Difference between cifa and cfa?
In Kenya, the two professional courses, CPA and CIFA, are monitored by a government body known as Kenya Accountants and Secretaries National Examinations Board (KASNEB). The board’s mandate is to create a syllabus, accredit institutions that teach the courses, conduct professional examinations, and award the candidates who complete the courses.
CIFA and CPA are largely differentiated by their course content. CIFA, offers finance course content mainly on investment and financial analysis. CPA, on the other hand, mainly offers technical content in accounting, tax, and auditing.
The choice between CIFA vs. CPA KASNEB courses depends on the direction you would like to take your career. For example, if you decide to undertake finance and investment as your career, then it makes more sense to study CIFA as it offers specialized technical skills that are required in the financial space.
READ ALSO: Top accounting courses that are marketable
On the other hand, if you are looking to grow your career in the accounting domain, then you should study CPA. All units offered in this course are geared towards helping you develop your career in accountancy.
Before making that big leap that could decide your career, it is important to know more about CIFA vs. CPA course requirements. This gives you an in-depth understanding that could help you to make a better choice.
CIFA stands for Certified Investment and Financial Analysts. This is the certification given upon completion of this course. This professional course that seeks to increase specialised knowledge in the finance and investment fields.
Successful candidates who complete the course acquire expertise in investment banking, financial analysis, pension funds management, corporate finance, asset management, and investment and securities consultancy.
To study this professional course, you must fulfil the same minimum professional requirements threshold as in CPA.
CIFA course content is divided into three parts. Each part has two sections.
Part 1
The first part includes the following sections and units:
Section 1
Section 2
Part 2
The second part contains:
Section 3
Section 4
Part 3
The third part is made up of:
Section 5
Section 6
READ ALSO: CPA requirements and institutions offering the course in Kenya
KASNEB has given accreditation to institutions where students can learn the course. The institutions offering CIFA include:
The following are the CIFA job opportunities for students who attain this certification.
While still debunking CPA vs. CIFA, lets us look at the second professional course, CPA.
CPA stands for Certified Public Accountants. It is the qualification given when one completes a CPA course from a certified institution. At the end of the course, you will acquire highly skilled competencies in the fields of accounting, tax, financial management, and auditing.
The course content is divided into three parts with two sections each. A student is required to successfully complete one part at a time. Should the student fail any of the units or an entire section of the part, they are required to repeat and pass before proceeding to the next one.
The subjects under CPA are covered in the following order:
Part 1
The first part contains:
Section 1
Section 2
Part 2
The second part has:
Section 3
Section 4
Part 3
The third part has the following sections and units:
Section 5
Section 6
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To qualify for this professional course there are specific minimum requirements that need to be met. They are:
These qualifications are similar to what you need to study for a CIFA certification.
You can study the professional course in both public and private universities and other accredited institutions. Some of the universities and colleges offering the course include:
The purpose of taking a professional course is to acquire specialized skills that can open up more opportunities. CPA career opportunities include:
It is important to take the courses in an accredited institution to acquire valid certification. KASNEB provides a list of accredited institutions to make it easier for you.
READ ALSO: List of KASNEB courses available in the country
Each student is required to register with KASNEB for their preferred professional course. At the end of each section, a student sits for KASNEB examinations which are conducted in May and November every year.
Each student is required to book the examinations two months before commencement. The examination fee structure for both courses can be found on KASNEB’s website.
The two courses, CPA and CIFA are appropriate for the individuals who have chosen accounting and finance fields respectively. They are both designed to provide expert knowledge in these career fields.
Is the CIFA vs. CPA conundrum still getting the better of you? Deciding between the two courses entirely depends on your chosen career path. Each professional course is highly recommended depending on what you would like to become in the financial industry. Both will give you knowledge and skills in their specific fields and this will open doors for you to get advanced professional career opportunities.
READ ALSO: Roles and duties of an accountant
Appearing for CFA® Level 1 exam? – Do have a look at this awesome 70+ hours of CFA level 1 Prep.
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The article is articulated in this order:
Founded in 1919, CIMA has evolved over the last 100 years to become one of the world’s leading professional bodies of accountants. In 2017, CIMA and AICPA joined hands to form the Association of International Certified Professional Accountants, representing a large network of more than 650k members and students. If you complete the CIMA qualification, you will become part of this huge professional community.
The CFA® Program focuses on investment management. The top employers of shareholders include the most respected financial corporations globally, e.g., JPMorgan, Citigroup, Bank of America, Credit Suisse, Deutsche Bank, HSBC, UBS, and Wells Fargo, to name a few.
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Even if both professional qualifications are the best globally, there are significant differences between them. Let’s glance at the key differentiators that separate CIMA from CFA®.
Students who have completed CFA® argue that CFA® is the most internationally recognized professional course. At the same time, students at CIMA demand that CIMA be more globally relevant. But it’s generally seen that CFA® is more recognized globally, and CIMA has a magnificent reputation in the UK, but not so much in the world.
Even if CFA® is the topmost globally recognized course, it’s much less if we compare compensation after completing CFA® with CIMA.
CIMA qualified professionals get an average salary of around £62,000 per annum, while CFA charter holders’ median salary is around $95,000 per annum.
There is a significant difference between the perspective of CIMA and CFA®. Even if CIMA is one of the top-rated management accounting institutes, the course’s focus is management accounting and hardcore business. This course understands the value of three levels of business and gives equal emphasis on each. Thus, students who pass out after completion can immediately join as the chief executive officer or managing director.
The emphasis of CFA® is completely different in investment banking and finance. Students who are keen on making their careers around financeCareers Around FinanceA appropriate degree, such as a B. Com, CPA, or MBA, is required to pursue a career in finance. Then one can choose from a variety of financial careers such as equity analyst, investment banking, asset management, risk management, corporate finance, and so on.read more should join CFA®. But if you think you are more interested in business and the overall process of how things work in the organization, then CIMA is perfect for you.
In this case, both of the courses understand the value of assessment, and both of the institutes take the assessment via two formats where one succeeds another. In both qualifications, the emphasis on objective tests and case studies is equal, and once the students clear the objective test, they can only sit for case study exams.
This way can be thoroughly assessed, and only the creams come on the top. So, all the mediocre students get filtered out.
If you do the course under CIMA, there is more convenience, and the administration is also very active. Whatever information you require, you will get it on their website. And if we talk about an exam, the objective tests are on-demand, and the case study exam is organized four times a year. Thus the opportunities for students are much more.
But in the case of CFA®, the first exam level happens twice a year and the next two levels once a year. This exam arrangement makes it difficult for CFA® students to clear the exam quickly (if they want to). So, doing CIMA is more convenient than doing CFA®, not in terms of value, but regarding the difficulty of obtaining the degree.
The cost of CIMA and CFA® qualifications are quite comparable. The total cost of the CFA® program is in the range of $2,550-$3,450, which includes exam fees of $700-$1,000 (based on the time of registration) per level and a one-time registration fee of $450. On the other hand, the CIMA qualification cost is £2,500–£3,000.
It is the biggest advantage of CIMA. Depending on your previous qualifications, it’s applicable for any students who want to pursue a business and This is the biggest advantage of CIMA. Depending on your previous qualifications, it’s applicable for any students who want to pursue a business and accounting careerAccounting CareerMaking a career in accounting can fetch you multiple growth opportunities in the various disciplines of the accounting profession. You can become a finance and accounts manager, statutory auditor, tax manager/expert and certified public accountant (CPA).read more.
CFA® is not for everyone. However, students who are from hardcore finance can attempt to pursue CFA®.
Both of the qualifications, CIMA and CFA®, need a strong foundation in two subjects (mainly) – Mathematics and English. If you have a strong background in both of these subjects, pursuing CIMA and CFA® would be easier than students who lack the foundation and efficiency in these subjects.
In CFA®, you need an additional knack for finance so that you can understand complex subjects like portfolio management. In addition, CIMA is a complete business course and regarded as almost equal to a master’s degree. You need to have a passion for learning and applying business techniques and fundamentals.
If you want to have a strategic advantage over other accounting courses, you should pursue CIMA.
The differentiating benefits of earning the CFA® designation include:
· Real-world expertise
· Career recognition
· Ethical grounding
· Global community
· Employer demand
The sheer demand for the CFA® charter speaks to the difference it makes. More than 245,000 global candidates registered for the June 2020 CFA® exams scheduled to be held in 193 cities across 95 different countries.
For more information, refer to CFA® Programs.
CIMA and CFA® are both courses of great value. But it would be best to choose which one is yours to pursue. You may also pursue both courses if you want, as CFA® is considered a degree-level course, whereas CIMA is considered a master’s degree.
This has been a guide to CIMA vs. CFA®. Here we discuss the top differences between CIMA and CFA® along with the infographics and comparative table. You may also have a look at the following articles –
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CIFA stands for; Certified Investment and Financial Analysts while,CPA stands for; Certified Public Accountants.
Let’s delve straight and cut open each one of them to understand their basic structuring as well as the relevant career opportunities. But before that, it’s good to note that the course(s) that you have done before should not form a primary basis in determining which between the two courses you should pursue. What is more important is your unmet career goals.
To start with, CIFA is bifurcated into 3 levels, namely; Foundation, Intermediate and Advanced.
Who is the ideal candidate for CIFA?
According to KASNEB, the course is aimed at persons who wish to qualify, work or practice as investment, securities, and financial analysts, portfolio managers, investment bankers, fund managers, consultants on national and global financial markets. The program is designed in such a way that it furnishes learners with knowledge and skills to flourish in the highly competitive investing industry. Therefore, if your focus is to acquire one of the aforementioned titles, CIFA program is for you.
Who is the ideal candidate for CPA?
CPA is a term used for both the certification and also by those who hold the credential. By certification, it means the course itself. CPA credential is highly respected across the world. It comes with more financially rewarding opportunities to offer highly sought-after professional accounting expertise.
CPA as a course is aimed at persons who wish to qualify and work or practice as professional accountants, auditors, finance managers, tax managers and consultants in related areas in both public and private sectors.
From the above, it is quite clear that CIFA and CPA are basically a means to the end. Your career interests and what you want to become in the future is what really matters. That should be enough basis to figure out which way to go.
Just like CIFA, CPA is also divided into three levels. It’s evident from the syllabus that the units covered for the course are more accounting oriented as outlined in the table below. Following the implementation of the new syllabus, specialization papers have been introduced at the advanced level.
Minimum Requirements for both CIFA and CPA.
Exam Overview.
Passing all three levels marks a thorough mastery of the syllabus and it is the most important assignment required to become a CIFA/CPA graduate.
There are three exam sittings in a year; April, August and December. Therefore, candidates are required to book the papers they intend to sit for in one of the above sittings that they feel comfortable and confident in. KASNEB also requires a student to book a minimum of three papers in a level in any order unless is exempted or has previous credits.
Enroll and Register.
