ACCA vs CFA: Which is Better?

Choosing between ACCA vs CFA is one of the biggest decisions for college students and fresh graduates entering finance, accounting, or investment fields. Both qualifications are globally recognized and open doors to lucrative, international careers, but they differ in focus, eligibility, cost, and outcomes.

In this detailed guide, we’ll explore what each qualification means, their key differences, salary potential, and which one Big 4 firms (Deloitte, PwC, EY, and KPMG) prefer most in India.

What is ACCA?

The Association of Chartered Certified Accountants (ACCA) is a global professional accounting qualification based in the UK. Established in 1904, ACCA is recognized in over 180+ countries and is designed for individuals who wish to build careers in accounting, auditing, taxation, and financial management.

Overview

ACCA equips students with practical and theoretical skills in:

• Financial reporting
• Management accounting
• Audit and assurance
• Corporate law
• Performance management

This makes it ideal for those aspiring to work in roles like financial analyst, auditor, tax consultant, or finance manager.

Structure and Levels

The ACCA qualification consists of three levels and 13 exams in total:

• Applied Knowledge (3 exams)
• Applied Skills (6 exams)
• Strategic Professional (4 exams)

Alongside exams, students must complete an Ethics and Professional Skills module and gain 36 months of relevant work experience to become fully qualified.

Duration and Flexibility

Most students complete ACCA in 2.5 to 3 years, depending on exemptions and study pace. The qualification offers flexibility; candidates can take exams quarterly and even while working or studying for another degree.

Global Recognition

ACCA is widely recognized in countries like India, the UK, the UAE, Singapore, Canada, and Australia, making it an excellent option for students planning an international career in finance and accounting.

What is CFA?

The Chartered Financial Analyst (CFA) designation is awarded by the CFA Institute (USA) and is regarded as the gold standard in investment and portfolio management. The CFA program is globally recognized in over 165+ countries, especially in investment banking, equity research, and asset management sectors.

Overview

CFA is designed for professionals seeking careers in:

• Investment banking
• Portfolio management
• Financial analysis
• Risk management
• Equity research

It emphasizes investment analysis, financial modeling, and portfolio management.

Structure and Levels

CFA comprises three levels:

• Level I: Focuses on investment tools, ethics, and quantitative methods
• Level II: Advanced financial analysis and asset valuation
• Level III: Portfolio management and wealth planning

Duration and Difficulty

The CFA course typically takes 2 to 4 years to complete. Each exam has a pass rate ranging between 40 and 50%, making it more academically demanding than ACCA.

Eligibility

You can register for Level I while in your final year of a bachelor’s degree or with 4,000 hours of professional experience (or a combination of both).

Key Differences Between CFA and ACCA

Before choosing between CFA and ACCA, it’s essential to understand how these two global qualifications differ in focus, structure, and career outcomes. ACCA specializes in accounting, auditing, and financial management, while CFA is centered on investment analysis, portfolio management, and financial modeling. 

In short, ACCA builds the backbone of financial reporting, and CFA drives investment decision-making, two distinct yet equally valuable skill sets in the finance world.

Category	ACCA	CFA
Full Form	Association of Chartered Certified Accountants	Chartered Financial Analyst
Focus Area	Accounting, audit, taxation, and management	Investment, portfolio management, financial analysis
Governing Body	ACCA (UK)	CFA Institute (USA)
Levels	3 levels, 13 exams	3 levels
Duration	2.5 – 3 years	2 – 4 years
Pass Rate	40–50% overall	40–45% per level
Work Experience	3 years relevant experience	4,000 hours relevant work experience
Ideal For	Accountants, auditors, and finance managers	Investment bankers, analysts, and fund managers
Global Recognition	180+ countries	165+ countries
Exam Frequency	Quarterly	Twice a year (Levels I–III)
Cost	₹2–3 lakhs (approx.)	₹3–4 lakhs (approx.)

If you enjoy numbers, financial statements, and audits, ACCA is perfect for you. But if you’re drawn to investments, markets, and valuation, CFA is the better fit.

CFA vs ACCA: Which is Better for Your Career?

The answer depends entirely on your career goals and interests.

Career Goals

• Choose ACCA if you aim to become an accountant, auditor, or finance controller.
• Choose CFA if you aspire to work as a financial analyst, investment banker, or portfolio manager.

Industry Focus

• ACCA professionals often work in accounting firms, corporations, and consulting firms.
• CFA professionals dominate investment banks, asset management firms, and hedge funds.

Job Opportunities

In India, both qualifications are valued:

• ACCA holders find roles like Financial Accountant, Auditor, or Tax Associate in Big 4 firms.
• CFA charterholders find roles in Financial Advisory, Equity Research, or Corporate Finance.

Time Commitment

CFA is generally more rigorous due to its quantitative and analytical focus, while ACCA offers more exam flexibility and practical application.

CFA vs ACCA: Salary Comparison in India

Once you understand their key differences, the next logical question is, which one pays more? In India’s evolving finance job market, both CFA and ACCA offer strong earning potential, but salaries vary by role, industry, and experience. 

CFA charterholders often earn higher packages in investment-related positions, while ACCA professionals enjoy steady growth in accounting and corporate finance roles, especially within Big 4 firms.

Role	Average Salary (₹ per annum)	Qualification
Financial Analyst	6 – 10 LPA	CFA
Investment Banker	10 – 20 LPA	CFA
Portfolio Manager	15 – 30 LPA	CFA
Auditor	5 – 8 LPA	ACCA
Finance Manager	8 – 15 LPA	ACCA
Tax Consultant	6 – 12 LPA	ACCA

CFA professionals in India earn higher salaries due to their roles in investment and financial markets. ACCA professionals enjoy greater stability and global mobility across accounting and finance domains.

Who Do Big 4 Firms Prefer – CFA with an Undergrad or an ACCA?

Big 4 firms – Deloitte, PwC, EY, and KPMG; hire both ACCA and CFA professionals, but for different departments.

ACCA Candidates

Big 4s prefer ACCA-qualified individuals for:

• Audit and Assurance
• Taxation and Compliance
• Financial Reporting

Because ACCA’s curriculum directly aligns with these service lines, it’s an excellent entry point for accounting graduates.

CFA Candidates

CFA candidates are usually preferred in:

• Valuations
• Mergers & Acquisitions (M&A)
• Financial Advisory and Risk Consulting

CFA candidates with an undergraduate degree in commerce, finance, or economics often land positions in financial modeling, valuation, and transaction advisory teams.

Verdict

If your goal is to enter Big 4 firms after graduation, ACCA gives a faster entry route, while CFA offers long-term career growth in finance and investment.

Conclusion

In the ACCA vs. CFA debate, the right choice depends on your passion and long-term goals. Choose ACCA if you love accounting, auditing, and corporate finance. Choose CFA if you’re fascinated by investments, markets, and analytics.

For freshers, ACCA provides a smoother start in the corporate world, especially in Big 4 firms. Meanwhile, CFA can significantly enhance your credentials if you aim to enter investment banking or asset management.

FAQs on ACCA vs CFA

Is CFA harder than ACCA?

Yes. CFA is more conceptually challenging, with a lower pass rate and intense focus on finance and investment.

Can I pursue CFA after ACCA?

Absolutely! Many professionals complete ACCA first and then pursue CFA to expand into investment and financial advisory roles.

Which qualification has better global recognition?

Both are globally recognized, ACCA in 180+ countries and CFA in 165+. However, CFA has stronger recognition in the investment domain, while ACCA dominates accounting and audits.

What is the average duration for completing ACCA or CFA?

ACCA takes around 2.5–3 years, while CFA takes 2–4 years, depending on pass rates and preparation time.

Which course offers better career opportunities in India?

ACCA offers better opportunities in Big 4 firms and corporate accounting, whereas CFA is better suited for investment and finance careers.

Can I do CFA or ACCA without a commerce background?

Yes! Both qualifications accept students from any background, though a basic understanding of finance and accounting is helpful.

Can I pursue both ACCA and CFA together?

Yes, you can pursue ACCA and CFA simultaneously, but it’s quite demanding. ACCA builds a strong accounting foundation, while CFA deepens your investment and finance expertise, making the combination highly valuable for roles in corporate finance, financial analysis, and consulting.

Which course is more cost-effective: ACCA or CFA?

In terms of total expenses, ACCA is slightly more affordable. The complete ACCA course costs around ₹2–3 lakhs, while CFA can cost ₹3-4 lakhs, including registration, exam, and study material fees. However, CFA often leads to higher-paying investment roles.

Does ACCA or CFA have better job opportunities abroad?

Both qualifications are globally recognized, but CFA is more valued in the U.S., Canada, and investment markets, while ACCA has stronger recognition in the U.K., UAE, Singapore, and Commonwealth countries, making each qualification’s international reach unique to its field.

What is the pass rate for CFA and ACCA exams?

The CFA pass rate ranges from 40% to 45% per level, indicating its difficulty and analytical rigor. Meanwhile, ACCA’s average pass rate stands around 50–55%, varying across papers and exam sessions.

Which qualification gives faster entry into the job market?

ACCA generally offers quicker entry into professional roles, especially in accounting and audit firms, since you can start internships during your studies. CFA, though prestigious, often requires completing multiple levels and work experience before landing advanced finance roles.

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