Requirements
Accreditation
A program applying to become a partner must be based in an institution holding accreditation by one of the following bodies: AACSB International, EQUIS, or the Association of MBAs. CFA Institute may, at its sole discretion, consider programs at other institutions, on a case-by-case basis, but is under no obligation to do so.
Postgraduate Partnership Requirements
Institutions or associations seeking to apply as a postgraduate partner must grant degrees or certificates requiring a minimum of 30 semester hours/credits of coursework beyond the bachelors (or equivalent) degree (or an equivalent measure outside North America) with at least 24 of those semester hours/credits devoted primarily to topics covered in the Candidate Body of KnowledgeTM (CBOK). For this purpose, one semester credit hour (representing 14 contact/class hours) is equivalent to two European Credits Transfer System (ECTS) units. The 24 semester hour figure is a minimum only. CFA Institute considers the adequacy of each program’s coverage of the CBOK.
Postgraduate programs must demonstrate to the satisfaction of CFA Institute that the required course of study covers 70 percent of the CBOK topics for all three levels of the CFA exams. Undergraduate programs must demonstrate that the required course of study covers 70 percent of the Level I CBOK topics. The partner (whether postgraduate and undergraduate) must demonstrate coverage of the CFA Institute Standards of Practice Handbook.
Undergraduate Partnership Requirements
Institutions seeking to apply only as undergraduate partners must grant degrees or certificates requiring a minimum of 15 semester hours/credits (or an equivalent measure outside North America) of coursework covering CBOK topics. The requirement that undergraduate students may sit for Level I in the year in which they graduate, and that CFA Institute will not release a candidate’s exam results until he/she shows evidence of receipt of a degree is not waived for partner student-candidates. The 15 semester hour figure is a minimum only. CFA Institute considers the adequacy of each program’s coverage of the CBOK.
Promotional Materials, Trademark Guidelines, and Conflicts of Interest
Each partner must demonstrate that all of its promotional materials and other public statements regarding its relationship with CFA Institute and its coverage of the CFA® curriculum are truthful, complete, and contain no misleading statements. Claims as to the pass rates of student-candidates must state clearly that these rates are based on voluntary disclosures by the candidates and must state the percentage of the partner's student/candidates on which they are based, at each level.
Each partner must adhere to the Trademark Guidelines for Universities Incorporating the CFA Program into the Curriculum (PDF).
Each partner must disclose any and all conflicts of interest that it or its faculty may have in their role as a CFA Program Partner.
Curriculum
Programs must be based on materials similar to those assigned in the CFA Program curriculum. For example, textbooks or custom materials designated by CFA Institute or textbooks prepared by others which cover topics in the Candidate Body of Knowledge. Preparatory notes or other ancillary aids must only be used as supplements.
Primary Contact
One faculty member or administrator must be designated to act as program director. This individual will be the primary contact with CFA Institute, responsible for the initial application and renewal processes. Ideally, the program director will be a CFA charterholder and a member of the local CFA society. In those cases in which a single partner qualifies more than one program of study, it will designate a program director for each qualified program of study.
Applying for Status as a Partner
In most cases, a university or association will apply as a single partner, based on as few as one qualifying program of study, no matter how many qualifying programs of study it offers. In cases in which a single partner wishes the benefits of its status to accrue to students enrolled in more than one program (for example, a single department of finance wishing to qualify separate undergraduate and graduate programs), each of those programs must submit a separate application and each must qualify on its own merits. In rare cases in which separate and distinct faculties or departments offer distinct qualifying programs, a single institution may be home to more than one partner.
To apply, an institution submitting an application must provide all relevant information about program plans and/or details, including, but not limited to:
- Summary curriculum
- Course syllabi
- Historical, current, and projected enrollment figures
- Accreditation status of the institution and (if applicable) the unit that is home to the partner
- A list of current faculty members and their roles in the partnership
- A statement disclosing any and all conflicts of interest
- The program director’s curriculum vitae
The applicant must also submit a letter signed by the college dean (or other chief academic officer) and by the program director stating the institution’s support for the partnership. If the partnership is approved by CFA Institute, both the partner and CFA Institute will sign a partnership agreement.
In order to achieve a goal of having a select group of globally diverse role models as partners, CFA Institute reserves the right, at its sole discretion, not to approve any application for status as a partner.