Can I use a CPA in investment banking?

CPAs can work in investment banking, particularly in financial due diligence, accounting advisory, and deal execution. However, the CFA is preferred for research, analysis, and client-facing roles. Both are valued in M&A.

Which credential has better job prospects?

Both have excellent job prospects in their respective fields. CPAs have broader application across industries. CFAs are specialized for investment management. The CPA offers more career flexibility if youre unsure of your path.

Career Guide

CPA vs CFA

Accounting vs finance: choosing your credential

CPA leads to accounting careers; CFA leads to investment careers

CFA takes significantly longer to complete (minimum 2.5 years)

Both are highly respected in their respective fields

Some roles (valuations, M&A) value both credentials

The CPA (Certified Public Accountant) and CFA (Chartered Financial Analyst) represent the gold standards in accounting and investment finance respectively. While both are prestigious, they lead to very different careers.

Last updated: February 1, 2026

CPA vs CFA Comparison

Criteria	CPA	CFA
Focus Area	Accounting, audit, tax, attestation	Investment analysis, portfolio management
Exam Structure	4 sections (3 core + 1 discipline)	3 levels (must pass sequentially)
Total Exam Time	16 hours (4 sections x 4 hours)	18+ hours (6+ hours per level)
Time to Complete	12-18 months typical	2.5-4+ years minimum
Pass Rate	45-55% per section	Level 1: ~38%, Level 2: ~45%, Level 3: ~50%
Education Requirement	150 credit hours	Bachelors degree or final year of program
Experience Requirement	1-2 years accounting experience	4,000 hours investment decision-making
Exam Cost (All Levels)	$1,000-$1,500	$2,400-$4,400
Typical Industries	Public accounting, corporate, government	Asset management, investment banking, PE/VC

Focus Area

CPA

Accounting, audit, tax, attestation

CFA

Investment analysis, portfolio management

Exam Structure

CPA

4 sections (3 core + 1 discipline)

CFA

3 levels (must pass sequentially)

Total Exam Time

CPA

16 hours (4 sections x 4 hours)

CFA

18+ hours (6+ hours per level)

Time to Complete

CPA

12-18 months typical

CFA

2.5-4+ years minimum

Pass Rate

CPA

45-55% per section

CFA

Level 1: ~38%, Level 2: ~45%, Level 3: ~50%

Education Requirement

CPA

150 credit hours

CFA

Bachelors degree or final year of program

Experience Requirement

CPA

1-2 years accounting experience

CFA

4,000 hours investment decision-making

Exam Cost (All Levels)

CPA

$1,000-$1,500

CFA

$2,400-$4,400

Typical Industries

CPA

Public accounting, corporate, government

CFA

Asset management, investment banking, PE/VC

When to Choose the CPA

Choose the CPA if your career interests lean toward accounting, financial reporting, taxation, or corporate finance in non-investment roles.

Career in public accounting (audit, tax, advisory)
Corporate accounting or controller track
Financial reporting and compliance roles
Interest in starting your own practice

When to Choose the CFA

Choose the CFA if youre passionate about investments, capital markets, and portfolio management. The CFA is the gold standard for investment professionals.

Career in asset management or hedge funds
Investment banking (especially research and analysis)
Private equity or venture capital
Wealth management and financial planning

When Both Make Sense

Some specialized roles benefit from both credentials. This combination is powerful but requires significant time investment.

Business valuations and M&A advisory
Equity research (particularly for financial services)
Corporate development (M&A, strategy)
CFO roles at investment firms

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Related Buyer Guides

Best for Career Changers

Transitioning into accounting from another field? You may need more foundational support and structured guidance to build your accounting knowledge while preparing for the CPA exam.

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Still in school or recently graduated? You have fresh accounting knowledge but need an affordable course. Student discounts and budget-friendly options can help you start preparing without debt.

Frequently Asked Questions

The CFA is generally considered harder due to lower pass rates (especially Level 1 at ~38%), sequential exam structure, and 4-year work experience requirement. However, the CPA covers more breadth while the CFA goes deeper in fewer areas.

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