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 of 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 fields 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 the individual’s potential and knowledge level.
ACCA offers a well-renowned and recognized qualification that helps in building successful careers in finance and accounting, including roles such as financial accountant, and management accountant. It is global recognition and emphasis on technical expertise and professional values make it a popular choice for aspiring accounting professionals worldwide. ACCA exams are computer-based and can be taken at any time of the year. The exams cover a broad range of topics, including financial accounting, management accounting, corporate and business law, taxation, and assurance.
The Chartered Financial Analyst (CFA) designation is a worldwide recognized professional qualification for finance and investment professionals. It is awarded by the CFA Institute, a US-based membership association. The CFA program is recognized as the gold standard for professionals in the investment management industry. CFA consists of three levels of exams, each with a different focus and format. The exams are paper-based and are offered once a year in June. The exams cover a range of topics, including ethics, financial reporting and analysis, corporate finance, equity investment analysis, fixed income, derivatives, alternative investments, and portfolio management.
Its curriculum, global recognition, and focus on financial analysis and equity research. Thereby, making it a prestigious qualification for individuals aspiring to excel in financial management and investment careers. CFA qualification opens doors to roles like financial analyst, portfolio manager, research analyst, risk manager, and investment banker. CFA charter holders often work in investment banks, asset management firms, hedge funds, and private equity companies.
Even though both CFA and ACCA are from related fields of study, still there are great differences between them in terms of their course structure, expected salary, scope, etc. which have 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% |
| Exam Fees | The exam fee of ACCA program ranges from $2,000 to $4,000. | The cost of the CFA program ranges from $3,000 to $4,000. |
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 professionals 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. The actual starting salaries for these certifications can vary widely based on factors such as the size and reputation of the employer, as well as the candidate’s qualifications and work experience.
It is 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. In-depth research on both 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 an interesting topic to be studied.
Both courses have their own challenges and difficulties, but in comparison CFA is a bit more difficult due to its curriculum and exam patterns.
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.
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.
ACCA is globally more recognized as compared to CFA.
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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