CPA vs. CFA: Which Accounting Credential Is Right for You?

Accounting professionals seeking to advance their careers often consider obtaining either a Certified Public Accountant (CPA) or a Chartered Financial Analyst (CFA) credential. While some professionals choose to pursue both, understanding the distinct roles and benefits of each can help guide your career path effectively.

When comparing a CPA vs. CFA, it’s important to understand the differences so you can make the decision that aligns best with your career goals. Keep reading to learn more about these common accounting credentials and determine which is right for you.

CPA vs. CFA: Key Differences

A certified public accountant focuses on the vast array of accounting transactions within an organization, including auditing, taxation and financial reporting. CPAs ensure compliance with financial regulations and help businesses maintain accurate financial records.

Conversely, a chartered financial analyst typically works in investment management, providing financial analysis and strategic investment advice to individuals, corporations and financial institutions. Some CFAs work within companies, offering deep financial insights to guide corporate strategy.

What Does a CPA Offer?

Accountants with a CPA credential enjoy numerous benefits, including:

• Broad responsibilities: CPAs can choose from various accounting careers, from independent consulting to auditing and corporate finance.
• High demand: Government agencies, corporations and public firms all seek CPAs for their expertise.
• Stronger foundational knowledge: Earning a master's degree in accounting helps prepare students for the CPA exam and enhances their accounting skills.
• Career advancement: Many firms require a CPA designation for promotions and salary increases.

What Does a CFA Offer?

A CFA credential is valuable for professionals in investment banking, asset management and financial advisory roles. Key benefits include:

• Comprehensive financial knowledge: CFAs possess expertise in portfolio management, risk assessment and investment strategies.
• Higher earning potential: Many CFAs earn lucrative salaries due to commissions and performance-based bonuses.
• Specialization opportunities: CFAs often focus on specific investment sectors such as equities, real estate or mutual funds.
• Professional network: The CFA Institute offers extensive networking opportunities, industry events, and continuous learning resources.

CPA vs. CFA: Certification Process

To earn the CPA credential, candidates must complete 150 credits of education, typically requiring a master's degree. They must then pass the Uniform CPA Examination, which consists of four parts: Auditing, Financial Reporting, Regulation, and Business Concepts. Each state may also require an ethics exam and 1-2 years of supervised experience.

The CFA credential requires passing three exam levels, focusing sequentially on investment tools, asset valuation and portfolio management. Candidates must hold a bachelor's degree and accumulate four years of relevant work experience. The preparation and exams usually span about four years, with a commitment to continuous professional development and ethical compliance.

CPA vs. CFA: Which Is Right for You?

Both accounting credentials can enhance your career prospects, but the right choice depends on your career interests and goals.

If you're interested in corporate finance, government or non-profits, then becoming a certified public accountant might be ideal for you. This path suits those keen on accounting, tax and auditing, offering structured career progression and stability, especially within national frameworks.

If you're fascinated by financial markets and investment strategies, consider pursuing the chartered financial analyst designation. It's globally recognized, perfect for careers in investment banking, hedge funds or asset management, and suited for dynamic roles requiring deep financial analysis.

If your career goals span both these areas, earning both CPA and CFA credentials could be especially beneficial. This combination is powerful for roles that bridge corporate finance and investment strategy, such as financial directors in multinational corporations or advisors in financial consultancy firms where expertise in both accounting standards and investment analysis is crucial.

Considering a CMA Certification?

Another valuable accounting credential to consider is the Certified Management Accountant (CMA) certification, offered by the Institute of Management Accountants. This certification emphasizes cost management, corporate finance, decision analysis and risk management. It is ideal for professionals aiming to advance into management roles within corporate settings or enhance their expertise in financial planning and analysis.

CMAs often gain higher earning potential and are sought after for their ability to contribute to executive-level decision-making. Additionally, the CMA is recognized globally, providing significant career mobility and opportunities in diverse industries and multinational corporations.

To earn a CMA, candidates must first hold a bachelor's degree and have two continuous years of professional experience in management accounting or financial management. The process involves passing a two-part exam that covers topics such as financial planning, analysis, control, decision support, and professional ethics.

How a Master’s in Accounting Can Set You Up for Success

The University of Scranton's Master of Accountancy program equips students for certifications like CPA, CFA, and CMA. The curriculum blends advanced managerial accounting skills with several elective options to align with your career goals. The program also offers two specialization options: Forensic Accounting and Accounting Analytics.

Offering flexible full-time or part-time, and online study options, the program also includes a bridge course for non-accounting majors to build essential foundations. This flexibility ensures that you’ll enhance your qualifications and strategic finance skills regardless of what career stage you’re in.

Take the Next Step in Your Accounting Career

Choosing a CPA vs. CFA involves careful consideration of your career goals, interests, and the specific financial skills you wish to master. Between these options and a CMA, all paths offer unique advantages and lead to distinct roles within the financial industry.

If you're looking to expand your knowledge and skills further, The University of Scranton’s online master’s degree in accounting provides robust preparation for all of these accounting credentials.

Learn how this program can support your aspirations in the accounting and finance sectors by exploring The University of Scranton's Master of Accountancy program.