CFA Exemptions: A Big Perk You Should Know

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We’ve gone through the direct advantages of pursuing the CFA charter.

Although there are currently no exemptions on the CFA exams itself, are you aware that the CFA Program could be getting you fast-tracked through things like:

  • A finance regulation exam?
  • University courses or GRE/GMAT requirements graduate school?
  • Other professional designations (like CAIA, PRM, actuarial, accounting etc)?

Whether you are a CFA candidate or charterholder, it’s always a good idea to check if other certification programs you’re involved in have a CFA waiver. You might end up saving yourself a lot of time and effort that otherwise might be duplicated.

​Read on to learn more about CFA exemptions and waiver program, and check if this applies to you. Let’s go!


The CFA Program is an internationally recognized qualification – this also means that waivers can be found in over 40 countries worldwide. CFA exam exemptions typically fall into 3 main categories:

1. Regulator recognition

cfa exam exemptions waivers

The high ethics standard of the charter and comprehensiveness of the CFA curriculum means that in some countries and regions, some regulatory requirements to practice may be waived if you have enrolled or completed the CFA Program.

Here are some of the regulators that currently have waivers with the CFA Program:

  • Financial Industry Regulatory Authority (FINRA)
  • New York Stock Exchange (NYSE)
  • The UK’s Financial Conduct Authority (FCA)
  • Canadian Securities Administrators (CSA)
  • Investment Industry Regulatory Organization of Canada (IIROC)
  • Securities and Exchange Commission of Pakistan (SECP)
  • The Monetary Authority of Singapore (MAS)

Here is the full list of CFA exam exemptions offered by regulatory bodies around the world, sorted by country name alphabetically:

CountryRegulatorMinimum
CFA Status
CFA Waiver Details
ArgentinaComisión Nacional de Valores (CNV)Passed CFA Level 1Modules 3-6 of the certification exam.
ArmeniaCentral Bank of the Republic of Armenia (CBA)Passed CFA Level 1Candidates for certain managerial roles are required to have a qualification and meet the professional adequacy criteria. E.g:
– becoming a bank dealer requires at least CFA Level 1;
– these roles require at least CFA Level 2 (Executive director, Deputy executive director, Member of directorship, branch manager, Chief accountant, Deputy chief accountant, Head of internal audit unit, Member of internal audit unit)
AustraliaLicensing Exam, Australian Securities and Investments Commission (ASIC)Passed CFA Level 1, CFA charterholderMinimum training standards can be met by passing the CFA Level 1 exam, combined with the RG 146 Gap Training Program for CFA Charterholders and candidates (Personal Advice).

Passing both exams also satisfies the mandatory Skills requirements for Personal Advice.
BahamasSecurities Commission of The BahamasPassed CFA Level 1Passing CFA Level 1 meets the education requirements necessary to qualify for a license as a Trading, Advising, or Discretionary Management Representative.
BahrainCentral Bank of Bahrain (CBB)CFA charterholderCFA charterholders are exempted from the FAP (Financial Advice Program) level 2 requirement.

The CFA charter is also a recognized qualification for the controlled functions of Head of Treasury, Financial Instruments Trader and Investment Consultant/Investment Adviser.
BrazilANBIMACFA charterholder ANBIMA has granted CFA Charterholders a partial exemption to obtain the CGA certification (Certificação de Gestores), which is required to be a portfolio manager at an ANBIMA firm.
Superintendência Nacional de Previdência Complementar (PREVIC)CFA charterholderPREVIC recognizes the CFA Charter as meeting the knowledge and competency requirements needed to practice as a pension fund manager (dirigente de EFPC).
Comissão de Valores Mobiliários (CVM)Passed CFA Level 2, CFA Level 3CVM exempts candidates who have passed the:
– CFA Level 2 exam from the knowledge of business requirements to register as research analysts;
– CFA Level 3 exam to demonstrate meeting CVM’s knowledge and competency requirements to practice as a portfolio manager or securities consultant.
BulgariaFinancial Supervision Commission (FSC)Passed CFA Level 1The FSC exempts those who have passed CFA Level 1 from the local exam requirement for the Investment Consultant license.
CanadaInvestment Industry Regulatory Organization of Canada (IIROC)Passed CFA Level 1,
CFA charterholder
For those pursuing a career as an investment professional, passing at least CFA Level 1 is an alternative to the Canadian Securities Course.

The CFA charter can be used to meet the proficiency requirements for portfolio management, dealing with retail clients, and for supervisory research analysts.
Canadian Securities Administrators (CSA)CFA charterholderThe CFA charter can be used to meet the proficiency requirements for Portfolio Managers Investment Fund Managers, Mutual Fund Dealer.
ChileComisión para el Mercado Financiero (CMF)Passed CFA Level 1,2 or 3The CFA program is recognized as an alternative for the licensing of representatives.

– Passing CFA Level 1 is required for financial advisors.
– Passing CFA Level 2 is required for traders, research analysts, general supervisors, commercial supervisors.
– CFA charter is required for supervisor role.
ChinaAsset Management Association of China (AMAC)CFA charterholderPaper 2 of AMAC’s exam waived for CFA charterholders who are senior managers in private equity or hedge funds.
EgyptFinancial Regulatory Authority (FRA)Passed CFA Level 1Applicants who have successfully completed CFA Level 1 are exempted from the requirement of passing the exams required for obtaining the relevant licenses.
GreeceHellenic Republic Capital Market CommissionCFA charterholderCFA charterholders are exempt from the regulatory exam when applying for an analyst license.
Hong KongHong Kong Securities and Futures Commission (SFC)Passed CFA Level 1,
CFA charterholder
The SFC competency code for Licensed Representatives recognizes the CFA Level 1 exam as an industry qualification.

CFA charterholders meet the academic/industry qualification requirements established for responsible officers by having the CFA charter.
IndonesiaFinancial Services Authority of Indonesia (OJK)CFA charterholderCFA charterholders can act as officers in a collective investments scheme with limited participation and are exempt from passage of the local Investment Certificate and having 5 years of portfolio management experience.
IrelandThe Institute of Banking (Ireland)CFA charterholderThe QFA (Qualified Financial Adviser) Board exempts CFA charterholders from two of the six modules needed to earn the Professional Diploma in Financial Advice.

CFA charterholders who have completed a Regulation module of the QFA program can be accredited as an Accredited Product Advisor (APA) in Savings and Investments and Loans.
IsraelIsrael Securities Authority (ISA)CFA charterholderCFA charterholders are waived from 5 of the 6 exams and the internship requirement. They still pass the Securities Laws and Professional Ethics exam.
JerseyJersey Financial Services CommissionPassed CFA Level 1,
CFA charterholder
Recognizes the CFA program as an Acceptable Professional Qualification for the
investment business.
KenyaInstitute of Certified Investment and Financial Analysts (ICIFA)CFA charterholderCFA Charterholders will be granted exemptions comprising 16 papers out of 18 papers in total; they will only sit for Papers 6 & 7 of the CIFA exam.
KuwaitCapital Markets Authority (CMA) of KuwaitCFA charterholderThe CFA charter is recognized as meeting some of the Fit and Proper Requirements for certain roles at regulated financial institutions.
MalaysiaSecurities Commission Malaysia (SC)CFA charterholderCFA charterholders are waived from 4 licensing examinations: Module 7, 10, 12, 14.
MexicoComision Nacional del Sistema de Ahorro para el Retiro (CONSAR)Passed CFA Level 2, CFA charterholderPassing CFA Level 2 will grant a license valid for 4 years for general financial certification and certification on derivatives and structured instruments.

CFA charterholders receive a permanent license for general financial certification and certification on derivatives and structured instruments.
Asociacion Mexicana de Instituciones Bursatiles (AMIB)Passed CFA Level 1Passing CFA Level 1 gets partial exemption towards obtaining licenses for these roles: mutual fund sales, securities sales, financial advisor, money market trader, stock exchange trader.
NetherlandsDutch Securities Institute (DSI)Passed CFA Level 1, CFA charterholderPassing CFA Level 1 meets the qualifications requirement to be a Financial Analyst, Fund Manager and Senior Investment Adviser. There are work experience requirements to meet in addition to this.

CFA charter meets the qualifications requirement to be a Senior Financial Analyst. In addition, a Senior Financial Analyst must have at least 5 years of recent and relevant job experience.
PakistanSecurities and Exchange Commission of Pakistan (SECP)CFA charterholderAfter obtaining the Institute of Capital Market’s (ICM) PMR certification, CFA charterholders are waived from the Fundamentals of Capital Market Program (FCM) certification requirement.
PeruAdministradores de Fondos Pensiones (AFP)Passed CFA Level 1Pension Fund Administrators require passing (AFP) accept the CFA Program Level 1 exam as fulfillment of SBS Regulation 114-2005.
Superintendencia del Mercado de Valores (SMV)Passed CFA Level 1Applicants who have passed the CFA Level 1 exam are approved for various financial roles with SMV (portfolio manager, trading etc).

It also meets the minimum requirements for becoming a Director of Market Regulation of the Securities Exchange.
PhilippinesSecurities and Exchange Commission PhilippinesPassed CFA Level 1In order to manage mutual funds, at least one fund manager in each member institution must have passed CFA Level 1.
PolandMinistry of Finance for the Republic of PolandCFA charterholderThe Polish Ministry of Finance accepts the CFA Charter as fulfilling the professional requirements for both securities brokers and investment advisors.
PortugalComissão do Mercado de Valores Mobiliários (CMVM)CFA charterholderThe CMVM recognizes the CFA charter as fulfillment of the qualifications needed to register as an investment adviser or financial analyst.
Saudi ArabiaCapital Markets Authority (CMA) of Saudi ArabiaPassed CFA Level 1The CMA gives an exemption from Part 2 of the CME-1 exam for anyone who has passed CFA Level 1. Individuals must still pass Part 1 of the CME-1 exam.
SingaporeMonetary Authority of Singapore (MAS)CFA charterholderMAS exempts those who are CFA charterholders and are seeking to apply for a license as Capital Markets Services (CMS) Representatives in Fund Management from modules 6 and 7 of the Capital Markets and Financial Advisory Services (CMFAS) Exam.
SloveniaATVP – Securities Market AgencyPassed CFA Level 3Those who passed CFA Level 3 will get partial exemption to second and third part of a three-part exam relating to Investment Advisory and Portfolio Management, which is required for the authorisation to provide broker services.
South AfricaFinancial Services Board (FSB)CFA charterholderThe CFA charter fulfills Category I, II, IIA, III, and IV of the Financial Service Provider’s (FSPs) entry level qualification for the Key Individuals and Representatives licensing process.
Sri LankaSecurities and Exchange Commission of Sri LankaCFA charterholderCFA charterholders meet the requirement to practice as Investment Manager managing client funds.
TaiwanSecurities Investment Trust & Consulting Association (SITCA)CFA charterholderA CFA charterholder who passes the local regulatory exam and has 2 or more years of relevant work experience (as defined by the SITCA) is qualified to practice as a securities investment analyst.
ThailandBank of Thailand (BoT)Passed CFA Level 1, 2 or 3Passing CFA Level 1 provides these exemptions:
a) the securities portion of the investment analysis securities and derivatives training course;
c) investment consultants are exempted from having relevant work experience and the following training courses: (1) Fundamental Knowledge and (2) Knowledge on securities and derivatives;
d) to meet the fund manager requirement provided that the fund manager has worked in research, risk management, or securities analysis for not less than 2 years within 5 years prior to the application date.

Passing CFA Level 2 provides
exemption from the entire investment analysis securities and derivatives training course.

Fund managers are required, among other criteria, to pass the CFA Level 3 exam.
TurkeyCapital Markets Board of Turkey (CMB)Passed CFA Level 1, 2 or 3Passing the CFA Level 1, 2 or 3 exam is considered equivalent to the Capital Markets Activity (CMA) Level 1, 2 or 3 License respectively.
United KingdomFinancial Conduct Authority (FCA)Passed CFA Level 1, 2 or 3Passing CFA Level 1 or 2 provides an exemption from Investment Management Certificate (IMC) Unit 2, providing no advice to retail (private) investors is undertaken.

CFA charterholders are exempt from IMC Unit 2, including those who advise retail (private) investors.
United StatesFinancial Industry Regulatory Authority (FINRA)Passed CFA Level 2Applicants who have passed CFA Level 2 exam are eligible for exemption from Part I (Series 86), the Analysis section, of the Research Analyst Qualification Examination.
New York Stock Exchange (NYSE)Passed CFA Level 1Part II of the NYSE Supervisory Analysts Qualification Exam
North American Securities Administrators Association (NASAA)CFA charterholderSome states require the Series 65 exam for investment advisers and investment adviser representatives. CFA charterholders are exempt from this exam.
Investment Adviser Registration Depository (IARD)CFA charterholderCFA charterholders who must register as investment advisers or representatives through IARD may work with CFA Institute to claim a waiver from state competency exams.
UruguayCentral Bank of UruguayCFA charterholderCFA charterholders have demonstrated competency and have the knowledge necessary to practice as an Intermediary Securities and Investment Advisory.
VietnamState Securities Commission (SSC)Passed CFA Level 2, CFA charterholderThose who passed CFA Level 2 are exempted from:
– Basic issues regarding securities and the securities market
– Securities analysis and investment
– Analysis of enterprise financial statements

CFA charterholders are exempted from the 3 year work experience requirement in order to obtain the fund management practicing certificate.

​
You can look up the latest regulatory waivers and exemptions directly from CFA Institute.

2. University courses and grad schools

graduation celebration

If you’re considering a graduate degree in banking, investment, financial services, or business school, you might be eligible for a course waiver if you’ve got some level of achievement in the CFA Program.

In some cases, having a specific level of the CFA Program (e.g. Level 1, Level 2) can exempt you from some parts in university courses. For example, this could be a GMAT/GRE entrance exam to a business school if you’re interested in MBA programs, or certain financial courses.

Currently, there are about 60 university programs globally that are eligible for CFA exam exemptions, including programs from:

  • Duke University
  • Cornell University
  • Johns Hopkins University
  • London Business School
  • University of California, Berkeley
  • University of California, Los Angeles
  • University of Melbourne

Here is the full list of CFA waivers offered by universities and graduate schools around the world (mostly US), sorted by country and university names alphabetically:

CountryUniversityMinimum
CFA Status
CFA exemptions university details
AustraliaMacquarie UniversityPassed CFA Level 1, 2 or 3In the admissions process:
– Passing CFA Level 3 will be recognized as equivalent to a bachelor’s degree.
– Passing CFA Level 1 or 2, combined with a bachelor’s degree in a non-relevant discipline, will be treated as a bachelor’s degree.

Students who have passed CFA Levels 1,2, or 3 are eligible for course waivers.
Griffith UniversityPassed CFA Level 1When applying to the Master of Finance program, those who have passed CFA Level 1 are exempt from the GMAT/GRE/BAT score requirement, as well as the requirement of completing a specialized undergraduate degree in finance.

Those who passed CFA Level 1 are eligible for 40 CP credit (4 courses) in the foundation component of the Master of Finance program.
University of MelbourneCFA charterholderThose who are CFA charterholders are exempted from the GMAT/GRE exams.
CanadaUniversity of ReginaCFA charterholderFor MBA or Master of Human Resource Management (MHRM) applicants, up to 9 credit hours of advanced standing will be offered to CFA charterholders.
York UniversityPassed CFA Level 1Applicants to the Master of Finance Program who have successfully completed CFA Level 1 are exempt from the GMAT/GRE application requirement.
Wilfrid Laurier UniversityPassed CFA Level 1Applicants to the Master of Finance Program who have successfully completed CFA Level 1 are exempt from the GMAT/GRE application requirement.
Queen’s UniversityPassed CFA Level 1Applicants for the Master of Finance who have passed the CFA Level 1 are waived out of the GMAT requirement.
University of Toronto St. GeorgePassed CFA Level 3Applicants to the Master of Finance Program who have passed CFA Level 3 are exempt from the GMAT entrance requirement. Applicants who have not yet passed CFA Level 3 must provide a GMAT score.
Concordia CollegePassed CFA Level 1Applicants for MBA who have passed CFA Level 1 at the time of application are exempt from the GMAT admission requirement.
ChinaChina Europe International Business SchoolPassed CFA Level 3When applying for MBA in Finance (FMBA), applicants who have passed CFA Level 3 will have the opportunity to be awarded the FMBA-CFA Scholarship of 50,000 RMB.
EgyptAmerican University in CairoPassed CFA Level 1, 2Students in the MS in Finance Policies and Regulations program who have passed CFA Level 1 and 2 are waived from the Finance 540 and Accounting 5201 courses.
FranceGrenoble École de ManagementPassed CFA Level 1Applicants to the MSc Finance program who have passed CFA Level 1 are exempt from the GMAT/GRE exam requirement.
GermanyFrankfurt School of Finance and ManagementPassed CFA Level 1Master of Finance students may have one elective waived for having passed CFA Level 1 or more.
IrelandUniversity College CorkCFA charterholderCFA charterholders are waived from the 10 credit AC6120 Professional Examination Report module in the MS Asset Management program.
SpainUniversidad Complutense de MadridCFA charterholderCFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program
Universidad del País VascoCFA charterholderCFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program
Universidad de Castilla la ManchaCFA charterholderCFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program
EADA Business SchoolPassed CFA Level 1Applicants for the International Master in Finance program who have passed CFA Level 1 are exempt from taking the GMAT/ EADA entrance exam.
IE Business SchoolPassed CFA Level 1, 2Applicants for Masters in Finance or the Global Masters in Finance who passed CFA Level 1 can waive the requirement to submit GMAT or GRE scores.

Applicants for Master in Advanced Finance who pass CFA Level 2 can waive the requirement to submit GMAT or GRE scores.
Universidad de ValenciaCFA charterholderCFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program
United KingdomLondon Business SchoolPassed CFA Level 2Applicants for Masters in Finance (MiF) who passed CFA Level 2 can waive the requirement to submit GMAT or GRE test scores.
University of LondonPassed CFA Level 1, 2 or 3Students for the Global MBA program who passed CFA Level 1, 2 or 3 can claim some course credits.
Lancaster UniversityPassed CFA Level 1Applicants of MSc in Advanced Financial Analysis program must have either passed CFA Level 1 or be registered for CFA Level 1 prior to the start of the program.
United StatesAmerican UniversityPassed CFA Level 1Applicants of Master of Science in Real Estate (MSRE) who passed CFA Level 1 can waive the GMAT score requirement.
Boston CollegeCFA charterholderCFA charterholders may qualify for a waiver from some of the MBA courses.
Boston UniversityCFA charterholderCFA charterholders can waive 2 out of the 10 courses in the MS in Financial Management (MSFM) program.
Cornell UniversityPassed CFA Level 2, CFA charterholderPassing CFA Level 2 provides an exemption from NCC – 5000, the Financial Accounting core course in Cornell’s 2 year MBA program.

CFA charterholders qualify for admission to Cornell’s Accelerated MBA (AMBA) program, and get 15 course credits.
Creighton UniversityPassed CFA Level 1Applicants to the Masters of Investment Management and Financial Analysis program may waive the GMAT requirement if they have passed CFA Level 1 or higher.
Dartmouth CollegeCFA charterholderCFA charterholders are exempt from the finance core requirement of the Tuck University MBA program.
Drexel UniversityCFA charterholderCFA charterholders enrolling in the LeBow MBA program may potentially waive up to ten credits prior to matriculation.
Duke UniversityPassed CFA Level 3Students enrolled in Duke University graduate business programs who have passed CFA Level 3 are eligible for an unconditional administrative exemption from Finance 645.
Emory UniversityCFA charterholderCFA charterholders applying to the Executive MBA Program can waive the GMAT/GRE requirement.
Johns Hopkins UniversityCFA charterholderCFA charterholders applying to the MBA portion of the dual Masters in Government/MBA program can waive the GMAT/GRE requirement.
Loyola University ChicagoCFA charterholderCFA charterholders applying for graduate studies at the Quinlan School of Business are eligible to waive the GMAT/GRE requirement.
Sacred Heart UniversityCFA charterholderCFA charterholders applying to the MBA program can waive the GMAT score requirement.
Seattle UniversityCFA charterholderCFA charterholders applying to the Professional MBA or Master of Science in Finance programs can waive the GMAT/GRE requirement.
Seton Hall UniversityCFA charterholderCFA charterholders applying to the MBA or MS in Accounting program can waive the GMAT/GRE requirement.
Texas A&M UniversityPassed CFA Level 1Students of MS in Finance who passed CFA Level 1 candidates can waive Financial Accounting and Microeconomics courses.
Texas Christian UniversityCFA charterholderCFA charterholders applying to the MBA program can waive the GMAT/GRE requirement.
University of California, BerkeleyPassed CFA Level 3MBA candidates who have passed CFA Level 3 are exempted for 2 courses: MBA 202 Financial Accounting and MBA 203 Finance.
University of California, Los AngelesCFA charterholderMBA students who are CFA charterholders can be exempted from Mgmt 408 Financial Markets.
University of ConnecticutCFA charterholderCFA charterholders applying to the M.S. in Financial Risk Management program can waive the GMAT/GRE requirement.
University of IowaPassed CFA Level 1Those who passed CFA Level 1 may be eligible to waive Master of Finance core courses.
University of KentuckyCFA charterholderCFA charterholders applying to the One Year MBA and Professional MBA programs can waive the GMAT/GRE requirement.
University of MassachusettsCFA charterholderCFA charterholders applying to Flex MBA, Professional MBA, MS Accounting, MS Finance or MS Information Technology can waive the GMAT/GRE requirement.
University of North Carolina, WilmingtonPassed CFA Level 1Applicants to the MS Finance and Investment Management program who passed CFA Level 1 can waive the GMAT/GRE requirement.
University of North Carolina, Chapel HillCFA charterholderCFA charterholder applying for EMBA program can waive the GMAT/GRE requirement.
University of Notre DameCFA charterholderCFA charterholder students in the Executive Master of Nonprofit Administration program can get course waivers.
University of Rhode IslandPassed CFA Level 2Applicants to the MBA program may waive the GMAT requirement provided that they have passed CFA Level 2.
University of South FloridaCFA charterholderApplicants of the MBA program who have earned the CFA charter may waive the GMAT requirement.
University of TampaPassed CFA Level 1Applicants of the MS in Finance, who have passed CFA Level 1 or higher can waive the GMAT requirement.
University of VirginiaCFA charterholderEMBA applicants who are CFA charterholders can waive the GMAT/GRE requirement.

You can look up the latest university and graduate course school exemptions directly from CFA Institute.

3. Other Professional Certification Programs

cfa after mba

Certification programs, especially for financial services, may also recognise the CFA charter and grant waivers for coursework, entire exams, their ‘continuing education’ courses or work experience requirements.

Some of the highlights include:

So here is the full list of CFA waivers offered by professional designations globally, sorted by country (if applicable) and certification names alphabetically:

CountryProfessional CertificationMinimum CFA StatusCertification Waiver Details
CanadaChartered Business Valuator (CBV)CFA charterholderCFA charterholders are exempt from the requirement to complete 2 elective courses at CBV Institute.
Wealth Management Essentials (WME)CFA charterholderCFA charterholders can enroll in a fast track version of the WME course.
Registered Financial Planner (R.F.P)CFA charterholderCFA charterholders are exempt from the Ethics exam and are eligible to write a 3 hour version of the R.F.P technical exam (instead of 6 hour).
GlobalAssociation of Chartered Certified Accountants (ACCA)CFA charterholderCFA charterholders applying for ACCA membership are exempt from the Financial Accounting exam (Paper F3).
Accredited Estate Planner (AEP)CFA charterholderCFA charterholders meet the eligibility requirement to sit for AEP exams.
Accredited Senior Appraiser (ASA)CFA charterholderCFA charterholders with 5 years of full-time business valuation experience will get exemption from ASA’s BV201 through 204 classes or exams.
Certificate in Investment Performance Measurement (CIPM)Passed CFA Level 3, CFA charterholderCFA charterholders and those who have passed CFA Level 3 are granted an exemption from the Level 1 CIPM exam.
Certified Credit Research Analyst (CCRA)Passed CFA Level 2Those who passed CFA Level 2 or higher are granted an exemption from the CCRA Level 1 exam.
Certified in Entity and Intangible Valuation (CEIV)Passed CFA Level 3, CFA charterholderThose who passed CFA Level 3 are eligible for an exemption to the valuation competencies portion.

CFA charterholders with at least 5 years of full-time business valuation experience meet the business valuation education requirements.
Certified Investment Management Analyst (CIMA)CFA charterholderCFA charterholders can get exemption from two of the five steps in obtaining CIMA.
Certified Financial Planner (CFP)CFA charterholderCFA charterholders are recognized as fulfilling most of the education coursework requirement for CFP.
Certified International Wealth Manager (CIWM)CFA charterholderThe Foundation exam is waived for CFA charterholders.
Chartered Alternative Investments Analyst (CAIA)CFA charterholderCFA charterholders are exempt from sitting for the CAIA Level 1 exam via CAIA’s stackable program.
Chartered Enterprise Risk Analyst (CERA)Passed CFA Level 1, 2Passing CFA Level 1 gets an exemption from the Economics portion of VEE.

Passing CFA Level 2 gets an exemption from the Corporate Finance portion of VEE.
Chartered Financial Consultant (ChFC)CFA charterholderCFA charterholders are exempt from the HS 328 Investments course, which is required to earn the ChFC designation.
Chartered Institute of Management Accountants (CIMA)Passed CFA Level 3Candidates who have passed CFA Level 3 qualify for the Master’s gateway route. This is an accelerated entry program to the CIMA.
Chartered Institute for Securities and InvestmentPassed CFA Level 1, CFA charterholderThose who passed CFA Level 1 are exempted from Introduction to Securities and Investments.

CFA Charterholders are exempt from the Financial Markets unit of the Diploma in Capital Markets.
Chartered Insurance Institute (CII)Passed CFA Level 1, 2 or 3Those who have completed at least CFA Level 1 are granted exemptions in AF4 Investment planning and R02 Investment principles and risk.
Chartered Life Underwriter (CLU)CFA charterholderCFA charterholders are exempt from the HS 328 Investments course, which is required to earn the CLU designation.
Chartered Market Technicians (CMT)CFA charterholderCFA charterholders get a waiver from the CMT Level 1 exam.
Fellow of the Institute and Faculty of Actuaries (FIA)Passed CFA Level 1, 2, 3 or CFA charterholderThose who passed at least 1 level of CFA exam can get exemptions depending on CFA status: CT7, CT2 (Level 1), CT3 & CTI (Level 2), CT8 (Level 3) and ST0 (CFA charterholder).
National Certificate of Professional Investment (CNPI)Passed CFA Level 2Those who passed CFA Level 2 or higher are exempted from taking the Global Content exam required to earn the CNPI. 
Professional Risk Manager (PRM)CFA charterholderCFA charterholders can be granted exemptions from PRM exams 1.
SpainCertified Advisor (CAd)Passed CFA Level 1As a prerequisite to enrollment, candidates must have passed CFA Level 1 and be a member of CFA Society Spain.
United KingdomInvestment Management Certificate (IMC)Passed CFA Level 1IMC candidates who have passed CFA Level 1 are eligible for Unit 2 exemption.
Chartered Director (CDir), Certificate in Company DirectionCFA charterholderCFA charter shortens the professional experience requirement from 5 to 3 years.

CFA charterholders are exempt from the Finance for Non-Finance Directors module of the Certificate in Company Direction.
ICAEW Chartered Accountant qualification (ACA)CFA charterholderThe ICAEW has awarded credit to CFA charterholders for six of ICAEW’s exams.
United StatesRegistered Player Financial AdvisorCFA charterholderThe National Football League Players Association (NFLPA) recognizes the CFA charter as meeting the eligibility requirements to become a Registered Player Financial Advisor.

You can also look up the latest certification waivers and exemptions directly from CFA Institute.


Have you saved time by using a CFA waiver, or are you currently eligible for any? Let us know in the comments below!

Meanwhile, here are a few related articles that may be of interest:

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5 thoughts on “CFA Exemptions: A Big Perk You Should Know”

  1. I am an Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants of Nigeria. Can enjoy examption/waiver in the CFA exams?

    Reply
  2. I have a master’s degree so will like to know if I can just take the last level of CFA to complete the program

    Reply
  3. For PRM, you write above that there is an exemption from exams 1 and 2. But on their website they only mention an exemption from exam 1. Am I missing something or is the info above incorrect?

    Reply

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