ACCA vs CFA: Syllabus, Duration, Salary, Job Roles & Exemptions

The Association of Chartered Certified Accountants (ACCA) and Chartered Financial Analyst (CFA) are internationally recognized professional certifications in commerce. 

ACCA is a broader qualification, making it suitable for various roles in accounting, finance, and auditing.

The CFA program is designed to provide a strong foundation in investment analysis, portfolio management, and ethical standards.

Both qualifications hold high reputations in their respective domains and offer excellent career opportunities. However, there are several differences between the two, which are listed as follows:

ACCA SYLLABUS

 Ethics and Professional Skills Module

This module supplements your technical knowledge by helping you develop the ethical and professional behaviors.

ACCA suggests completing EPSM towards the end of the Applied Skills exams and before attempting the Strategic Professional exams to maximise its benefits

ACCA SALARY

Switzerland offers the highest ACCA salary in the world, followed by the USA, Germany, Canada, Australia, and the UK. This can be due to factors such as a strong economy, high demand for skilled workers, low tax rates, high cost of living, and high salaries offered by sector-specific industries in Switzerland.

In India, ACCA professionals can expect varying salaries based on their experience level and job role:

• Freshers: Entry-level salaries typically range from Rs. 4,00,000 to Rs. 8,00,000 per annum. Positions in multinational companies or major cities like Mumbai and Delhi may offer higher starting salaries.
• Mid-Level: With a few years of experience, salaries can increase to around ₹6,00,000 to Rs. 12,00,000 annually.
• Experienced: Senior roles may command salaries between Rs. 10,00,000 to Rs. 20,00,000 or more, depending on the industry and specific job responsibilities.

JOB POSITIONS OF ACCA

1. Auditor
2. Chief Financial Accountant
3. Chief Financial Officer
4. Tax Consultant
5. Financial Analyst

CFA COURSE SYLLABUS, EXAM, AND DURATION

The core of the CFA program is a series of three challenging exams:

CFA Level 1: This is the foundational level, covering a broad range of topics in finance, including ethics, financial reporting and analysis, economics, quantitative methods, portfolio management, and equity investments.

CFA Level 2: Builds upon Level 1, delving deeper into equity investments, fixed-income securities, derivatives, alternative investments, and portfolio management.

CFA Level 3: Focuses on portfolio management and wealth planning, emphasizing the ethical and professional responsibilities of investment professionals.

The CFA Level 1 exams are held 4 times a year: February, May, August & November. Level II exams are held thrice a year: May, August & November, and Level III exams are held twice, in February and August. 

The Chartered Financial Analyst (CFA) course usually takes 2 to 4 years to complete. The duration depends on how well you prepare and when your exams are scheduled. The recommended study time is 300 to 350 hours per level for three levels. 

CFA SALARY

The salary of a Certified Financial Analyst (CFA) in India varies based on experience, job role, and other factors. In terms of experience, entry-level CFAs (0-3 years) can expect a salary range of Rs. 5-8 lakh per year. Mid-level professionals (4-7 years) typically earn between Rs. 12-18 lakh per year, while senior-level CFAs (8+ years) can command salaries ranging from Rs. 25-40 lakh per year.

CFA JOB POSITIONS

1. Portfolio Manager
2. Investment Analyst
3. Research Analyst
4. Risk Manager
5. Wealth Manager.

FAQs

1. ACCA or CFA – Which is a Better Course?

The answer depends entirely on an individual’s interests, career goals, preferred job location, financial capacity, and salary expectations. ACCA is ideal for those inclined toward accounting, taxation, and audit, whereas CFA suits those passionate about investment analysis, portfolio management, and financial markets.

2. Is ACCA More Challenging Than CFA?

The CFA qualification is generally considered more challenging than ACCA due to its depth in quantitative finance and the extensive study hours required per level. However, difficulty is subjective and can vary based on the candidate’s background and time commitment.

3. Does CFA Offer Exemptions for ACCA?

CFA exams do not provide exemptions. However, passing CFA Level 1 can lead to waivers from certain regulatory bodies and professional certifications. For instance, CFA charterholders may be exempt from ACCA’s Financial Accounting (FA) exam, which is part of the Applied Knowledge level.