CFA Charterholder Minimum Qualifications for SEC Form ADV Part 2B
SEC Form ADV Part 2B requires that professional designations listed and held must be supported by an explanation of the minimum qualifications required to obtain that designation. CFA charterholders may use the description of the CFA program contained in CFA Charter Financial Adviser Statement for SEC Form ADV (PDF) for this purpose.
The New York Stock Exchange exempts, from Part II of the NYSE Supervisory Analysts Qualification Exam, those who have passed the CFA Level I exam and the portion of the Series 16 exam that deals with rules on research standards and related matters.
The New York Stock Exchange and the Financial Industry Regulatory Authority (FINRA) require that their members who function as research analysts be registered as such and pass the Research Analyst Qualification Examination.
To be eligible for exemption from Part I (Series 86), the Analysis section, of the Research Analyst Qualification Examination, an applicant must have passed the CFA Level I and Level II exams and must either (1) have functioned continuously as a research analyst since having passed the CFA Level II exam or (2) have passed the CFA Level II exam within two years of applying for registration as a research analyst.
To seek this exemption (from Part I, as described above), an analyst’s employer must contact FINRA directly. The CFA Institute Program Recognition Help Desk will work directly with FINRA to confirm eligibility status. Review the FINRA Proof of Exemption.
States which require the Series 65 exam for investment advisers and investment adviser representatives exempt CFA charterholders from this exam.
CFA charterholders who must register as investment advisers or representatives through the Investment Adviser Registration Depository (IARD) may claim a waiver from state competency exams, as follows:
- Provide us (by phone or email) with your personal Central Registration Depository (CRD) number
- We will contact the IARD to confirm your charterholder status for eligibility for a waiver. (Allow several business days for the completion of this process.)
- Waivers do not apply to those seeking to register as, or serve in the capacity of, a broker-dealer.
- 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.