CFA scholarships: the Access, Student and Professor scholarships and who can apply
The CFA is expensive, but the exam fees are not always paid in full by the candidate. CFA Institute offers scholarships, and employers often contribute. This guide sets out the three scholarships, who each is for, the rule that catches people out, and how to combine them with other ways of paying less.
The three scholarships
CFA Institute offers a range of scholarships. Browse the options on its website to see which you may be eligible for. They are:
| Scholarship | Who it is for |
|---|---|
| Access Scholarship | Individuals who may not be able to afford the program fees and are not currently registered for an exam |
| Student Scholarship | Students who are currently attending an affiliated university and are not currently registered for an exam |
| Professor Scholarship | Full-time college or university professors, or administrators and department heads, who teach a minimum number of credit hours at qualified institutions and are not currently registered for an exam |
Each has its own criteria, so read the eligibility details for the one you are considering. This guide does not state award amounts or deadlines, because they are not in the information we have checked. Look them up on the CFA Institute website.
The rule to know first: apply before you register
For all three, you are not eligible to apply if you are currently registered for an exam, or if you are waiting for results to be released. That means the order matters:
- Check the scholarship first. Decide which, if any, you may qualify for.
- Apply before you register for an exam window.
- Register once you have an outcome, keeping the registration deadlines in mind. The Early period is cheaper, so do not leave it so late that the cheaper window closes. See the exam dates.
Registering first, and then discovering you could have applied, removes the option for that window.
What a scholarship might cover, and what it does not
It helps to know the size of what you are trying to reduce. The exam fees for all three levels come to USD 3,520 if you always register early and USD 4,570 at the Standard price. See how much the CFA costs. Study materials, a calculator, retakes and later membership dues are separate. Check what each scholarship covers before you count on it, since this guide does not state it.
Other ways to pay less
- Ask your employer. Many finance employers contribute to fees or give study leave. Find out whether payment is up front or on passing, and whether there is a clawback if you leave.
- Register early. The Early fee is lower at every level.
- Pass first time. The cheapest retake is the one you do not need. A plan built around your weak topics is worth more than an extra month of rereading. See how to pass Level I on the first attempt.
- Plan your path. Level I is the cheapest way to find out whether the CFA suits you. See is the CFA worth it.
Asking your employer
If you are asking for sponsorship, prepare a short case: what you will learn, how it benefits the team, and what it costs. Use the real figures from the cost guide, and be clear about the study time you will need, since CFA Institute suggests around 300 hours per level.
Common questions
Are there scholarships for the CFA?
Yes. CFA Institute offers the Access Scholarship, the Student Scholarship and the Professor Scholarship.
Can I apply for a scholarship after I register for an exam?
No. You are not eligible if you are currently registered for an exam or waiting for results, so apply before you register.
Who can get the Access Scholarship?
Individuals who may not be able to afford the program fees and who are not currently registered for an exam.
Is there a scholarship for university students?
Yes, the Student Scholarship is for students currently attending an affiliated university who are not registered for an exam.
Sources
- CFA Institute, The CFA Program: the scholarship options and their eligibility.
- CFA Institute, Exam dates and fees: registration fees and deadlines.
Scholarship criteria, amounts and deadlines change. Check the current details on the CFA Institute website.