CFA® Program level I exam — now accredited under the IBF Standards Training Scheme (IBF-STS) in Singapore
Take the first steps toward earning the gold standard investment credential with IBF-STS funding
The CFA Program is a three-level global designation that equips candidates with skills in investment analysis, portfolio management, and ethical professional standards. With over 200,000 charterholders worldwide, the program is recognized as the gold standard in the investment profession.
Beginning with the August 2026 CFA Program Level I exam, CFA Institute, CFA Society Singapore, and the Institute of Banking and Finance (IBF) are collaborating to provide targeted financial support under the IBF Standards Training Scheme (IBF-STS) for the CFA Program Level I Exam.
Eligible Singaporean Citizens and Permanent Residents can receive up to 70% funding on their CFA Program Level I Exam registration fee through this scheme.
Note: Eligible candidates must be registered to sit the CFA Program Level I Exam in August 2026 or later. In addition, registration must be completed on or after 27 October 2025 to qualify for IBF-STS funding.
For more information on IBF funding, certification, and Continuing Professional Development (CPD) requirements, visit www.ibf.org.sg.
CFA Program
The CFA Program is your pathway to becoming a globally recognized Chartered Financial Analyst® (CFA®). Equipping you with real-world skills in investment analysis, and helping you thrive in the competitive investment industry.
Funding quantum
Singapore Citizens (aged 40 and above)
70% of exam registration fee
Singapore Citizens (aged below 40) & Permanent Residents
50% of exam registration fee
*Funding is based on the paid exam registration fee as per the CFA Institute receipt. Fees are converted using the prevailing MAS exchange rate of the exam registration date. Fees are exclusive of GST unless stated.
Eligibility criteria
To be eligible for IBF-STS funding, candidates must:
- Be a Singapore Citizen or Permanent Resident residing in Singapore.
- Pay the full exam registration fee prior to enrolment confirmation.
- Take the CFA Program Level I Exam at a test center located in Singapore.
- Complete the exam with a pass result and notify CFA Society Singapore within 3 days of results release.
Candidates who fail to meet these requirements will not receive IBF funding. Refunds of the subsidized fee may take up to six months from the last day of the exam window.
Application process
After registration for the CFA Program Level I Exam closes, eligible Singapore-based candidates will receive an email from CFA Society Singapore to register for funding participation.
Candidates must confirm their residency status, express interest in IBF-STS funding, and submit the required documentation within 7 days of receiving the email.
Required information and documents include:
- Full NRIC number
- Date of birth
- Residential address
- Exam registration payment receipt
- Bank account details
- Signed Declaration Form
Upon successful submission and fulfillment of funding conditions, candidates will be reimbursed the applicable funding quantum.
Important Notes for candidates in Singapore
This programme operates on a full-fee model. Candidates must pay the full exam registration fee upfront to CFA Institute.
- Funding is processed via reimbursement after exam completion.
- Candidates who fail to meet the funding requirements will be disqualified from IBF-STS funding and will not receive a refund.
- Refunds, if applicable, will cover only the IBF-subsidised amount and are issued without interest or penalty.
Frequently Asked Questions
No. You do not apply directly through IBF. All applications and processes are handled by CFA Society Singapore.
Retake fees are non-refundable, and candidates who do not pass will not receive IBF funding refunds for that attempt.
No. You must first register and pay in full for the exam via CFA Institute before you can apply for IBF-STS funding through CFA Society Singapore.
Candidates must inform CFA Society Singapore immediately once your deferment/rescheduling is approved by CFA Institute. Failing to notify may result in disqualification from funding.
Reporting your result within 3 days is strictly required to process your refund. Late submissions may result in disqualification from funding.
No. Funding is conditional—you must meet all requirements (eligibility, exam attendance, passing the exam, timely documentation). CFA Society Singapore reserves the right to reject funding applications that do not meet all criteria.
Reimbursement timelines depend on several factors, including IBF reporting cycles, result validation, and processing through TPGateway. While CFA Society Singapore will do its best to expedite, six months is the maximum processing time.
Only the CFA Level I Exam is accredited under IBF-STS and eligible for this funding scheme. Funding for Level II or III is not available under this programme.
No. Candidates must be physically based in Singapore at the time of registration and during the exam. This is a strict condition under the IBF-STS scheme.
Should you have any additional questions related to the IBF-STS scheme, contact [email protected] for any questions related to IBF-STS eligibility, application process, or documentation.
For CFA Program related questions, please contact [email protected].
