If you want to enhance your expertise and advance in your finance career, there are 2 common pathways to help you get there. There’s the Chartered Financial Analyst (CFA) program, or you could study a master’s in finance, such as the Master of Finance and Investment Management offered at UQ.
We’ve collated this information to help you weigh up which option is best for you.
What you’ll learn
UQ consulted industry partners such as Queensland Investment Corporation (QIC) and Queensland Treasury Corporation (QTC) to develop the Master of Finance and Investment Management curriculum to meet future employer needs, focusing on national priorities. Drawing on the academic rigour expected of a globally top-ranked university, the program content is designed to equip you with the skills and capabilities required to fill predicted industry gaps and navigate industry change.
In contrast, the CFA program curriculum is standardised globally. This means it will provide you with the essential technical skills for the profession, but the content isn’t tailored to provide local context or application.
If you study the Master of Finance and Investment Management, you’ll complete an industry project. This gives you the chance to collaborate with employers or networks and demonstrates your understanding of the financial risk and investment management process.
To complete your CFA, you need to complete qualifying work experience that is either “directly involved with the investment decision-making process or producing a work product that informs or adds value to that process”. This can be completed before, during or after the CFA study program, but it isn’t technically part of the program or supported in any way by the CFA Institute.
Paris Hall works in a client-focused role specialising in investment and portfolio structuring. She says the UQ master’s program covered exactly what she wanted to learn, while the CFA content was more suited to ‘buy-side’ finance roles.
For me, the granularity of the CFA wasn’t as compelling as the investment management and industry focus offered in the Master of Finance and Investment Management.
Matthew Kennedy agrees.
“I chose the Master of Finance and Investment Management because of UQ's strong reputation, the recognition of the degree and the breadth of subjects on offer, particularly in areas such as private equity, real estate and infrastructure, which the CFA doesn't cover,” he says.
Teaching style and study mode
This master’s degree is designed for busy professionals, with each course providing a blend of online learning and face-to-face workshops taught at our convenient Brisbane CBD location. You’ll have many opportunities to network with industry peers in the classroom and at events.
You’ll also have the chance to learn from industry and academic experts from one of Australia’s top business schools (AFR Boss 2025). Many of our lecturers concurrently work in the finance and investment management industry, exposing you to real potential future employers in the classroom.
In comparison, the CFA is limited to independent study. This means you may have fewer opportunities to engage in the rich learning experiences that can arise from in-person learning and connecting with industry peers. However, the CFA does have its own local chapter societies, which can provide opportunities to develop local networks.
Duration or time to complete
Whether you study the Master of Finance and Investment Management full time (1 year) or part time (2 years), it’s likely to be quicker than completing the CFA study program.
How long does the CFA take? While the CFA is self-paced, you will need to complete 300 hours of study per level in addition to qualifying work experience and passing all 3 CFA exams. This usually takes 2–4 years.
After completing these requirements, there are a few additional steps before you can apply to become a member. To achieve the Chartered Financial Analyst designation, you need to be a regular member of CFA Institute and submit 2–3 professional references who can comment on your work experience and professional character as part of your application.
Cost
At first glance, the CFA study program looks significantly cheaper than a master’s degree. You don’t have CFA course fees to pay; you only need to pay for the exams you sit. However, these exams have a low pass rate, which means if you need to re-sit any of the exams, the additional fees can add up. For example, the pass rate for the Level 1 CFA exam in 2024 was only 46% (CFA Society Australia, Understanding the CFA Program Pass Rates: A Guide for University Students, 2024).
The cost to sit one CFA exam starts at $1,140 USD, and you’ll need to successfully complete 3 exams. This amounts to $3,520–$4,600 USD for all 3 exams, assuming you pass on your first try.
Domestic students will pay $45,840 to study the Master of Finance and Investment Management in 2026. However, you can access financial support to study the Master of Finance and Investment Management at UQ by accessing FEE-HELP or a range of different scholarships.
Career outcomes
Both options will prepare you for a range of career opportunities across the finance and investment industry, from financial advice to investment analysis and consultancy. However, as a broader qualification, the master’s program could potentially offer more flexible career options.
For example, you may be working in a technical industry other than finance with the goal of applying the skills you gain during the program to relevant projects in your industry. This is the case for approximately a quarter of UQ's 2024 Master of Finance and Investment Management cohort, who are engineers intending to remain in the engineering industry after they graduate.
“I weighed up the industry relevance of the curriculum, the intensive course structure and the opportunity to gain well-rounded technical knowledge,” says Matthew.
“Compared to the CFA, I felt the program was better suited to someone seeking broader finance or investment roles, not just asset management or equity research."
I felt that the Master of Finance and Investment Management would add more value to my career than the CFA.
“The program has been valuable both academically and professionally, and I’d make the same choice again," he says.
"My peers in the program have also contributed to my learning experience, given their diverse career backgrounds and differences in how they approach investment decisions.”
Ongoing value
Successfully completing the CFA study program provides you with a credential that is globally recognised and respected in the finance industry. Once you become a CFA member, you’ll have access to their network of like-minded professionals, ongoing learning opportunities and specific societies, if you meet their entry requirements.
The Master of Finance and Investment Management is a specialised master’s degree qualification from a top-ranked university with a strong local, national and international reputation. You’ll graduate with a formal academic qualification, but the program isn’t CFA-accredited.
During your studies at UQ and after you graduate, you’ll have the opportunity to connect with peers and teachers working in the finance industry as well as a range of other diverse industries who could become future employers. Broadening your network in the classroom and through extracurricular events can be beneficial in the long term, exposing you to potential future career opportunities.
This was particularly important for Ananya Partha, who wanted to move into the finance industry.
“I wanted to get a formal qualification and build a network and knowledge base in the Australian context, given how insular Australian industries – including finance – seem to be,” he says.
What attracted me to the master’s was the richness of experience offered, the quality of the lecturers, and the subjects. After scanning the associated readings for each course, I thought to myself, 'if that's the kind of content they're going to teach us, I'm in for a good time.'
Studying a master’s degree at a university like UQ can also be beneficial by giving you access to a range of support and ongoing benefits that enrich your learning experience and put you in the best possible position for future success.
Entry requirements
To enrol in the CFA program, you need to:
- have a bachelor's degree or equivalent from a college or university
- be an undergraduate student – see the CFA website to learn more about timing requirements
- have a valid international passport
- have professional work experience.
Does the CFA need work experience?
Before you can sit your first, Level 1 exam, you need to have accrued a combination of 4,000 hours of work experience and/or higher education over a minimum of 3 sequential years. The dates of education and professional work experience can’t overlap.
Your professional work experience doesn’t need to be related to investment.
To enrol in the UQ Master of Finance and Investment Management program, you’ll need to have received a grade point average (GPA) of 4.5 on a 7-point scale in one of these previously completed qualifications:
- a bachelor honours degree (or equivalent) in a relevant discipline
- a bachelor's degree (or equivalent) in a relevant discipline, plus 2 years of full-time equivalent relevant work experience
- the Graduate Certificate in Finance and Investment Management from UQ (or equivalent)
- the Graduate Certificate in Commerce from UQ (or equivalent).
In addition to these educational entry requirements, international applicants must have completed the Graduate Management Admissions Test (GMAT) with a minimum score of 550.
Visit the Master of Finance and Investment Management program page to learn more about what are considered relevant disciplines for previous study and relevant work experience for prior professional work.
Whether you choose to pursue the CFA or a master’s degree, both options can lead to career growth.
But if you’re ready to take the next step in your career with a program designed in consultation with industry and tailored to future employer needs, you may benefit from learning more about the Master of Finance and Investment Management.
Explore the Master of Finance and Investment Management Discover what it’s like to study this master's degree at UQ
Information about the CFA is from the CFA website and is correct at time of publication.
