What are the key differences between a CPA and CFA designation and which is better for a senior role?

I am both and if your career plan is accounting, finance and to be a CFO, you will need a CPA. If your career path is investments and portfolio management, then get the CFA. The CPA test is 100% accounting and auditing. The CFA tests are on accounting, economics, statistics, financial analysis, investment management, investment ethics, derivatives and modern portfolio theory. I would also get a CFA before an MBA. I also have an MBA in Finance and going through the CFA program was the best thing I ever did.