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CFA vs CPA comparison chart, finance student deciding between CFA and CPA, CFA and CPA certification benefits breakdown
👤 NorthStar Academy📅 01 Jul, 24⏱ 5 min read

7 Key Differences Explained

The diverse world of professional finance and accounting certifications offers you several options. From finance and accounting to investment, you will always find a suitable option, no matter what field you choose. Having options on your plate is undoubtedly good. However, such options can also spawn confusion. Yes, you are not alone in this dilemma. Getting confused between certifications is common among aspiring candidates. One of the most common confusions is between a Chartered Financial Analyst and a Certified Public Accountant. Both courses offer great advantages to their respective holders. Ironically, these benefits make it challenging to choose one over the other. Are you stuck in the never-ending CFA vs CPA debate?

If you are unable to choose a suitable option between CFA and CPA, you need to make a thorough comparison. Differentiating the two courses based on various aspects is the best way to find which one would suit you the most. Another question is: what factors must be considered? The most common ones include course details, exam structure and dates, syllabus, job opportunities, salaries, and employers. You can add more factors to the list if you wish. It is no different when choosing between CFA and CPA. You must consider and compare all these factors to make an informed decision. 

This blog is your guide to helping you choose between CFA and CPA. It undertakes a thorough CFA vs CPA comparison. Before delving into the differences, this blog will introduce you briefly to each course. Also, it will list the factors you need to consider when making a choice. 

CFA

CFA is a professional certification awarded by the CFA Institute in the investment area. This program aims to advance your skills and knowledge in the area of investment. The curriculum of the CFA course delves into investment knowledge. It also covers ethical and professional standards, advanced concepts, and functional abilities.

CFA charter holders are in high demand in the global investment job market. The expertise these accredited professionals bring to an organization is the main reason why top employers go after them. The significant topics in the CFA course include:

  • Fixed income
  • Equity investments
  • Derivatives
  • Financial reporting
  • Alternative investments
  • Economics
  • Portfolio management 

CPA

The CPA certification by the AICPA offers advanced knowledge and skills in the accounting field. The AICPA conducts a comprehensive evaluation to award the US CPA certification.

CPAs are definitely the most trusted financial advisors on the planet. Their job role in a company includes ensuring compliance with tax laws. They also handle accounting-related work. CPAs receive training to oversee financial statements and the overall health of a company. The CPA program involves advanced subjects to train you thoroughly for these responsibilities. 

Factors to Consider When Choosing Between CFA and CPA

Making a career decision is never easy. However, if you stick to certain steps, you can make the right decision. You must consider the following factors when choosing between CFA and CPA certifications:. 

Career Aspirations

The very first and most crucial factor to consider is what you exactly wish to become. Your decision will help you focus on the area you want to operate in. When choosing between CFA and CPA, you must decide between the investment field and the finance and accounting team. You can do research or talk to your mentors to learn about the specifics of each sector. You can then finalize the field that would be most suitable to drive your career aspirations. 

Time Commitment

Another factor to consider when choosing between CFA and CPA is the time you can set aside to pursue the course. The duration of the two courses is different. So, opt for the one that suits you the most. 

Cost

You will have made a smart move if you consider in advance the cost of each program. Budgeting is always paramount. Hence, choose the one you can conveniently afford. It is a no-brainer to say not to choose the course you cannot afford, as you will be overburdened and overpressurized.  

CFA vs CPA

You can find the detailed differentiation between CFA and CPA below:  

CFA vs CPA Eligibility

CFA

Undergraduate degree or studying in the final year

4 years of relevant work experience or more

CPA

Bachelor’s Degree or higher with 150 credit hours of relevant coursework

2 years of relevant work experience

CFA vs CPA Examination

CFAThe three levels of the CFA examination are:

  • CFA Level 1
  • CFA Level 2
  • CFA Level 3

CPA

The four parts of the Uniform CPA exam are as follows:

  • Attestation and Auditing (AUD)
  • Financial Accounting and Reporting 
  • Regulation (REG)
  • Optional paper (Any one)
  • Business Analysis and Reporting (BAR)
  • Information Systems and Controls (ICS)
  • Tax Compliance and Planning (TCP)

CFA vs CPA Examination Syllabus

CFA

The three levels of the CFA exam consist of the following subjects:

  • Ethical and Professional Standards
  • Quantitative Methods
  • Economics
  • Financial Statement Analysis
  • Corporate Issuers
  • Equity Investments
  • Fixed Income
  • Derivatives
  • Alternative Investments
  • Portfolio Management and Wealth Planning
  • Levels 1 and 2 consist of all ten subjects. Level 3 contains all except Quantitative Methods, Financial Statement Analysis, and Corporate Issuers. 

CPA

Attestation and Auditing 

  • Ethics, Professional Responsibilities, and General Principles 
  • Assessing Risk and Developing a Planned Response
  • Performing Further Procedures and Obtaining Evidence
  • Forming Conclusions and Reporting

Financial Accounting and Reporting 

  • Financial Reporting
  • Select Balance Sheet Accounts 
  • Select Transactions 

 Regulation

  • Business Law 
  • Federal Taxation of Property Transactions
  • Federal Taxation of Individuals
  • Federal Taxation of Entities

Business Analysis and Reporting

  • Business Analysis 
  • Technical Accounting and Reporting 
  • State and Local Governments 

Information Systems and Control

  • Information Systems and Data Management 
  • Security
  • Confidentiality and Privacy 
  • Considerations for System and Organization Control (SOC) Engagements 

Tax Compliance and Planning 

  • Tax compliance and planning for individuals and personal financial planning
  • Entity Tax Compliance 
  • Entity Tax Planning 
  • Property Transactions 

CFA vs CPA Examination Structure

CFA

  • CFA Level 1: 180 MCQs
  • CFA Level 2: 22 Vignettes supporting 44 MCQs
  • CFA Level 3: 12 Vignette sets and 10 essay sets, or vice versa

All these levels have two equal sessions with an optional break in between. 

CPA

The four parts of the CPA exam include the following types of questions:

  • Multiple-choice questions
  • Task-based simulations 
  • Written communication task

CFA vs CPA Exam Dates 

CFA

CFA Level 1

  • 15–21 May 2024
  • 20–26 August 2024
  • 13–19 November 2024

CFA Level 2

  • 22–26 May 2024
  • 27–31 August 2024
  • 20–24 November 2024

CFA Level 3

16–19 August 2024

Click here for detailed information. 

CPA

  • 10 January–26 March 2024
  • 1 April–25 June, 2024
  • 1 July–25 September 2024
  • 1 October–26 December 2024

You can get detailed information here.

CFA vs CPA Jobs

CFA

  • Equity Research Analyst
  • Credit Analyst
  • Financial Analyst
  • Equity Research Associate
  • Corporate Financial Analyst
  • Auditor
  • Consultant
  • Portfolio Manager
  • Senior Financial Analyst

CPA

  • Public Accountant
  • CFO
  • Finance Analyst
  • Finance Manager
  • Tax Analyst
  • Tax Manager
  • Internal Auditor 

CFA vs CPA Salary and Employers

CFA

CFAs are widely employed by top firms all around the world. The typical salary of a CFA in India starts at INR 6 LPA.

(https://www.payscale.com/research/IN/Certification=Chartered_Financial_Analyst_(CFA)/Salary) 

CPA

Top employers and the Big 4 hire CPAs. The typical wage of CPAs in India is around INR 7 LPA.

(https://www.payscale.com/research/IN/Job=Certified_Public_Accountant_(CPA)/Salary) 

Conclusion

Both CFA and CPA training courses are the very best chances to improve your career in the finance and accounting fields. Thus, a CFA vs CPA comparison concludes that both courses are perfect for you. Nevertheless, you have to select the one you find most appropriate and good for yourself. Think about your career aspirations, time availability, and finances before selecting your path. Once you choose the course you believe is fit, all you have to do is begin preparations for the examination and pass it with an impressive score. 

Preparing for competitive examinations can get pretty complicated and confusing. Nevertheless, it can be made easier if you select the best coaching institute for preparation guidance. So, no matter what you choose between CFA and CPA, NorthStar Academy is your destination to start preparing for the respective exams the right way. Our mentor, M. Irfat Sir, along with other experts, ensures you get the right education to achieve your dreams in minimum time.  

Contact us on WhatsApp to learn about our CFA and CPA courses in detail. 

Frequently Asked Questions

Can a CFA work as an accountant?

Yes, CFAs can work as accountants. Top organizations prefer CFAs as accountants over non-certified professionals. CFAs can also fill positions as chief investment officers, auditors, credit analysts, and data scientists.

Which is tougher, CFA or CPA?

The passing rate of CFA is considerably lower than CPA. Therefore, CPA is considered to be easier than CFA. 

Which is more in demand, CPA or CFA?

Both CFAs and CPAs are increasing in demand. Leading companies all over the world are expected to hire these professionals. CFAs and CPAs are handsomely reimbursed for their advanced skills and knowledge.