ACCA Vs CFA - What’s are the key Differences?

When you are eyeing a global certification course, many prestigious courses might hover in your mind. So many suggestions keep coming in as to which course you should pursue. This broadens the confusion. Does accounting and tax intrigue you with their complex nature, or are you prone to probe deep into the world of finance, investment, and more? 

Earning an ACCA certification makes you a pro in auditing, tax consultation, or accounting management. As a Chartered Financial Analyst, or CFA, you can take on important roles and engage in wealth planning, portfolio management, asset evaluation, and more. Well, in this blog, let’s discuss whether CFA or ACCA can open up new avenues for you in the professional world. Let’s get into the details quickly.

Key Takeaways

• ACCA Vs CFA – Top Differences to Know 

• Eligibility

• ACCA Vs CFA: Which Course Motivates You More

• ACCA or CFA: Seek Help from The Experts

ACCA Vs CFA – Top Differences to Know

• As a professional qualification, ACCA delves deeper into business management, covers finance, and stresses accounting as a core subject.
• The Association of Chartered Certified Accountants, an authoritative body in the UK, awards the ACCA certification.
• There are thirteen exams spread across three levels in the ACCA course that candidates need to sit for.

While

• The CFA focuses on portfolio management and investment analysis.
• A membership association based in the US, known as the CFA Institute, confers the CFA certificate.
• It has 3 exams, each with a different format and focus.

Let’s discover the difference between ACCA and CFA and the main takeaways. Here you go:

Eligibility

Passing 12th grade or equivalent is a must to enroll in ACCA. You also need to complete some foundation-level courses.

In contrast, candidates need to have a bachelor’s degree or equivalent in their final study year to become eligible for CFA.

Focus Areas

The focus of each course is different.

• ACCA focuses on Management Accounting, Financial Reporting, and Accounting.
• CFA focuses on investment analysis and portfolio management.

Scope

The CFA vs. ACCA scope is also different. As a qualification, ACCA is a professional accounting certification with a broader scope. It covers business management, finance, and accounting, whereas CFA is more specialized and emphasizes investment management. 

Exam Format

In the case of ACCA, every level has multiple exams. CFA requires you to clear three levels, each having a specific format and focus of its own. ACCA exams are computer-based and can be taken anytime in a year, whereas CFA exams are offline tests that can be taken only once a year in June.

Course Duration

Students need less time to complete ACCA than CFA. One can complete the ACCA program in about 3 to 4 years, while 4 years are generally needed for the completion of the CFA program.

Level of Difficulty

Students pursuing both courses opine that, whether it is CFA or ACCA, exams are challenging. CFA is hailed as more difficult, with a lower pass rate than ACCA.

Pass Percentage

The pass percentage for ACCA exams is higher, in the range of 40% to 50% than for CFA exams, which is about 40% to 45%. However, the low pass percentage makes CFA tougher and a more respected qualification.

Job Prospects

ACCA and CFA offer excellent career prospects, although in varied domains. ACCA qualification opens up various finance and accounting jobs. However, the CFA course is better if you are seeking jobs in investment management roles. 

Salary

When it comes to hefty pay packets, the salary of a CFA professional is usually more than that of an ACCA professional. There are several variables that determine the pay package. These variables can be your experience, professional progress, and so on.

ACCA Vs CFA: Which Course Motivates You More