A rising number of university students are now eyeing the pursuit of both a well-compensated and respected career in accounting and finance overseas, but are finding themselves at a crossroads when choosing to pursue a professional degree and in what field. And the need for a professional degree is tantamount when it comes to the realm of business studies.

The ACCA and CFA acronyms may sound similar, but each has a distinct domain, cost structure, and a set of fascinating benefits.

To make an informed choice, it is important to explore these popular pathways for aspiring accountants and financiers who seek a head start in their career.

Association of Chartered Certified Accountants (ACCA)

Globally recognised as a prominent professional degree since 1904, ACCA is a UK-based professional accountancy body whose credentials have strong demand in countries such as the UK, the UAE, Germany, and other developed countries.

An ACCA professional is accredited to do corporate financial reporting, taxation, audit and assurance, and strategic advisory, etc., both locally and internationally. The completion of 13 papers, categorised into three levels, focuses on international corporate law and standards, and along with mandatory three-year work experience, would make you an accredited ACCA professional.

Quazi Tahsin, a final-year student at BUP currently pursuing ACCA at Level 2, remarks, “ACCA might provide a much more dynamic framework that opens doors to versatile fields like corporate strategy and financial analysis. Plus, before starting, I heard that if you want to work abroad, pick ACCA, otherwise pick CA.”

The good news for students who are comfortable with self-study is that they can complete all three levels with ACCA’s provided resources. ACCA enables faster advancement through reduced fees and multiple subject exemptions depending on academic status. Besides that, you can choose to attend either online or physical classes at ACCA’s approved institutions.

Despite being considered easier and more flexible, it does require unwavering dedication and concentration along with substantial financial support. Tahsin acknowledges the pressure that comes along with the benefits of this quest: “Balancing ACCA with my regular academics and personal life is definitely demanding, especially since the exam dates often tend to overlap with my university’s exam schedule. But I believe it’s a price worth paying to get a head start.”

The ACCA pathway’s fees are considered moderately to very expensive due to the high exchange rate of the British pound against our taka, which might be a financial challenge. Nevertheless, the black belt of global corporate accounting gives mobility to over 180 countries, including developed countries of North America and Europe, where the Big 4 accounting firms regularly recruit ACCA professionals. Such global reach can translate into lucrative international career opportunities and access to a worldwide network of over 250,000 ACCA members.

Chartered Financial Analyst (CFA)

The CFA programme is globally acknowledged as the gold standard for investment professionals. It stands apart for its core focus on investment analysis, equity research, portfolio management, corporate banking, etc.

Samin Al-Fattah, a final-year student at BUP who cleared his Level 1, reasoned his pursuit of the CFA: “I chose the CFA because it is a highly credible qualification recognised worldwide, and I genuinely enjoy studying and learning about finance.” To be certified with this credential from CFA Institute, students can begin this three-part programme from the penultimate year of a bachelor’s degree in order to attempt up to Level II or after completing graduation.

Furthermore, professional experience of 4,000 hours relevant to investment and financial roles should be fulfilled. It can be garnered before, during, or after clearing the exams. However, students can attempt an exam level up to a maximum of six times, so if one fails to pass within six attempts, then he or she becomes ineligible to continue this programme. Moreover, the CFA programme is considered an exorbitant undertaking due to our high dollar exchange rate, so adequate financial support is a necessity. Despite the financial downside, scholarships are available and facilitated by the CFA Society Bangladesh to eligible students in specific departments across universities.

Above all, CFA charterholders are increasingly sought-after by brokerage houses, banks, financial institutions, and many others in the financial services sector at both the international and national levels. It is a gateway to over 160 countries for students who want to work on crunching numbers to elevate the financial health of companies rather than being busy with historical records only.

Radeeyal Kabir explained why he chose to pursue CFA over CA/ACCA despite majoring in accounting: “CFA felt like a different challenge. That is exactly what I wanted. Accounting felt stale. Endless rules about IFRS, taxation, auditing, and so on. CFA is still similar in some aspects, but it rewards critical thinking, and to me, it provided a fresh angle in analytics, which I always was a big fan of. Also, the fact that it has international acceptance means a lot since one of my goals is to settle abroad, preferably in the USA.”

Countries such as the US, the UK, Hong Kong, Australia and the UAE are home to some of the world’s leading banks and firms, such as JPMorgan, Goldman Sachs, Barclays and HSBC, which offer lucrative payouts to CFA charterholders.

The choice is yours

Ultimately, there is no best choice among these degrees. Both ACCA and CFA are, more or less, related to accounting and finance, but apparently, ACCA is more closely aligned with accounting while CFA is more involved with finance. It entirely depends on your circumstances, ambitions, temperament, and overall personal cost-benefit analysis.

Evaluate where you want to live and work, which of these qualifications genuinely interests you, and whether you can sustain the cost and time each pathway demands. Once you have chosen, commit your focus and effort entirely to that without any regret, as dedication is fundamentally what yields rewards across all these professional pathways.