Difference between Certified Financial Planner and Certified Public Accountant
|
Basis |
Certified Financial Planner (CFP) |
Certified Public Accountant (CPA) |
|---|---|---|
|
Educational Requirements |
Bachelor’s degree in finance field |
Bachelor’s degree in accounting or related field |
|
Certification Process |
Completion of CFP Board’s education program, passing the CFP exam, and meeting experience and ethics requirements |
Passing the Uniform CPA Examination and fulfilling state-specific education and experience criteria |
|
Scope of Practice |
Comprehensive financial planning for individuals and families, including investment, retirement, tax, estate, and risk management planning |
Accounting services for individuals, businesses, and government entities, including auditing, tax preparation, financial reporting, and consulting |
|
Regulatory Oversight |
Certified Financial Planner Board of Standards (CFP Board) |
State boards of Accountancy |
|
Professional Ethics |
Adherence to CFP Board’s Code of Ethics and Standards of Conduct |
Compliance with state board of accountancy’s code of professional conduct and ethics regulations |
Difference between CFA and CPA
Certified Financial Planners (CFPs) and Certified Public Accountants (CPAs) are well-respected experts in the financial sector, they have different specialties and perform different functions. CFPs concentrate on offering individuals and families full financial planning services, whereas CPAs specialize in accounting services including auditing, tax preparation, and financial reporting for different customers.