Which is better - CA or CFA?

Both CA and CFA courses are renowned globally and popular among accounting and finance professionals for a rewarding career. Both these courses demand sincere efforts  and dedication to complete the certification in the least possible time frame. So, which of the two one should pursue? To answer this question - lets find out for your career aspiration, which one is better - CA or CFA?

Chartered Accountants and Chartered Financial Analysts are two of the most popular career options in the worldof finance. Although, both these courses are demanding, they lead to great career opportunities domestically as well as internationally. A commerce student aspiring for a career in finance often gets confused about making a career choice linked to CA and CFA. Choosing between the two professions is difficult for an aspirant. However, if one look at the difference betwee CA and CFA in terms of course eligibility criteria and career pathway, one can take the right decision. Let us discuss the nature of both these professions in brief before ascertaining which one is best for a budding professional in accountancy.

CA or Chartered Accountancy

The course is organized, conducted and examined by the ICAI or the Institute of Chartered Accountants of India. These professionals grow up to be responsible auditors of leading MNCs after their certification. They help with the financial forecast of the business and help the management with new ventures, investments and portfolio management. CAs are the sole authorized personnel who can audit the financial statement of a firm. But reaching up to that level is not easy as the candidate has to clear three levels of ICAI CA examinations along with practical internship to qualify to that level. Thus the professional is entrusted with not just practical knowledge but also theoretical knowledge that transforms into a competent accountant.

The Chartered Accountancy course by ICAI has three levels - CA Foundation, CA Intermediate and CA Final. One has to qualify all the three levels to be certified as a Chartered Accountant and be eligible to legally practice as one. The course levels are of high difficulty level and one needs multiple attempts to clear the course levels. About 5-8 years is the minimum time one takes to complete the CA course. 

Also Read:

• CA Foundation exam
• CA Intermediate exam
• CA Final exam
• Chartered Accountancy colleges in India

Chartered Financial Analyst

CFA or the Chartered financial analyst offered by by the US-based CFA Institute, is a competent course that deals with investment management. CFA is for those professionals who wish to grow their career in finance. CFA is a globally certified course and is divided into three levels of examination along with four years of experience. This course like CA is thus based on practical challenges of the financial world. The aspirant can enroll for CFA after their graduation, whereas they can enrol for CA after completing 12th standard.

Also Read:

• CFA exam
• CFA syllabus

CA Vs CFA courses- A comparison

CFA is a global body whereas ICAI is an Indian body. Here is a comparative table to understand the similarities and differences between CA course and CFA course.

Which is better as a career option - CA or CFA?

CFA course requires 4 years of combination study and the relevant work experience that can be accepted by the CFA Institute. The candidate has to master the latest CFA syllabus and clear three 6 hours’ examination. After completing the exam, it is important to take membership from the CFA Institute and to register with the local CFA society. 

Aspirants can enroll for the CA course after completing CA Foundation level after class 12 or take up the CA Intermediate exam after completing the graduation. The CA intermediate exam is divided into two groups and after completing the course, the candidate has to undergo intern training to qualify for CA Final examination. Before taking the articleship, the candidate has to complete 100 hours of soft skills and IT training orientation program.

The CA course offers the flexibility for the candidate to work in different job roles such as accountant, auditor, and budget analyst. Candidates are also eligible to work in the capital market. CAs are eligible to set up their practice as well and work for their clients. Alternatively, they can work in CA firms and join an organization that can be of private, the public is government sector undertakings. 

CAs can practice internationally as well and these professionals are in high demand in the finance and manufacturing industry. The CFA charter, on the other hand, helps in career upgrade in the field of investment management. Since, it is a global recognition, one can explore greater career opportunities in various sectors and industries across the globe. Several leading firms are in high demand for chartered financial analysts, the course is affordable than CA and MBA in top institutions. Getting a CFA institute certification, helps one to become a member of a global network of investment professionals and prepares the candidate for several jobs related to investments.

So, both these courses are better in their ways and it lies in the hands of the candidate to choose their profession and their future. 

CA and CFA Together as Combination

Having a combination certification of CA and CFA both is quite possible and will indeed make the finance professional stand out among their peers. Accomplishing such professional achievements will compound one’s career growth and will express one’s commitment levels to one’s industry and profession.  Professionals with both a CA and CFA are often sought after for senior financial roles in corporations, investment firms, banks, and other organizations. In countries like UK and US, the combination of CA-CFA is quite sought after. Salaries for such roles can range widely, but they are typically competitive. In India, a professional with CA-CFA combination can expect up to fixed salary of INR 15 lakh. Variables attached with this profile are all the more lucrative.

Also read: Career After CFA