If you are aiming to advance your career in the competitive finance industry in Canada, obtaining relevant certifications and experience can help. Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) are two of the most recognized finance credentials that can impact your career.
Deciding between CFA and CPA can be tricky, as they both offer unique advantages and align with specific career goals.
This blog aims to guide you in making the right decision by comparing the key differences between CFA and CPA, determining which one aligns best with your career aspirations, and explaining how upGrad can assist you on this journey.
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Comparing CFA vs CPA Credentials for Finance Professionals in Canada
It is essential to understand the career goals and industry expectations of both Certified Financial Analysts (CFAs) and Certified Public Accountants (CPAs) to make an informed decision. Both designations handle specific niches within the Finance industry. The table below highlights the comparison between CFA and CPA roles.
| Features | CFA | CPA |
| Focus area | Investment analysis
Portfolio management | Auditing
Taxation |
| Governing body | CFA Global Institute | CPA Canada |
| Education requirements | Three-part CFA exam
Bachelor’s degree | Four-part CPA exam
Bachelor’s degree 150 hours of schooling |
| Course fee | CAD 4,813 (approx) | CAD 14,000 (approx) |
| Job roles | Investment Banker
Portfolio Manager | Auditor
Tax advisor |
Source: Official CFA and CPA Websites
Who is a CFA?
A CFA helps with wealth management and financial planning for an organization. Private equity firms and investment firms hire them to analyze targets and assess risks, enabling informed financial decisions.
Who is a CPA?
A CPA assists in the auditing and taxation-related tasks of an organization. They offer expert advice on ways to reduce taxes and increase profits.
Key Differences Between a CFA and a CPA
Finance and Accounting are similar, but they have some differences. Some of the key differences between a CFA and a CPA are outlined below:
CFA vs CPA Salary & Job Opportunities in Canada
Some of the key job roles available after completing a CFA course include:
- Wealth Manager
- Consultant
- Investment Banker
The average annual salary of a CFA in Canada is approximately CAD 85,000.
Also Read: Best Paying Careers in Finance in Canada You Should Aim for in 2025
CPA, on the other hand, is more suited to apply for the following roles upon course completion:
- Financial Manager
- Accountant
- Chief Financial Officer (CFO)
The average annual salary of a CPA in Canada is estimated at around CAD 72,612.
Note that the salaries for both CPAs and CFAs may vary depending on factors such as job profile, organization, location, skill sets, years of experience, and others.
Source: Payscale
Also Read: Top 10 Highest Paying Jobs in Canada for 2025
Salary Comparison – CFA vs. CPA Salary by Experience
For all years of experience, chartered financial analysts (CFAs) earn between CAD 55,000 and CAD 76,000 in Canada. Their average annual salary is CAD 64,000 per year.
For the same period, a certified public accountant (CPA) in Canada earns between CAD 50,000 and CAD 86,000. Their average annual salary is CAD 65,000.
So, as you can see for yourself, in Canada, CFAs start with a higher salary than CPAs at the entry level. However, as they become more experienced and climb the seniority ladder, the CPAs earn more than the CFAs.
Sources: Glassdoor, as of October 22, 2025
Difficulty, Duration, and Pass Rate
Both CPA and CFA exams are immensely challenging in terms of difficulty. In both these exams, you need to possess deep knowledge of the complex concepts of accounting and finance.
The CPA exam usually requires less studying, at around 80-120 hours for each section as opposed to 300 hours for each section in the CFA exam. The CPA exam has a higher pass rate as well, with around 50% compared to 41% for CFA.
Thus, it is evident that earning a CFA certification in Canada is more difficult than earning a CPA certification. For starters, you have to spend a lot more time studying for CFA, with at least 300 hours at every level, compared to the aggregate requirement of 80-120 hours in the CPA programs.
It is also harder to pass the CFA exam compared to the CPA exam. This is evident from the higher passing rate of the latter – 65-70% at all levels compared to less than 42% for Levels I, II, and III of CFA.
The CFA program also takes 2-5 years, compared to 2-3 years for the CPA program. Source: Becker.com as of October 1, 2025
Which Credential Suits Your Career Goals?
There is no straightforward answer to the question, ‘CPA or CFA: Which is better?’ You would need to self-assess how you envision your future in a few years. It should ideally be something that still excites you.
If a career in Auditing and Accounting interests you, then a CPA is the best choice. However, if you are more inclined to a career in Asset Management or Financial Planning, then you should opt for a CFA.
Also Read: Top Highest-Paying Companies in Canada for Freshers and Professionals
Why Finance Professionals Pursue CFA or CPA in Canada?
Finance professionals in Canada pursue a CFA or CPA certification to make a career leap in the Finance sector. Some of the reasons that motivate professionals to pursue these courses are:
- CPA and CFA designations add credibility to your skills and expertise in their respective niches.
- They provide global networking opportunities with experts in the same field.
- They offer the chance to earn a good salary with specialized skills.
Also Read: Top Finance Courses in Canada for Aspiring Professionals
Which Qualification Has More Demand in Canada?
Both the CFA and CPA certifications are in high demand in Canada. However, the better choice among them depends on the goals you have for your career.
CPAs are in high demand across various sectors, including accounting, taxation, auditing, financial reporting, and corporate finance. On the other hand, CFA enjoys high demand across various roles in sectors such as investment management. The most prominent examples of such roles are financial analysis, investment banking, and portfolio management. Having a CFA in Canada helps you work in the financial markets as well.
In Canada, you can land the following roles with a CPA:
- Accounting
- Auditor
- Controller
- Chief Financial Officer (CFO)
- Tax Advisor
Having a CFA helps you secure these roles in Canada:
- Financial Analyst
- Portfolio Manager
- Investment Banker
- Wealth Manager
The typical employers of CPAs in Canada are public accounting firms, government agencies, corporations, and non-profits. For CFAs, the usual employers are investment firms, banks, and asset management firms.
upGrad’s Finance Programs to Help You Achieve CFA or CPA Success
upGrad is one of the leading online educational platforms, offering a diverse range of courses for all. If you want to achieve success in the CPA or CFA exams, pursue the Finance course on our platform to help gain the basic knowledge of the industry.
A Master of Science in International Accounting and Finance from O.P. Jindal Global University (JGU) is a 12-month course offered on upGrad. JGU has been ranked as India’s #1 private university by QS World University Rankings consecutively in 2021, 2022, and 2023. Some of the unique features of this program are:
- Hands-on experience with tools that support financial analysis, reporting, auditing, and strategic decision-making.
- More than 120 hours of live sessions.
- More than 150 hours of recorded sessions.
- Association of Chartered Certified Accountants (ACCA) accreditation.
- Dual credentials in Finance and Accounting.
- Course fees CAD 4,395 (approx).
- The highest number of ACCA paper exemptions.
- Earn a PwC Academy Financial Analytics certification.
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FAQs On CFA vs CPA: Which Finance Credential Is Better in Canada?
CFA is a Finance credential that helps in tackling investments and assessing risks for firms.
A CPA is an Accounting credential that helps manage auditing and taxation for an organization.
Ans: The eligibility requirements of a CFA are completion of a Bachelor’s degree and clearance of the CFA exam. For a CPA, applicants must have completed their Bachelor’s and the CPA exam.
If you want to make a career in investment banking in Canada, you should aim for the CFA exam. It is specifically designed to equip professionals with skills in investment banking, investment management, and other relevant domains in the financial sector.
CFA and CPA courses can generally be completed in 2-4 years, depending on the time required to clear each level. However, this duration may vary for different applicants.
Yes, upGrad offers some free courses that may be beneficial in preparing for the CFA or CPA exam. We also offer mock tests and provide foundational knowledge through our courses.
The answer depends on your career goals. CFA is ideal for roles in investment management, equity research, and financial analysis, focusing on financial markets, investments, and portfolio management. CPA is best for careers in accounting, auditing, taxation, and corporate finance, emphasizing accounting principles, auditing, and tax regulations.
For finance-specific roles, CFA is generally preferred if your focus is on investments and financial analysis, while CPA is suited for accounting and corporate finance positions. Some professionals pursue both certifications to broaden their expertise and career opportunities.
The average salary difference between a CFA and a CPA in Canada depends on the level at which they are working. At the entry level, CFAs earn CAD 5000 more than CPAs in a year. However, with time, CPAs earn CAD 10,000 more than CFAs in Canada. The annual average salaries of CPAs is also CAD 1000 more a year than CPAs.
Source: Glassdoor, as of October 22, 2025
It is easier to complete the CPA certification in Canada compared to the CFA. For starters, you have to study hundreds of hours more in the latter.
The CFA certification is primarily recognized in the investment and finance-focused roles in Canada. It is not the preferred certification for conventional accounting work in Canada.
