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Make the right choice with CFA® Program

Compare leading credentials in investment management, including the globally respected CFA designation known for excellence in portfolio management and ethical standards.
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CFA charter

MBA

CPA

CFP

Career path

Investment Analyst, Portfolio Manager, Strategist, Consultant, Wealth Manager

Business Manager, Portfolio Manager, Financial Analyst, Strategist, Consultant

Accountant, Comptroller, Financial Manager, CFO

Financial Planner, Financial Advisor, Investment Advisor, Financial Consultant, Wealth Manager

Requirements

3 exams and one of the following: bachelor’s degree, be within 23 months of graduation from the date you sit for the Level I exam, combination of 4,000 hours of full-time work experience and university education accrued over a minimum of 36 months

master’s degree (2-3 years)

4 exams, bachelor’s degree, & 150 schooling hours

1 exam, bachelor’s degree with coursework in financial planning, and 4,000–6,000 hours of work experience

Cost

min. USD 3,050 - 3,950*

USD 80,000–125,000

USD 800

USD 825

Recognition

Preferred by nearly 90% of executive and senior level positions in investment management positions

Not a requirement for most positions

Increasingly becoming more required

Required to become a financial planner

Focus

Investment tools & valuing assets

Broad list of business concepts

Auditing, business concepts, financial accounting, regulation

Financial and investment planning

Difficulty

38% pass rate for Level I

Pass rate depends on individual university

53 - 64% pass rate

62-66% pass rate

Award for completion

Professional designation

Degree certificate

Professional License

Professional designation

Professionals

178,000

More than 100,000 degrees awarded annually

659,000

181,000

Average salary

$180,000

$107,000

$70,000

$80,000

Key summary

Focus on investing in large scale corporate situations

Broad field of careers across marketing, finance, management, etc.

Accounting and finance are the main career paths

Focus on helping individual clients achieve their personal financial goals

*The minimum estimate assumes passing all three exams on first attempt.

All fees shown are net of any local VAT, Goods and Services Tax (GST) or any other sales tax payable by the candidate in their country of residence. Where CFA® Institute is required to add sales tax at the local statutory rate, this will be added to the fees shown during the payment/checkout process.

For information about taxability related to online purchases from CFA Institute, please visit our Tax Policy page.

CFA® Program vs. MBA

The CFA Program and master of business administration (MBA) programs both offer benefits that can help you advance in your career. Although the programs have some similarities, key differences make the CFA Program particularly well suited to investment careers. Traditionally, MBA programs have been the conventional path taken for business management, and the typical program offers a broad business curriculum, which does include financial and investment aspects. The CFA Program curriculum, however, specifically focuses on investment analysis and portfolio management and provides deep knowledge of investment principles and ethics. Although top MBA programs do have wide networks, the CFA Program connects candidates to a global professional network of elite investment professionals. Industry recognition is also different. For example, some industry regulators even allow waivers and exemptions for candidates who successfully complete the CFA Program or certain exam levels.

CFA® Program vs. CPA

The certified public accountant (CPA) credential is well established but is primarily associated with careers in accounting. The CFA Program is designed to advance investment careers and provides deep knowledge of investment analysis and portfolio management as well as professional ethics. In contrast, the curriculum for CPAs concentrates on accounting, taxes, and audits. The CFA Program requires fewer educational prerequisites than the CPA curriculum, and its three exam levels enable candidates to demonstrate mastery.

CFA® Program vs. CFP

The CFA Program is demanding, and the CFA designation is a testament to the knowledge, skills, and determination invested over three exams, professional requirements, references, and more. Certified Financial Planners (CFPs) are also widely respected financial professionals. Although many CFP professionals pursue careers that involve working directly with individual clients for financial planning services, CFA Charterholders pursue careers as investment professionals, including private wealth management and financial advisory roles. The CFA charter provides flexible career opportunities to work more with people or with data, depending on your interests.

Learn how the CFA Program can boost your career in investment management

Explore the CFA® Program

Whether you’re considering the CFA Program or already registered as a candidate, we have information and resources to help you navigate the next step.

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