The CPA and CFA are two respected credentials in finance, but they cover different ground. A CPA, or certified public accountant, focuses on accounting work, including tax preparation and auditing. A CFA, or chartered financial analyst, specializes in investments and portfolio management. The simplest way to think about it: CPAs prepare and verify financial records. CFA charterholders analyze those records to guide investment decisions.

The right choice depends on the kind of work you want to do day to day. This guide walks you through the key differences between a CPA and a CFA, including the typical requirements and salary potential of each.

Key Points

• CPAs primarily deal with auditing, taxes, and reporting. CFAs focus on portfolio management and investment analysis. 
• CPAs and CFAs typically need a bachelor’s degree (or higher) and work experience. They must also pass their respective exams and adhere to strict codes of conduct. 
• Many CPAs go on to become auditors, forensic accountants, controllers, or chief financial officers (CFOs).  
• CFA career paths include portfolio manager, financial risk analyst, and chief investment officer (CIO). 
• According to the US Bureau of Labor Statistics (BLS), the median annual wage is approximately $81,680 for accountants and auditors and $101,350 for financial and investment analysts. 

What Is a CPA?

A CPA is a state-licensed accounting professional. They handle a range of tasks, including tax preparation, auditing, financial reporting, and accounting analysis. They might work for individuals, businesses, or government agencies. Some focus on minimizing tax liability for clients. Others spend their time auditing financial statements or advising on regulatory compliance. 

To earn the CPA credential, you must pass the Uniform CPA Exam. Eligibility typically requires 150 semester hours of college coursework, including a concentration in accounting or a related field. State licensure adds work experience requirements, usually 1–2 years under a licensed CPA. Some states have introduced or are considering alternative pathways to qualify with a bachelor’s degree and additional work experience. 

In addition to passing the test, CPAs must meet state-dictated continuing professional education (CPE) requirements and uphold strict conduct and ethical standards. 

Key Responsibilities

A CPA’s day-to-day work varies by specialty and employer, but common responsibilities include: 

• Preparing and filing personal, business, and corporate taxes 
• Conducting internal and external audits 
• Preparing and analyzing financial statements 
• Advising clients on tax planning and regulatory compliance 
• Filing required reports with the Securities and Exchange Commission (SEC) and other regulators (for CPAs working with public companies) 
• Investigating financial records for accuracy and potential fraud 
• Advising businesses on financial strategy and operational efficiency 

Common Career Paths

CPAs work across nearly every corner of the financial world. Some stay in public accounting at firms ranging from local practices to the Big 4 (Deloitte, PwC, EY, and KPMG). Others move in-house at corporations, work in government, or specialize in areas like forensic accounting or tax strategy. 

The US Bureau of Labor Statistics (BLS) projects a 5% increase in job growth for accountants and auditors through 2034. That’s good news for aspiring or early-career professionals. 

Opportunities available for CPAs include: 

• Public accountant (tax, audit, or advisory) 
• Government accountant or auditor 
• Corporate accountant or controller 
• Tax advisor 
• Auditor 
• Forensic accountant 
• Controller 
• Chief financial officer (CFO) 

Experienced CPAs might also open their own firms. That’s a path that can be harder to take with other finance credentials, since the CPA license itself signals the authority to offer attest and tax services independently. 

What Is a CFA?

A CFA is a globally recognized credential from the CFA Institute for professionals who specialize in investment analysis and portfolio management. 

Those who earn the CFA charter are called CFA charterholders. They often work in investment management, asset management, or wealth planning. The credential also appears in roles across banking, insurance, and risk management. Some help individuals manage their wealth, while others guide investment strategy for institutions. 

To become a CFA charterholder, you must pass 3 CFA exams, complete qualifying work experience, join the CFA Institute, and commit to its code of ethics and standards of professional conduct. 

CFA charterholders are trained to: 

• Analyze financial markets and economic conditions 
• Evaluate investment opportunities 
• Assess and manage financial risk 
• Build and manage investment portfolios 
• Advise clients or organizations on investment strategies 

Key Responsibilities

CFAs work primarily in investment-focused roles, applying their training to analyze markets and manage capital on behalf of clients and institutions. Their common responsibilities include: 

• Researching and analyzing securities and markets 
• Valuing companies, stocks, bonds, and other investment vehicles 
• Building and managing investment portfolios 
• Developing financial models and forecasts 
• Assessing investment risk and recommending allocation strategies 
• Advising individual or institutional clients on wealth and asset management 
• Analyzing financial statements to evaluate company performance 

Common Career Paths

As with CPAs, the career potential for CFAs is promising. The BLS projects 6% job growth for financial analysts through 2034. That’s faster than the average across all occupations. 

Common career paths include: 

• Investment analyst 
• Portfolio manager 
• Research analyst 
• Risk manager 
• Wealth manager 
• Chief investment officer (CIO) 
• Fund manager 
• Ratings analyst 
• Securities analyst 

Key Differences Between CFA and CPA

Aside from both being recognized designations in the financial field, the differences between CFAs and CPAs are stark. Here’s what the work and path look like for each. 

Professional Focus

CPAs primarily focus on: 

• Accounting (personal and corporate) 
• Taxes 
• Auditing 
• Compliance 

CFAs mostly focus on: 

• Investment management 
• Financial analysis 
• Portfolio strategy 

The clearest way to think about it: CPAs prepare and verify financial records. CFA charterholders analyze those records to guide investment decisions. 

Education and Exam Requirements

Becoming a CFA or CPA takes significant time and study, but the structure of each path is different. 

To earn the CFA charter, you need to check these boxes: 

• Education: Bachelor’s degree, qualifying undergraduate status, or 4,000 hours of higher education and/or professional work experience over at least 3 sequential years 
• Exam: Passing all 3 levels of the CFA exam (Levels I, II, and III) 
• Work experience: At least 4,000 hours of qualified professional experience over a minimum of 36 months, involving investment decision-making or directly supporting it 
• Membership and ethics: Joining the CFA Institute and committing to its code of ethics and standards of professional conduct 
• Continuing education: Not required; CFA Institute recommends at least 20 professional learning (PL) credits per year 

Though licensure requirements vary by state, here’s what you typically need to earn the CPA license: 

• Education: A bachelor’s degree with an accounting concentration, plus additional coursework or experience depending on the pathway (the traditional 150-hour pathway, a graduate degree pathway, or newer bachelor’s-plus-experience pathway many states have adopted) 
• Exam: Passing all 4 sections of the Uniform CPA Exam: 3 Core sections (Auditing and Attestation, Financial Accounting and Reporting, and Taxation and Regulation), plus 1 Discipline section of your choosing (between Information Systems and Controls, Tax Compliance and Planning, and Business Analysis and Reporting) 
• Work experience: 1–2 years under the supervision of a licensed CPA, depending on the pathway and state 
• Continuing education: Typically 40 hours of CPE per year, though requirements are set by each state board and vary by jurisdiction 

Licensing vs. Charter and Geographic Scope

The CPA is a state-issued professional license. It’s legally required for specific work. For example, the SEC requires publicly traded companies to have CPAs sign off on the audited financial statements included in their annual and quarterly filings. 

The CFA is a charter awarded by the CFA Institute, not a government license. It’s recognized in more than 160 countries. No law requires a CFA to perform investment work, but asset managers and investment banks might list it as a preferred or required credential for analyst and portfolio management roles. 

CFAs vs. CPAs: At a Glance

	CFA	CPA
Governing body	CFA Institute	State boards of accountancy; National Association of State Boards of Accountancy (NASBA), Association of International Certified Professional Accountants (AICPA), and Prometric support the CPA Exam process
Focus area	Portfolio management, investment analysis	Auditing, taxes, financial reporting
Exam structure	3 exams: Levels I, II, and III; each exam is about 4.5 hours, split into 2 sessions	3 Core sections + 1 Discipline section of your choice; each is about 4 hours
Education requirements	Bachelor’s degree, qualifying undergraduate status, or qualifying work experience	Varies by state/jurisdiction; common paths include 150 semester hours, a graduate degree, or, where adopted, a bachelor’s degree plus additional professional experience
Experience requirements	4,000 hours of qualified work experience (over 3 consecutive years)	1–2 years relevant work experience
Exam costs	CFA Institute lists total exam fees of about $3,520–$4,570 for all 3 levels, depending on registration window, excluding local taxes	Varies by state; about $260–$270 per exam section, depending on jurisdiction, with application or administrative fees included, candidates often pay roughly $350–$400+ per section; first-time applicants may pay more when initial education evaluation or eligibility fees are included
Geographic recognition	Global	US state-issued license, with mobility rules that may allow practice across state lines
License or charter?	Charter	License

CFA vs. CPA Salary Comparison

Salary varies widely for both credentials, but the BLS offers the most reliable side-by-side comparison. According to the latest BLS data: 

• Financial and investment analysts (the category that includes CFA charterholders): Median annual wage of $101,350 
• Accountants and auditors (the category that includes CPAs): Median annual wage of $81,680 

Note that the BLS lumps in CPAs with other accounting professionals. It also doesn’t separate CFAs from other financial analysts, so actual earnings will vary. You could also end up earning more or less depending on role, industry, location, and experience. 

How to Decide Which Credential Is Right for You

So, CPA vs. CFA: Which should you choose? Start with a few questions: 

• What are your career goals? 
• What’s your base salary requirement? 
• What kind of skills or experience do you already have? 
• What’s your timeline for launching (or pivoting) your career look like? 
• What are your interests? 

Based on your answers, you might gravitate toward 1 path over the other. 

Choose CPA if…

The CPA fits best if you want to work in accounting, tax, or audit. CPAs handle financial reporting and tax planning. They also do advisory work for individuals, corporations, and government agencies. And the license carries legal authority that other credentials don’t, including the authority to sign off on audited financial statements for SEC filings. 

Choose CFA if…

The CFA is potentially a better fit if you want to work in investment management, portfolio strategy, or financial analysis. Charterholders often build careers at investment banks, asset management firms, hedge funds, and wealth advisory firms, where the credential is widely recognized as a benchmark for analytical rigor. 

The CFA may also be the right choice if you’re targeting an international finance career. Unlike a state-issued CPA license, the charter is recognized globally, in more than 160 countries. 

Start Building Your Finance and Accounting Career

Choosing between the CPA and CFA comes down to the kind of work you want to do. If you’re interested in tax law and accounting, then the CPA might be the best fit. If you’re drawn to analyzing company financials or managing investment portfolios, you might opt for the CFA route. 

Either way, building foundational accounting and tax knowledge is a practical first step. Intuit Academy offers a free, self-paced way to gain core skills in areas like tax prep.  

And if you’re a little further along in your career and ready to put those skills to work, Intuit’s expert careers page has resources on tax and bookkeeping at Intuit. 

FAQs

What career opportunities are available for CPAs and CFAs?

CPAs often go on to work in private firms or government roles. They might become personal or corporate tax advisors, forensic accountants, controllers, or even CFOs. 

CFAs often work for wealth management firms or financial institutions. Popular career paths include research analyst, fund manager, investment analyst, portfolio manager, and chief investment officer. 

How long does it take to become a CPA or CFA?

Both paths typically take 6 years or more from the start of a bachelor’s degree, though the structure of that time differs. 

CFA charterholders generally complete a bachelor’s degree before entering the CFA program. The program itself involves preparing for and passing 3 exams. It also requires 4,000 hours of qualified professional work experience over a minimum of 36 months. A lot of candidates take the exams while working in finance, so study and work experience sometimes run in parallel. 

CPAs generally need a bachelor’s degree plus additional education or experience, depending on the pathway. The traditional 150-hour pathway adds roughly a fifth year of coursework or a master’s degree before the exam. That said, newer bachelor’s-plus-experience pathways available in many states skip the extra coursework in favor of an additional year of work experience. After education, candidates need to pass 4 sections of the CPA Exam and complete 1 to 2 years of supervised work experience under a licensed CPA.  

Can a CFA become a CPA, or vice versa?

Yes, professionals can hold both the CFA and CPA designations, but earning 1 doesn’t get you a shortcut on the other. Each credential requires meeting its full education, experience, and exam requirements. 

Is the CFA or CPA exam harder?

Both have a reputation for difficulty, which the pass rates back up. 

According to the CFA Institute, the latest available CFA pass rates are:  

• Level 1: 45% (February 2026) 
• Level 2: 42% (November 2025) 
• Level 3: 50% (February 2026) 

The AICPA posts pass rates by section for the CPA Exam. The cumulative pass rate by section for the first quarter of 2026 was: 

• Auditing and Attestation (AUD): 47.8% 
• Financial Accounting and Reporting (FAR): 43.5% 
• Regulation (REG): 66.7% 
• Business Analysis and Reporting (BAR): 41.3% 
• Information Systems and Controls (ISC): 66.8% 
• Tax Compliance and Planning (TCP): 79.3% 

Do I need a CPA or CFA to work in tax preparation?

Generally, CPAs work in tax prep. CFAs are more focused on wealth management and financial analysis. The 2 can work in tandem, though. For example, a CFA might create an investment strategy for their client that a CPA analyzes for tax implications.