Deloitte Business Valuation Analyst Salary
Deloitte Business Valuation Analyst Salary – There is understandably a lot of comparison and confusion between different financial qualifications. CFA vs CPA is no exception – they even sound similar!
We’ve had chartered accountants share their CFA experiences before, but in this article we’ll specifically compare the CPA and CFA charter in all aspects: career paths, exam formats, exam difficulty, salary differences.
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This analysis has been in the works for a long time and we think we have come up with a definitive comparison. Let’s dive in!
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A CPA is basically a qualification for those on an accounting-focused career path, with job roles such as accountants, controllers, financial managers, CFOs, etc.
The CFA charter is intended for investment management and consulting such as investment analysts, portfolio managers, investment strategists, consultants, asset managers, etc.
CPA = Mandatory, CFA = Optional: An important difference is that the CPA is often mandatory, or at least strongly encouraged in the respective functions, while the CFA charter, although encouraged in the investment industry, is not mandatory.
The CPA curriculum focuses on auditing, financial accounting, regulation – ensuring that companies accurately reflect their business performance and financial health.
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This anecdote about CPAs vs. CFAs may help: CPAs prepare and review financial statements, while CFAs read and analyze financial statements.
The difference between CPA and CFA in terms of depth of material is about the same when comparing similar topics such as pension accounting and FRA topics.
I would say the material goes into similar depth, but the CFA exams have more difficult and confusing questions.
However, the CFA exam is generally considered much tougher because it covers a much wider range of material compared to the CPA exams.
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This not only means more areas to do and study, but exams are harder because you have to remember a lot more material at the same time.
Each CFA level also builds on the curriculum from the previous level, i.e. j. CFA Level 2 will require a strong knowledge of CFA Level 1 and CFA Level 3 will require a good understanding of CFA Levels 1 and 2.
The CPA exams are made up of 4 exams, but probably only 4 parts of one “level”. The material for each exam is exclusive, meaning you can study for each exam without having to memorize material from another exam. You don’t even have to take them in order and complete all 4 exams in 18 months.
One important thing, especially if you’re considering a CFA from a CPA, is that by the time you’re eligible to take the CPA exam, you’ve probably already learned 90% of the information you need to pass the exam (from your current accounting job) – just revise and revise.
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Because the breadth of material is not as broad and candidates are likely to be reviewing concepts they have already learned on the job, the CPA exam requires significantly less preparation time than the CFA exam.
The AICPA recommends that candidates spend 300-400 hours studying for the entire CPA exam. The CFA exam typically involves 300-400 hours of study per level, for a total of 900-1,200 hours, assuming you pass all levels first time!
Are the CFA exams harder than the CPA exams? Or are CPA exams harder than CFA exams?
As we discovered in looking at the differences between the CFA and CPA exams, the breadth, depth, and length of the combined CFA exams make the CFA exams much more challenging to take and pass than the CPA exams.
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Based on the above points, here are the existing factors why CFA exams are significantly more difficult than CPA exams:
This is where it gets confusing for many candidates – the pass rates of different exams are not comparable as there can be huge differences in re-sit eligibility, exam formats and other circumstances.
But the 4 CPA exams are not interdependent: you can take them independently. This is different from the CFA exams, where you have to pass each level of the exam before moving on to the next. You will find that mostly the same well prepared candidates pass most of the 4 exams and the less well prepared candidates are the ones who fail most of the 4 exams.
Candidates can retake any CPA exam within 24 hours. In addition, for the CPA exam, unsuccessful candidates can request to retake the exam 24 hours after receiving the results. Now you can even retake it within the same exam window, meaning you can retake the exam almost instantly.
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Hence the confusion between CPA and CFA pricing. CFA’s 22-56% success rate is only slightly lower than CZA’s 50-60% success rate, right? Wrong.
You have to pass one CFA level to move on to the next one. Every failed CFA Level 2 candidate has previously passed CFA Level 1. Likewise, every failed CFA Level 3 candidate has previously passed CFA Level 2 AND 1. And even with the recent changes, it still takes much longer to retake the CFA exam (6 months). compared to the CPA exam (several days).
That’s why we derived our Pass Ratio metric. Our Pass Ratio allows candidates to reliably compare exam difficulty across different qualifications.
Pass Ratio formula: You can derive an “overall” and more comparable Pass Ratio by dividing the average number of people who have fully qualified by the number of new candidates:
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Calculating CPA Success Rate: Using data from the AICPA Trends report from the last 3 years of data available, this gives an average / overall / blended success rate of approximately 62%:
This success rate means that based on the last 3 years of data, about 62% of CPA candidates will become CPAs.
You can also calculate the success ratio by dividing the average annual number of new CFA holders by the average annual number of CFA candidates. When you look at the data, you’ll see that only 24% of people who enroll in the CFA program pass CFA Level 3:
For salary data, we referenced our own CFA salary database as well as data from PayScale. We limited our analysis to the US market to maintain good comparability between CFA and CPA salaries.
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From our own databases and PayScales, we have deduced that the average US CFA hire is estimated at $95,023. This broad average covers all types of jobs, industries, and experience levels, so it’s not particularly helpful to a candidate. with specific circumstances. However, we can use it to compare to the equivalent number in the CPA industry.
Using the same methodology we used to calculate the average CFA salary, we deduced that the average CPA in the US is estimated to be $87,979. This means that the average CPA earns 7.5% less than the average CFA hire.
But is it really true? If you compare the experience levels of the CFA and CPA samples, you will see that in our analysis, the average CFA holder is more experienced than the average CZA. So you would expect a CFA charter holder to earn more because they are likely to be in a higher and better paying position.
So who really gets more, CFA charter holders or CPAs? Considering both factors, I’d say it’s a tie: CFA and CPA charterholders show similar salary levels on average.
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So which is better, CFA or CPA? There really isn’t a one-size-fits-all answer – everyone will be comfortable with something different.
It is important to carefully evaluate your desired career path. Do you want help preparing financial statements or analyzing financial statements for investments? If it’s the former, a CPA might be a good fit, and if it’s the latter, you might want to check out the CFA Charter.
I hope the above helps in deciding between the 2 financial qualifications. What are you currently leaning towards? Leave a comment below!
Study notes, practice questions and mock exams for the CFA Level 1 and 2 exam. The GSTZN code was applied automatically via the link below. I’m a financial analyst at the Memphis Zoo. I am responsible for developing financial analysis for all functions and projects of the zoo operation. I have 2 years of successful financial reporting, analysis and project management.
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