CFA vs. ACCA: Course Details, Salary, and Jobs

Commerce students now have many options for higher education apart from traditional degrees. Courses like ACCA and CFA are good options for a successful career. Such courses not only have great career opportunities, but they are also pursueable with college degrees. This means that students can now complete two courses in a one-time span, saving time and taking a step closer to their career goals.

 

CFA

Attaining the CFA charter signifies to employers your depth of knowledge and steadfast dedication to excelling in today's dynamic investment landscape. It is a hallmark of excellence, setting a higher benchmark that investment firms recognize and respect. The benefits of earning the CFA designation are manifold. 

Firstly, it signifies a high level of expertise and dedication to the field of finance, enhancing professional credibility and marketability. CFAs gain comprehensive knowledge in ethics, economics, financial reporting, quantitative analysis, and portfolio management, preparing them for various career opportunities. The global recognition of the CFA designation also provides access to international job prospects and networking opportunities.

CFAs enjoy access to a vast network of fellow professionals, ongoing education resources, and career support from the CFA Institute. 

Salary and Packages

On average, level 1 CFA candidates’ typically start with salaries ranging from INR 9.8 to INR 44 lakh annually. As they gain experience, their earning potential rises. 

Job Opportunities

CFA professionals can work in the investment and finance domains as analysts or traders. However, given their extensive knowledge and expertise, they have many other career opportunities beyond the traditional finance-related fields. Several CFAs have also achieved great success in non-conventional fields like asset and wealth management, investment banking, commercial banking, and consulting, among other diverse paths.

 

ACCA

The ACCA course establishes students as certified accountants and is pretty flexible. You can do this course at your own pace to become a Certified Chartered Accountant. This degree holds substantial value, equivalent to prestigious accounting qualifications such as India's CA. It gives students practical experience in accounting, finance, and management.

Jobs Prospects

Pursuing an ACCA course helps ACCA professionals grab accounting jobs in different parts of the world, increasing their network and earning potential. They have the flexibility to work in various countries and can also explore roles across different sectors and positions available worldwide.

As an ACCA, you can work in different job roles, including:

Management accountant

Consultant

Business analyst

Corporate finance expert

Subject matter experts

Financial planner/advisors

Auditor/tax consultant

Salary and Packages

The salary of an ACCA professional course depends on several factors, ranging from the employer's profile to the specific role. ACCAs can work in different sectors, and their respective salaries, depending on the sector, are:

Public Practice Sector: Between £18K and £25K

Financial Services Sector: Between £18K and £25K

Public Sector: Between £15K and £26K

Corporate Sector: Between £18K and £22K

Larger cities and multinational corporations often offer higher salaries to ACCA affiliates. With time, as ACCA professionals gain experience, their earning potential increases. 

CFA vs. . ACCA

Read the following table to compare CFA vs. ACCA: 

Aspect	CFA	ACCA
Focus	The CFA course primarily focuses on:  Investment management Financial analysis Portfolio management.	The ACCA course primarily focuses on the following: Accounting Auditing Taxation Financial management.
Specialisation	A CFA specializes in finance and investment analysis.	An ACCA professional mainly specializes in accounting principles and roles.
Recognition	It is recognized globally, with a primary focus on investment professionals.	It is also globally recognized but more commonly associated with accounting and finance professionals in various industries.
Entry Requirements	To register: You must hold a bachelor's degree or equivalent. Be in the final year of your bachelor's program. Possess four years of professional work experience.  Alternatively, a combination of work and college experience totaling four years is necessary.	Students can enter the ACCA course through two routes. The first is for students who only require a higher secondary qualification with 65% marks. The second is for science students who need to take the FIA route.
Exam Structure	The CFA exam consists of three levels (Levels I, II, and III), each focusing on various aspects of finance and heavily emphasizing analysis and application.	The ACCA exam also consists of three levels: Levels I, II, and III, with multiple modules covering accounting, taxation, auditing, and financial management, focusing more on regulatory frameworks and reporting standards.

Each certification caters to distinct areas of expertise and career paths, as reflected in these differences.

 

CFA vs. . ACCA: How to Select

As CFA and ACCA are valuable professional degrees with promising futures and great opportunities, choosing and comparing CFA vs. ACCA becomes a difficult job for most students. And the fact that both courses are closely related and have various similarities does not help either. 

But don't worry if you are still confused; here's a breakdown of the various factors to consider while selecting CFA vs. ACCA:

 

Interest and Passion:

The first factor to consider when planning to choose CFA vs. ACCA is your passion and interest. Despite various other factors and difficulties, students always outshine and excel in the field of their choice. Therefore, you should consider what makes you the happiest, as the career that makes you happy and passionate will help you build a solid career. 

Career Goals:

Where do you see yourself a few years from now? What is your dream package? What do you want your first salary to be? When do you want to retire? How much wealth do you want to accumulate? And which course will help you achieve these goals? Students must consider these questions when selecting CFA vs. ACCA. You can use that information to select your path. However, always remember that the answers to these questions should never be in maybes. You should be clear and sure about your goals.

Strengths and skills:

Assess your strengths and skills to identify which certification plays to your strengths. Training can develop many skills, but a solid foundation in areas where you excel can give you a competitive edge in your chosen field.

Educational Path and Resources:

Take into account your educational background and the resources available for further education. The CFA and ACCA offer comprehensive study materials and support, so consider which program best suits your learning style and preferences. 

Industry and market trends:

While choosing CFA vs. ACCA, you should also stay informed about current and future trends in the industry and job market to make an informed decision. Research the demand for professionals with CFA or ACCA qualifications, the average salary payout, and the current number of professionals already in the field. Once you have this information, select the profession with high demand and low supply to get a high salary. 

Conclusion

Both Chartered Financial Analysts (CFA) and the Association of Chartered Certified Accountants (ACCA) are great options for commerce students. Being a professional CFA or ACCA opens the door for a great future. With these professional degrees, students get above-average starting packages, handsome salaries, and many job opportunities with great scope for advancement. While both courses have pros and cons, the final choice depends on the student's preferences. The best way to select the correct course is to understand both courses and decide based on the most crucial factors like their interest, qualification requirements, the investment required, etc.