Getting Scholarships for the CFA® Exam
CFA Institute Scholarships
Pursuing professional excellence in finance demands considerable time, effort, and resources. To support aspiring financial professionals, the CFA Institute offers scholarships that help cover the costs of the CFA exam:
The Access Scholarship
The Access Scholarship aims to help individuals facing financial barriers achieve the CFA charter by reducing the registration fee to $400. This initiative provides essential support to those who may otherwise be unable to afford the costs associated with pursuing this professional designation.
To apply for the Access Scholarship, candidates must complete the online application and provide documentation of financial need. The application can be found on CFA Institute’s website.
All recipients of the Access Scholarship must maintain active CFA program enrollment, attend a scholarship award ceremony, and agree to mentor future scholarship recipients.
The Student Scholarship
The Student Scholarship supports applicants from affiliated universities who have not yet registered for their next exam by reducing the registration to $600. This scholarship aims to make the exam more accessible and affordable for students progressing toward their CFA charter.
The application window for the Student Scholarship opens in October and closes in December.
To be eligible for the Student Scholarship, candidates must be currently enrolled full-time in an undergraduate or graduate program at an affiliated university and have not yet registered for their next exam.
To apply for the Student Scholarship, candidates must complete the online application and provide documentation of their enrollment at an affiliated university. The application can be found on CFA Institute’s website.
Recipients of the Student Scholarship must remain enrolled in the CFA program, attend a scholarship award ceremony, and commit to mentoring. To increase the likelihood of selection, a successful scholarship application should be well-written and organized and include transcripts, letters of recommendation, and a personal statement.
CFA Institute will review all applications and award scholarships based on merit, diversity, and financial need. Candidates will be notified of their scholarship status by email.
The Professor Scholarship
The Professor Scholarship helps educators earn their CFA designation at a reduced registration waiver of $600. This program supports educators' professional development and encourages the incorporation of the CFA exam curriculum into classroom teaching.
The application window for the Professor Scholarship typically opens in the fall and closes in the spring. The exact dates can vary yearly, so check the CFAI website for the most up-to-date information.
To be eligible for the Professor Scholarship, applicants must:
- Be a full-time professor or educator at an accredited university or college
- Be teaching or planning to teach a course that covers at least 50% of the CFA program Candidate’s Body of Knowledge (CBOK)
- Be registered for the CFA exam for which they are applying for the scholarship
To apply for the Professor Scholarship, candidates should:
- Check the CFAI website for the most up-to-date information on the application window and eligibility requirements
- Complete the online application form, which includes a personal statement, CV, and letter of support from a department head or dean
- Submit the application form and required documents by the deadline
The CFAI has several rules and regulations that candidates must follow to maintain their scholarship:
- Scholarships are awarded for one exam level only.
- Scholarship funds must be used for exam registration fees.
- Scholarships are non-transferable and cannot be used for future exam sittings.
- Candidates must agree to participate in CFAI research and promotion activities.
After the application deadline has passed, CFAI will review all applications and select the recipients based on their qualifications, experience, and potential impact on the industry. Candidates will be notified of the outcome of their application via email.
‘Outside Scholarship’ Opportunities
"Outside scholarships" are financial aid opportunities that are not offered by CFAI. These scholarships can come from corporations, foundations, government agencies, and educational institutions.
CFA Society Scholarships:
Many local CFA societies offer scholarships to candidates interested in pursuing the CFA designation. These scholarships are typically awarded based on academic achievement and/or financial need. Candidates must apply and provide documentation of their academic achievements and/or financial need.
Employer-Sponsored Scholarships:
Some employers offer scholarships to employees interested in pursuing the CFA designation. These scholarships are typically awarded based on the employee's job performance and potential for advancement within the company. Candidates must ask their HR department or supervisor about available scholarships to apply.
Educational Institution Scholarships:
Many universities and colleges offer scholarships to students pursuing the CFA designation. These scholarships are typically awarded based on academic achievement and/or financial need. To apply, candidates must ask their school's financial aid office about available scholarships.
CFA Society Affiliates:
CFA Society affiliates provide scholarships to candidates pursuing the CFA designation. These scholarships are typically awarded based on financial need, academic achievement, and/or professional experience. Candidates must apply and provide documentation of their financial needs, academic achievements, and/or professional experience.
Scholarships for the CFA exam are fiercely competitive and not guaranteed. Aspiring candidates are encouraged to apply for multiple scholarships and submit their applications before an exam date.
Frequently Asked Questions (FAQs)
Notifications vary depending on the scholarship program and the organization offering it. Typically, candidates are notified within a couple of months after the application deadline. You should contact the organization offering the scholarship directly to inquire about the specific timeline for notification of awards.
To check the status of a CFA Institute scholarship:
- Go to the CFA Institute website.
- Log in to your account.
- Navigate to the “My Account” section.
- Look for the “Scholarships” or “Financial Aid” tab.
- Check your scholarship application status or award status.
If you have further questions or concerns, you can contact CFA Institute directly through its website or customer service line.
To claim your CFAI scholarship:
- Check your eligibility by visiting the CFA Institute website.
- Complete the required application form and submit it with the required documents.
- Wait for a response from CFA Institute regarding the status of your scholarship application. You will receive a notification letter if your scholarship is approved.
- Follow the instructions in the notification letter to complete the claim process.
- Keep all the necessary documentation safe, as needed.
Note: The exact process of claiming a CFAI scholarship may vary based on the specific program you are eligible for.
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