cfalombok Wrote: ------------------------------------------------------- > Examination format > Each segment examination is of three-hours > duration plus 15 minutes reading time. All > examinations are ‘open-book’ and are based on the > whole segment, that is the study guide, > supplementary materials, prescribed texts and > readings. Candidates will be examined on all > segment materials unless otherwise stated. > > The elective segment examinations consist of > objective questions, using multiple-choice test > items. The first two compulsory segment > examinations – ‘Reporting and Professional > Practice’ and ‘Corporate Governance and > Accountability’ – consist of up to 70 per cent > objective questions whilst the remaining questions > require constructed response answers. The third > compulsory segment (an elective for candidates who > commenced the CPA Program prior to 2004) – > ‘Business Strategy and Leadership’ is examined > through no less than 80 per cent constructed > response testing and no more than 20 per cent > multiple choice test items… > > https://www.cpaaustralia.com.au/cps/rde/xchg/SID-3 > F57FECA-DF00A9DE/cpa/hs.xsl/801_7772_ENA_HTML.htm > > > well in australia is open book at least > > i dunno the rest of the world Not so in the US of A
CPA isn’t an international qualification. Australian CPA is unrelated to US CPA - and there is no such thing as “CPA” in the UK - we just have “Chartered Accountants”, that is members of the Institute of Chartered Accountants, who can use the letters ACA (confusingly). Hence the mix ups.
For me CPA vs CFA is pretty clear. Because everytime someone like Candid compares the CPA to the CFA they compare all four levels of the CPA to the material for Level 1 of the CFA. The fact that you can even compare L1 of the CFA w/ the entirety of the CPA just tells me what I already know. CFA is harder. Not to mention the fact that “you have to pass all four sections in 18 months” whereas most people struggle just to pass L1 & 2 in 18 months. I don’t know, just tend to think that CPA is just a ton of mindless memorization by kids with their undergrads whereas CFA is typically alot of analytical thinking and conceptual understanding by individuals with grad degrees. And as far as hedge fund traders with CPA’s that’s laughable. Its rare for a hedge fund trader to have a masters degree or a CPA, as typically these individuals come out of premeir quantative programs and never look back, sometimes getting certifications and / or post grad degrees in their twilight years as an afterthought. Nevermind my beliefs that hedge funds are an abomination and traders with an interest in their long term futures should stay in i-banking and out of fads.
Black Swan Wrote: ------------------------------------------------------- > For me CPA vs CFA is pretty clear. Because > everytime someone like Candid compares the CPA to > the CFA they compare all four levels of the CPA to > the material for Level 1 of the CFA. The fact > that you can even compare L1 of the CFA w/ the > entirety of the CPA just tells me what I already > know. CFA is harder. Hit the nail on the head.
I am a CPA and worked almost 3 years in Audit and just took level one of CFA in December. I would say certainly if you compare all 4 CPA sections to only 1 level CFA then of course CPA is harder. But I just dont think there is a very good comparison (and that certainly isnt one). I took CPA under the “new” rules (i.e. computerized exam). I am guessing that it was harder under the old rules and more comparable to CFA that way. I dont know how I did on level 1, but felt moderately optimistic. I would say if you do all you can in terms of studying that the CPA has a harder level of difficulty, but if someone fell into the “not quite as prepared category” the CPA would have a higher level of difficulty (again, this is based only one my experience of level one and talking to a few CFA/CPA combos). But, given the long time between being able to take the exam if you fail, I think this imposes more incentive to study than CPA (at least for me). In other words, I know it was easy for people on CPA to just say “oh I will just try to sit for it in this block and if I dont get it then I will sit again next block, and so on.” But I would assume to compare amount of work required to obtain full designation, CFA is more difficult (and in my opinion it isnt close). Doing CPA sure makes the financial statement analysis parts easier on CFA though. I am sure as with most things, the answer to this is very connected to your background…
This post is to Black Swan and his incorrect observations: Firstly, that fact that it has to be completed in 18 months and your out of the air conclusion that as of this timeframe the material must be easier is a farce. Have you any idea how hard some of the taxation rules are? This isnt just memorization either as the CA, which i take you are offended by as well, are mostly case based exams after the intial competencies have been determined. This entails giving circumstantial planning advice around any number of circumstance by having a deep knowledge of the various impacts of the tax act. Secondly, the CFA is done only in english and geared towards the international community. The difficulty for masses to pass with 18 months can logically be attributed to language barriers, and if not I don’t see how you can even say level 1 is hard as it covers undergrad stuff you should have learned first year. The CA and CPA are focused for graduates who aleady have the basics down and just need a firmer understanding of the applications and special circumstances. Hence, they can complete the tests much faster and work toards the professional experience requirement. Lastly, I don’t know about the CPA but a lot of CAs are highly valued by hedge funds as advisory and assurance services within big 4 gives one a thorough understanding of how financial statements work that cant easily be obtained through a few FSA chapters in the CFA and in highly quant centric areas. 4 of my seniors from the big 4 firm I worked at have left for private equity and hedge funds in the last 3 months, giving the conditions id say the industry respected their qualifications. In conclusion I find your arguments show a clear misunderstanding of accounting. You obviously didnt read any of the posts before your own by either myself who explained the entire process and accounted for why pass rates and time are irrelevant and from either Joey or some others who both had many more thought out things to say. The bottom line is CPA and CA are not comparable to the CFA and shoudlnt be viewed as inferior or superior.
I’m going to work from the bottom of your argument up, firstly, I specifically said “Hedge fund traders” in my previous post about CPA’s not hedge fund advisors. Seeing as how hedge fund traders dominate the front office as well as the fee taking, you can make your mid-office argument all you want, but the fact will remain that CPA’s will never have a true place on wall street except maybe as SEC narcs. That being a hudge diff, as traders, not advisors are the heart and soul of the hedge fund. And while portions of Level 1 are covered, “in your first year”, I know very few schools that teach CFA level ethics or econ in the first year. Which would be why the books and the webpage expressly recommend masters coursework in those areas before proceeding. Secondly, say I give you the arguments regarding level I, which I don’t, my point was not that Level I is harder, but that seeing as how people can even compare Level I to all 4 sections of the CPA, which you yourself just did, that then adding in Level II material, there is no comparison. Have you even sat level II yet? Because I’m not sure how anyone could compare the Level II material to the CPA material.
we can agree to disagree. I dont think that being in accounting hurts you and prevents you from being anything but an SEC narc. Its just another talent. If i didnt think the CFA was useful I wouldnt be here. Have a good night.
I am a CPA and now studying for CFA level 1. I find this much more difficult. I think the reason is the University teaches CPA as a major, but few if any teach CFA as a major. Overall if I had to choose one profession over the other, I think CFA is more interesting. The CPA however is a significant accomplishment.
joey, with a Ph.D all you need to do to get the CPA (if you actually want to) is to take half a dozen courses (and through CC) and you can sit for it.
sternwolf Wrote: ------------------------------------------------------- > joey, with a Ph.D all you need to do to get the > CPA (if you actually want to) is to take half a > dozen courses (and through CC) and you can sit for > it. Incorrect…to “get” the CPA, he would also have to do auditing for 2 yrs, which would make you want to quit after 6 months knowing you still had 1 1/2 years ahead of you of doing cash confirmations.
I want to take a moment to rescind the harshness of my previous post as that was entirely unlike me. I was incredibly stressed out from a rediculous opening day (for me anways) and just needed a good sleep to feel embarrased about my delirious post. There is still some validity to my posts, but it shouldn’t have come out like it did. The end.
Sternwolf or miguel21, I have 141 credits in my undergrad. I need 12 more credits of accounting to get the required accounting stuff. Could I get the required CPA courses through one of those online universities? Like Phoenix or something? That way I can take all 12 credits over the summer or something and be done with it. Or does it have to be a real place?
Depends on CPA coursework requirements in various states, also I believe it would be important to find out if the online university is properly accredited to meet the states requirments, that will be the key factor.