CFA and ACCA are often compared because both are global, respected and challenging. But they train you for different jobs: the CFA for analysing and managing investments, ACCA for accounting, audit, tax and running a company's finances.
CFA vs ACCA side by side
| CFA | ACCA | |
|---|---|---|
| Awarding body | CFA Institute | Association of Chartered Certified Accountants |
| Focus | Investment analysis, valuation, portfolio management, ethics | Financial reporting, audit, tax, management accounting, strategy |
| Exams | 3 levels | 13 today; 11 from September 2027 |
| Official fees | $3,520–$4,570 for all three levels | About £2,500–£3,500 in the UK, depending on exemptions |
| Study time | About 300 hours per level | Spread over 3–4 years part-time |
| Typical pass rates | About 40–50% per level | About 40–55% for most skills and professional papers |
| Experience | 4,000 hours over at least 36 months | 36 months practical experience |
| Exemptions | None | Up to 9 exams from a relevant degree |
| Strongest in | Investment firms worldwide | UK, Ireland, Gulf, South Asia, Africa |
Which one to choose: a quick decision guide
- Choose the CFA if you want to work in equity research, portfolio management, investment consulting or institutional sales.
- Choose ACCA if you want to work in audit, tax, financial reporting or as a finance manager, controller or finance director.
- Choose ACCA first if you are early in your career and unsure. It leads to a full professional accountancy status and keeps both doors open.
- Choose the CFA if you already have an accounting qualification and want to move into investments.
What working in each career looks like day to day
This is the part rankings rarely cover. A CFA-track analyst spends the day modelling companies, reading earnings reports and building investment cases. An ACCA-track accountant spends it closing books, reviewing controls, preparing financial statements or advising on tax. If one of those days sounds clearly more appealing, that is usually a better guide than salary tables.
Cost and time compared
Fees are broadly similar, but they arrive differently. CFA costs come in three large payments over two to four years. ACCA costs are smaller and more frequent over three to four years, including an annual subscription. A relevant degree can cut ACCA's cost and time sharply through exemptions, while the CFA has none.
Build your own budget with the CFA cost calculator and the ACCA cost calculator.
Doing both
Some professionals hold both, usually ACCA first and the CFA later. ACCA's reporting knowledge makes the financial statement analysis in CFA Level I and II noticeably easier. Taking both at the same time is rarely realistic alongside a full-time job.
ACCA timing in 2027: if you choose ACCA now, plan around the June 2027 last sitting of the current exams. See our ACCA 2027 changes guide.
Frequently asked questions
Is CFA or ACCA harder?
They are hard in different ways. The CFA has three very demanding exams with pass rates usually below 50%. ACCA has more exams, several with pass rates around 40–50%, spread over a longer period. ACCA takes longer; each CFA exam is more intense.
Which pays more, CFA or ACCA?
CFA charterholders in investment roles typically earn more at senior levels, especially in asset management. ACCA members earn well in finance leadership roles such as controller and finance director. Pay depends more on the role than on the credential.
Can I do CFA and ACCA together?
It is possible but demanding. A common route is to complete ACCA first for an accounting foundation, then take the CFA if moving into investment roles. ACCA's financial reporting knowledge helps with CFA Level I and II.
Which is better for working abroad?
Both travel well. ACCA is particularly strong in the UK, Ireland, the Gulf, South Asia and Africa for accounting roles. The CFA is recognised in investment firms worldwide.
Which is cheaper, CFA or ACCA?
Official fees are broadly similar, around $3,500–$4,500 for the CFA and £2,500–£3,500 in the UK for ACCA. ACCA costs are spread over more years, while the CFA can be completed faster.
Official sources