CPA vs CFA 2026: Requirements, Exams and Experience Compared

The CPA and the CFA are two very different credentials, and choosing between them starts with understanding what each one is. The CPA is a licence issued by a state board of accountancy, while the CFA is a charter awarded by CFA Institute after three exam levels and 4,000 hours of relevant work experience. This guide compares the two on structure, education, experience, study time and exams using the official sources, and leaves out salary claims we cannot source. For the details of the CPA route read our how to become a US CPA, and for the CFA exam read our CFA exam guide.

At a glance

What each credential is

A CPA licence is issued by your state's board of accountancy, not by AICPA, and the education, experience and sometimes ethics rules are set by each state. The CFA charter is awarded by CFA Institute after you complete all three exam levels, the required work experience and membership requirements. One is a regulated licence tied to a jurisdiction, and the other is a professional designation set by a single institute.

The exams

The CPA exam has four four-hour sections: AUD, FAR and REG, plus one Discipline section from BAR, ISC and TCP. Our CPA exam format guide covers the question counts. The CFA programme has three levels, and CFA Institute describes it as three levels and three exams. The Level I exam has 180 multiple-choice questions according to CFA Institute, and the later levels add item sets and, at Level III, constructed response. Our CFA exam guide and CFA Level III guide go through the detail.

Education requirements

AICPA's licensure information says all states require at least 120 credit hours, with many requiring 150, and NASBA reports that new pathways are being enacted state by state. Our 150-hour rule and the 120-hour pathway explains the difference. For the CFA, the enrolment policy accepts a bachelor's programme or equivalent, a final stage of a degree where the Level I window is within 23 months of graduation, or 4,000 hours of work and higher education over at least 36 months. The CFA enrolment policy also requires a valid international travel passport.

Work experience

The CPA route asks for one to two years of experience, supervised by a licensed CPA, and the length depends on the pathway and state. Our CPA work experience guide covers it. The CFA charter requires at least 4,000 hours of work over a minimum of 36 months. CFA Institute says the work must involve or inform investment decision-making, and it can be completed before, during or after the programme. That flexibility on timing is a real difference from the CPA.

Study time

CFA Institute recommends 300 hours of study per level. We did not find an official AICPA study-hour figure for the CPA exam, so we do not state one.

Pass rates

CPA pass rates by section are published by AICPA, and the first-half 2026 figures run from 42.95% for FAR to 79.53% for TCP, as our CPA pass rates guide shows. Our CFA pass rate guide covers CFA results. The two sets of figures measure different things, so compare them with care.

Membership, references and ethics

The CFA charter also requires membership of CFA Institute to use the designation, and professional references: two if one is an active regular member of a local society, otherwise three. For the CPA, ethics is a fourth requirement in some states. We did not source a separate professional conduct requirement for the CFA charter, so check CFA Institute's membership pages.

How to decide

Choose by the work you want to do. The CPA is a state licence tied to the education, experience and exam rules of your board. CFA Institute describes its programme as designed to advance investment careers. Neither source says one is easier, and we make no claim about which pays more. If you are weighing cost, see our CFA exam cost guide and our CPA exam fees guide.

Frequently asked questions

Is the CPA a licence or a certification?

A licence, issued by your state board of accountancy, according to AICPA.

Is the CFA a licence?

No. It is a charter awarded by CFA Institute after completing the three exam levels, the work experience requirement and membership requirements.

How much work experience does the CFA need?

At least 4,000 hours, completed over a minimum of 36 months, in work that involves or informs investment decision-making.

How long should I study for the CFA?

CFA Institute recommends 300 hours per level.

Can I do both the CPA and the CFA?

The sources we read do not say you cannot. Each has its own requirements, so plan them separately.

Next steps

Read our CFA Level I study guide and CFA Level II syllabus guide if the CFA is your choice, or our CPA syllabus guide if it is the CPA. If you are comparing study options, see our Learnsignal pricing page.

Source: AICPA road map to the CPA exam, AICPA CPA explained article, AICPA CPA exam toolkit, NASBA article on new CPA licensure pathways (December 2025), CFA Institute charter page, CFA Institute CFA Program page and CFA Institute enrolment policies. Checked October 2026.