Is It Feasible to Pursue CFA and ACCA Simultaneously?
Embarking on the journey to pursue the Chartered Financial Analyst (CFA) and Association of Chartered Certified Accountants (ACCA) certifications can be a daunting endeavor. Many wonder if it is necessary to pursue these two prestigious qualifications simultaneously, or whether it is more beneficial to approach them one after the other. This article aims to clarify the viability of pursuing both certifications at the same time, providing insights from successful candidates and offering practical advice.
Understanding the CFA and ACCA Programs
The Chartered Financial Analyst (CFA) program is renowned for its rigorous curriculum focused on financial markets, investments, and asset management. The entire CFA program is typically completed over a period of 3 to 4 years, consisting of a series of exams and practical experience requirements. On the other hand, the ACCA program, also a time-consuming endeavor, aims to develop comprehensive accounting and finance skills. Similarly, ACCA requires 3 to 4 years to complete, encompassing a range of topics from financial accounting to business law.
The Challenge of Simultaneous Pursuit
Given the intense demands of both programs, attempting to complete them simultaneously can be incredibly challenging. According to many experts, the absence of exemptions for either certification means that passing both exams within a short time frame is nearly impossible without a robust study plan and considerable dedication. Furthermore, there are no official exemptions between the two programs, making simultaneous enrollment a daunting task.
Strategic Approach: ACCA First, CFA Later
A recommended approach is to complete ACCA before embarking on the CFA journey. This strategic choice leverages the complementary nature of the programs, where the skills and knowledge gained during ACCA can significantly ease the CFA Level 1 examination. Many candidates find that having ACCA certification makes the CFA certification more manageable, thus shortening the overall time to full certification.
Case Study: Balancing CFA and ACCA
To provide a practical example, consider the experience of a candidate who pursued these courses sequentially. This individual started their academic journey in 2015 with the CFA program, known at the time as the Certified Practising Accountant (CPA) exam, and progressed to becoming an ACCA affiliate. By 2018, they had completed the initial CFA Level 1 exam and gained valuable experience in the financial markets. This was followed by a brief period of working as a staff accountant at KPMG, which helped in acquiring necessary practical experience. As of June 2019, they were preparing for the more advanced CFA Level 2 exam, aiming to successfully complete both programs within a reasonable timeframe.
Key Takeaways
While it is technically possible to pursue CFA and ACCA concurrently, the practical challenges and time constraints suggest a more strategic approach. Completing ACCA first can provide a more solid foundation, making the transition to CFA smoother and more effective. Effective time management and a disciplined study plan are critical to successfully navigating both these demanding programs. Whether you opt for a sequential or simultaneous approach, the key lies in aligning your personal circumstances and career goals with the demands of these prestigious certifications.