Turkey: Regulatory Waivers

The Regulator

The Capital Markets Board of Turkey (CMB) is the financial regulatory agency of Turkey.

Requirements for Practice

A complete outline of the requirements to practice can be found in the CMB's Licensing Guide (PDF).

The Waivers


  • Passing the CFA Level 1 exam is considered equivalent to the Capital Markets Activity Level 1 License. The Board requires individuals to obtain this license in order to work as Customer Representatives (including derivative instruments), Clearing and Operations Managers, Accounting for Derivative Instruments, Liaison Officers and Stock Exchange Member Representatives.
  • Passing the CFA Level II exam is considered equivalent to the Capital Markets Activity Level 2 License. The Board requires individuals to obtain this license in order to work as Branch Managers, Internal Controllers, Portfolio Brokerage Customer Representatives, and Research Specialists.
  • Passing the CFA Level III exam is considered equivalent to the Capital Markets Activity Level 3 License. The Board requires individuals to obtain this license in order to work as Investment Advisors, Corporate Finance Specialist, Portfolio Managers, Head of Internal Audit Inspectors and Risk Management.

*Please note, the new rules on licensing in Turkey also affect foreign nationals.