The Complete Guide to CFA Exemptions 

A Chartered Financial Analyst (CFA) is a globally recognized qualification in finance and investments. The course includes three levels that candidates must pass, with Level 1 being the most important.

A professional with CFA certification provides firms, individuals, and other organizations with support in investment advice and portfolio management. Professionals can pursue growing careers in investment banking, insurance, and other fields with a CFA certification.

But, did you know that enrolling in the CFA program might also waive several other professional certification requirements and exams?

While the CFA exam does not provide any direct exemptions, the CFA Institute’s waiver programs allow you to forego some requirements of other financial credentialing services, companies, or organizations. 

It is great to see if any other certification programs you participate in offer a CFA waiver, no matter whether you are a CFA candidate or charter holder. You will likely have saved much time and effort that you might have had to spend twice.

Read on this blog to see if you qualify for the CFA exemptions and waiver program. !

CFA Exam Exemptions: A Quick Intro

CFA exam exemptions are a topic that most CFA aspirants want to know about. However, there are currently no exclusions from the CFA examinations. Only after passing the CFA Level 1 exam will you become eligible for waivers from other professional certifications, regulatory agencies, and international exams. 

For example, after earning a US CPA or any professional qualification of the same level, you get CPE credits. 

However, remember that the rules of these waivers and exemptions are subject to change, so to maximize your benefits, stay informed.

Since the CFA Program is a globally recognized credential, waivers are available in more than 40 nations. Exemptions from the CFA exam usually fall into three categories:

 Now, we will learn about each category in more detail:

A large number of licensing and financial regulatory organizations waive different national examination requirements. Generally, the CFA level 1 exemption is the most prevalent. 

Australia: Exam for Licensure

According to Regulator Guide 146, finance professionals in Australia need to complete basic training levels to advise consumers on financial products. 

While passing the CFA Level 1 exam and finishing the RG 146 Gap Training Program, CFA Charterholders have fulfilled the minimum training requirement. 

China: Qualification Exam for Professionals

The Asset Management Association of China (AMAC) is the regulatory agency in China that oversees CFA waivers. 

AMAC authorized the CFA program as a professional certification exam for positions in senior management at securities investment funds. Applicants looking to fill such positions are exempt from taking the AMAC exam paper. 

Unit 2 of the Investment Management Certificate (IMC) is available in the UK.

The exemption from the licensing exam is offered by the Financial Conduct Authority (FCA). The regulatory agency that publishes the guidelines for dealing with and advising on securities and derivatives is the FCA. 

IMC Unit 2 is not required for candidates who have completed CFA Levels 1 and 2. 

Thailand: Securities Investment Analysis

The Investment Analysis on Securities training course waives the licensure exam. 

Candidates who have completed the Investment Analysis on Securities training course and passed the CFA Level 1 test are exempt, as is anyone with at least a year’s worth of job experience in domestic or international markets. 

United States: Series 65 Exams and Part 1 (Series 86)

In the US, applicants who pass the Level 1 and Level 2 CFA exams will not need to take the Part 1 (Series 86) test. This is the Research Analyst Qualification Examination’s Analysis Section. 

Investment adviser personnel and advisors themselves may be required by some US states to pass the Series 65 exam. CFA charterholders are exempt from taking this exam in person. 

Graduate School Waiver

If you are fortunate enough to pass any level of the CFA exam and want to pursue a graduate degree in business, finance, investing, or banking, you may be eligible for a course waiver. Exemptions from the CFA exam are available for nearly 60 educational programs worldwide.

Frankfurt School of Finance and Management (Germany)

If candidates have passed CFA Level 1 or above, one elective course will be exempted from their Master of Finance program at the university.

University of London and London Business School (United Kingdom)

GRE or GMAT test results are required for admission to the London Business School’s Masters in Finance program. Applicants who have successfully passed the CFA 2 can meet this need. 

If you have passed CFA Levels 1, 2, and 3, you are eligible to claim some course credits if you are enrolled in the University of London’s Global MBS Program. 

American universities: University of California, Berkeley; Boston University; University of Iowa; Duke University

University of California, Berkeley MBA candidates who have passed CFA Level 3 are exempt from taking MBA 202 Financial Accounting and MBA 203 Finance.

The Boston University MS in Financial Management program consists of ten courses. Two of the ten courses are waived for CFA charterholders. 

You can avoid taking the University of Iowa’s Master of Finance core courses if you have passed the CFA Level 1 exams. 

The administrative exemption from Finance 645 is available to candidates who have enrolled in graduate business studies at Duke University and passed the CFA Level 3 exams. 

Certification Program Waiver

Professionals in finance and investments frequently enroll in different certification programs to grow in their careers. Attractive waivers for certification exams, work experience, and courses are offered to CFAs. 

Association of Chartered Certified Accountants (ACCA) 

Many learners want to know about exemptions from ACCA to CFA or from CFA to ACCA. You will be excluded from paying membership dues if you apply for ACCA membership and possess a CFA charter. You are exempt from taking the “Financial Accounting” exam (ACCA Paper F3).

Certified Investment Management Analyst (CIMA)

An applicant must complete five steps to become certified as a CIMA. Two of the five steps are waived for CFA charterholders. 

Chartered Accountant (CA)

For CA, there are no CFA exemptions. You won’t be qualified for any CFA exemption following a CA. The only advantage is that 60% of the CA syllabus would have been covered if you passed CFA Level 1.