CA or CFA, Which Is Better?
If you are confused between CA or CFA, here are the differences between CA and CFA certifications for your finance career. Check which is better for your accounting career.
Mridula Sharma8 May, 2024
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CA or CFA: Chartered Accountants and Chartered Financial Analysts are highly sought-after careers in the corporate world. While they share similarities, there are important distinctions that can make choosing between them challenging for aspiring professionals. Before determining the best fit, CA or CFA, for someone entering the field of accountancy, let's explore the unique aspects of each profession.
Chartered Accountancy (CA)
The course, conducted by the Institute of Chartered Accountants of India (ICAI), prepares professionals to become auditors for top multinational companies. These experts assist in predicting a business's financial future and support management in new ventures, investments, and portfolio management. Only Chartered Accountants (CAs) are authorized to audit a firm's financial statements. However, becoming a CA requires passing three levels of exams and completing practical internships. After completing the CA Foundation and CA Intermediate courses, candidates progress to the CA Final after three years. This journey equips professionals with both practical and theoretical knowledge, making them skilled accountants ready for the job.Chartered Financial Analyst (CFA)
The Chartered Financial Analyst (CFA) program is designed for professionals interested in advancing their careers in finance. It's a globally recognized certification divided into three levels of exams and requires four years of experience. Similar to Chartered Accountancy (CA), CFA focuses on real-world financial challenges. You can pursue CFA after graduating, while CA can be pursued after completing 12th grade.Difference Between CA and CFA
The main differences between CA and CFA are given in the table below. It helps you understand which one is better for you, CA or CFA .| Difference Between CA and CFA | ||
|---|---|---|
| Components | CFA | CA |
| Governing body | Chartered Financial Analyst Institute | ICAI – Institute of Chartered Accountants in India |
| Levels | Three levels, each lasting three years | Three levels, with CA Foundation, CA Intermediate, and CA Final |
| Examination dates | Exams are held on the first Saturday of June, with a repeat in December for level one | CA Foundation is held in June/December, Intermediate and Final exams are held in May/September/January |
| Prime focus subjects | Ethics, Fixed Income, Corporate Finance, Equity Investments, Portfolio Management | Business Environment, Financial Accounting and Reporting, Audit and Attestation, Regulations |
| Average pass percentage | Around 52% over the past decade | Approximately 32% |
| Job roles and description | Investment Banking, Portfolio Management, Equity Research | Public Accounting, Government Accounting, Management Accounting, Internal Auditing |
| Remuneration | Fresh CFA graduates can expect up to 4 lakhs | Fresh CAs earn an average of 6-7 lakhs, increasing with experience |
Which is Better, CA or CFA?
The CFA course typically involves 4 years of study and relevant work experience approved by the CFA Institute. To qualify, candidates need to master the latest CFA syllabus and pass three 6-hour exams. After passing, they must become members of the CFA Institute and register with a local CFA society. For aspiring Chartered Accountants (CAs), they can begin after high school by taking the CPT exam , or after college by completing the intermediate exam. The intermediate exam is split into two parts, followed by intern training before the final exam. Before starting their internship, candidates must complete a 100-hour soft skills and IT training program. The CA course offers versatility, allowing CAs to work in various roles like accounting, auditing, or budget analysis. They can also work in the capital market or set up their practice. Additionally, they can work in CA firms or various sectors like private, public, or government. CAs can practice internationally and are highly sought after in finance and manufacturing. On the other hand, obtaining a CFA charter opens doors to a career in investment management. Many top firms value chartered financial analysts, and the course is more cost-effective than pursuing a CA or MBA at prestigious institutions. Becoming certified by the CFA Institute also connects professionals to a global network and prepares them for investment-related jobs. Ultimately, the choice between CA or CFA depends on the individual's career aspirations and goals.CA and CFA Together
The CFA course involves 4 years of studying and gaining relevant work experience. Combining CA and CFA certifications is achievable and sets a professional apart. These achievements boost career advancement and demonstrate dedication to the industry and profession.| Also Read: |
| Total Fees for the CA Course |
| Chartered Accountant Salary In India |
| CA Course In India Details |
| Top 10 Courses To Do Along With CA Course |
CA or CFA FAQs
What's the difference between CA and CFA?
CA focuses on accounting, auditing, and financial management, while CFA emphasizes investment management and financial analysis.
How long does it take to complete CA and CFA certification?
CA typically takes around 4-5 years, including exams and practical training. CFA requires passing three levels of exams, which may take 3-4 years.
What job roles can I expect with a CA or CFA?
CAs often work in accounting firms, corporations, or government agencies. CFAs commonly pursue careers in investment banking, portfolio management, or equity research.
What are the average salaries for CA and CFA professionals?
Fresh CAs earn around 6-7 lakhs, while fresh CFAs can expect up to 4 lakhs. Salaries increase with experience in both fields.
Can I pursue both CA and CFA certifications simultaneously?
Yes, it's possible to pursue both certifications simultaneously, although it requires dedication and time management due to the rigorous study and exam schedules.
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