40%-50%.
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