Regulator Recognition

Regulatory bodies in the following countries and territories recognize the CFA Program.

Americas Region
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.

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)

Peru

The 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)

United States

CFA Program Description for Form ADV Part 2B Purposes
Part 2B of Form ADV requires that any professional designations listed and held by supervised persons must be accompanied by an explanation of the minimum qualifications required to obtain that qualification. CFA charterholders may rely on the description of the CFA program contained in CFA Charter Financial Adviser Statement for SEC Form ADV (PDF) for this purpose.

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 (PDF).

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. 

To claim this waiver, you must first complete and transmit an authorization form (PDF). For your security, beginning 3 April 2013, CFA Institute will no longer accept Social Security Numbers as an identifier. After consultations with FINRA, we have determined that FINRA-issued Central Registration Depository, or CRD, numbers can be used as an acceptable alternative identifier. Please complete and submit the revised authorization form (above) at your earliest convenience using only your personal CRD number as the identifier.

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, broker-dealers.


Asia-Pacific Region
Australia
The Regulator: The Australian Securities and Investments Commission (ASIC) is an independent Commonwealth Government body.  ASIC is Australia's corporate, markets, and financial services regulator.

The Standard: In order to provide financial product advice to retail clients, advisers must meet minimum training standards.  These minimum standards can be met through the passage of the CFA® Level I examination combined with the RG 146 Gap Training Program for CFA® Charterholders and Candidates (Personal Advice).  Passage of both examinations also satisfies the mandatory Skills requirements for Personal Advice.
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.

Indonesia

Requires 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).

New Zealand

The Code of Professional Conduct for Authorized Financial Advisers (AFAs) recognizes CFA charterholders as having satisfied the requirements of Unit Standard Sets 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

Philippines

Requires at least one fund manager in each member institution to have passed Level I of the CFA exam to manage mutual funds.

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).

Thailand

Fund 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.

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.


Europe, Middle East, and Africa
Become RDR compliant by obtaining a waiver from the IMC Unit 2 as a CFA charterholder or as a candidate who has passed CFA Level III

The Regulator
The FCA is the financial services regulator of the UK.

The Standard
The FSA has new requirements for advising and dealing in securities and derivatives (Retail Distribution Review (RDR) compliance). Please access FSA Consultation Reports, especially CP 1014 and CP 1022, for details.

The Waiver
CFA charterholders are exempt from IMC Unit 2 (including those who advise retail (private) investors). Please see CFA UK’s Documentation of the waiver.

Note
Holders of Unit 1 of the IMC + CFA Level III are not automatically awarded the IMC qualification; the exemption is only available to those who submit a successful application.

Cyprus

The 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)

European Union

Consultation Paper
On 15 March 2011, CFA Institute responded to the European Commission’s consultation paper on the Professional Qualifications Directive. The purpose of this consultation paper was to seek comment on several proposals by the Commission for encouraging the mobility of professionals throughout the European Union. Read CFA Institute’s complete response (PDF).

Bologna Accords
The Bologna Accords are part of a process to establish a European Higher Education Area. Find more information on the Bologna Accords (PDF).

ENIC NARIC Network
The general purpose of the ENIC NARIC network is to provide guidance on academic matters for those wishing to study outside their home country. Find more information on the ENIC NARIC network (PDF).

Germany

The 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.

Ireland

The Qualified Financial Adviser (QFA) Board exempts charterholders from two 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

Netherlands

The Regulator: Dutch Securities Institute (DSI)

The Standard: The DSI has set minimum criteria for registration as a Registered Practitioner in the Registers of DSI. CFA Institute has recognition in the following registers: Senior Investment Adviser, Fund Manager, Senior Fund Manager, Financial Analyst, and Senior Financial Analyst. Irrespective of the register, an applicant must have completed the "DSI Probity Module" Course at the time of the application. The "Ethics Workshop" must be attended before 1 December in the year following that of Registration.

Senior Investment Adviser
Successful completion of CFA Level I meets the qualifications requirement to be a Senior Investment Adviser. In addition a Senior Investment Adviser must have at least three years’ recent and relevant job experience.

Fund Manager
After having completed at least a relevant higher vocational (HBO) course, successful completion of CFA Level I meets the qualifications requirement to be a Fund Manager. In addition, a Fund Manager must have at least two years’ recent and relevant job experience.

Senior Fund Manager
After having completed at least a relevant higher vocational (HBO) course, earning the CFA charter meets the qualifications requirement to be a Senior Fund Manager. In addition, a Senior Fund Manager must have at least five years’ recent and relevant job experience.

Financial Analyst
After having completed at least a relevant higher vocational (HBO) course, successful completion of CFA Level I meets the qualifications requirement to be a Financial Analyst. In addition, a Financial Analyst must have at least two years’ recent and relevant job experience.

Senior Financial Analyst
After having completed at least a relevant higher vocational (HBO) course, earning the CFA charter meets the qualifications requirement to be a Senior Financial Analyst. In addition, a Senior Financial Analyst must have at least five years’ recent and relevant job experience.

Documentation of the Standard
The acceptable criteria for each of the public registries can be found in Annex I of the DSI General Regulations (PDF).

Portugal

The 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) 

South Africa

The Regulator
The Financial Services Board (FSB) is the South African agency responsible for supervising the financial services industry.  The Financial Advisory and Investment Services Act (FAIS) of 2004 was enacted with the aim of protecting the public against improper conduct by Financial Service Providers (FSPs). The FAIS Act requires those acting as Key Individuals or Representatives in South Africa to be licensed by the FSB and maintain Fit and Proper Status (honesty, integrity, competence, etc.).

The Standard
Key Individuals are those who manage or oversee the activities relating to financial services of an FSP while Representatives are those within an FSP who provide financial advice.  Key Individuals and Representatives must:

  • Hold an appropriate qualification and

  • Pass two Regulatory Examinations:

    • The First Level Regulatory exam will be focused on the application of legislation to financial services businesses.

    • The Second Level Exam will be product specific (e.g. Equities).


The Waiver
The CFA charter fulfills Category I, II, IIA, III, and IV of the FSP’s entry level qualification for the Key Individuals and Representatives licensing process.

Regardless of date of appointment, all financial licensing applicants must sit for the First Level Regulatory exam, which focuses on legislation such as the FAIS, FICA, and proper code of conduct.


Note
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)

This exemption will not apply to Key Individuals and Representatives appointed after 31 December 2009 who will have to write both the first and second level regulatory examinations.

Note
Possible registration of the CFA Program on the South African Qualifications Authority (SAQA) framework has been extensively researched in the past two years. Given the local framework and CFA Institute intellectual property concerns, registration is not feasible at this time; however, we will continue to monitor the educational environment. 

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 the Basic, Advanced, and Derivatives License Exams.