The short answer
- Choose the CFA® Program if you want to analyse investments, value companies or manage portfolios, you work, or want to work, at an asset manager, a bank’s research team or an investment firm or you can study for three large exams beside a job.
- Choose ACCA if you want to work in financial reporting, audit, tax or a company’s finance team, you want a route that starts from A levels and can take exemptions for a relevant degree or you prefer many smaller exams across four sessions a year.
Key facts
- The CFA® Program has three exams; ACCA has 13 exams: 3 Applied Knowledge, 6 Applied Skills and 4 Strategic Professional (2 Essentials and 2 of 4 Options) (check the official website).
- ACCA is being redesigned: the current Applied Skills and Strategic Professional exams end with the June 2027 session; the redesigned Knowledge exams start on demand in July 2027, its Expertise and Strategic Professional exams with the September 2027 session (check the official website).
- Fees per exam: CFA Program Level I US$1,140 (check the official website) with early registration for 2027; ACCA Applied Skills £173 (check the official website) at standard entry for December 2026.
- UK median full-time pay, ASHE 2026 (provisional): chartered and certified accountants £50,745, finance and investment analysts and advisers £53,940 – occupation data, not the effect of a qualification.
How do they compare?
| Criterion | the CFA® Program | ACCA |
|---|---|---|
| Run by | CFA Institute | Association of Chartered Certified Accountants (ACCA) |
| Focus | Investment analysis, valuation and portfolio management | Financial reporting, audit, tax, management accounting and financial management |
| Exams | Three, in order: Level I, Level II, Level III | 13 exams: 3 Applied Knowledge, 6 Applied Skills and 4 Strategic Professional (2 Essentials and 2 of 4 Options) (check the official website); being redesigned from 2027 |
| When | Level I in February, May, August and November | four sessions a year, in March, June, September and December; the Applied Knowledge exams are on demand (check the official website) |
| Entry | Level I: a bachelor’s degree, being within 23 months of completing one, or 4,000 hours of work experience and/or higher education over at least 36 months (check the official website) | From two A levels or equivalent; up to nine exemptions for a relevant degree or qualification |
| Experience | For the charter: 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website) | For membership: 36 months of supervised practical experience in a relevant accounting or finance role, gained before, during or after the exams (check the official website) |
| Fee per exam | Early: Level I US$1,140 (check the official website), Level II US$1,140 (check the official website), Level III US$1,240 (check the official website) | Applied Skills £173 (check the official website); Strategic Business Leader £295 (check the official website); other Strategic Professional £229 (check the official website); Applied Knowledge set by the exam centre – about £125–£145 per exam as an indication (check the official website) |
| Study time (estimates) | About 990–1,050 hours for three levels | 100–300 hours per exam; typically three to four years in all |
| Closest UK occupation (ONS) | Finance and investment analysts and advisers (2422) | Chartered and certified accountants (2421) |
| Its UK median full-time pay, 2026 | £53,940 | £50,745 |
Choose the CFA® Program if you want to analyse investments and manage portfolios; choose ACCA if you want to build a career in accounting, audit, tax or company finance. The CFA Program has three large exams; ACCA has 13 smaller ones for most students. Both ask for years of relevant work experience before you hold the credential. (300Hours, ACCA guide (secondary source))
The two are often weighed against each other by graduates who want “a finance qualification” and by accountants who are drawn to investment work. They answer different questions. The CFA Program, run by CFA Institute, tests investment knowledge in three levels (CFA Institute, Level I exam). The ACCA Qualification, from the Association of Chartered Certified Accountants, trains you as an accountant across financial reporting, audit, tax, management accounting and financial management, and leads to membership of ACCA (300Hours, ACCA guide (secondary source)).
How do the exams and the experience rules differ?
ACCA works level by level: within a level you choose the order of the exams, but each level comes before the next. A relevant degree or another qualification can bring exemptions from up to nine exams, all at the two lower levels, for a fee of £98 (check the official website) or £123 (check the official website) each. You can start with two A levels or equivalent qualifications (300Hours, ACCA guide (secondary source)). An online Ethics and Professional Skills module comes on top (300Hours, ACCA fees (secondary source)).
The CFA Program has three levels, Level I, Level II and Level III, taken in that order, and each level is one exam with one result. The entry and experience rules of both are in the table above; in both, experience gained before, during or after the exams counts.
What is changing at ACCA in 2027?
ACCA is redesigning its qualification: the current Applied Skills and Strategic Professional exams end with the June 2027 session; the redesigned Knowledge exams start on demand in July 2027, its Expertise and Strategic Professional exams with the September 2027 session (check the official website). ACCA says passes you already have carry over into the new structure and that current students will have no disadvantage in progression or in the cost to complete (ACCA, the future ACCA Qualification). If you start now, the exams you sit up to June 2027 fall under the current structure and the rest under the new one; ACCA’s transition tool shows how your passes carry over, so use it before you plan the later levels. The CFA Program keeps its three levels.
What does each cost?
The CFA Program: exam fees for 2027, each level passed at the first attempt, add up to US$3,520 (check the official website) with early registration or US$4,570 (check the official website) standard, before taxes – about £2,643 or £3,432 at the ECB reference rate of 29 October 2026. (ECB, euro reference rates of 29 October 2026)
ACCA: at standard entry and with no exemptions, the six Applied Skills exams, the four Strategic Professional exams, the ethics module and registration add up to £2,192 (check the official website). The three Applied Knowledge exams and a yearly student subscription come on top. These are ACCA’s UK fees for the December 2026 session; 2027 fees were not yet published, and late entry costs more (300Hours, ACCA fees (secondary source)).
| Item | CFA® Program | ACCA |
|---|---|---|
| Exam fees we can add up | Three levels, early: US$3,520 (check the official website) | Ten exams, ethics module and registration: £2,192 (check the official website) |
| Not in that sum | Study materials; taxes | Three Applied Knowledge exams (set by the exam centre – about £125–£145 per exam as an indication (check the official website)); study materials |
| Every year while you study | – | £140 (check the official website) |
| Every year once qualified | US$299 (check the official website) | £326 (check the official website) |
A failed exam costs its fee again in both: for the CFA Program the full registration fee again, with no discount for retakers (check the official website), at ACCA the full exam fee for each attempt (300Hours, ACCA fees (secondary source)). For the CFA Program with your own windows and currency, use the Level I cost calculator.
How long does each take?
The prep provider Soleadea estimates roughly 990–1,050 study hours for the three levels of the CFA Program (Soleadea, study hours (secondary source)). 300Hours puts ACCA at 100–300 hours per exam in practice – across 13 exams that is 1,300 to 3,900 hours before exemptions, while it cites about 5,300 learning hours in ACCA’s own framework. It gives a typical completion time of three to four years, partly because the experience requirement cannot be shortened (300Hours, ACCA guide (secondary source)). Neither credential comes until exams and experience are both done.
What do accountants and investment analysts earn in the UK?
Occupation data, not the effect of a qualification. The ONS survey of employers records occupations, not qualifications, so the figures below include ACCA members, other accountants, charterholders and people with none of these qualifications (ONS, ASHE 2026 provisional, Table 14).
| Measure | Chartered and certified accountants (2421) | Finance and investment analysts and advisers (2422) |
|---|---|---|
| 10th percentile | £28,314 | £29,743 |
| 25th percentile | £36,210 | £39,666 |
| Median | £50,745 | £53,940 |
| 75th percentile | £68,619 | £75,790 |
| Estimated full-time jobs (thousands, indicative) | 57 | 183 |
The medians are close, and the ranges overlap almost completely. The estimate for accountants is less precise: ONS gives a coefficient of variation of 7.9% for its median against 3.8% for analysts. Qualified accountants can also work under other job titles, such as finance manager, and are then counted there. ONS data are used under the Open Government Licence v3.0. More on analysts’ pay is on what investment analysts earn.
Can you do both?
Yes, and some people do – but one at a time. Both ask you to read financial statements, so the accounting from ACCA is a head start for Financial Statement Analysis, one of the ten topic areas of Level I. If you are early in an accounting career, ACCA first and Level I later is the usual order; if you already work in investments, the CFA Program alone may be enough. Our questions complement CFA Institute’s own curriculum; they do not replace it.
What is the bigger decision?
- Time. ACCA spreads 13 exams over several years with four sessions a year; the CFA Program puts roughly a thousand hours into three larger exams. Ask which rhythm your job and life can carry.
- Your employer. Ask whether your employer pays for one of the two and gives study leave before you choose – support changes the cost a lot, and it often follows the work the firm does.
- Family and health. Either route means years of evenings and weekends. Agree the plan with the people you live with and keep one free evening a week.
- Risk. ACCA passes add up exam by exam; each level of the CFA Program is one exam with one result. Both keep your knowledge if you stop, but only the full route gives the credential.
What are the common mistakes in this decision?
- Comparing the number of exams and forgetting the experience requirement of each.
- Choosing by a salary headline rather than by the work you want to do every day.
- Starting ACCA in 2027 without checking how the redesign maps your passes.
- Paying late-entry fees by booking ACCA exams after the standard deadline.
- Starting both at once and progressing in neither.
Weighing the CFA Program against other routes? See whether the CFA Program is worth it, the CFA Program against an MBA and the CFA Program against the US CPA licence.
What does this page cover?
- Last updated
- Based on
- CFA Institute and ACCA fees, rules and dates from our fact register, linked to their own pages for checking
- ACCA’s page on the future ACCA Qualification and dated guides of 300Hours and BPP (secondary sources)
- UK pay from ONS ASHE 2026 (provisional); exchange rate from the ECB
- Includes
- A side-by-side table, the experience rules and the 2027 changes at ACCA
- Fees we can add up, study time and UK pay of the two occupations
- Not included
- ACCA fees outside the UK, late-entry fees and exemptions for your degree
- How many candidates pass
- This is not financial or careers advice
ACCA is a trade mark of the Association of Chartered Certified Accountants. It is named only to identify the qualification; ACCA is not connected with this page.
Who should choose which?
| If you … | Usually fits |
|---|---|
| want to become an equity or credit analyst or a portfolio manager | the CFA® Program |
| want to work in audit, financial reporting or tax | ACCA |
| aim to become a financial controller or finance director of a company | ACCA |
| work in corporate finance or valuation | either – the CFA® Program for valuation depth, ACCA for accounting depth |
| have A levels but no degree yet | ACCA, which you can start from A levels |
| want both | one at a time – usually ACCA first if you are early in an accounting career |
Frequently asked questions
Is the CFA® Program or ACCA better?
Neither in general. The CFA Program is built for investment analysis and portfolio management; ACCA trains you as an accountant for financial reporting, audit, tax and company finance. Choose by the work you want to do.
How many exams do the CFA Program and ACCA have?
The CFA Program has three: Level I, Level II and Level III. ACCA has 13 exams: 3 Applied Knowledge, 6 Applied Skills and 4 Strategic Professional (2 Essentials and 2 of 4 Options) (check the official website); a relevant degree can bring exemptions from up to nine of them, at the two lower levels.
Which is cheaper, the CFA Program or ACCA?
They are charged in different currencies and patterns. The three levels of the CFA Program cost US$1,140 (check the official website), US$1,140 (check the official website) and US$1,240 (check the official website) with early registration for 2027. ACCA charges per exam – for example £173 (check the official website) for an Applied Skills exam at standard entry – plus registration of £89 (check the official website) and a yearly subscription of £140 (check the official website).
How long does each take?
The prep provider Soleadea estimates roughly 990–1,050 study hours for the three levels of the CFA Program. For ACCA, 300Hours gives a typical completion time of three to four years, partly because membership needs 36 months of practical experience.
What changes at ACCA in 2027?
ACCA is redesigning the qualification: the current Applied Skills and Strategic Professional exams end with the June 2027 session; the redesigned Knowledge exams start on demand in July 2027, its Expertise and Strategic Professional exams with the September 2027 session (check the official website). ACCA says passes you already have carry over and current students will have no disadvantage in progression or in the cost to complete.
Can I do ACCA and then the CFA Program?
Yes, one after the other. Both ask you to read financial statements, so ACCA gives a head start in Financial Statement Analysis, one of the ten topic areas of Level I.
Related tools and pages
Sources
- CFA Institute: CFA Program Level I exam: format and topic weights. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): ACCA Exams: All Our Best Guides in One Place – exam structure (13 of 15 papers), sessions, entry, exemptions, study time per paper, Practical Experience Requirement, completion time and the restructure from September 2027. Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): ACCA Exam Fees & Costs: Complete 2026 Breakdown – registration, subscription, exam, late entry, exemption, Ethics and Professional Skills module and membership fees (6 August 2026). Accessed 30 October 2026.
- Association of Chartered Certified Accountants (ACCA): Accountancy redefined – for students: first exams of the redesigned qualification in 2027; existing achievements carried over, no disadvantage in progression or cost to complete; student transition tool. Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): How Many Study Hours Does the CFA® Exam Really Take? (3 August 2026). Accessed 30 October 2026.
- Office for National Statistics (Open Government Licence v3.0): Earnings and hours worked, occupation by four-digit SOC: ASHE Table 14 – 2026 provisional, Tables 14.7a (annual pay, gross), 14.7b (coefficients of variation) and 14.9a (paid hours worked, total), full-time employee jobs, United Kingdom (22 October 2026). Accessed 30 October 2026.
- European Central Bank: Euro foreign exchange reference rates – rates of 29 October 2026 (all currencies quoted against the euro) (29 October 2026). Accessed 30 October 2026.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. Accessed 30 October 2026.
- CFA Institute: CFA exam dates and fees. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): 2026 CFA Exam Cost Breakdown: A Detailed Estimate (18 April 2026). Accessed 30 October 2026.
- CFA Institute: CFA Program: eligibility, exams, work experience and membership.
- Soleadea (exam prep provider, secondary source): Level 1 CFA® Exam Retake: Cost and Conditions (1 August 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): CFA Requirements: How to Become A CFA Charterholder (15 September 2026). Accessed 30 October 2026.
- Association of Chartered Certified Accountants (ACCA): ACCA accountancy qualifications.
- Association of Chartered Certified Accountants (ACCA): ACCA important dates and exam entry deadlines.
- Association of Chartered Certified Accountants (ACCA): 36 months' practical experience – supervised experience in a relevant accounting or finance role, gained before, during or after the exams. Accessed 30 October 2026.
- BPP (accountancy training provider, secondary source): ACCA syllabus changes 2027 – first exams of the redesigned qualification: Knowledge level in July 2027, Expertise and Strategic Professional from September 2027. Accessed 30 October 2026.
- Association of Chartered Certified Accountants (ACCA): The future ACCA Qualification: timeline – final sitting of the current Applied Skills and Strategic Professional exams in June 2027, on-demand Foundations and Knowledge exams from July 2027, first Expertise and Strategic Professional session in September 2027. Accessed 30 October 2026.
- Association of Chartered Certified Accountants (ACCA): ACCA fees and charges (UK): registration, subscription, exemption and exam fees. Accessed 30 October 2026.
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