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:

  1. Scholarships offered by the CFA Institute
  2. 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:

Step 1
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.

Step 2
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.

Step 3
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.

Step 4
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:

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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 application window for the Access Scholarship opens in October and closes in December.
To be eligible for the Access Scholarship, candidates must meet all CFA Program enrollment requirements and demonstrate financial need
To apply for the Access Scholarship, candidates must complete the online application and provide documentation of financial need. The application can be found on the CFA Institute’s website
All recipients of the Access Scholarship are required to maintain active CFA program enrollment, attend a scholarship award ceremony, and agree to be a mentor to future scholarship recipients
The CFA Institute will review all applications and award scholarships based on financial need, merit, and diversity. Candidates will be notified of their scholarship status by email

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 application window for the Women’s Scholarship opens in October and closes in December
To be eligible for the Women’s Scholarship, candidates must be women who are interested in earning the CFA charter, do not qualify for other CFA Institute scholarships, and have not yet registered for their next exam
To apply for the Women’s Scholarship, candidates must complete the online application and provide documentation of their eligibility. The application can be found on the CFA Institute’s website.
All recipients of the Women’s Scholarship are required to maintain active CFA program enrollment, attend a scholarship award ceremony, and agree to be a mentor to future scholarship recipients.
The 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 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 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 the CFA Institute’s website.
All recipients of the Student Scholarship are required to maintain active CFA program enrollment, attend a scholarship award ceremony, and agree to be a mentor to future scholarship recipients.
The 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 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 application window for the Professor Scholarship typically opens in the fall and closes in the spring. The exact dates can vary yearly, so checking the CFAI website for the most up-to-date information is essential.

To be eligible for the Professor Scholarship, applicants must meet the following criteria:

  • Must be a full-time professor or educator at an accredited university or college
  • Must be teaching or planning to teach a course that covers at least 50% of the CFA program Candidate Body of Knowledge (CBOK)
  • Must be registered for the CFA exam for which they are applying for the scholarship

To apply for the Professor Scholarship, candidates should follow these steps:

  • 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 in order 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, the 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.

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.

The application window for the Regulator Scholarship typically opens in the spring, and closes in the summer. Specific dates can vary from year to year and can be found on the CFAI website.

To be eligible for the Regulator Scholarship, candidates must meet the following criteria:

  • Must be employed in a regulatory or supervisory role or pursue a career in regulation or supervision.
  • Must be a candidate for the CFA exam.
  • Must have at least two years of work experience in the regulatory or supervisory field.
  • Must not have previously received a CFAI scholarship.

To apply for the Regulator Scholarship, candidates must follow these steps:

  • Review the eligibility requirements to ensure that they meet the criteria.
  • Gather the necessary documentation, including proof of employment in a regulatory or supervisory role, and a resume or CV.
  • Submit an application through the CFAI website, including all required documentation and a personal statement outlining the candidate’s career goals and how the scholarship will help them achieve those goals.

The CFAI has a set of rules and regulations that must be followed by scholarship recipients. These include:

  • Recipients must use the funds for the CFA exam registration fee, study materials, and other related expenses.
  • Recipients must agree to provide updates on their exam progress, and may be required to submit a report on the impact of the scholarship on their career goals.
  • Recipients must agree to allow the CFAI to use their name and likeness for promotional purposes.
  • Recipients must not have received any other CFAI scholarship in the past.
The application approval process for the Regulator Scholarship is competitive and based on the strength of the application and personal statement. Applications are reviewed by a CFAI staff and volunteers committee, and decisions are typically made within a few weeks of the application deadline. Successful applicants will be notified by email and required to accept the scholarship by a deadline.

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.

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Frequently Asked Questions

The timing of notification of a CFA scholarship award varies depending on the scholarship program and the organization offering it. Typically, candidates are notified of the status of their application within a few weeks to 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, follow these steps:

  1. Go to the CFA Institute website.
  2. Log in to your account.
  3. Navigate to the “My Account” section.
  4. Look for the “Scholarships” or “Financial Aid” tab.
  5. 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.

To claim your CFAI scholarship, you should follow these steps:

  1. Check your eligibility for the scholarship by visiting the CFA Institute website.
  2. Complete the required application form and submit it with the required documents.
  3. Wait for a response from the CFA Institute regarding the status of your scholarship application.
  4. You will receive a notification letter if your scholarship is approved.
  5. Follow the instructions in the notification letter to complete the claim process.
  6. 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.

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