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This article was originally published January 22, 2024, and was updated November 2 , 2026, to include the latest salary and certification information.

The Chartered Financial Analyst (CFA®) and Certified Financial Planner (CFP®) designations are two distinct certifications in the finance industry, each with its own unique focus. Understanding their differences can help you decide which certification to pursue based on your career aspirations. 

Both certifications are highly valued in the financial services industry, but each caters to different sectors. Those who pass the CFA® exam become CFA® charterholders, who might engage more in corporate environments, while CFP®s often work directly with individual clients. Both certifications have stringent ethical requirements, emphasizing the importance of integrity and professionalism in financial dealings. UMGC offers CFP® Board-approved coursework that satisfies the coursework portion of the CFP Board’s education requirements. Information about the approved courses is available on the UMGC CFP® webpage.

CFA® (Chartered Financial Analyst)

Focus and Scope: The CFA® program primarily focuses on investment analysis and portfolio management. It is globally recognized and regarded as a leading credential in investment management. The program includes alternative investments, economics, derivatives, financial statement analysis, statistics, portfolio management, investment analysis, and security valuation.

is often a prerequisite for becoming a chief investment officer at an investment firm or public company, engaging in credit analysis, corporate accounting, and auditing, or doing financial planning for high-net-worth individuals. To become a CFA® charterholder, students must pass the , with each level of the curriculum building on the previous level and becoming more complex. 

Career Paths and Opportunities: According to the , charterholders often find opportunities in investment banking, portfolio management, risk management, and research analysis. CFA® charterholders occupy a range of investment decision-making roles, including buy-side, sell-side, corporate, and advisory positions. Many CFA® charterholders are portfolio managers (including hedge fund managers), private wealth managers, equity research analysts, manager-of-managers (MoM), and brokers.

Salary Potential: , the average salary for the position of senior chartered financial analyst in the U.S. is $98,468. Those who hold the CFA® certification could expect an average salary ranging from $90,381 to $106,554 per year. Keep in mind that salary ranges can vary widely depending on many important factors, including role, location, education, certifications, additional skills, and the number of years spent in the profession. 

Duration and Requirements: Obtaining the CFA® charter typically takes three to four years and requires candidates to pass three levels of exams, with each level taking approximately 300 hours of study in preparation. In addition, candidates must hold a bachelor’s degree (or be an undergraduate student within 23 months of graduation) or meet an alternate education and work experience requirement. Regardless of the enrollment pathway, you must accumulate at least 4,000 hours of relevant work experience over a minimum of three years and adhere to the professional and ethical standards to earn the charter. The CFA® Program is often considered challenging due to its and the depth of topics covered.

Pricing of CFA ® Program: For those who wish to take the , there is an early registration fee for examination of $940, while standard registration for CFA® examination is $1,490 for Level I and Level II, and $1590 for Level III.

CFP® (Certified Financial Planner)