Compare certifications · Updated 16 September 2026
CFA vs CPA: cost, hours, pass rates and which to take
Chartered Financial Analyst (CFA) against Certified Public Accountant (CPA), from the issuing bodies' own fee schedules.
The CFA costs $3,520 to $9,500 all-in and takes 900 to 1200 study hours; the CPA costs $3,000 to $6,800 and takes 320 to 500 hours. The CFA is worth it if you are already in, or credibly aiming at, an investment seat - equity or credit research, asset management, portfolio management, investment risk or institutional wealth - where it is a stated screen and employers often reimburse it; it is not worth it for investment banking, private equity or corporate finance, where deal experience and modelling tests decide hiring. The CPA is worth it if you are going into public accounting, want to run an accounting function, or want the legal authority to sign audits, where it is not optional and firms usually pay for the review course; it is not worth it for investment roles, startups or corporate strategy, where the 150-hour requirement is an expensive detour.
| CFA | CPA | |
|---|---|---|
| Issuing body | CFA Institute | AICPA and NASBA (licensed by individual US state boards of accountancy) |
| Exam fee | USD 1,140 early registration / USD 1,490 standard registration | USD 268.59 NASBA section fee (effective 4 July 2026) plus jurisdiction application fees |
| All-in cost | $3,520–$9,500 | $3,000–$6,800 |
| Study hours | 900–1200 | 320–500 |
| Calendar months | 18–48 | 8–24 |
| Levels / exams | 3 | 6 |
| Pass rate | CFA Institute publishes a pass rate for every sitting: 39% for Level I in May 2026 against a long-term average of 40%, about 43% at Level II and about 50% at Level III | the AICPA publishes rates every quarter: about 43% for Financial Accounting and Reporting and 48% for Auditing in 2026, against about 67% for Regulation and Information Systems and 79% for Tax Compliance and Planning |
| Format | three sequential computer-based levels: 180 multiple-choice questions at Level I, 88 vignette-linked item-set questions at Level II, and constructed-response essays plus item sets at Level III | four sections of four hours each - Auditing and Attestation, Financial Accounting and Reporting, Taxation and Regulation, plus one Discipline chosen from BAR, ISC or TCP - mixing multiple-choice testlets with task-based simulations |
| Prerequisites | A bachelor's degree, final year of one, or 4,000 hours of work and higher education over three sequential years; the charter also needs 4,000 qualified investment hours. | Set by your state board: usually a bachelor's degree plus 150 semester hours, or 120 hours plus two years of experience in a growing number of states. |
| Renewal | No re-examination. Charterholders pay annual CFA Institute membership dues of roughly USD 350 and file a Professional Conduct Statement. | A state licence renewed every one to three years, typically 40 CPE hours a year including ethics, plus a state renewal fee. |
| Pay impact | CFA Institute's Compensation Study finds that base salaries for CFA Institute members and charterholders rose faster year over year than the general market, and that the charter is associated with meaningfully higher total compensation in investment roles (portfolio management, research and risk), where the gap is widest. The effect is much smaller in roles far from portfolio decisions. source | The AICPA reports that CPAs earn roughly 10-15% more than non-certified accountants on average, with the gap widening sharply at senior levels where sign-off authority and public-accounting partnership require the licence. Robert Half's annual Accounting and Finance Salary Guide reports a similar 5-15% premium for the credential. source |
| Careers that use it | Investment Banking Analyst, Private Equity Associate, Quantitative Analyst, Financial Analyst, Management Consultant | Certified Public Accountant, Financial Analyst, Investment Banking Analyst, Management Consultant |
| Fees checked | September 2026 | July 2026 |
Is the CFA worth it?
The CFA is worth it if you are already in, or credibly trying to get into, an investment role where the charter is a stated or implicit screen: equity or credit research, asset management, portfolio management, investment risk, or institutional wealth. In those seats the cost is small relative to the pay, employers often reimburse it, and passing Level II in particular is treated as real evidence of technical depth. It is also one of the few credentials that can help a non-target-school candidate get read at all. It is not worth it if you want investment banking or private equity, where deal experience and modelling tests decide hiring and the charter is largely ignored; if you are in corporate FP&A, where an MBA or CPA travels further; or if you are hoping a credential alone will move you into finance from an unrelated field, which it very rarely does. Be honest about the real price: roughly 900 to 1,200 hours of evenings and weekends over several years, with a better-than-even chance of failing at least one level. If you would not do the reading for its own sake, the expected value is poor.
Is the CPA worth it?
The CPA is worth it if you are going into public accounting, want to run an accounting function, or want the legal authority to sign audits - in those paths it is not optional, and firms usually pay for the review course and give study leave. It is also the most reliable credential in finance for converting a non-elite degree into a stable, well-paid career, and the licence travels well into internal audit, tax, forensic work and controllership. It is not worth it if you want investment roles, startups or general corporate strategy: the 150-hour requirement is an expensive detour, the material is compliance-heavy, and hiring managers in those fields care about modelling and deal reps. It is also a poor fit if you are not prepared for the grind of four exams in an 18- to 30-month window while working busy season, which is where most candidates stall. Check your specific state board before committing, because the 150-hour rule is currently being rewritten jurisdiction by jurisdiction and the cheaper 120-hour-plus-experience pathway may already be open to you.
CFA vs CPA FAQ
Which costs more, the CFA or the CPA?
All in, the CFA runs $3,520 to $9,500 and the CPA runs $3,000 to $6,800, including membership, required education, study materials and one exam sitting. Exam fees alone: USD 1,140 early registration / USD 1,490 standard registration for the CFA and USD 268.59 NASBA section fee (effective 4 July 2026) plus jurisdiction application fees for the CPA, checked September 2026 and July 2026 against the issuing bodies.
Which takes longer to study for, the CFA or the CPA?
Candidates report 900 to 1200 study hours over 18 to 48 months for the CFA, against 320 to 500 hours over 8 to 24 months for the CPA. CFA Institute publishes a pass rate for every sitting: 39% for Level I in May 2026 against a long-term average of 40%, about 43% at Level II and about 50% at Level III. the AICPA publishes rates every quarter: about 43% for Financial Accounting and Reporting and 48% for Auditing in 2026, against about 67% for Regulation and Information Systems and 79% for Tax Compliance and Planning.
Should I take the CFA or the CPA first in 2026?
The CFA is worth it if you are already in, or credibly aiming at, an investment seat - equity or credit research, asset management, portfolio management, investment risk or institutional wealth - where it is a stated screen and employers often reimburse it; it is not worth it for investment banking, private equity or corporate finance, where deal experience and modelling tests decide hiring. The CPA is worth it if you are going into public accounting, want to run an accounting function, or want the legal authority to sign audits, where it is not optional and firms usually pay for the review course; it is not worth it for investment roles, startups or corporate strategy, where the 150-hour requirement is an expensive detour. Prerequisites differ: A bachelor's degree, final year of one, or 4,000 hours of work and higher education over three sequential years; the charter also needs 4,000 qualified investment hours. For the CPA: Set by your state board: usually a bachelor's degree plus 150 semester hours, or 120 hours plus two years of experience in a growing number of states.
Who asks for the CFA versus the CPA by name?
Asset managers, equity and credit research shops, pension and endowment investment offices, investment risk and performance teams, and institutional and private wealth managers ask for the CFA by name, frequently as "CFA charterholder or candidate" in the job posting itself. Outside those seats - investment banking, corporate financial planning and analysis, consulting - it is a nice-to-have that nobody screens on. Public accounting firms, from the Big Four to regional practices, require the CPA for promotion past senior associate and for sign-off authority, and the Securities and Exchange Commission requires a licensed CPA on any report filed with it. Controllership, internal audit, technical accounting, forensic accounting and transaction services teams at corporates ask for it by name too.