Benchmarking & Accreditation – CFA Program

Agencies in Australia, South Africa, and the United Kingdom have benchmarked the CFA Program.

Australia Securities and Investment Commission (ASIC)

The RG 146 Gap Training Program for CFA charterholders and CFA Program candidates is ranked at Tier 1 by the Australian Securities and Investment Commission (ASIC). The Tier 1 Level is broadly equivalent to the Diploma level of the Australian Qualifications Framework (AQF). The RG 146 Gap Training Program is intended for candidates who have passed the CFA Level I exam or charterholders who wish to fulfill the requirements necessary to provide both financial product advice to retail clients and personal advice. Find information about the RG 146 Gap Training Program for CFA charterholders and candidates.

National Recognition Information Centre (UK NARIC)

The CFA Program and CFA charter, the globally recognized investment management qualification and designation administered by CFA Institute, have been benchmarked as comparable to a QCF Master’s Level 7 qualification within the English Qualification and Credit Framework (QCF) by the National Recognition Information Centre (UK NARIC). UK NARIC is the UK National Agency responsible for providing information, advice, and expert opinion on vocational, academic, and professional skills and qualifications. Learn more about UK NARIC and the QCF.

The analysis by UK NARIC provides an independent benchmarking of Levels I, II, and III of the CFA Program and the CFA charter against levels within the QCF. As a frame of reference for the QCF, a doctorate (PhD) sits at level eight and the school-leaver A-level qualification at level three.

Against this framework, each level of the CFA Program has been benchmarked to provide comparability:

  • Level III of the CFA Program and the CFA charter are benchmarked at Level 7 by NARIC
  • Level II of the CFA Program is benchmarked at Level 6 by NARIC
  • Level I of the CFA Program is benchmarked at Level 5 by NARIC
South African Qualifications Authority (SAQA)

The CFA charter has been benchmarked by the South African Qualifications Authority (SAQA) against its National Qualifications Framework to be comparable to its National Certificate in Financial Markets and Instruments.