ACCA vs CFA qualification comparison, ACCA and CFA career differences, CFA and ACCA program comparison chart

👤 NorthStar Academy📅 30 Jul, 24⏱ 10 min read

ACCA Vs CFA - What 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.

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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

ACCA and CFA are prestigious qualifications. Choosing between them can be easier when you consider the following factors:

Advantages

A career in CFA comes with many advantages for experienced finance professionals. You can acquire valuable skills in investment banking, financial modeling, equity research, etc. Acquiring in-depth knowledge of complex financial concepts, wealth planning, and investment tools makes you a true leader in the financial market.

ACCA offers specialized knowledge in accounting and finance with less stringent entry requirements. You can enjoy global connections and job prospects. ACCA professionals enjoy excellent recruitment in the Big 4s and MNCs.

Fees and Study Costs

It is more expensive to study CFA than ACCA, with exam fees, registration fees, and other associated expenses involved.

Continuing Professional Education

Continuing Professional Education (CPE) is mandatory for both ACCA and CFA candidates to maintain their designation.

Key Differences to Consider

Aspect	ACCA	CFA
Eligibility	Completion of 12th grade or equivalent foundation-level courses	Bachelor™s degree or equivalent, final study year
Focus Areas	Business management, finance, and accounting	Portfolio management, investment analysis
Scope	Broad: business management, finance, accounting	Specialized: investment management
Exam Format	Multiple exams at each level, computer-based, flexible scheduling	Three levels, offline, once per year in June
Course Duration	About 2 years with NorthStar Academy	About 4 years
Level of Difficulty	Generally less difficult than CFA	More difficult than ACCA, it requires more study time
Pass Percentage	Higher (40%-50%)	Lower (about 40%-45%)
Job Prospects	Varied finance and accounting roles	Investment management roles

ACCA or CFA: Seek Help from The Experts

Once you have decided to take the plunge and begin your journey after knowing about CFA vs. ACCA highlights, enroll in one of the top online coaching centers because:

You get access to the best study materials, live classes, webinars, quizzes, problem-solving sessions, and more. You can learn on the go from anywhere.
The mock tests and sample papers make you problem-solvers, not just weighing the complexity of the subject matter at hand. This prepares you to face the exam with more confidence.
Updated exam syllabus and curriculum matter to keep your preparation on track.
The expert educators and instructors design the vast courses in an easy-to-grasp manner, with the inclusion of audio, videos, and more for your brain to process things faster.
When you choose an online coaching center like NorthStar Academy, headed by a genius in the accounting and finance space, you have nothing to worry about!

Conclusion

Whether you pursue ACCA or CFA certification, a rewarding career will let you reach new heights in the professional domain. You can understand the courses in depth and pass the corresponding exams with excellent scores. After knowing the pros and cons of CFA and ACCA, choose the course you want to study. With the assistance of a top online coaching center such as NorthStar Academy, there is a higher possibility for you to pass the exam. With the tips, advice, and guidance of our accredited mentors, it can be much easier for you to get the certification and fulfill your career goals. Enroll now, and gain the preparation that you need!

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Frequently Asked Questions

ACCA or CFA qualification: Which one is tougher?

Both the ACCA and CFA exams with low pass rates are often considered difficult to crack. However, students often find CFA tougher due to the intricacies of the topics at hand. The world of investment and financial analysis tests the student's skills and knowledge.

Who earns more ACCA or CFA?

Usually, CFA charter holders earn more when compared to ACCAs. However, the exact earnings of ACCA or CFA charter holders depend mainly on factors such as the organization one joins, job title, role, and location.

Is CFA worth it after ACCA?

The CFA designation is a testament to having superior expertise in finance. It can help one choose from a wide range of careers. Pursuing a CFA after ACCA can improve your knowledge about the field and open up many job opportunities. Your salary potential also increases when you have both professional certifications.

Is ACCA and CFA a good combination?

Yes. You can have a higher level of expertise in the domain of finance. You can explore different career options globally, from hedge funds to financial management and taxation, to name a few.