Regulatory Waivers for CFA Charterholders and Candidates
CFA Institute has been successful in obtaining a number of waivers for CFA charterholders and candidates from regulatory licensing or qualification examinations around the world. Regulatory bodies in the following countries will grant you a waiver from their licensing or qualification requirements if you pass various levels of the CFA Program or are a CFA charterholder.
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U.S. Investment Advisers
Are you an investment adviser or an investment adviser representative looking for a waiver from a state licensing exam in the United States? |
| Australia |
Level I
The Securities Institute has developed a module to cover ASIC generic knowledge requirements. Those seeking an exemption must take this and an “Adviser Skills” module to receive an exemption.
| Canada |
Level I
Ontario: Qualifications for the positions of portfolio manager and investment counsel are met by passage of Level I of the CFA exam, plus passage of the Canadian Securities Course, the Canadian Investment Management Program’s education component.
Level III or CFA Charterholder
Ontario: Qualification for the education portion of licensing requirements for the positions of portfolio manager and investment counsel.
British Columbia: Qualification to advise in derivatives, commodity futures, or exchange contracts.
Ontario, Saskatchewan, and Alberta: Qualification for the position of securities adviser is routinely granted upon request.
All Other Provinces and Territories: Qualification for the education portion of licensing requirements for the positions of portfolio manager and investment counsel is not provided by law, but is routinely granted upon request.
| Greece |
Level III or CFA Charterholder
Waivers for CFA charterholders applying for an analyst license from their regulatory exam.
Licensing requirements have been imposed for five distinct categories of financial professionals:
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- Analysts
- Portfolio managers
- Investment advisers
- Brokers
- Registered representatives
Getting any of the licenses involves a number of bureaucratic steps as well as passing an exam administered by the regulator. Doing business in any of the categories requires licenses for each.
| Hong Kong |
Level I
The Hong Kong Securities and Futures Commission has approved passage of Level I of the CFA exam as a recognized industry qualification for the Investment Representatives and Commodities Trading Adviser’s Representative.
Level III or CFA Charterholder
The Hong Kong Securities and Futures Commission has approved the CFA designation as a recognized industry qualification for Investment Advisers and Commodities Trading Advisers.
| Singapore |
Level I
The Monetary Authority of Singapore recognizes passage of Level I of the CFA exam as providing an exemption from modules 6 and 7 of the CMFAS Exam for those seeking to apply for license as CMS Representative in Fund Management and exempt from module 6, 7 and 8 of the CMFAS Exam for those seeking to apply for license as Financial Advisor Representative – advising others concerning securities (excluding collective investment schemes).
| Turkey |
Level I
The Capital Markets Board of Turkey exempts those who have passed Level I of the CFA exam from the Basic License Exam.
Level II
The Capital Markets Board of Turkey exempts those who have passed Level II of the CFA exam from the Advanced and Derivatives License Exam.
Level III or CFA Charterholder
The Capital Markets Board of Turkey has approved CFA charterholders to be exempt from Basic, Advanced and Derivatives License Exams.
| United States |
Level I
The New York Stock Exchange exempts those who have passed Level I of the CFA exam and the portion of the Series 16 exam that deals with rules on research standards and related matters from Part II of the NYSE Supervisory Analysts Qualification Exam.
Level II
The New York Stock Exchange and the Financial Industry Regulatory Authority (FINRA) (formerly the National Association of Securities Dealers) require that their members who function as research analysts be registered as such and pass a qualification exam. Both regulatory bodies provide for an exemption from the analytical portion (Series 86) of the Research Analyst Qualification Exam (Series 86/87) for certain applicants who have passed Level II of the CFA exam.
Level III or CFA Charterholder
Almost all of the states provide waivers to CFA charterholders from state licensing exams for investment advisers and investment adviser representatives. The North American Securities Administrators Association provides a chart (PDF) that has a state-by-state breakdown of these waivers.
To claim this waiver, you must first complete and transmit this authorization form (PDF).
Note: States provide waivers only for CFA charterholders who are investment advisers or their representatives. They do not provide waivers from their licensing or qualification exams for CFA charterholders who serve in the capacity of, and need to register as, a broker-dealer.