ACA/CPA Vs CFA

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rexthedog

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Curious to know anyone who is an ACA (Chartered accountant - I think in U.S You call it CPA) and a CFA, or studying for both, which you find more daunting.
ACA seems to be about 15 three hour exams over 3/4 years that can be taken several times during the year.
It’s hard to quantify which is harder as they are quite subjective, but interested to know your thoughts.
 
I successfully wrote the exams for the Canadian CA designation last September, The whole CA process requires more study time than the CFA does for the average candidate (I’m assuming about 1300 hours/CA and 1000 hours/CFA cumulatively), but the CA material is easier and memorisation/procedure can be relied on more than it can in the CFA program.
I’d say that the Level 1 exam was harder than the Canadian CA exams by 25-30%
 
I found the CFA exams to be more daunting than the U.S. CPA exams. Maybe 1.5 - 2x as hard.
 
Greenman72 wrote:
Each level of the CFA exam is as hard as the entire CPA exam.
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I’ve heard this from every CPA who holds CFA designation. I wish there was an equal difference in career value between the two, sadly they are on the same line and CPA people are never ready to admit CFA is any harder
 
In a meeting with a senior finance director of a giant US investment bank, he said he when he joined the company as an accountant, he was forced to do level 1. Failed despite studying his ass off and gave up. 2 lessons to take away there, 1. CFA is harder, 2. Qualifications don’t mean shit, dude is making more bank than most people here can dream of.
 
AfricaFarmer wrote:
2. Qualifications don’t mean shit, dude is making more bank than most people here can dream of.
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that’s obvious isn’t it? no company is goign to pay you big money if your performance is poor, doesn’t matter how many letters you have behind your name
 
^ stop stereotyping you racist bitch. I am Indian and I personally don’t know anyone who gets more than an undergrad+Masters+one professional course (CA/CFA/CPA etc). Thanks for not stereotyping anymore.
 
I am an Indian CA. I personally found the CA exam to be more daunting and consuming than anything I have done in my entire life. 4 years of rigorous exams and apprecenticehip weakens the body and soul. Nothing like it!
 
I wish there was a “Let Me Google That For You (LMGTFY)” for Analyst Forum - “Let Me Search Analyst Forum For You (LMSAFFY).”
S2000? itera? bchad?
 
If i’m honest, I would suggest an MBA is probably the most worthwhile post university qual you can get for all roundedness and general networking contacts etc. Most people just can’t be arsed to fork out the dough for it
 
^ I would counter that and say it’s the least worthwhile in my opinion. You’re paying for networking, strong leadership skills can be developed through your work. Not that I wouldn’t pay for the network and a few letters on the resume from a top school, I just think that the utility of the MBA from an academic perspective is a bit of a fallacy.
 
Agree. But most stuff people learn from any degree/qual is a bit of a fallacy.
I work at a hedge fund, and our head of research has been a CFA for 15 years and said he has not used one single thing from it in that time frame.
 
Sidtoaf wrote:
I am an Indian CA. I personally found the CA exam to be more daunting and consuming than anything I have done in my entire life. 4 years of rigorous exams and apprecenticehip weakens the body and soul. Nothing like it!
Click to expand...
same goes for Pakistani CA… worst nightmare grind for students for 5 years
 
rexthedog wrote:
Agree. But most stuff people learn from any degree/qual is a bit of a fallacy.
I work at a hedge fund, and our head of research has been a CFA for 15 years and said he has not used one single thing from it in that time frame.
Click to expand...
Twisting the facts. What he meant to say was: he didn’t use anything new he learned from CFA.
Its impossible he literally didn’t use “one single thing” from the CFA, because that means he never used the words equities, fixed income, P/E, valuation etc
 
Optimist85 wrote:
Greenman72 wrote:
Each level of the CFA exam is as hard as the entire CPA exam.
Click to expand...
I’ve heard this from every CPA who holds CFA designation. I wish there was an equal difference in career value between the two, sadly they are on the same line and CPA people are never ready to admit CFA is any harder
Click to expand...
As somebody who passed all his CPA exams, I 100% agree with this.
 
L1 might not be harder than the entire CPA exam. But L2 and 3 certainly are.
Its also hard to gauge because the cpa is broken up into four bite-size pieces. If I had to take all four parts at once, it might have been harder.
 
I did both the CPA and CFA exams and while I believe the CFA is harder, I dont quite think each level is harder than the entire CPA exam. I thought level 1 was easier, but then I would agree with that statement on the levels 2 and 3. However, some of that could be because I did the CPA first and had more practical experience on the finance/accounting parts thus making that related material on the CFA level 1 much easier.
 
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