Chartered Financial Analyst (CFA) and Chartered Accountant (CA) are the two most in-demand qualifications for commerce students. Both demand serious study and deliver strong career outcomes. Learning the key differences between CFA and CA helps students choose the right one.
A CA focuses on auditing, taxation, and accounting, whereas a CFA focuses on investment management and financial analysis. In this blog, we will discuss the CFA vs CA difference, what they cover, and which one fits your goals.
Table of Contents:
What is CFA?
The CFA Institute offers the Chartered Financial Analyst (CFA) designation for finance and investment roles. The CFA Institute has about 200,000 members and charterholders in over 165 countries and trains professionals in global markets. CFA charterholders develop expertise in wealth management, portfolio management, asset valuation, investment analysis, and ethics.
To earn the charter, candidates must pass all three CFA exams and complete 4000 hours of relevant work experience over at least three years. They must also become members of the CFA Institute. Students must provide professional references and commit to the institute’s Code of Ethics and Standards of Professional Conduct.
What is CA?
A Chartered Accountant (CA) is a professional qualified in auditing, accounting, taxation, and financial management. The Institute of Chartered Accountants of India (ICAI) awards this qualification.
Candidates go through a rigorous course of study, practical training, and a set of tough exams. To qualify as a CA, a student must clear three levels: CA Foundation, CA Intermediate, and CA Final. The CA path usually takes 4-5 years.
After clearing both groups of the CA Intermediate exam and completing the four-week mandatory ICITSS, a student can start their CA articleship. This is a mandatory two-year training period under the new ICAI scheme. They must complete it before appearing for the CA final exam.
CFA vs CA: Key Differences
CFA vs CA, which is better? Each qualification has different career paths and focuses. Here is a quick table highlighting the main differences between a Chartered Financial Analyst and a Chartered Accountant:
| Aspect |
Chartered Financial Analyst (CFA) |
Chartered Accountant (CA) |
| Primary Focus |
CFA mainly focuses on areas such as financial analysis, investment management, portfolio management, and global financial markets. |
CA primarily focuses on areas such as auditing, accounting, financial management, and taxation. |
| Duration |
2-4 years including exams and relevant work experience. |
4-5 years, including a mandatory 2 years’ articleship (under new ICAI scheme). |
| Eligibility |
To earn a CFA charter, one must have a bachelor’s degree and 4000 hours of relevant work experience. Students in their final year of a bachelor’s degree can also apply. |
You can register for the CA Foundation level right after completing 12th. Alternatively, you can enter the CA Intermediate level directly through the Direct Entry Scheme, skipping the foundation level. |
| Global Recognition |
CFA is globally recognized in over 165 countries, especially in investment and financial sectors. |
A CA’s global recognition differs by country and depends on local agreements. For example, a CA from India might need to clear additional exams to practice abroad. |
| Exam Format |
The CFA program has three levels, each with a different exam pattern. Primarily computer-based exams, multiple-choice for Level 1 and 2, and essay-based for Level 3. |
The CA program has 3 levels, each with a different exam pattern. Foundation exam is computer-based, Intermediate and Final exams are pen-paper based. |
| Fees |
Exam registration fees:
- Level 1 – ₹1,31,493 ($1490)
- Level 2 – ₹1,31,493 ($1490)
- Level 3 – ₹1,40,318 ($1590)
Coaching fees: ₹1,20,000 – ₹2,00,000
|
Exam registration fees:
- CA Foundation – ₹9,800
- CA Intermediate (Group 1 or 2) – ₹13,000
- CA Intermediate (Both Groups) – ₹18,000
- CA Final – ₹22,000
Coaching fees: ₹35,000 – ₹1,50,000
|
| Career Paths |
CFA charterholders can pursue diverse career options, including portfolio management, research analyst, private equity, investment banking, and wealth management. |
Career options after becoming a CA include tax consultant, auditor, corporate finance manager, financial controller, management consultant, and forensic auditor. |
| Difficulty |
CFA has higher pass rates of around 40-50%, but it tests deeper analytical and conceptual skills. |
Clearing all CA exams is difficult due to their extensive syllabus and lower pass rates of approximately 10-20%. |
| Average Salary |
The average CFA salary in India ranges between ₹1.2-15 lakhs per year for 0-12 years of experience. |
The average Chartered Accountant salary in India ranges between ₹3.6-19 lakhs per year for 0-10 years of experience. |
| Recruiters |
Top recruiters include JPMorgan Chase, Morgan Stanley, and asset management companies like HDFC AMC, SBI MF, and more. |
Large firms like PwC, Deloitte, Infosys, Capgemini, EY, and more. |
Now that you understand CA vs CFA in detail, the real question is which one fits your goals better.
Check out: Difference Between ACCA and CA
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Which is Better for Your Career: CA or CFA?
Both CA and CFA are respected qualifications that open strong career paths in finance. A CA qualification indicates strength in accounting and auditing. A CFA qualification shows you are skilled in analyzing and managing money. So, which one you choose depends on your interests and long-term goals.
Choose CA if:
- You are interested in auditing, accounting, taxation, and financial and general management.
- You prefer a stable, compliance-focused career path.
- Your goal is a career in financial reporting, corporate finance, or public accounting.
Choose CFA if:
- You are interested in investment management, portfolio management, and financial analysis.
- You are passionate about working for investment banks, asset management firms, or hedge funds.
- You want a globally recognized qualification in the finance industry.
Also, if you want, you can pursue both certifications to gain expertise in both fields. To succeed in any, you require dedication, hard work, commitment, and consistency.
The Bottom Line
CA and CFA are both paths serving different roles in the financial industry. The demand for CAs in auditing and compliance remains strong due to statutory needs. However, the growth of global investment markets and fintech is also driving significant demand for CFA charterholders. In the end, your success depends on how well you adapt to industry changes.
If you are still deciding between accounting and finance, an Investment Banking Course can help you explore both. It covers valuation, financial modeling, venture capital, and mergers and acquisitions, all skills relevant to both CAs and CFAs. It helps you test both fields before committing to a long-term qualification.
CFA vs CA – FAQs
Q1. Can I do CA without doing CFA?
Yes, you can do Chartered Accountancy (CA) qualification without Chartered Financial Analyst (CFA) certification. Both are independent qualifications with different goals.
Q2. What is the salary of a CA with CFA?
Holding both a CA and a CFA is a valuable qualification that opens high-level roles in finance. Professionals with both certifications often earn higher salaries than those with only one. A mid-level CA with a CFA typically earns ₹15 – ₹30 lakhs per year or more, depending on experience and location.
Q3. Which qualification has better global recognition, CA or CFA?
The CFA enjoys global recognition and respect, making it ideal for careers in international finance and investment hubs. Countries primarily recognize the CA qualification in their region such as, ICAI for Indian CAs. You may need to pass additional exams to practice abroad.
Q4. Is CFA Level 3 harder than the CA Final?
They test different skills, so the difficulty depends on the candidate. CA Final has a broader, more voluminous syllabus covering a wider range of subjective topics. The CFA Level 3 requires a high level of analytical and application skills for portfolio management.
Q5. What are the typical career paths for a CA vs CFA?
The common roles for a CA include Statutory Auditor, Internal Auditor, Tax Advisor, Financial Controller, Management Accountant, and CFO. The common roles for CFA include Risk Manager, Portfolio Manager, Equity Research Analyst, Investment Banker, and Wealth Manager.