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, or Course Credit


American University, Kogod School of Business

When applying for the Master of Science in Finance (MSF), those who have passed the CFA Level I exam are waived out of the GMAT score requirement. Learn more.

When applying for the Master of Science in Real Estate (MSRE), those who have passed the CFA Level I exam are waived out of the GMAT score requirement. Learn more.
Boston College, Carroll School of Management
CFA charterholders may qualify for a waiver from some of the Masters in Business Administration (MBA) courses. (Waiver policies vary by program, i.e., full time or part time.) Learn more.
Boston University

CFA charterholders are eligible for four course waivers in this 12-course Master of Science in Banking and Financial Services Management online degree program. Learn more.

China Europe International Business School (CEIBS)
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
Concordia University, John Molson School of Business
Applicants for the Master of Business Administration (MBA) who have passed CFA Level I exam at the time of application are exempt from the GMAT admission requirement. Learn more.
Cornell University, SC Johnson College of Business
CFA charterholders qualify for admission to Cornell’s Accelerated MBA (AMBA) program. Cornell/Johnson grants 15 course credits toward the completion of the MBA upon entering. This allows students to complete the MBA Program in three semesters instead of four – or in one calendar year rather than two academic years. Learn more

Passing CFA Level II provides an exemption from NCC – 5000, the Financial Accounting core course in Cornell’s two year MBA program. Learn more
Creighton University
Applicants to the Masters of Investment Management and Financial Analysis program may waive the GMAT requirement provided they have passed at least one level of the CFA program. Learn more.
Dartmouth College, Tuck School of Business

CFA charterholders are exempt from the finance core requirement of the Tuck University Master of Business Administration (MBA) program.

Duke University, The Fuqua School of Business
Students enrolled in Duke University graduate business programs who have passed the CFA Level III exam are eligible for an unconditional administrative exemption from Finance 645. Learn more.
EADA Business School
Applicants for the International Master in Finance program who have passed the CFA Level I exam are exempt from taking the GMAT/ EADA entrance exam. Learn more.
Emory University, Goizueta Business School

Candidates applying to the Executive MBA Program may request a GMAT/GRE waiver, if they can demonstrate sufficient preparation to pursue the rigorous executive MBA program. The CFA charter is specifically identified as a method for demonstrating such preparedness.  Learn more.

Frankfurt School of Finance and Management
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.
Griffith University
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 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.

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

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

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.

Lancaster University Management School
All applicants for Lancaster University Management School’s MSc in Advanced Financial Analysis program most have either passed CFA Level I or be registered to take CFA Level I in the December exam administration prior to the start of the program. Learn more.
London Business School
Successful CFA Level II candidates applying for admission to the Masters in Finance (MiF) program may be granted an exemption from the requirement to submit GMAT or GRE test scores during the admissions process. Learn more.
Loyola University Maryland, Sellinger School of Business
Admission into graduate programs at the Sellinger School of Business and Management requires applicants to supply an official GMAT or GRE score. However, applicants with a CFA charter and a minimum 3.25 cumulative GPA can seek a waiver for this requirement. Learn more.
Macquarie University

Successful completion of CFA Level III will be recognized as equivalent to a bachelor’s degree in a relevant discipline in the admissions process. Similarly, successful completion of CFA Level I or II, combined with a bachelor’s degree in a non-relevant discipline, will be treated as a bachelor’s degree in a relevant discipline in the admissions process. Learn more.

Students who have passed CFA Levels I, II, or III are eligible for course waivers. Learn more.

Queen's University, Queen's School of Business
Applicants for the Master of Finance who have passed the CFA Level I exam are waived out of the GMAT requirement. Learn more.
Sacred Heart University, Welch College of Business

Charterholders applying to the Master of Business Administration (MBA) program may request a waiver for the GMAT score requirement. Learn more.

Texas A&M University, Mays Business School
Financial Accounting and Microeconomics are prerequisite courses for admission into the Masters of Science (MS) in Finance program. However, successful CFA Level I candidates are exempt from this requirement. Learn more.
The American University in Cairo, School of Business
Students in the Master of Science (M.S.) in Finance Policies and Regulations program who have passed CFA Program Levels I and II are waived from the Finance 540 and Accounting 5201 courses. Learn more (PDF).
Universidad Complutense de Madrid (UCM)
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 de Castilla la Mancha
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 de Valencia
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.

Universidad del País Vasco
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.

University College Cork
CFA charterholders are waived from the ten credit AC6120 Professional Examination Report module in the Master of Science Asset Management program.
University of California Berkeley, Haas School of Business

Master of Business Administration (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

With proof of charter, students studying for an Master of Business Administration (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
CFA charterholders applying for admission to the Executive Master of Business Administration (EMBA) program may be granted an exemption from the requirement to submit GMAT or GRE test scores during the admissions process. Learn more.
University of Connecticut

CFA charterholders applying to the M.S. in Financial Risk Management program may waive the GMAT/GRE admissions requirement. Learn more (PDF).

University of Kentucky, Gatton College of Business and Economics
CFA charterholders applying to the One Year MBA and Professional MBA programs are eligible for a waiver from the GMAT/GRE admissions requirement. Learn more.
University of Massachusetts, Boston
CFA charterholders applying to the following degree programs may be eligible to waive the GMAT/GRE application requirement:
  • Flex MBA
  • Professional MBA
  • MS Accounting
  • MS Finance
  • MS Information Technology
Learn more
University of North Carolina, Kenan-Flagler Business School
CFA charterholders applying for admission tp the Executive Master of Business Administration (EMBA) program may be granted an exemption from the requirement to submit GMAT or GRE test scores. Learn more.
University of Regina, Levene Graduate School of Business
Applicants for the Master of Business Administration (MBA) or Master of Human Resource Management (MHRM) may qualify for Advanced Standing, 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 Rhode Island

Applicants to the Masters of Business Administration program may waive the GMAT requirement provided that they have passed CFA Level II. Learn more.

University of South Florida, Kate Tiedemann College of Business
St. Petersburg campus: Applicants to the Masters of Business Administration program who have earned the CFA charter may waive the GMAT requirement. Learn more.
University of Tampa, Sykes College of Business
An applicant for the Master of Science in Finance (M.S.), who has passed any level of the CFA exam may qualify for a waiver from the GMAT requirement. Learn more
University of Toronto, Rotman School of Management

Applicants to the Master of Finance Program 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 Virginia, Darden School of Business
Executive Masters in Business Administration (EMBA) applicants are required to take the GMAT, GRE, or the Executive Assessment (EA). However, CFA charterholders may apply for a waiver from this requirement. Learn more
University of Wisconsin-Parkside

Charterholders applying to the Master of Business Administration (MBA) program who have a minimum 2.75 undergraduate GPA are exempt from the GMAT score requirement. Learn more.

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