Regulator Scholarship 

This scholarship is for employees of financial regulators, central banks, securities commissions, stock exchanges, SROs and/or government entities. Specifically, those entities that oversee or regulate operations, standards of practice or business conduct of the investment management industry and which have entered into a program agreement with CFA Institute.  Applicants should determine scholarship status before applying for the exam. Discover more about this scholarship below.

  1. Award Amount

    CFA Program enrollment fee is waived and exam registration is reduced to USD350.
  2. Application Deadline

    15 August for the December 2020 exam.
  3. Eligibility Requirements

    Regulator scholarships are awarded by CFA Institute to eligible organizations, not to individuals directly. These organizations are then responsible for nominating employees to receive the scholarship. The program covers employees of financial regulators, central banks, securities commissions, qualifying stock exchanges, SROs and/or government entities. Specifically, those entities that oversee or regulate operations, standards of practice or business conduct of the investment management industry and which have entered into a program agreement with CFA Institute.

Email CFA Institute

An annual allocation of regulator scholarships are awarded by CFA Institute to eligible organizations. These organizations then nominate individual employees to receive the scholarships.

For individuals: check with your HR team or manager whether your organization participates in the CFA scholarship program; alternatively, email with the name of your organization, country of headquarters, and a link to the company website.  We will check and let you know if your organization already participates in the regulatory scholarship program and the relevant contact person.

  • If it is already a participating organization: please contact your HR team or designated CFA representative to confirm how to apply to the company’s internal process for CFA scholarships.
  • If it is not a participating organization: we will ask you to supply contact information for a relevant senior manager so that we can contact them to explain the benefits, process and set up an agreement with the organization.

For organizations:  if your organization oversees or regulates operations, standards of practice or business conduct of the investment management industry, please email and our regional teams will be in touch to discuss the regulatory scholarships program, benefits and process.

Once your scholarship application has been processed, you will receive further instructions by email.

Scholarship Candidates may be either new or continuing candidates in CFA Program. All recipients must be in good standing with CFA Institute to receive a Scholarship. Candidates can only receive one CFA Institute scholarship per exam. If a candidate receives multiple scholarships (of any kind), the scholarship that is most beneficial to the recipient will be distributed to the candidate.

  • CFA Institute shall award scholarships in its sole discretion. Scholarships are not guaranteed to any applicant and all decisions by CFA Institute are final. 
  • Scholarship recipients can register for a single examination in CFA Program in the relevant calendar year, and receive a copy of the corresponding curriculum in digital format, at a discounted cost as set by CFA Institute.
  • A print version of the curriculum may be purchased for the additional fee applicable to all exam candidates. For future examinations (for the same or another level), recipients must apply for an additional scholarship to receive the discounted rate. Recipients are responsible for their own passport fees, travel arrangements, expenses, incidentals, and supplemental study courses and materials.
  • Scholarships may not be sold, transferred, or assigned and are not convertible to cash.
  • Scholarship Candidates must comply with all applicable enrollment and registration deadlines published for all candidates. All exam levels (I, II, and III) are offered in June of each calendar year. Only the Level I exam is offered in December of each calendar year. Scholarship Candidates must enroll for their appropriate exam level by the last registration deadline pursuant to their scholarship award.
  • Scholarships must be used for the exam for which they are granted. No refunds or deferrals are available.
  • Scholarships may not be applied retroactively nor to currently registered candidates.
  • If a Scholarship Candidate fails to follow CFA Institute policies, including the identification policy, he/she will not be admitted to the exam and will forfeit his/her scholarship. 
  • If a Scholarship Candidate fails to appear for, or is refused admittance to, an exam for which he/she registered with a Scholarship, CFA Institute may disclose this to his/her Sponsor, and he/she may be ineligible to receive future Scholarships.
  • Scholarship recipient consents to CFA Institute sharing his/her identity as a scholarship recipient with the local CFA Society®.
  • Any false statements or misrepresentations made by scholarship applicants may be grounds for discipline in, or dismissal from, CFA Institute programs.
  • Scholarship recipient consents to his/her Pass/Fail results being shared in aggregate with the society, school, employer, or university from which he/she received the scholarship.

Each eligible regulatory organization enters into an agreement with CFA Institute governing the allocation of scholarship awards that they may nominate employees for. Once nominated by their employer, Individuals must agree that they meet the entrance requirements for CFA Program and have reviewed and will adhere to the Official Rules for the Scholarship Program.

All Scholarship Candidates and Sponsors must disclose to CFA Institute in writing any and all actual or potential conflicts of interest, including but not limited to those listed below, which may compromise the integrity of CFA Program.

CFA Institute may, in its sole discretion, refuse to accept or cancel a Scholarship award if an actual or perceived conflict of interest exists. If CFA Institute rejects a nomination due to a conflict of interest, Sponsor will be notified and may not be permitted to select an alternate Scholarship Candidate.

Potential conflicts of interest include:

  • Scholarship Candidate is a close familial relative (spouse, parent, child, sibling, grandparent, grandchild, aunt, uncle, nephew, niece, or first cousin) of the Sponsor (or any member or employee of Sponsor) selecting the candidate
  • Scholarship Candidate or Sponsor solicits, provides or accepts any compensation or other consideration in exchange for the nomination
  • Scholarship Candidate is a current or former employee or director of the Sponsor, CFA Institute, or a CFA Society
  • Scholarship Candidate has been sanctioned by the CFA Institute Professional Conduct Program
  • Scholarship Candidate engages in any conduct that may reflect negatively upon CFA Institute

Applicants should not register for any examination prior to receiving official notification about the status of their scholarship application.

All CFA Program registration fees are non-refundable. If any candidates who have applied for this Scholarship register for the CFA exam while their application is pending for that same calendar year, they will have demonstrated their ability to pay for the CFA examination, and their application for an Access Scholarship will be voided.

If you wish to begin studying for your exam before you are able to register (because you must wait until scholarship notifications occur in December), you may purchase the digital curriculum and study tools in advance. Please note that there are no refunds for curriculum. We include the cost of the CFA Program digital curriculum and study tools with the exam registration fee.

For Level I and Level II Scholarship Applicants

Your curriculum is integrated into the Learning Ecosystem, so there is no option to purchase a digital version from CFA Institute. You can purchase the digital/print curriculum from a third-party seller, but you will not receive a credit for your purchase when registering for the exam.

For Level III Scholarship Applicants

You can purchase the digital curriculum and study tools prior to registration by contacting us via telephone and providing credit card details. The cost of this purchase will be deducted from your registration fee.

For All Scholarship Applicants

A print version of the curriculum may be purchased separately. The print curriculum is not included in the exam registration fee; therefore we do not issue credits to applicants who purchase the print curriculum in advance of exam registration. Scholarship candidates are also responsible for shipping costs and any applicable import duties and taxes related to purchasing the print curriculum.

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