CFA After ACCA? Is It A Good Idea? How Much Time Do You Need? Is It Really That Easy?

With the changing face of finance and accounting. Therefore, if you want to pursue this path, proper accreditation is essential. Some of the most recognized credentials are offered by ACCA (Association of Chartered Certified Accountants), and CFA (Chartered Financial Analyst) among others.

Getting through ACCA means you are obviously good in accounting, auditing and taxation-based work. CFA, on the other hand, has a significant focus on investment management and financial analysis — that is an entirely different area of finance. These days, more and more professionals opt for CFA post-ACCA. But is it really worth it?

So now let us analyse this and know if you need to go for this combination or not.

Comparative Study of ACCA vs CFA

How ACCA Knowledge Complements CFA

If you’ve completed ACCA or are in the process of doing so, you’re already on a strong footing for pursuing the CFA program. The two qualifications, while different in focus, have areas that overlap, making your transition smoother in some subjects. Let’s break it down:

Overlap in Concepts

One of the best things about having ACCA knowledge is that many topics in CFA will feel familiar. For example:

• Financial Reporting: ACCA explores financial reporting standards and practices in depth. This knowledge is directly applicable in CFA Level 1, which has a huge weight for financial reporting and analysis.
• Ethics and Professional Standards: Both ACCA and CFA have a strong focus on ethics. The ethical guidelines you studied in ACCA form a great base for CFA’s ethical standards, which are a critical component across all three levels.
• Corporate Finance: ACCA touches on corporate finance principles, which align with similar topics in CFA Level 1 and Level 2. This means you’ll already understand concepts like capital structure, budgeting, and financial ratios.

Your ACCA foundation allows you to save time on these overlapping areas, giving you more bandwidth to focus on newer, more challenging topics in CFA.

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New Learning Areas

While ACCA provides a solid base, CFA opens doors to more specialised finance topics that you may not have encountered before. These include:

• Equity Valuation: CFA goes deep into analysing stocks, understanding their value, and predicting their performance. This is a new skill that ACCA doesn’t cover in detail.
• Derivatives: The CFA curriculum will also expose you to complex financial instruments like options, futures and swaps that may be completely foreign in your ACCA if it has been an accounting-heavy experience.

Level 3 of CFA is all about portfolio management, and wealth planning, which captures a significant portion that is not part of the ACCA Syllabus.

These topics may require extra effort, but your ACCA background means you’re already comfortable with numbers and analytical thinking—skills that will come in handy as you learn these advanced finance concepts.

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Why ACCA Complements CFA Perfectly

Think of it this way: ACCA builds the foundation with a focus on accounting, compliance, and financial reporting. A CFA adds specialisation in investment management and financial analysis layer to your team. These two in combination give you a skillset with huge worth, making you much more attractive to employers.

For instance:

• If ACCA is about understanding the rules of the presence and absence of money in a company, CFA is about making that capital grow within the market.
• ACCA makes you a complete accountant, and CFA further hones your expertise as a finance professional — so you get the best of both worlds!

You will also get a good head start in CFA as you can apply your ACCA knowledge on a lot of areas. However, be prepared to embrace new challenges in areas like investment analysis and portfolio management, as these are the unique aspects of CFA that will enhance your professional profile.

Also Read – CFA Scholarships – Types, Eligibility & Application Process

Benefits of Pursuing CFA After ACCA

1. Complementary Skill Sets

ACCA and CFA have complementary skill sets making up the two sides of the same coin. The ACCA holds high theoretical knowledge & provides excellent practical techniques in the aspects of accounting, compliance and financial reporting. CFA, on the contrary, provides you with information about investments, portfolio management, and financial analysis.

Together, they make you a well-rounded finance professional. Employers love candidates who understand both accounting rules and investment strategies, as it’s a rare and valuable combination.

2. Career Advancement

• More Career Options: With both ACCA and CFA, you’re not limited to one path. You can go for senior roles in accounting, finance, or investment management.
• Flexibility: These qualifications make you eligible for roles like financial controller, risk manager, or portfolio manager, giving you plenty of choices.
• Boosted Credibility: Having both ACCA and CFA under your belt makes you stand out in the job market. It shows you’re serious about your career and can handle leadership responsibilities.

3. Market Demand

The need for people who are hybrid accounting and finance professionals continues to grow.

• Positioned for High-Value Jobs – Both skill sets put you in a prime position for roles in investment banking, asset management and corporate finance respectively. Companies prefer recruiting candidates who have insights into both domains.
• Employer Preference: Companies love hiring candidates with deep knowledge of both fields. You’re seen as someone who can handle complex financial tasks with ease.

Time Commitment for CFA After ACCA

1. Study Duration

• You need to put in a lot of time before sitting on any of the three levels, which are all part of the CFA program.
• On average, there are from 300 to 350 study hours per level. Completing all three levels requires an average of between 2-4 years.

2. Breakdown of Study Hours

• CFA Level 1: ~300 hours, covering basics such as ethics, quantitative methods and financial reporting.
• CFA Level 2: ~350 hours of more in-depth specific financial concept application.
• CFA Level 3: ~400-450 hours (more focus on portfolio management and wealth planning)

3. Personal Scheduling

• Study timelines vary based on individual circumstances like work commitments, learning speed, and study habits.
• Candidates juggling full-time jobs may require longer preparation periods, while those studying full-time can progress faster.

Is It Really That Easy?

For those of you who have finished ACCA and are considering CFA next, your question might be: How difficult can it be? However, CFA is an entire ball game and it will be only fair to give ACCA some credit here. Let’s delve into it to understand what’s actually required.

1. CFA after ACCA: Difficulties in Moving Towards CFA

The CFA program is demanding, even for ACCA-qualified professionals. Here’s why:

The CFA is very rigorous and even with an ACCA qualification, it is more challenging. The scope and breadth of the CFA Program curriculum: The CFA curriculum is broad, ranging from ethical standards to sophisticated financial analysis skills.

Well, if you are not already in the field of investment management some of this may get you a little deer-in-the-headlights.

Some areas, such as equity valuation (stocks) or derivatives (options and futures) are very technical = not covered well in ACCA. These need to be learned from zero, which means that you have to be patient and focused.

A lot of candidates pursue CFA while working in full-time positions. Now juggling work, home and studies is no cakewalk. This requires the effective practice of time management and prioritisation.

Also Read – How Difficult is the CFA Program? | Can an Average Student Pass the CFA Exams Easily?

2. Common Misconceptions

In reality, there is a notion that as ACCA covers many similar subjects such as financial reporting and ethics; CFA becomes easier for them to do. Although ACCA might be among the first few to introduce you to these terminologies, CFA looks at things in detail as regards these concepts.

Depth of Knowledge Required:

The CFA exams assess you more on your ability to apply knowledge than it does on your understanding. Ethical questions, for instance, frequently present scenarios in which the correct answer is not so clear-cut.

Also Read – CFA Online Vs Offline Classes | What’s Best For Acing The CFA In One Go

Global Pass Rates Are a Reflection of the Difficulty:

For even strong academic performers on a global scale, the pass rates for CFA exams are in the 40–50% range. This indicates that the program is not something you can just show up for.

3. Preparation Strategies

Ultimately, success in CFA (and any other difficult pursuit) is built on the foundation of preparation. So in case you lose track, here are some suggestions to guide you:

Plan Your Study Schedule:

Slice your syllabus and there come out hours throughout the day/week where you prepare. Keeping a regular schedule will help you escape the inevitable last-minute panic.

Use CFA-Specific Resources:

External study notes (i.e. Kaplan Schweser notes, CFA Institute curriculum) & practice tests They try to cover every single detail of the syllabus.

Join Study Groups:

It can be solitary work to study by yourself. A group setting means you can share your struggles and advice, and will help keep you accountable. It is also a perfect means to absorb the perspectives of others.

Practice Regularly:

This is among the best methods to prepare for your CFA exams. Practising gives you insights on how to tackle different types of questions. The main purpose of mock exams is time management and self-confidence.

Also Read – CFA Self Study Vs Coaching | What’s Best For You? 10 Factors You Need To Consider Before Choosing

How to Make the Transition From CFA To ACCA Smoother

For many, the idea of switching from ACCA to CFA sounds gargantuan. It is true that with CFA Level 1 you will experience something you have never experienced before but it does not need to come as a shock! This is how you can facilitate the process:

Build on Your ACCA Knowledge

With ACCA, you have already acquired a lot of essential skills such as financial reporting and ethics. For overlapping CFA topics, such as corporate finance and accounting, use this as your jumping-off point. This is something your ACCA background will give you an advantage, so leverage it!

Start with the Basics

If you are reading up on things like equity valuation or portfolio management for the first time, do not jump straight into the advanced material. Dig into Introductory Purpose Resources For example: View videos for beginners, or read about investments and financial markets.

Choose CFA prep materials that break down concepts in a plain manner.

This way, you will have the confidence that can help you as a launch pad towards the more advanced portions of the CFA syllabus.

Also Read – Is CFA Worth It To Get A Good Finance Job? Backed By Data | Ask The Proschool Experts

Seek Support

Preparing for CFA does not always have to be a solitary affair. Enrol yourself into a coaching program with experienced coaches. A structured course can simplify tricky topics.

Sure, a study schedule can help you stay on track. Give sample tests and test questions to new students

And you’ll have a support system — fellow students and mentors to help keep you going, which is incredibly important when learning Continue Reading

Also Read – CFA Study Material | Schweser, Wiley, Princeton, CFA Institute | What’s Best To Pass CFA Exams?

Is CFA After ACCA Worth It? (A Reality Check)

Want to do CFA after ACCA? This is more than just a fad; it’s a career game-changer if you are investing in your finance career. However is it the very best selection for YOU? Let’s take a closer look.

Why It’s a Strategic Move

What CFA has is a different level of skill set. ACCA helps in accounting and compliance, and CFA guides you through investment management and financial analysis. That combination gives you both the ability to tackle specifically finance-oriented roles alongside wider business functions.

Even if you are targeting roles such as investment banker, portfolio manager, or any other corporate finance analyst position in your career, CFA can unlock these pathways for you. Another qualification is one thing, but making yourself stand out in the job market is another thing altogether.

Assessing Your Goals

Pause before you dive in, and consider your long vision:

We are looking for people who love working with analysts and developers to examine the plans, strategies, investments, and markets in your portfolio or company.

Do you have interests in finance and investment-related roles?

Are you excited by the prospect of working in disciplines such as portfolio management or equity analysis?

If yes, CFA is worth doing for sure. However, if you are more interested in working in functions related to core accounting or audit functions, it may not be the job for you.

Consider the Commitment

CFA is difficult, and it demands a lot of time. Ask yourself:

• Is the amount of study hours per level 300+ enough?
• If you think the answer is yes, then are you ready to balance work and study?
• Are you the major type who can maintain focus throughout a couple of years?

The beauty of the rewards that can be reaped are unparalleled, if you put in what it takes!

Also Read – CFA Jobs & Salaries In India After CFA Level 1, Level 2 & Level 3

Why Choose CFA Training at IMS Proschool?

84% of our CFA Students recommend that you join us for your CFA Prep. That’s how good our CFA Coaching is! Still have doubts? Checkout the benefits you’ll get when you’ll enroll with Proschool for CFA Prep.

M0 Introductory Module: This is an optional module for candidates who are new to finance or unsure of whether or not they should pursue a CFA and are looking to strengthen their foundational skills and/or determine if the CFA path is right for them.

Personalised Study Plans: No two candidates are alike, and neither are their schedules. IMS Proschool provides a 6-month long study plan with another 3 months for revision!

Immediate Entry Point into a Job: Graduates of CFA Level 1 can avail of job opportunities with the assistance of IMS Proschool’s placement cell.

Robust Practice Regime:

• 5 Practice Tests: Gain familiarity with the real exam environment and boost confidence.
• Test Yourself With 2000+ Questions: Prepare yourself with a variety of challenging questions.

Support Beyond the Classroom:

• Get Help with the Questions 24/7: Expert Faculty is available to clarify doubts at any hour of the day.
• Vast Bank of Resources: A plethora of different curated resources to solidify your preparation.

Conclusion

CFA after ACCA is a great opportunity for professionals who are either interested or focused on making a career in finance and investment. It is a long route, but it will be easier to go through it when the payoffs are seen in terms of career progression along with market demand. Think about your goals and your calendar, then jump if this helps you meet them.

FAQs

Can I directly pursue a CFA after completing ACCA?

Yes, there is no prior requirement for CFA and ACCA prepares you with all know-how required for CFA subjects.

What are the advantages of having both ACCA and CFA?

Together they complement your finance knowledge with accounting expertise, providing a wide variety of career options.

How does the study material for CFA differ from ACCA?

ACCA is all about accounting standards while the CFA syllabus covers investment management, equity research and portfolio management.

What is the average salary increase after obtaining a CFA post-ACCA?

For professionals who have both credentials seeing a salary increase of 30% to 50% is not uncommon regardless of role or experience.

Are there any exemptions for ACCA members in the CFA program?

No, the CFA program does not allow exemptions to anyone, even for ACCA (or CPA) qualified professionals.