The CFP and CPA are highly respected financial credentials. If you’re interested in pursuing a career in finance, it’s hard to go wrong with either. But they lead to very different career paths, with different scopes of work and different technical requirements.
A CPA, or certified public accountant, is licensed to work in tax and accounting. A CFP, or Certified Financial Planner®, generally helps clients in personal wealth management, which sometimes includes taxes. Both can work with individuals or businesses.
This guide compares the CFP and CPA so you can decide which better suits your career goals.
Key Points
- A CPA offers accounting, audit, tax, and financial advisory services. They hold a state-issued license that is issued after passing rigorous requirements.
- A CFP provides personal financial planning and wealth management services to help clients achieve long-term goals. They must also meet strict requirements to earn and maintain certification.
- According to the US Bureau of Labor Statistics (BLS), the median annual wage for accountants and auditors is $83,680. A CFP Board compensation study puts median total compensation across all experience levels for CFPs at $185,000.
- You might want to become a CPA if tax and accounting appeal the most to you. The CFP may be the stronger choice if you’re drawn to financial planning and long-term client relationships.
What Is a CPA?
A CPA is an accounting professional who has received a license from their state’s board of accountancy. That license qualifies them to provide a wide range of services, including financial reporting, consulting, audits, and tax work.
CPAs work across just about every sector, including public accounting firms, businesses, nonprofits, and government agencies. They might also run their own firms independently. If you become a CPA, the choice of clientele is typically yours. It usually comes down to which area interests you most and where you’d have the biggest impact (or earning potential).
Key Responsibilities
CPAs handle a broad mix of work that can include:
- Tax planning and strategy for individuals and businesses
- Financial statement audits
- Forensic accounting (analyzing financial data for legal proceedings)
- Financial consulting and advisory services
- Regulatory filings, including Securities and Exchange Commission (SEC) reports for public companies
- Representing clients before the IRS (with unlimited representation rights)
- Risk consulting and fraud mitigation
Along with the technical work, CPAs are expected to follow American Institute of Certified Public Accountants (AICPA) ethical standards. They also need to complete ongoing continuing professional education (CPE) to keep their license active, typically around 40 hours per year. The exact number of hours depends on the state.
Common Career Paths
CPAs work in roles like:
- Public accountant
- Tax advisor
- External or compliance auditor
- Forensic accountant
- Corporate or government accountant
- Controller
- Chief financial officer (CFO)
- Firm partner or owner
As an example, you could work as a government accountant to ensure responsible usage of public funds. Or you could become a corporate accountant and help businesses optimize their budgets, revenues, and tax efficiency.
What Is a CFP?
Unlike a CPA, a Certified Financial Planner doesn’t focus on accounting and compliance. CFPs look at their clients’ overall financial well-being, helping them make informed decisions about their money through comprehensive financial planning and wealth management.
The CFP isn’t a state license. It’s a certification issued by the CFP Board. CFPs are held to a fiduciary standard, meaning they’re required to put their clients’ interests ahead of their own. They also have to meet strict education, exam, and experience requirements to earn the credential.
Key Responsibilities
If you become a CFP, your core responsibilities may include:
- Comprehensive financial plan development and implementation
- Retirement planning
- Investment management, research, and advice
- Estate planning
- Client relationship management
- Tax strategy
- Tax planning (as it pertains to the client’s holistic financial picture)
- Insurance evaluation
- Education funding strategy
CFPs work in a range of settings. Many work directly with individuals and families, while others operate within banks, credit unions, financial advisory firms, or independent practices.
Common Career Paths
Common roles for a CFP include:
- Financial planner
- Financial advisor
- Financial analyst
- Wealth manager
- Wealth management advisor
- Associate advisor
- Retirement planning specialist
- Investment advisor
- Insurance consultant
- Client services advisor
- Principal or partner
As you advance in your career, you can specialize in niche areas. That might be financial planning specifically related to divorce or business. It could even be teaching or research. It’s up to you and your career goals.
Key Differences Between CFPs and CPAs
Both are respected credentials, but CFPs and CPAs differ in some pretty fundamental ways. That includes what they do day to day and what it takes to earn each title. Here’s a closer look.
Professional Focus
CPAs are accounting professionals. Their work centers on tax, auditing, and financial reporting, with a focus on accuracy and regulatory compliance.
CFPs are financial planners. They help individuals, families, and businesses build and protect their wealth, often specializing in areas like retirement, estate planning, investments, or insurance. Taxes come up, but only as 1 piece of a client’s bigger financial picture.
Education and Exam Requirements
To become either a CFP or CPA, you’ll need to meet stringent criteria.
Getting certified as a CFP requires:
- 2-part education requirement: Complete financial planning coursework through a CFP Board-approved program and earn a bachelor’s degree (within 5 years of passing the CFP exam) in any discipline.
- Exam requirement: Get a passing score on the 170-question, multiple-choice CFP exam.
- Experience requirement: Either complete 6,000 hours of professional experience in financial planning or 4,000 hours of qualifying apprenticeship experience.
- Ethics requirement: Adhere to the CFP Board’s ethical standards, sign an ethics declaration, and pass a background check.
Requirements for CPAs vary by state. Generally, though, these are the standards:
- Education requirement: Most states require a bachelor’s degree in accounting, finance, or a related field. The traditional path includes 150 semester hours, though a growing number of states now offer alternative pathways that substitute work experience for some of the additional credits.
- Exam requirement: You must pass the Uniform CPA Exam, which includes 3 Core sections and 1 Discipline section you choose based on your area of interest. You’ll need a 75 or higher on each.
- Experience requirement: Most states require 1–2 years of supervised work under a licensed CPA.
- Ethics requirement: Follow AICPA ethical standards and, in some states, pass a separate ethics exam.
Both credentials also require ongoing continuing education. CFPs complete 30 hours every 2-year reporting period (rising to 40 hours starting in 2027). CPAs typically need around 40 hours of CPE per year, though specifics vary by state.
Licensing vs. Certification
The CPA and CFP are widely recognized credentials, but they’re a bit different.
The CPA is a state-issued license. With it, you can do things non-certified accountants can’t. This includes representing clients before the IRS and filing SEC reports.
The CFP is a professional certification. It isn’t legally required to do financial planning work, but it’s widely considered a gold standard, and it can make you significantly more competitive in the field.
Earning Potential
According to the Bureau of Labor Statistics (BLS), accountants and auditors earn anywhere between a $56,020 annual wage for 10th-percentile earners and $144,090 for 90th-percentile earners. The median annual wage is $83,680.
According to the CFP Board, the median compensation for CFP professionals with less than 5 years of experience is $107,500. The median for all CFP professionals is $185,000. But, as with CPAs, earnings vary widely. Many CFPs earn through advisory fees or commissions, too, which means incomes scale with client base and assets under management.
Note that earnings may be lower when just starting. Not every firm or organization is going to pay the same amount, either.
CFPs vs. CPAs: At a Glance
| CFP | CPA | |
| Governing body | CFP Board | National Association of State Boards of Accountancy |
| Focus area | Comprehensive financial planning, wealth management | Public accounting, audit, tax, regulatory compliance |
| Exam structure | 6-hour exam (split into 2 3-hour parts) with 170 multiple-choice questions (stand-alone, short scenarios, case studies) in principal knowledge topics, including: Estate planning Retirement saving and income planning Psychology of financial planning Investment planning Tax planning Risk management and insurance planning Professional conduct and regulation General financial planning principles | 4-part exam 3 4-hour core sections: Auditing and Attestation (AUD) Financial Accounting and Reporting (FAR) Taxation and Regulation (REG) 1 4-hour discipline section (you choose): Business Analysis and Reporting (BAR) Information Systems and Control (ISC) Tax Compliance and Planning (TCP) |
| Education requirements | Bachelor’s degree within 5 years of passing the exam (any discipline) Financial planning coursework through a CFP Board-approved program | Bachelor’s degree in accounting or related field; 150 semester hours traditionally, though some states now allow 120-hour alternative pathways Typically 40 annual CPE credits (varies by state) |
| Experience requirements | 6,000 hours of professional experience (financial planning) OR 4,000 hours of apprenticeship experience | 1–2 years’ supervised work experience |
| License vs. certification | Certification | License |
| Fiduciary standard | CFP Board’s ethical and professional standards | AICPA Code of Professional Conduct |
| Typical salary | $107,500 (under 5 years’ experience) $185,000 (all financial planners) | $56,020 (10th percentile) to $144,090 for 90th percentile) |
How to Decide Which Credential Is Right for You
Deciding which credential to pursue (or which to go after first) isn’t always easy. Both have their advantages, but the career paths look pretty different.
Both CFP and CPA professionals are in high demand. The BLS projects a 5% increase in overall employment for accountants and auditors through 2034. Demand for personal financial advisors (which includes CFPs) is expected to grow 10%.
Choose CPA if…
A CPA might be better if you:
- Are interested in accounting, tax, and audit work
- Prefer working with businesses and organizations on financial compliance
- Plan to open your own accounting practice someday
The CPA credential is also legally required for certain advanced job functions, such as signing SEC reports or unlimited IRS representation.
Choose CFP if…
A CFP could be best if you:
- Enjoy working directly with individuals and families to achieve financial goals
- Are interested in retirement planning, investments, and wealth management
- Want to build long-term client relationships as a trusted advisor (perhaps a family advisor)
It might also be better if you prefer working more independently and don’t mind an income model that scales with your client base.
Consider Both if…
While you might start with 1 credential over the other, there’s no reason you can’t eventually get both. This might be a good option if you:
- Are a CPA wanting to expand into financial advisory services
- Are a CFP interested in pivoting to accounting and tax planning strategy
- Want to eventually provide tax expertise and comprehensive financial planning to clients (individuals or organizations)
The combination is highly marketable as long as you’ve got a clear career goal in mind.
Build Your Foundation in Tax and Accounting
Depending on where you are in your career and education, it might be too soon to start applying for jobs. If that’s the case, Intuit Academy is a good place to build the foundational skills you’ll eventually need. The free, self-paced tax preparation courses are valuable beyond the CPA path. CFPs who plan to advise on tax strategy can sharpen their knowledge there, too.
And if you are ready to start applying for jobs, check out current listings at Intuit. Getting hired while you’re still working toward your CFP or CPA can give you hands-on experience that’s hard to find anywhere else.
FAQs
Can you hold both a CFP and CPA at the same time?
You can. Holding both lets you offer a broader range of services. You won’t be limited to tax planning and compliance, blending tax planning and compliance with personal wealth management and financial planning. That broader scope can also translate into higher earning potential over time.
How long does it take to become a CPA or a CFP?
It takes an average of 5–7 years to become a CPA. That’s because you’ll need to complete a bachelor’s or master’s degree plus 1–2 years of supervised work experience.
Becoming a CFP takes about 5 years, as you’ll need to complete a board-certified program and a bachelor’s degree. If you don’t get your financial planning work experience while still in school, you’ll need to add another year or 2 to obtain the 4,000 to 6,000 hours required.
Which certification offers more flexibility in the job market?
It depends on what you’re after. The BLS reports a median wage of $83,680 for accountants and auditors. CFPs tend to earn more on average. The CFP Board’s 2025 Compensation Study puts median total compensation at $185,000 across all experience levels.
Job outlook is strong for both: BLS projects 5% growth for accountants and auditors and 10% for personal financial advisors through 2034. Both are expected to grow faster than the average across all occupations.
