Who Earns More: CA or CFA?

Choosing between two accounting and finance courses always feels like standing at a crossroads. Both the qualifications, CA and CFA are equally respected and rewarding careers. Still, the main question in every finance career aspirant’s mind is actually who earns more CA or CFA.

For those already qualified as a CA, pursuing CFA after CA can be a strategic move to gain global exposure in finance and investment roles.

So, read further as we explore more on the earnings of a CA or CFA and salary trends to help you make the right decision for your future in this blog.

CFA and CA: An Overview

No doubt, they both, CFA and CA, offer different career opportunities.       

CFA (Chartered Financial Analyst) is a globally recognized credential given by the CFA Institute, USA. It is more focused on investment management, financial analysis, and equity research.

On the other hand, CA is issued by the Institute of Chartered Accountants of India (ICAI). It is more focused on Indian laws and regulations. Chartered Accountancy deals with accounting, taxation, auditing, and financial reporting. 

While both are finance-related, CFA leans more towards global financial markets, and CA is focused on core accounting and compliance within India.

What do CFA do?

Once you meet the CFA eligibility requirements and once you have completed your CFA course with us, you will get trained in investment analysis, portfolio management, and financial research. 

It makes you a suitable candidate to work in decision-making roles that involve where and how money should be invested. 

So, they are hired by employers in the finance industry, including investment banks, hedge funds, mutual funds, private equity firms, and wealth management companies. They help clients, whether individuals, companies, or institutions, grow their wealth by choosing the right investment options. 

Here is a list of some of the most common CFA job roles below:

• Investment Analyst

They study stocks, bonds, and other securities to evaluate whether they are good investment options.

• Portfolio Manager

They manage a group of investments for clients or firms, making sure the mix of assets aligns with financial goals.

• Equity Research Analyst

They analyse specific companies or industries and prepare detailed reports on whether to buy, hold, or sell a stock.

• Risk Analyst or Manager

They assess the financial risks a business or investment might face and suggest ways to reduce them.

• Financial Consultant or Advisor

They help individuals and businesses plan their finances, retirement, or investment strategy.

CFAs must also follow a strict code of ethics set by the CFA Institute. Their training focuses on global investment standards, financial reporting, economics, quantitative methods, and ethics. Because of this global focus, CFAs often get opportunities to work with international firms and clients.

What does a Chartered Accountant do?

A Chartered Accountant handles accounting, auditing, taxation, and financial reporting. In India, the CA qualification is regulated by the Institute of Chartered Accountants of India (ICAI).

CAs are important for an organisation as they ensure the accuracy and compliance of the financial records of the company with the law. They are experts in Indian accounting standards, direct and indirect taxes, and corporate regulations. 

Here are some of the key responsibilities of a CA as follows:

• Auditing

CAs check financial records and ensure that a company follows legal and regulatory rules.

• Taxation

They calculate taxes, file tax returns, and help companies or individuals with tax planning.

• Accounting and Financial Reporting

CAs prepare balance sheets, profit and loss statements, and other financial documents.

• Budgeting and Cost Management

They help businesses control costs, plan budgets, and improve profitability.

• Consulting

Many CAs work as financial consultants or advisors for businesses, offering guidance on mergers, investments, or internal controls.

CA professionals are mainly recruited by public accounting firms, private companies, government departments, or they practice independently. They can also take up leadership roles such as CFO (Chief Financial Officer) or Finance Controller in companies.

Who Earns More: CA or CFA?

The comparison between who earns more CA or CFA is not as simple as picking one over the other. Both these qualifications make you eligible for different job profiles and salary ranges. So, what really matters is the field you choose, your experience, and where you work. The table below depicts a concise and clear comparison,

Specifically in our country, India 

CA freshers get a starting salary between ₹6 to ₹10 LPA, especially after passing all levels and completing articleship. With experience, this can go up to ₹20–30 LPA or more. The CA professionals working in the Big 4, large Indian companies, or as finance controllers experience steady growth and strong job security.

However, the CFA salary in India for Level 1 or 2 candidates typically ranges between ₹5 to ₹8 LPA when working as a financial analyst or research associate. A full CFA charterholder with 3 to 5 years of experience earns ₹20 to ₹50 LPA, particularly in fields like investment banking, portfolio management, or equity research. Moreover, they tend to get better opportunities in multinational companies, investment firms, and global banks.

Globally

CFA charterholders have more demand in countries like the USA, UK, UAE, and Singapore, offering them around $70,000 to $150,000 or more as their annual compensation, depending on their role and experience.

However, CA is a local qualification. So, the CA professionals from India need to take additional exams or certifications to practice abroad. Their salary outside India depends on local qualification recognition.

Job Roles & Earnings

The CAs can work as an Auditor, a Tax Consultant, an Internal Auditor, and a Financial Controller, whereas CFAs work as an Investment Banker, Portfolio Manager, Equity Analyst, and
Risk Manager .

In general, CAs earn more in roles focused on accounting, tax, and audits, while the CFAs earn more in roles related to finance, investing, and asset management.

So, the answer to who earns more CFA or CA, completely depends on the path you choose. Both careers are rewarding, but suited to different interests and industries.

The Bottom Line

CA and CFA are respected qualifications that lead to high-paying careers. In terms of salary, CAs often earn more in traditional accounting roles, especially in India. CFAs may earn more globally, particularly in investment-focused jobs. So, now you have the answer to who earns more CFA or CA. Choose your path wisely that aligns with what you enjoy doing, because it is rightly said that success and high earnings follow when you work in the right field.

FAQ’s