What Is the Difference Between CFA and ACCA? 5 Key Points

For anyone seeking to build a career in the fields of finance, accounting and investments, there are two crucial professional certification programs to choose from: ACCA (Association of Chartered Certified Accountants) and CFA (Chartered Financial Analyst). 

What is the difference between CFA and ACCA? Which of these qualifications should you pursue to ensure that you are on the best possible career path? Which program will help you become an authority in your chosen field in finance?

Here, we share an overview of the ACCA and CFA programs, explore their benefits, and discuss five key differences between them to help you determine the right  certification to secure for your professional future.

What Is ACCA?

ACCA (the Association of Chartered Certified Accountants) is a globally recognized professional accountancy body that provides qualifications and advances accountancy standards across the globe. 

ACCA focuses on accounting, auditing, and business and financial management. Its qualifications, along with its insights and continuous learning, help equip individuals with the necessary finance and business expertise and ethical judgment for creating, protecting and reporting value delivered by economies and organizations.

What Is CFA?

The CFA (Chartered Financial Analyst) Institute is an organization that measures and provides certification for the integrity and competence of financial analysts and other professionals in the investment industry. It offers the CFA Program, which is the gold standard of investment credentials and arms an individual with real-world skills in investment analysis and portfolio management. 

Top financial institutions strongly seek out individuals who have completed the CFA Program because the CFA charter is a globally recognized mark of distinction. 

Benefits of Obtaining the ACCA Qualification

Securing the ACCA Qualification means you enjoy the following ACCA benefits:

Membership with the most forward-thinking accountancy body in the world

Employers worldwide will see the ACCA letters after your name and recognize immediately that you perform with the highest professional and ethical standards in mind and in practice.

Career path options all over the world

Your ACCA Qualification is globally respected and opens doors to employment and career growth wherever your chosen path leads you. You’ll also benefit from the flexibility of branching out to new areas and developing new skills if you decide to do so. 

Opportunities for gaining more qualifications 

You’ll learn and develop skills as you practice and become eligible for other qualifications such as a BSc and an MSc.

Benefits of Obtaining the CFA Qualification

By completing the CFA Program, you become a CFA Charterholder and earn the CFA certification. Securing this professional designation means receiving these CFA benefits: 

Stand out for committing to a higher standard of professional excellence

You are acknowledged across the globe for your professional expertise, unmatched integrity and unfaltering dedication to the highest ethical standards in the field of investment and financial analysis.

Gain skills that set you ahead of the competition in global finance

With the CFA Program, you’ll learn skills classified into three core groups: analysis, asset class valuation, and money management. These skills vary in complexity by level and can help you qualify for a variety of job roles.

Obtain higher compensation levels 

According to findings of the CFA Institute Compensation Study for 2024, the average base salaries of CFA Institute members and Charterholders increased at a greater rate (year over year) compared to the rate of increase for the general market. 

5 Key Differences Between ACCA and CFA Programs

Governing Parties and Recognition

The CFA Program is governed by the CFA Institute and is highly recognized in countries such as the US, Asia and Europe, particularly in locations with strong finance establishments offering hedge fund management or investment banking. 

Meanwhile, the ACCA Qualification is governed by the ACCA and is greatly valued in the UK, Europe, Middle East and Asia where professional careers in financial management, audit, and accounting fields flourish.

ACCA vs CFA Duration

It takes most candidates three to four years to attain the ACCA Qualification. Note that there is a mandatory time limit of 10 years to complete the program from passing the first exam.

The CFA Program takes four years to complete (that is, if candidates are able to clear the exams in their first attempt.

CFA vs ACCA Eligibility Requirements

To become a candidate for the ACCA Qualification, you must have three GCSEs and two A levels in five separate subjects (including math and English, or their equivalents). In addition, you must have three years of relevant work experience under your belt.

To qualify for the CFA Program, you must have a bachelor’s degree or its equivalent. You could also be accepted into the program as long as your exam window falls within 23 months of the month you graduate.

Curriculum

The ACCA Curriculum

There are three levels in the ACCA Qualification course syllabus and 13 exams to take.

Applied Knowledge Level (3)

• Business and Technology (BT)
• Management Accounting (MA)
• Financial Accounting (FA)

Applied Skills Level (6)

• Corporate and Business Law (LW)
• Performance Management (PM)
• Taxation (TX)
• Financial Reporting (FR)
• Audit and Assurance (AA)
• Financial Management (FM)

Strategic Professional Level (2 Essential and 2 Optional)

Essential Papers

• Strategic Business Leader (SBL)
• Strategic Business Reporting (SBR)

Optional Papers (choose any 2)

• Advanced Financial Management (AFM)
• Advanced Performance Management (APM)
• Advanced Taxation (ATX)
• Advanced Audit and Assurance (AAA)

You must also complete an Ethics and Professional Skills module. In addition, you need to clear a minimum of 36 months’ relevant work experience and achieve nine performance objectives. 

The CFA Curriculum

The CFA Program is held as a series of three exams.  

Level 1: Learn and describe. This explores the basic concepts of finance, investment tools, and ethical practices.

Level 2: Analyze and evaluate. This level covers asset valuation and financial statement analysis.

Topics for Levels 1 and 2:

• Ethical and Professional Standards
• Quantitative Methods
• Economics
• Financial Statement Analysis
• Corporate Issuers
• Equity Investments
• Fixed Income
• Derivatives
• Alternative Investments
• Portfolio Management and Wealth Planning

Level 3: Integrate and apply. This level teaches portfolio management and wealth planning.

Topics:

• Asset Allocation
• Portfolio Construction
• Performance Measurement
• Derivatives and Risk Management
• Ethical and Professional Standards
• Pathways (Portfolio Management or Private Markets or Private Wealth)

Job Profiles

A person with a CFA qualification can pursue occupations focused on investments, such as: Portfolio Manager, Wealth Manager, Asset Management, Risk Manager, Financial and Investment Analyst, Research Analyst, Consultant, or Chief-Level Executive.

3 Main Job Types:

• Quantitative and Analytical roles (Data Analyst, Forex Currency Trader)
• Client-facing roles (Private Wealth Manager)
• Transaction-focused roles (Stockbroker, Investment Banker, Chief Investment Officer)

They can thrive in investment management sectors including Asset Management, Private Wealth Management, Commercial Banking, Investment Banking, and Insurance.

On the other hand, thanks to ACCA’s broad curriculum, someone with an ACCA qualification can work in a variety of roles across finance, accounting and business in the following professional fields: International Taxation, Financial Performance Reporting, Legal Compliance, Internal Auditing, Risk and Control Evaluation, Accounting Advisory, and Corporate Audit and Assurance.

Prepare for the CFA and ACCA Programs With the Help of a Trusted Financial Training Provider

Securing the ACCA or CFA qualification can lead you to the career path and specific job roles you desire in the field of finance. To successfully complete the program and attain your professional goals, it is beneficial to choose the right training provider.  

Phoenix FT is a leading provider of professional accountancy and finance qualifications throughout the Middle East, and the longest-standing Platinum ACCA provider in the UAE. Our full-time tutors create tailor-made course study notes and are always available to support students in their learning journey. You’ll also get a lifetime pass guarantee, meaning you can purchase a face-to-face course from us and retake the course for free if you fail an exam. 

Contact us today for more information on courses to help you get started on investment or accountancy as a career.