Regulator Recognition
Regulatory bodies in the following countries give specific recognition of the CFA Program.
| Americas Region
EMEA Region
|
Asia-Pacific Region
|
AustraliaLevel I
Passage of Level I of the CFA exam and of the RG 146 Gap Training Program for CFA charterholders and candidates meet the Australian Securities and Investment Commission’s initial training requirements for “those providing financial product advice to retail clients.” Passage of both also satisfy the mandatory Skills requirements for those providing personal advice.
Level II
Passage of Level II of the CFA exam and of the RG 146 Gap Training Program for CFA charterholders and candidates meet the Australian Securities and Investment Commission’s initial training requirements for “those providing financial product advice to retail clients.” Passage of both also satisfy the mandatory Skills requirements for those providing personal advice.
Level III or CFA Charterholder
Passage of Level III of the CFA exam, or attainment of the CFA charter and of the RG 146 Gap Training Program for CFA charterholders and candidates meet the Australian Securities and Investment Commission’s initial training requirements for “those providing financial product advice to retail clients.” Passage of both also satisfy the mandatory skills requirements for those providing personal advice.
Top of page
Brazil
The Comissão de Valores Mobiliários (CVM), exempts candidates who have passed the Level II Chartered Financial Analyst (CFA) exam from the requirements of taking the global content exams of the National Certificate of Professional Investment (CNPI), conferred by the Analistas e Profissionais de Investimento do Mercado de Capitais (Analysts and Professional Investors of the Capital Market) (APIMEC).
Regulator: Comissão de Valores Mobiliários (CVM)
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.
Top of page
CyprusThe Securities and Exchange Commission (CYSEC) requires employees of Cyprus Investment Firms (CIFs) and credit institutions to be certified. In order to obtain certification, employees must pass the examinations given by the CIF Examination Board.
CFA charterholders are exempt from the following sections of the certification examinations:
- Reception and transmission of orders for the carrying out of transactions on financial instruments
- Execution of client orders
- Carrying out of transactions for own account
- Portfolio management
- Provision of investment advisers
- Underwriting of financial instruments and/or placing of financial instruments whether on a firm commitment basis or not
CFA Program candidates who have passed the Level III exam are exempt from the sections pertaining to:
- Reception and transmission of orders for the carrying out of transactions on financial instruments
- Execution of client orders
Regulator: Securities and Exchange Commission (CySEC)
GermanyThe Deutsche Börse AG accepts the passage of the CFA Level III exam as fulfillment of the professional requirement necessary to be an Exchange Trader, as per section 6.2.1.2 (Admission of Traders with Evidence of Third Parties Recognized by FSE (Frankfurt Stock Exchange)) of the Guidelines for Xetra Trading Participants. Find the complete Guidelines for Xetra Trading Participants (PDF).
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:
- 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.
Top of page
IndonesiaRequires a minimum of one officer in a collective investments scheme with limited participation (funds with minimum investments of US$500,000 from individuals or €500,000) to have a CFA charter to operate such a fund. (Alternative is passage of the local Investment Certificate and five years of lead portfolio experience).
IrelandThe Qualified Financial Adviser (QFA) Board exempts charterholders from two out of the six modules needed to earn the Professional Diploma in Financial Advice (previously the Qualified Financial Adviser (QFA) Diploma). In order to receive the exemption from the Investment and Loans modules charterholders must submit an exemption application along with fees that may apply.
The Qualified Financial Adviser (QFA) designation is awarded to those who have earned their Professional Diploma in Financial Advice, however continued use of the designation is subject to meeting certain Continuing Professional Development (CPD) requirements. The QFA designation meets the Financial Regulator’s Minimum Competency Requirements for those who wish to sell, advise on, or undertake specified activities for the following categories of retail financial products: Savings, Investment and Pension Products, Housing Loans and Associated Insurances, Consumer Credit and Associated Insurances, Life Assurance Protection Products, Shares and Bonds, and other Investment Instruments.
The Institute of Bankers School of Professional Finance exempts those who have passed the CFA Level I exam from the Securities and Market module required to earn the Professional Certificate in Stockbroking. Passage of both the Securities and Market module and the ISE Regulatory Market Environment module are required to earn the Professional Certificate in Stockbroking. The Professional Certificate in Stockbroking satisfies the Financial Regulator’s Minimum Competency Requirements for those who wish to sell, advise on, or undertake specified activities, for the category of retail financial product 'Shares and Bonds and other Investment Instruments.’ It is also the only approved course of the Irish Stock Exchange for gaining the designation Registered Stockbroker.
Regulator: Financial Services Authority of Ireland
Mexico
The Mexican Market for Derivatives (MEXDER), in conjunction with Asociación Mexicana de Intermediarios Bursatiles (AMIB) waives its certificate renewal exam, given by AMIB, for those who have passed the Level I Exam of the CFA Program. Learn more (PDF).
Regulator: Comisión Nacional Bancaria y de Valores (CNBV)
New Zealand
The Draft Code of Professional Conduct for Authorized Financial Advisers (AFAs) recognizes CFA charterholders as having satisfied the requirements of Unit Standard Stets A, C, and D. The Code requires those wishing to be recognized as AFAs to pass Unit Standard Sets A, B, C, and D of the National Certificate in Financial Services (Financial Advice) (Level 5). The National Certificate is listed by the New Zealand Qualifications Authority (NZQA) as being a level 5 diploma qualification.
Regulator: Securities Commission of New Zealand
PeruThe Administradores de Fondos Pensiones (AFP) (Pension Fund Administrators) require Level I of the CFA exam as fulfillment of SBS Regulation 114-2005 (PDF) issued by La Superintendencia de Banca, Seguros y AFP (SBS). This regulation defines the minimum qualification and experience requirements to ensure adequate technical competence of employees. Those who work in the areas of investments and risks must pass the first level of an internationally recognized certificate exam. Learn more (PDF).
Regulator: La Superintendencia de Banca, Seguros y AFP (SBS)
PhilippinesRequires at least one fund manager in each member institution to have passed Level I of the CFA exam to manage mutual funds.
PortugalThe Comissão do Mercado de Valores Mobiliários (CMVM) recognizes the CFA charter as fulfillment of the qualifications needed to register as an investment adviser or financial analyst. Applicants are considered qualified for the purposes of admission to register as investment advisers if they have a CFA charter or hold a master’s degree from a CFA Program Partner.
Regulator: Comissão do Mercado de Valores Mobiliários (CMVM)
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).
Top of page
South AfricaThe CFA charter fulfills Category I, II, IIA, III, & IV FSP’s entry level qualification for the Key Individuals and Representatives licensing process.
The Financial Services Board (FSB) requires those acting as Key Individuals or Representatives in South Africa to be licensed by the FSB and maintain Fit and Proper Status. Key Individuals are those who manage or oversee the activities relating to financial services of a Financial Service Provider (FSP) while representatives are those within a FSP who provide financial advice.
All financial licensing applicants must sit for the FSB Level I regulatory exam which focuses on legislation such as FAIS, FICA, and proper code of conduct. Charterholders who were appointed during the FAIS transition period, 2004-2009, are exempt from the following portions of the FSB Level II regulatory exam:
- Category I FSP sub-categories 1, 3-5, 7-15, and 17-19
- Category II FSP all sub-categories (2.1-2.14)
For more information visit the CFA South Africa website.
Regulator: Financial Services Board
ThailandFund managers are required, among other criteria, to pass Level III of the CFA exam, or Level III of the Certified Investment and Securities Analyst (CISA) Program, which is modeled after the CFA Program. Alternative is passage of Level I of the CFA or CISA exam programs, if the fund manager has worked in research, risk management, or securities analysis for three of the past five years.
Top of page
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 KingdomThe combination of CFA Level I and the Investment Management Certificate (IMC) has been listed on the Financial Services Authority’s (FSA) list of Appropriate Exams as fully meeting the requirements of the Retail Distribution Review (RDR).
The Financial Services Authority (FSA) announced new requirements for advising and dealing in securities and derivatives. The CFA Level I Exam plus the (new) level 4 Investment Management Certificate (IMC) complies with the Retail Distribution Review’s (RDR) qualifications to be listed as an appropriate exam for persons advising and dealing in securities and derivatives. Continuing Professional Development (CPD) will be required to “fill the gaps” for those who have passed both CFA Level I and the level 3 IMC, as well as those with the ASIP designation who took the Associate Examination prior to 2002.
Regulator: The Financial Services Authority (FSA)
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. Review the NYSE Proof of exemption.
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. A research analyst who has passed both Level I and Level II may request an exemption from Part I (Series 86), the Analysis section of the Research Analyst Qualification Examination. To be eligible for the exemption, an applicant must have passed Levels I and II of the CFA examination and must either (1) have functioned continuously as a research analyst since having passed Level II of the CFA examination or (2) have passed Level II of the CFA examination within two years of application for registration as a research analyst.
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 an 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.
Regulators in the United States:
Top of page
Vietnam Level II
The State Securities Commission has exempted those who have passed Level II of the CFA exam from the requirements relating to the issuance of securities practicing certificates on (1) basic issues regarding securities and the securities market; (2) securities analysis and investment; and (3) analysis of enterprise financial statements.
CFA Charterholder
CFA charterholders are exempt from the requirement of having three years of work experience in the finance and/or banking sector in order to obtain the fund management practicing certificate.