Financial advisors and accountants both help people manage money and reach financial goals. But certified financial planners (CFPs) and certified public accountants (CPAs) have very different jobs and different strengths. Here's how to tell the difference between the two and choose the one that’s best for you.
Is a financial advisor the same as an accountant?
No, a financial advisor is not the same as an accountant. Sometimes accountants provide financial advice, and sometimes financial advisors do accounting, but the two jobs require different certifications and skills.
What is a certified financial planner (CFP)?
A certified financial planner (CFP) helps clients set goals, reviews their finances and evaluates their risk tolerance. Some CFPs specialize in areas such as divorce, retirement planning or small business. They must pass a test covering risk management, investments, taxes, and retirement and estate planning.
What is a certified public accountant (CPA)?
A certified public accountant (CPA) is a person licensed to prepare tax returns, review financial records for accuracy and compliance, provide tax planning services and offer guidance on budgeting, risk management, business strategy and other topics. They must pass a test demonstrating proficiency in auditing, business concepts, accounting and financial regulations. They also must have a state license to practice.
Can a CPA also be a financial advisor?
Yes, a person can have both a CPA license and a CFP designation if they meet all the testing, education and licensing requirements. A common argument for holding both designations is that the person can provide more comprehensive advice and service.
CFP vs. CPA compared
Certified Financial Planner (CFP) | Certified Public Accountant (CPA) | |
|---|---|---|
Primary focus | Financial planning and investment advice. | Tax return preparation, tax planning and accounting. |
Fiduciary duty to clients | Yes, CFPs must act in the best interests of the client. | No, CPAs must act in the best interests of the public; however, fiduciary duty may apply if acting as a trustee, an executor of an estate or providing investment advice. |
Requires a state license | No. | Yes. |
Requires college degree | Yes. | Yes. |
Requires passing a test | Yes. | Yes. |
Requires continuing education to retain designation | Yes. | Yes. |
Sources: Love and Eickemeyer, "Fiduciary Duty, Due Care, and the Public Interest." The CPA Journal. D. Strausfeld, "A new fiduciary rule: What CPA financial planners need to know." Journal of Accountancy. CFP.net, FINRA.org, National Association of State Boards of Accountancy, Association of International Certified Professional Accountants. | ||
Which is better: a financial advisor or a CPA?
The answer depends on what services you need.
A financial advisor might be a better fit if you mostly need:
- Help deciding which investments to buy or sell.
- Help coming up with a plan to pay off debt.
- A comprehensive retirement plan, estate plan or college savings plan.
- Someone to make sure you have enough insurance.
- Help setting up and sticking to a budget.
- Recommendations for ways to reduce your tax bill.
A CPA might be a better fit if you mostly need:
- Someone to prepare and file your taxes.
- Business operating advice.
- Business succession advice.
- Someone to set up a business entity for you.
- Someone to handle paying your routine monthly bills for you.
- Recommendations for ways to reduce your tax bill.
- Someone to help you through a tax audit or represent you in front of the IRS.
Explore more on
Article sources
NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.
- 1.FINRA.org. Professional Designations. Accessed Apr 22, 2026.
- 2.Association of International Certified Professional Accountants. CPA explained: Careers, ethics, and why licensure is the gold standard. Accessed Apr 22, 2026.
- 3.National Association of State Boards of Accountancy. What Are the Four CPA Exam Sections?. Accessed Apr 22, 2026.
- 4.National Association of State Boards of Accountancy. Getting a License. Accessed Apr 22, 2026.
- 5.CFP Board. How Does CFP® Certification Complement My CPA?. Accessed Apr 22, 2026.
