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:
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:
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:
Here is the full list of CFA exam exemptions offered by regulatory bodies around the world, sorted by country name alphabetically:
| Country | Regulator | Minimum CFA Status | CFA Waiver Details |
|---|---|---|---|
| Argentina | Comisión Nacional de Valores (CNV) | Passed CFA Level 1 | Modules 3-6 of the certification exam. |
| Armenia | Central Bank of the Republic of Armenia (CBA) | Passed CFA Level 1 | Candidates 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) |
| Australia | Licensing Exam, Australian Securities and Investments Commission (ASIC) | Passed CFA Level 1, CFA charterholder | Minimum 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. |
| Bahamas | Securities Commission of The Bahamas | Passed CFA Level 1 | Passing CFA Level 1 meets the education requirements necessary to qualify for a license as a Trading, Advising, or Discretionary Management Representative. |
| Bahrain | Central Bank of Bahrain (CBB) | CFA charterholder | CFA 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. |
| Brazil | ANBIMA | CFA 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 charterholder | PREVIC 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 3 | CVM 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. | |
| Bulgaria | Financial Supervision Commission (FSC) | Passed CFA Level 1 | The FSC exempts those who have passed CFA Level 1 from the local exam requirement for the Investment Consultant license. |
| Canada | Investment 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 charterholder | The CFA charter can be used to meet the proficiency requirements for Portfolio Managers Investment Fund Managers, Mutual Fund Dealer. | |
| Chile | Comisión para el Mercado Financiero (CMF) | Passed CFA Level 1,2 or 3 | The 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. |
| China | Asset Management Association of China (AMAC) | CFA charterholder | Paper 2 of AMAC’s exam waived for CFA charterholders who are senior managers in private equity or hedge funds. |
| Egypt | Financial Regulatory Authority (FRA) | Passed CFA Level 1 | Applicants who have successfully completed CFA Level 1 are exempted from the requirement of passing the exams required for obtaining the relevant licenses. |
| Greece | Hellenic Republic Capital Market Commission | CFA charterholder | CFA charterholders are exempt from the regulatory exam when applying for an analyst license. |
| Hong Kong | Hong 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. |
| Indonesia | Financial Services Authority of Indonesia (OJK) | CFA charterholder | CFA 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. |
| Ireland | The Institute of Banking (Ireland) | CFA charterholder | The 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. |
| Israel | Israel Securities Authority (ISA) | CFA charterholder | CFA charterholders are waived from 5 of the 6 exams and the internship requirement. They still pass the Securities Laws and Professional Ethics exam. |
| Jersey | Jersey Financial Services Commission | Passed CFA Level 1, CFA charterholder | Recognizes the CFA program as an Acceptable Professional Qualification for the investment business. |
| Kenya | Institute of Certified Investment and Financial Analysts (ICIFA) | CFA charterholder | CFA 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. |
| Kuwait | Capital Markets Authority (CMA) of Kuwait | CFA charterholder | The CFA charter is recognized as meeting some of the Fit and Proper Requirements for certain roles at regulated financial institutions. |
| Malaysia | Securities Commission Malaysia (SC) | CFA charterholder | CFA charterholders are waived from 4 licensing examinations: Module 7, 10, 12, 14. |
| Mexico | Comision Nacional del Sistema de Ahorro para el Retiro (CONSAR) | Passed CFA Level 2, CFA charterholder | Passing 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 1 | Passing 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. | |
| Netherlands | Dutch Securities Institute (DSI) | Passed CFA Level 1, CFA charterholder | Passing 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. |
| Pakistan | Securities and Exchange Commission of Pakistan (SECP) | CFA charterholder | After obtaining the Institute of Capital Market’s (ICM) PMR certification, CFA charterholders are waived from the Fundamentals of Capital Market Program (FCM) certification requirement. |
| Peru | Administradores de Fondos Pensiones (AFP) | Passed CFA Level 1 | Pension 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 1 | Applicants 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. | |
| Philippines | Securities and Exchange Commission Philippines | Passed CFA Level 1 | In order to manage mutual funds, at least one fund manager in each member institution must have passed CFA Level 1. |
| Poland | Ministry of Finance for the Republic of Poland | CFA charterholder | The Polish Ministry of Finance accepts the CFA Charter as fulfilling the professional requirements for both securities brokers and investment advisors. |
| Portugal | Comissão do Mercado de Valores Mobiliários (CMVM) | CFA charterholder | The CMVM recognizes the CFA charter as fulfillment of the qualifications needed to register as an investment adviser or financial analyst. |
| Saudi Arabia | Capital Markets Authority (CMA) of Saudi Arabia | Passed CFA Level 1 | The 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. |
| Singapore | Monetary Authority of Singapore (MAS) | CFA charterholder | MAS 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. |
| Slovenia | ATVP – Securities Market Agency | Passed CFA Level 3 | Those 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 Africa | Financial Services Board (FSB) | CFA charterholder | The 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 Lanka | Securities and Exchange Commission of Sri Lanka | CFA charterholder | CFA charterholders meet the requirement to practice as Investment Manager managing client funds. |
| Taiwan | Securities Investment Trust & Consulting Association (SITCA) | CFA charterholder | A 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. |
| Thailand | Bank of Thailand (BoT) | Passed CFA Level 1, 2 or 3 | Passing 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. |
| Turkey | Capital Markets Board of Turkey (CMB) | Passed CFA Level 1, 2 or 3 | Passing 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 Kingdom | Financial Conduct Authority (FCA) | Passed CFA Level 1, 2 or 3 | Passing 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 States | Financial Industry Regulatory Authority (FINRA) | Passed CFA Level 2 | Applicants 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 1 | Part II of the NYSE Supervisory Analysts Qualification Exam | |
| North American Securities Administrators Association (NASAA) | CFA charterholder | Some 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 charterholder | CFA charterholders who must register as investment advisers or representatives through IARD may work with CFA Institute to claim a waiver from state competency exams. | |
| Uruguay | Central Bank of Uruguay | CFA charterholder | CFA charterholders have demonstrated competency and have the knowledge necessary to practice as an Intermediary Securities and Investment Advisory. |
| Vietnam | State Securities Commission (SSC) | Passed CFA Level 2, CFA charterholder | Those 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.
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:
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:
| Country | University | Minimum CFA Status | CFA exemptions university details |
|---|---|---|---|
| Australia | Macquarie University | Passed CFA Level 1, 2 or 3 | In 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 University | Passed CFA Level 1 | When 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 Melbourne | CFA charterholder | Those who are CFA charterholders are exempted from the GMAT/GRE exams. | |
| Canada | University of Regina | CFA charterholder | For MBA or Master of Human Resource Management (MHRM) applicants, up to 9 credit hours of advanced standing will be offered to CFA charterholders. |
| York University | Passed CFA Level 1 | Applicants to the Master of Finance Program who have successfully completed CFA Level 1 are exempt from the GMAT/GRE application requirement. | |
| Wilfrid Laurier University | Passed CFA Level 1 | Applicants to the Master of Finance Program who have successfully completed CFA Level 1 are exempt from the GMAT/GRE application requirement. | |
| Queen’s University | Passed CFA Level 1 | Applicants for the Master of Finance who have passed the CFA Level 1 are waived out of the GMAT requirement. | |
| University of Toronto St. George | Passed CFA Level 3 | Applicants 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 College | Passed CFA Level 1 | Applicants for MBA who have passed CFA Level 1 at the time of application are exempt from the GMAT admission requirement. | |
| China | China Europe International Business School | Passed CFA Level 3 | When 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. |
| Egypt | American University in Cairo | Passed CFA Level 1, 2 | Students 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. |
| France | Grenoble École de Management | Passed CFA Level 1 | Applicants to the MSc Finance program who have passed CFA Level 1 are exempt from the GMAT/GRE exam requirement. |
| Germany | Frankfurt School of Finance and Management | Passed CFA Level 1 | Master of Finance students may have one elective waived for having passed CFA Level 1 or more. |
| Ireland | University College Cork | CFA charterholder | CFA charterholders are waived from the 10 credit AC6120 Professional Examination Report module in the MS Asset Management program. |
| Spain | Universidad Complutense de Madrid | CFA charterholder | CFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program |
| Universidad del País Vasco | CFA charterholder | CFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program | |
| Universidad de Castilla la Mancha | CFA charterholder | CFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program | |
| EADA Business School | Passed CFA Level 1 | Applicants for the International Master in Finance program who have passed CFA Level 1 are exempt from taking the GMAT/ EADA entrance exam. | |
| IE Business School | Passed CFA Level 1, 2 | Applicants 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 Valencia | CFA charterholder | CFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program | |
| United Kingdom | London Business School | Passed CFA Level 2 | Applicants for Masters in Finance (MiF) who passed CFA Level 2 can waive the requirement to submit GMAT or GRE test scores. |
| University of London | Passed CFA Level 1, 2 or 3 | Students for the Global MBA program who passed CFA Level 1, 2 or 3 can claim some course credits. | |
| Lancaster University | Passed CFA Level 1 | Applicants 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 States | American University | Passed CFA Level 1 | Applicants of Master of Science in Real Estate (MSRE) who passed CFA Level 1 can waive the GMAT score requirement. |
| Boston College | CFA charterholder | CFA charterholders may qualify for a waiver from some of the MBA courses. | |
| Boston University | CFA charterholder | CFA charterholders can waive 2 out of the 10 courses in the MS in Financial Management (MSFM) program. | |
| Cornell University | Passed CFA Level 2, CFA charterholder | Passing 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 University | Passed CFA Level 1 | Applicants 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 College | CFA charterholder | CFA charterholders are exempt from the finance core requirement of the Tuck University MBA program. | |
| Drexel University | CFA charterholder | CFA charterholders enrolling in the LeBow MBA program may potentially waive up to ten credits prior to matriculation. | |
| Duke University | Passed CFA Level 3 | Students enrolled in Duke University graduate business programs who have passed CFA Level 3 are eligible for an unconditional administrative exemption from Finance 645. | |
| Emory University | CFA charterholder | CFA charterholders applying to the Executive MBA Program can waive the GMAT/GRE requirement. | |
| Johns Hopkins University | CFA charterholder | CFA charterholders applying to the MBA portion of the dual Masters in Government/MBA program can waive the GMAT/GRE requirement. | |
| Loyola University Chicago | CFA charterholder | CFA charterholders applying for graduate studies at the Quinlan School of Business are eligible to waive the GMAT/GRE requirement. | |
| Sacred Heart University | CFA charterholder | CFA charterholders applying to the MBA program can waive the GMAT score requirement. | |
| Seattle University | CFA charterholder | CFA charterholders applying to the Professional MBA or Master of Science in Finance programs can waive the GMAT/GRE requirement. | |
| Seton Hall University | CFA charterholder | CFA charterholders applying to the MBA or MS in Accounting program can waive the GMAT/GRE requirement. | |
| Texas A&M University | Passed CFA Level 1 | Students of MS in Finance who passed CFA Level 1 candidates can waive Financial Accounting and Microeconomics courses. | |
| Texas Christian University | CFA charterholder | CFA charterholders applying to the MBA program can waive the GMAT/GRE requirement. | |
| University of California, Berkeley | Passed CFA Level 3 | MBA candidates who have passed CFA Level 3 are exempted for 2 courses: MBA 202 Financial Accounting and MBA 203 Finance. | |
| University of California, Los Angeles | CFA charterholder | MBA students who are CFA charterholders can be exempted from Mgmt 408 Financial Markets. | |
| University of Connecticut | CFA charterholder | CFA charterholders applying to the M.S. in Financial Risk Management program can waive the GMAT/GRE requirement. | |
| University of Iowa | Passed CFA Level 1 | Those who passed CFA Level 1 may be eligible to waive Master of Finance core courses. | |
| University of Kentucky | CFA charterholder | CFA charterholders applying to the One Year MBA and Professional MBA programs can waive the GMAT/GRE requirement. | |
| University of Massachusetts | CFA charterholder | CFA 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, Wilmington | Passed CFA Level 1 | Applicants to the MS Finance and Investment Management program who passed CFA Level 1 can waive the GMAT/GRE requirement. | |
| University of North Carolina, Chapel Hill | CFA charterholder | CFA charterholder applying for EMBA program can waive the GMAT/GRE requirement. | |
| University of Notre Dame | CFA charterholder | CFA charterholder students in the Executive Master of Nonprofit Administration program can get course waivers. | |
| University of Rhode Island | Passed CFA Level 2 | Applicants to the MBA program may waive the GMAT requirement provided that they have passed CFA Level 2. | |
| University of South Florida | CFA charterholder | Applicants of the MBA program who have earned the CFA charter may waive the GMAT requirement. | |
| University of Tampa | Passed CFA Level 1 | Applicants of the MS in Finance, who have passed CFA Level 1 or higher can waive the GMAT requirement. | |
| University of Virginia | CFA charterholder | EMBA 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.
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:
| Country | Professional Certification | Minimum CFA Status | Certification Waiver Details |
|---|---|---|---|
| Canada | Chartered Business Valuator (CBV) | CFA charterholder | CFA charterholders are exempt from the requirement to complete 2 elective courses at CBV Institute. |
| Wealth Management Essentials (WME) | CFA charterholder | CFA charterholders can enroll in a fast track version of the WME course. | |
| Registered Financial Planner (R.F.P) | CFA charterholder | CFA 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). | |
| Global | Association of Chartered Certified Accountants (ACCA) | CFA charterholder | CFA charterholders applying for ACCA membership are exempt from the Financial Accounting exam (Paper F3). |
| Accredited Estate Planner (AEP) | CFA charterholder | CFA charterholders meet the eligibility requirement to sit for AEP exams. | |
| Accredited Senior Appraiser (ASA) | CFA charterholder | CFA 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 charterholder | CFA 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 2 | Those 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 charterholder | Those 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 charterholder | CFA charterholders can get exemption from two of the five steps in obtaining CIMA. | |
| Certified Financial Planner (CFP) | CFA charterholder | CFA charterholders are recognized as fulfilling most of the education coursework requirement for CFP. | |
| Certified International Wealth Manager (CIWM) | CFA charterholder | The Foundation exam is waived for CFA charterholders. | |
| Chartered Alternative Investments Analyst (CAIA) | CFA charterholder | CFA 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, 2 | Passing 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 charterholder | CFA 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 3 | Candidates 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 Investment | Passed CFA Level 1, CFA charterholder | Those 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 3 | Those 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 charterholder | CFA charterholders are exempt from the HS 328 Investments course, which is required to earn the CLU designation. | |
| Chartered Market Technicians (CMT) | CFA charterholder | CFA 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 charterholder | Those 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 2 | Those 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 charterholder | CFA charterholders can be granted exemptions from PRM exams 1. | |
| Spain | Certified Advisor (CAd) | Passed CFA Level 1 | As a prerequisite to enrollment, candidates must have passed CFA Level 1 and be a member of CFA Society Spain. |
| United Kingdom | Investment Management Certificate (IMC) | Passed CFA Level 1 | IMC candidates who have passed CFA Level 1 are eligible for Unit 2 exemption. |
| Chartered Director (CDir), Certificate in Company Direction | CFA charterholder | CFA 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 charterholder | The ICAEW has awarded credit to CFA charterholders for six of ICAEW’s exams. | |
| United States | Registered Player Financial Advisor | CFA charterholder | The 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!
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View Comments
I am an Associate Chartered Accountant (ACA) of the Institute of Chartered Accountants of Nigeria. Can enjoy examption/waiver in the CFA exams?
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
Hi Ade, there are no exemptions to the CFA Program I'm afraid, so you have to start from Level 1.
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?
Hi George, thanks for spotting that error on my part! This is now corrected for just Exam 1 :)