Educational Recognition of the CFA ProgramWaivers and exemptions from university entrance exams or courses

If you're considering a graduate degree in banking, investment, or financial services, and you are enrolled in or have completed the CFA Program, you may be eligible for a waiver of the GMAT entrance exam or university courses.

If the university you're looking for is not listed below, check the list of CFA Program Partner universities and the University Recognition Program participants to see schools that incorporate aspects of the CFA Program content into their curriculum.

Graduate Schools Granting Waivers, Exemptions, Course Credit

In the Americas

American University, Kogod School of Business

Master of Science in Finance (MSF)

When applying for an MSF, those who have passed the CFA Level I exam are waived out of the GMAT score requirement. Learn more.

Master of Science in Real Estate (MSRE)

When applying for an MSRE, those who have passed the CFA Level I exam are waived out of the GMAT score requirement. Learn more.

Boston University

Master of Science in Banking and Financial Services Management

CFA charterholders are eligible for four course waivers in this 12-course online degree program. Learn more.

Concordia University, John Molson School of Business

Master of Business Administration (MBA)
Applicants who have passed CFA Level I exam at the time of application are exempt from the GMAT admission requirement. Learn more.

Dartmouth College, Tuck School of Business

Master of Business Administration (MBA)

CFA charterholders are exempt from the finance core requirement of Tuck’s MBA program.

Queen's University, Queen's School of Business

Master of Finance
Applicants who have passed the CFA Level I exam are waived out of the GMAT requirement. Learn more.

Sacred Heart University, Welch College of Business

Master of Business Administration (MBA)

Charterholders applying to the MBA program may request a waiver for the GMAT score requirement. Learn more.

University of California Berkeley, Haas School of Business

Master of Business Administration (MBA)

MBA candidates who have passed the CFA Level III exam are granted an automatic waiver in two core courses: MBA 202 Financial Accounting and MBA 203 Finance. In place of the waived courses, candidates must take elective courses to meet the 51-unit graduation requirement. Learn more about the program or view waiver qualifications.

University of California Los Angeles, Anderson School of Management

Master of Business Administration (MBA)

With proof of charter, students studying for an MBA at the Anderson School of Management can be waived out of Mgmt 408 Financial Markets. Learn more (PDF).

University of Chicago, Booth Business School

Executive Master of Business Administration (EMBA)
CFA charterholders applying for admission may be granted an exemption from the requirement to submit GMAT or GRE test scores during the admissions process. Learn more.

University of Regina, Levene Graduate School of Business

Master of Business Administration (MBA)

Advanced Standing is awarded to a student upon demonstration of acquired knowledge of a course's content through university or professional courses. The student is given advanced standing but this does not reduce the number of credit hours or fees required by an existing program. Students are registered in an Advanced Standing course and charged the associated tuition and fees. Up to nine credit hours of advanced standing will be offered to holders of the CFA designation. Learn more (PDF).

Master of Human Resource Management (MHRM)

Advanced Standing is awarded to a student upon demonstration of acquired knowledge of a course's content through university or professional courses. The student is given advanced standing but this does not reduce the number of credit hours or fees required by an existing program. Students are registered in an Advanced Standing course and charged the associated tuition and fees. Up to nine credit hours of advanced standing will be offered to holders of the CFA designation. Learn more (PDF).

University of Toronto, Rotman School of Management

Master of Finance Program

Applicants who have passed CFA Level III exam at the time of application are exempt from the GMAT entrance requirement. Applicants who have not yet passed the CFA Level III exam must provide a GMAT score. While there is no minimum score required, test performance will play a role in determining applicant ranking. Learn more about the program (PDF) or view admission requirements.

University of Wisconsin-Parkside

Master of Business Administration (MBA)

Charterholders applying to the MBA program who have a minimum 2.75 undergraduate GPA are exempt from the GMAT score requirement. Learn more.

  

Wilfrid Laurier University

Master of Finance Program
Applicants who have passed CFA Level I exam at the time of application are exempt from the GMAT entrance requirement. Learn more

York University, Schulich School of Business

Master of Finance Program
Applicants who have successfully completed CFA Level I are exempt from the GMAT/GRE application requirement.

In the Asia Pacific

China Europe International Business School (CEIBS)

Masters of Business Administration in Finance (FMBA)
When applying for the Masters of Business Administration in Finance (FMBA), applicants who have passed the CFA Level III exam will have the opportunity to be awarded the FMBA-CFA Scholarship of 50,000 RMB. Learn more

Griffith University

Master of Finance
Applicants who have passed the CFA Level 1 exam are eligible for 40 CP credit (four courses) in the foundation component of the Master of Finance program. Learn more.
Master of Finance and Investments (MFI)
When applying to the Master of Finance and Investments (MFI) program, those who have passed the CFA Level I exam are exempt from the GMAT/GRE/BAT score requirement, as well as the requirement of completing a specialized undergraduate degree in finance.

Applicants who passed CFA Level 2 exam may apply for up to 40 CP credit (four standard courses) towards the Master of Finance and Investments degree requirements. Learn more.

IE Business School

Master in Advanced Finance

Successful CFA Level II candidates applying for the Master in Advanced Finance program may waive the requirement to submit GMAT or GRE scores in the application process. Learn more.

Master in Finance & Global Master in Finance

Successful CFA Level I candidates applying for either of these two degrees may waive the requirement to submit GMAT or GRE scores in the application process. Learn more.

In Europe, the Middle East, and Africa

EADA Business School

International Master in Finance
Applicants who have passed the CFA Level I exam are exempt from taking the GMAT/ EADA entrance exam. Learn more.

Frankfurt School of Finance and Management

Master of Finance
Master of Finance students at Frankfurt School of Finance and Management may have one elective waived for having passed a CFA exam (any of the three levels).

Additionally, students who represent the Frankfurt School of Finance and Management in the CFA Institute Research Challenge may also have an elective waived.

Lancaster University Management School

Master of Science (MSc)
In October 2015, Lancaster University Management School will launch an MSc Advanced Financial Analysis program. CFA Level 1 will be an entry requirement.

London Business School

Masters in Finance (MiF)
Successful CFA Level II candidates applying for admission may be granted an exemption from the requirement to submit GMAT or GRE test scores during the admissions process. Learn more.

Universidad de Castilla la Mancha

Master in Banking and Quantitative Finance
CFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program (two years full time, 120 ECT credits) at Universidad Complutense de Madrid (UCM). Applicants for the waiver must be CFA charterholders with the intent of writing a PhD thesis.

Successful applicants are exempt from the first year of the Master’s program (which can otherwise be attended at Universidad de Castilla la Mancha). Students enroll directly into the second semester of the program, consisting of one semester of live lectures at UCM and one semester writing an essay which is presented at the end of the term.

CFA charterholders from all countries may apply for this waiver.

Universidad Complutense de Madrid (UCM)

Master in Banking and Quantitative Finance
CFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program (2 years full time, 120 ECT credits) at Universidad Complutense de Madrid (UCM). Applicants for the waiver must be CFA charterholders with the intent of writing a PhD thesis.

Successful applicants enroll directly into the second semester of the program, consisting of one semester of live lectures at UCM and one semester writing an essay which is presented at the end of the term.

CFA charterholders from all countries may apply for this waiver.

Universidad del País Vasco

Master in Banking and Quantitative Finance
CFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program (two years full time, 120 ECT credits) at Universidad del Pais Vasco. Applicants for the waiver must be CFA charterholders with the intent of writing a PhD thesis.

Successful applicants are exempt from the first year of the Master’s program (which can otherwise be attended at Universidad del País Vasco). Students enroll directly into the second semester of the program, consisting of one semester of live lectures at UCM and one semester writing an essay which is presented at the end of the term.

CFA charterholders from all countries may apply for this waiver.

Universidad de Valencia

Master in Banking and Quantitative Finance
CFA charterholders may apply for a waiver from the first year of the Master in Banking and Quantitative Finance program (two years full time, 120 ECT credits) at Universidad de Valencia. Applicants for the waiver must be CFA charterholders with the intent of writing a PhD thesis.

Successful applicants are exempt from the first year of the Master’s program (which can otherwise be attended at Universidad de Valencia). Students enroll directly into the second semester of the program, consisting of one semester of live lectures at UCM and one semester writing an essay which is presented at the end of the term.

CFA charterholders from all countries may apply for this waiver.

University College Cork

Master of Science
CFA charterholders are waived from the ten credit AC6120 Professional Examination Report module in the MSc. Asset Management program.