The short answer
- Choose the CFA® Program if you want to analyse investments, value companies or manage portfolios, you may work in more than one country and want the same credential everywhere or you already work in investments and want depth rather than a licence.
- Choose the CPA licence if you want to work in audit, financial reporting or tax in the United States, your work will include reports that must be signed by a CPA or you can meet a US state board’s education and experience rules.
Key facts
- The CPA Exam has four sections of four hours each: three Core sections and one Discipline section of your choice (check the official website); you need a score of at least 75 on each section, on a scale from 0 to 99 (check the official website). The CPA is a licence from a US state board.
- The CFA® Program has three exams, taken in order, and leads to a designation rather than a licence.
- Fees, with Virginia as one example: CPA application US$120 (check the official website) and US$268.59 (check the official website) per section; Level I of the CFA Program US$1,140 (check the official website) with early registration for 2027.
- US median pay, May 2025: accountants and auditors US$83,680, financial and investment analysts US$102,740 – occupation data, not the effect of a qualification.
How do they compare?
| Criterion | the CFA® Program | the CPA licence |
|---|---|---|
| Run by | CFA Institute | Exam: AICPA with NASBA; licence: each US state’s board of accountancy |
| What you get | A designation (the charter) | A licence from one state |
| Exams | Three, in order: Level I, Level II, Level III | four sections of four hours each: three Core sections and one Discipline section of your choice (check the official website) |
| When | Level I in four windows a year | Core sections all year round; Discipline sections only in four windows – in 2027 in January, April, mid-July to mid-August and October (check the official website) |
| Time limit | None described in our sources | a window set by each state board – 30 months from the first section passed in most states (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) | Set by each state board |
| Education and experience for the credential | 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) | a master’s degree plus one year of experience; a bachelor’s degree plus 30 further credits (150 in all) plus one year; or, where the state has adopted it, a bachelor’s degree plus two years of experience – each with the CPA Exam passed (check the official website) |
| Exam fees | 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) | Virginia: application US$120 (check the official website); US$268.59 (check the official website) per section |
| Study time (estimates) | About 990–1,050 hours for three levels | 400–600 hours for four sections |
| Closest US occupation (BLS) | Financial and investment analysts (13-2051) | Accountants and auditors (13-2011) |
| Its US median annual wage, May 2025 | US$102,740 | US$83,680 |
Choose the CPA licence if you want to work as an accountant, auditor or tax specialist in the United States; choose the CFA® Program if you want to analyse investments or manage portfolios. The CPA Exam has four sections and leads to a state licence; the CFA Program has three exams and leads to a designation. Both ask for work experience. (AICPA & CIMA, the CPA Exam) (BLS, Occupational Outlook Handbook: Accountants and Auditors)
People weigh these two when they are good with numbers and unsure which side of finance to commit to. Both take a year or more of evenings, so choose by the work you want to do on an ordinary Tuesday, not by which letters look more impressive on a profile.
What is the difference between a licence and a designation?
The CPA is a licence. Each US state’s board of accountancy issues it, and some work needs it by law: according to the US Bureau of Labor Statistics, any accountant who files a report with the Securities and Exchange Commission must be a CPA (BLS, Occupational Outlook Handbook: Accountants and Auditors). The exam is the same in every state – administered nationally by NASBA, the AICPA and Prometric – but the rules for the licence differ from state to state (Virginia Board of Accountancy, CPA exam fees).
The CFA Program leads to a designation, the charter, awarded by CFA Institute after three exams and work experience (CFA Institute, Level I exam). It is not a licence from a regulator: in the US, the BLS names FINRA as the main licensing organisation for securities work (BLS, Occupational Outlook Handbook).
How do the exams compare?
The CPA Exam has four sections of four hours each: three Core sections and one Discipline section of your choice (check the official website): Auditing and Attestation (AUD), Financial Accounting and Reporting (FAR) and Taxation and Regulation (REG) as Core sections; Business Analysis and Reporting (BAR), Information Systems and Controls (ISC) or Tax Compliance and Planning (TCP) as the Discipline (check the official website). To pass, you need a score of at least 75 on each section, on a scale from 0 to 99 (check the official website). Timing: Core sections all year round; Discipline sections only in four windows – in 2027 in January, April, mid-July to mid-August and October (check the official website) (AICPA & CIMA, the new CPA Exam two years in). The clock starts with your first pass: you get a window set by each state board – 30 months from the first section passed in most states (check the official website) to pass the rest. In Virginia, all four must fall within 30 months of the first passing score’s release (Virginia Board of Accountancy, licensure requirements).
The CFA Program has three exams, Level I, Level II and Level III, taken in order; Level I has four windows a year. The Level I dates and fees for 2027 list them.
Becker estimates 400 to 600 hours for all four CPA sections and gives ranges per section (Becker, CPA study time (secondary source)); for the CFA Program, Soleadea estimates roughly 990–1,050 hours for three levels (Soleadea, study hours (secondary source)). Your choice of Discipline section changes the CPA total:
| Discipline section | With AUD, FAR and REG |
|---|---|
| BAR | 430–550 hours |
| ISC | 370–490 hours |
| TCP | 370–490 hours |
At a steady pace, those estimates turn into these weeks of study, before any retake and before the waits between windows:
| Hours a week | CPA Exam | CFA Program, three levels |
|---|---|---|
| 10 | 40–60 weeks | 103 weeks |
| 15 | 27–40 weeks | 68 weeks |
Neither is “harder” in a way anyone can measure for you: the CPA tests accounting, audit and tax rules in detail, the CFA Program valuation, markets and portfolios. Your degree decides which feels familiar.
What does it take to get the CPA licence?
The model law that states follow, the Uniform Accountancy Act, now has three routes: a master’s degree plus one year of experience; a bachelor’s degree plus 30 further credits (150 in all) plus one year; or, where the state has adopted it, a bachelor’s degree plus two years of experience – each with the CPA Exam passed (check the official website). The third route was added in 2025, and states have to enact it before you can use it (NASBA, Uniform Accountancy Act ninth edition). Each board adds its own details. Virginia, for example, asks for experience verified by a US CPA with an active licence and for the AICPA’s ethics course for licensure, passed with a score of 90% or more (Virginia Board of Accountancy, licensure requirements).
For the charter, CFA Institute asks for 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).
What does each cost?
CPA: fees depend on the state. In Virginia the application costs US$120 (check the official website) and each section US$268.59 (check the official website), paid to NASBA – for all four sections together US$1,194 (check the official website). The licence application is another US$75 (check the official website). A retake means paying the section fee again.
CFA Program: the 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; once you hold the charter, CFA Institute’s membership costs US$299 (check the official website) a year.
Can you take the CPA Exam in the UK?
Yes. NASBA lists England and Scotland among its international testing locations, for an extra US$390 (check the official website) per section (NASBA, international CPA Exam). With Virginia’s fees, four sections sat in England come to US$2,754 (check the official website; check the official website) before the licence. You still apply to a US state board, and its rules apply. If your career stays in the UK, weigh UK accountancy routes too, such as ACCA against the CFA Program; for UK investment roles, see whether to take the IMC or the CFA Program first.
What do accountants and investment analysts earn in the US?
Occupation data, not the effect of a qualification. The BLS survey records jobs, not credentials, so the figures below include CPAs, charterholders and people with neither (BLS, OEWS May 2025).
| Measure | Accountants and auditors (13-2011) | Financial and investment analysts (13-2051) |
|---|---|---|
| 10th percentile | US$56,020 | US$63,720 |
| 25th percentile | US$67,020 | US$79,290 |
| Median | US$83,680 | US$102,740 |
| 75th percentile | US$109,810 | US$133,340 |
| 90th percentile | US$144,090 | US$180,860 |
| Employment | 1,449,500 | 361,980 |
There are about four times as many accountants and auditors as analysts in the data, and the ranges overlap widely. The BLS projects employment of accountants and auditors to grow 5% from 2025 to 2035 and of financial analysts 7% (BLS, Occupational Outlook Handbook: Accountants and Auditors) (BLS, Occupational Outlook Handbook). To place your own salary, use the finance salary explorer.
Can you do both?
Yes, one after the other. CPA study gives you a head start in Financial Statement Analysis, a topic area of Level I. In audit or tax, the CPA comes first. Our questions complement CFA Institute’s own curriculum; they do not replace it.
What is the bigger decision?
- Time. Four CPA sections inside a rolling window, or three exams of the CFA Program spread over years. Ask which rhythm survives a busy season at work.
- Where you will live. The CPA is a US state licence; the charter is the same everywhere. If a move is likely, check how each travels before you commit.
- Family and health. Agree the plan at home and keep one evening a week free.
- Risk. A CPA section you pass counts only if the others follow inside the window; each level of the CFA Program is one exam with one result. Only the full route gives the credential.
What does this mean for you?
- Open ten adverts for the job you want in five years; note which ask for a CPA and which for the charter.
- Check your state board’s rules: education route, window and fees.
- Count your realistic hours a week and read the weeks table above at that pace.
- Ask your employer what it pays for and how much study leave it gives.
What are the common mistakes in this decision?
- Treating the charter as a licence to practise, or the CPA as an investment credential.
- Planning the CPA from another state’s rules – education, experience and fees differ by board.
- Booking Core sections without a plan for the rest inside the window.
- Starting both at once and progressing in neither.
Comparing other routes? See the CFA Program against an MBA, whether the CFA Program is worth it and the CFA Program, CAIA® Charter and FRM® certification by role.
What does this page cover?
- Last updated
- Based on
- Fees and rules from our fact register, linked to the exam bodies’ and the Virginia board’s pages
- Those pages read on 30 October 2026; prep providers’ study-hour estimates; BLS pay data
- Includes
- A side-by-side table, licence routes, exam timing, fees for one example state, study weeks and US pay
- Not included
- Every state’s rules and fees, course prices, how many candidates pass, use of a CPA licence outside the US
- This is not financial or careers advice
Uniform CPA Examination® is a registered trademark of the American Institute of Certified Public Accountants (AICPA). CPA is named only to identify the licence; the AICPA, NASBA and the state boards of accountancy are not connected with this page. CAIA® is a registered certification mark owned and administered by the Chartered Alternative Investment Analyst Association.
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 or sign audit reports in the US | the CPA licence |
| want a career in US tax | the CPA licence |
| work in corporate finance or valuation | either – the CFA® Program for valuation, the CPA for accounting |
| live in the UK with no plan to work in the US | the CFA® Program or a UK accountancy route |
| want both | one at a time, the CPA first if you work in audit or tax |
Frequently asked questions
Is the CPA or the CFA® Program harder?
No published measure compares them. Becker estimates 400 to 600 study hours for the four CPA sections; Soleadea estimates roughly 990–1,050 hours for the three levels of the CFA Program. Which feels harder depends on whether your background is in accounting or in markets.
Which pays more, a CPA or a CFA charterholder?
No survey we know of measures pay by credential. In US data for May 2025, the median annual wage was US$83,680 for accountants and auditors and US$102,740 for financial and investment analysts – occupation figures that include people with neither credential.
Can I take the CPA Exam in the UK?
Yes, in England and Scotland, for an extra US$390 (check the official website) per section. You still apply through a US state board, and its rules apply.
Do I need 150 credit hours for the CPA?
Not on every route. The model law now lists three: a master’s degree plus one year of experience; a bachelor’s degree plus 30 further credits (150 in all) plus one year; or, where the state has adopted it, a bachelor’s degree plus two years of experience – each with the CPA Exam passed (check the official website). Check which routes your state has adopted.
Can I hold both the CPA and the charter?
Yes, one after the other. In audit or tax, the CPA comes first.
Related tools and pages
Sources
- Association of International Certified Professional Accountants (AICPA & CIMA): Everything you need to know about the CPA Exam – three four-hour Core sections and one four-hour Discipline section of your choice, a minimum score of 75 on each section, education, examination and experience requirements set by each jurisdiction. Accessed 30 October 2026.
- AICPA & CIMA Insights (Ryan McDonough): The new CPA Exam, two years in – Core sections scheduled year-round, Discipline sections in quarterly windows, NASBA’s recommended 30-month window set by each state board, and the three licensure pathways of the 2025 Uniform Accountancy Act (6 July 2026). Accessed 30 October 2026.
- National Association of State Boards of Accountancy (NASBA): NASBA and AICPA publish ninth edition of the Uniform Accountancy Act – a pathway of a bachelor’s degree with an accounting concentration plus two years of experience beside the two existing pathways; states must enact it before candidates can use it (22 July 2025). Accessed 30 October 2026.
- Virginia Board of Accountancy: Licensure requirements – three pathways, experience confirmed by a US CPA with an active licence, AICPA ethics course for licensure with a score of 90% or better, all sections within 30 months, licence application fee. Accessed 30 October 2026.
- Virginia Board of Accountancy: CPA exam fees – Virginia application fee and the exam section fee paid to NASBA (as of 4 July 2026). Accessed 30 October 2026.
- National Association of State Boards of Accountancy (NASBA): International administration of the Uniform CPA Examination – testing locations (among them England and Scotland) and the additional fee per section. Accessed 30 October 2026.
- Becker (exam prep provider, secondary source): How long does it take to study for the CPA Exam? – 400 to 600 hours in all, hours per section, 10 to 20 hours a week, thirty months from the first section passed in most states (28 May 2026). 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.
- CFA Institute: CFA Program Level I exam: format and topic weights. Accessed 26 October 2026.
- US Bureau of Labor Statistics (public domain): Occupational Outlook Handbook: Accountants and Auditors – pay (May 2025), job outlook 2025–35, how to become one (a CPA for reports filed with the SEC; CPAs hold their licence from their state’s board of accountancy) (29 October 2026). Accessed 30 October 2026.
- US Bureau of Labor Statistics (public domain): Occupational Outlook Handbook: Financial Analysts – pay, median wages by industry (May 2025), job outlook 2025–35, how to become one (27 August 2026). Accessed 30 October 2026.
- US Bureau of Labor Statistics (public domain): Occupational Employment and Wage Statistics, May 2025 – national estimates for 13-2051 Financial and Investment Analysts, 13-2052 Personal Financial Advisors, 13-2054 Financial Risk Specialists, 11-3031 Financial Managers, 13-2011 Accountants and Auditors, 13-2041 Credit Analysts and 00-0000 All Occupations, and metropolitan area estimates for CBSA 35620 (New York) and CBSA 14460 (Boston) (employment, mean and percentiles of annual wages, read through the BLS Public Data API) (15 May 2026). Accessed 30 October 2026.
- EduDelphi (exam prep provider, secondary source): US CPA Exam sections: AUD, FAR, REG, BAR, ISC and TCP (2026) – three Core sections plus one Discipline, four hours each, a score of 75 on every section (2 June 2026). Accessed 30 October 2026.
- Becker (exam prep provider, secondary source): 2026–2027 CPA Exam testing schedule – continuous testing for Core sections, Discipline testing windows for 2027 and the testing blackout of 1–11 July 2027 (11 September 2026). Accessed 30 October 2026.
- National Association of State Boards of Accountancy (NASBA): UAA Model Rule 5-7 – conditional credit for passed sections of the Uniform CPA Examination extended from 18 to 30 months, counted from the release of scores; each jurisdiction decides whether to adopt it (17 May 2023). Accessed 30 October 2026.
- CPA Practice Advisor (trade news, Jason Bramwell, secondary source): AICPA, NASBA share plans for additional pathway to CPA licensure – master’s degree plus one year, bachelor’s degree plus 30 credits plus one year, bachelor’s degree plus two years of experience (14 February 2025). Accessed 30 October 2026.
- EduDelphi (exam prep provider, secondary source): US CPA cost guide – Virginia application, section and licence fees, international administration fee per section (fees checked August 2026) (14 April 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.
- 300Hours (finance careers website, secondary source): CFA Requirements: How to Become A CFA Charterholder (15 September 2026). Accessed 30 October 2026.
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