Getting Scholarships for the CFA® Exam
Uncovering the Resources
In today's competitive job market, having a professional certification such as the CFA® charter can be a game-changer for those aspiring to succeed in the finance industry. While the CFA designation is undoubtedly a highly respected and valued credential in the financial industry, the cost of the CFA exam and its study materials can be prohibitive for some individuals. Fortunately, several CFA exam scholarships are available to help offset these costs. But in a peripheral sense, there are two types of scholarships:
- Scholarships offered by the CFA Institute
- Outside Scholarships
If you're looking to apply for a scholarship to cover the cost of the CFA® exam, it's essential to make sure all the prerequisites are properly checked to increase your likelihood of receiving a scholarship:
Research Available Scholarships
The first step in getting a CFA scholarship is researching the available scholarships. Many professional organizations, such as the CFA Institute, offer scholarships to students pursuing a career in finance. Additionally, many universities and colleges offer scholarships for students pursuing a CFA charter.
Meet the Eligibility Criteria
Before applying for a scholarship, ensure you meet the eligibility criteria. This may include having a certain grade point average, being enrolled in a specific program or major, or having a certain level of work experience.
Prepare Your Application
When applying for a scholarship, it is crucial to have a well-written and well-organized application. This may include submitting transcripts, letters of recommendation, a personal statement, writing a compelling essay, and a resume.
Submit Your Application
Once complete, submit it on time. Late applications will not be considered, so submit your application before the deadline.
Scholarships Offered by the CFA Institute
The pursuit of knowledge and professional excellence is a journey that often requires a significant investment of time, effort, and resources. Aspiring financial professionals know this all too well, as they seek to navigate the complexities of the industry and build a successful career. Fortunately, the CFA Institute is committed to supporting the next generation of finance professionals through their scholarship program to help cover the costs associated with taking the CFA exam. Some of the scholarships are:
The Access Scholarship
The Access Scholarship is intended to provide support to individuals who may face financial barriers to pursuing the CFA charter. The award amount for this scholarship is $250.
The Women's Scholarship
The Women's Scholarship is intended to provide support to women who are interested in earning the CFA charter and do not qualify for other CFA Institute scholarships. The award amount for this scholarship is $350.
The Student Scholarship
The Student Scholarship is intended to support students currently attending an affiliated university and are yet to register for their next exam. The award amount for this scholarship is $350.
The Professor Scholarship
The Professor Scholarship is a program offered by the Chartered Financial Analysts Institute (CFAI) to assist professors and educators in obtaining their CFA designation. The scholarship aims to support the professional development of educators and promote the use of the CFA exam curriculum in the classroom. The award amount for the Professor Scholarship varies depending on the CFA exam level for which the candidate is applying. It ranges from $1,000 for Level 1 to $3,000 for Level 3.
The Regulator Scholarship
The Regulator Scholarship is a financial assistance program offered by the Chartered Financial Analysts Institute (CFAI) to help candidates who are preparing to take the CFA exam. The scholarship is designed to assist individuals working in a regulatory or supervisory role or pursuing a career in regulation or supervision. The Regulator Scholarship offers a total of $1,000 to successful applicants. The funds can be used to cover the cost of the CFA exam registration fee, study materials, and other related expenses.
Outside Opportunities for CFA Exam Scholarships
"Outside Scholarships" refers to financial aid opportunities that are not offered by the CFAI. These scholarships come from various sources, such as corporations, foundations, government agencies, and educational institutions.
- CFA Society Scholarships: Many local CFA societies also 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 also 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 speak to their school's financial aid office to inquire about available scholarships.
- CFA Society Affiliates: CFA Society affiliates also 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.
- Other external scholarships: External scholarships are not specific to the CFA program but can be used to help pay for the exam and study materials. These scholarships can be found online or with a financial aid advisor.
Acknowledging that scholarships for the CFA exam are fiercely competitive and not guaranteed is crucial. Aspiring candidates are encouraged to apply for multiple scholarships and submit their applications before the exam date.
Frequently Asked Questions
When will I know if I was awarded the CFA Exam Scholarship?
How to check the status of your CFAI scholarship?
To check the status of a CFA Institute scholarship, follow these steps:
- 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, contact the CFA Institute directly through their website or customer service line for assistance.
How to claim my CFAI scholarship
To claim your CFAI scholarship, you should follow these steps:
- Check your eligibility for the scholarship by visiting the CFA Institute website.
- Complete the required application form and submit it with the required documents.
- Wait for a response from the 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 your CFAI scholarship may vary based on the specific program you are eligible for.