Editing Chartered Financial Analyst (section)

== Global regulatory and legal recognition ==

=== Legal recognition by country ===
Source:<ref>{{Cite web |last=Tan |first=Zee |date=2022-01-14 |title=CFA Exam Exemptions: A Big Perk You Should Know - 300Hours |url=https://300hours.com/cfa-exam-exemptions-waivers/ |access-date=2022-03-12 |website=300hours.com |language=en-US}}</ref>

==== Australia ====
* The [[Australian Securities & Investments Commission]] (ASIC) has ranked the RG 146 Gap Training Program for CFA charterholders and CFA Program candidates at Tier 1. The RG 146 Gap Training Program is intended for candidates who have passed the CFA Level I exam or charterholders who wish to fulfill the requirements necessary to provide both financial product advice to retail clients and personal advice.<ref>{{Cite web|title=RG146 Gap Training Program for CFA Charterholders and Candidates (Personal Advice) &#124; ASIC - Australian Securities and Investments Commission|url=https://asic.gov.au/online-services/search-asic-s-registers/asic-s-training-register/asic-s-training-register-search-results/training-registers/rg146-gap-training-program-for-cfa-charterholders-and-candidates-personal-advice/|website=[[Australian Securities & Investments Commission]]}}</ref>
* The [[Government of Australia]] recognizes CFA Charter-holders as having automatically satisfied Standard Sets A, C, and D under the Code of Professional Conduct for Authorized Financial Advisers (AFA).<ref>{{Cite web|url=https://www.fasea.gov.au/fasea-approves-education-credits-for-cima-and-cfa-coursework-to-attain-a-professional-designation/|title=FASEA approves education credits for CIMA and CFA coursework to attain a Professional Designation|newspaper=Financial Adviser Standards and Ethics Authority Ltd |date=August 9, 2019}}</ref>
* [[Macquarie University]] recognizes completion of CFA Level III as equivalent to a bachelor’s degree in a relevant discipline in the admissions process. Similarly, successful completion of CFA Level I or II, combined with a bachelor’s degree in a non-relevant discipline, will be treated as a bachelor’s degree in a relevant discipline in the admissions process. Students who have passed CFA Levels I, II, or III are eligible for course waivers.<ref>{{Cite web|title=Macquarie CFA|url=https://www.mafc.mq.edu.au/apply/how-to-apply/credit-and-exemption}}</ref>
* [[Griffith University]] recognizes that students who have passed the CFA Level I exam are exempt from the GMAT, GRE, and BAT score requirements, as well as the requirement of completing a specialized undergraduate degree in finance. Applicants who have passed the CFA Level 1 exam are eligible for 40 CP credits (four courses) in the foundation component of the Master of Finance program.<ref>{{Cite web|title=Griffith University CFA|url=https://www.griffith.edu.au/study/degrees/5592}}</ref>

==== Bahrain ====
* The [[Central Bank of Bahrain|Central Bank of Bahrain (CBB)]] recognizes CFA Charter-holders as meeting the requirements for the regulated functions of Head of Treasury, Financial Instruments Trader, and Investment Consultant.<ref>{{Cite web|url=https://www.cfainstitute.org/-/media/documents/support/waiver/bahrain-recognition.ashx|title=CFA Charterholder exemptions by CBB}}</ref>
* CFA Charter-holders automatically satisfy the requirements for the mandatory Financial Advice Program (AFP) level II.

==== Brazil ====
* [[Securities Commission (Brazil)|Comissão de Valores Mobiliários (CVM)]] recognizes successful CFA Level III candidates as satisfying the requirements of taking the global content exams of the National Certificate of Professional Investment (CNPI).<ref>{{Cite web|url=https://www.gov.br/cvm/pt-br/assuntos/noticias|title=Notícias|website=Comissão de Valores Mobiliários}}</ref>
* CFA charter-holders are recognized by Brazilian main regulator of securities analysts, APIMEC,<ref>{{cite web|url=http://www.apimec.com.br/apimec/default.aspx|title=APIMEC|publisher=Apimec.com.br|access-date=2015-11-21}}</ref> as the equivalent to their "global content" test, although the candidates must still pass a "local content" test to award their memberships.

==== Canada ====
* The CFA Institute is a recognized Educational Institution by Revenu Quebec
* CFA Charter-holders are legally recognized by the [[Canadian Securities Administrators|Canadian Securities Administrators (CSA)]] as qualifying for the position of portfolio manager, investment counsel, adviser in derivatives & commodity futures, exchange contracts and for the position of securities adviser.<ref>{{Cite web|url=https://www.cfainstitute.org/en/membership/benefits/-/media/F0B90041011548F4A0CD05C7B6FF5115.ashx|title=CSA recognition of CFA Charterholders}}</ref>
* Certain Finance programs are recognized by the CFA Institute as a part of their University Recognition Program. This status is granted to institutions whose degree programs incorporate at least 70 percent of the CFA Program Candidate Body of Knowledge (CBOK).<ref>{{cite journal |url=https://www.cfainstitute.org/en/about/universities/university-affiliation#f:_99DF75D5-FDB5-4414-BBD9-D793CAD18210=[Canada |title=University Affiliation Program |website=CFA Institute}}</ref>

==== Egypt ====
* The [[Egyptian Financial Supervisory Authority|Egyptian Financial Supervisory Authority (EFSA)]] considers candidates which have passed CFA Level 1 to be exempt from exam requirements for relevant positions.<ref>{{Cite web|url=https://www.cfainstitute.org/en/membership/benefits/-/media/820E5072E0AE4F5FBD35E6EDD10D0A27.ashx|title=CFA Level 1 exemption}}</ref>

==== Germany ====
* The [[Deutsche Börse|Deutsche Börse AG]] considers the successful completion of the CFA Level III exam as satisfactory for the requirements necessary to be an exchange trader.
* The [[Frankfurt School of Finance & Management]] allows elective waivers for passing any level of the CFA exams.

==== Greece ====
* The Capital Market Commission (CMC) waives licensing requirements for the position of investment analyst and portfolio manager for those who have passed CFA Level III.

==== Hong Kong, China ====
* The [[Government of Hong Kong]] officially recognizes the CFA Charter as a professional qualification.<ref>{{Cite web|url=http://en-rules.sfc.hk/net_file_store/new_rulebooks/h/k/HKSFC3527_455_VER10.pdf|title=CFA Charter official recognition}}</ref>
* The [[Securities and Futures Commission|Hong Kong Securities and Futures Commission (SFC)]] considers the passing of CFA Level I to be recognized as an industry qualification for various licensing exams.<ref>{{Cite web|url=http://en-rules.sfc.hk/net_file_store/new_rulebooks/h/k/HKSFC3527_456_VER10.pdf|title=SFC Licensing exams CFA recognition}}</ref>
* The Academic and Accreditation Advisory Committee of the SFC has approved the CFA designation as a recognized industry qualification for the licensing of Responsible Officers in [[Hong Kong]].<ref>{{Cite web |last=Securities and Futures Commission |date=January 2022 |title=Guidelines on Competence |url=https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/guidelines/guidelines-on-competence/Guidelines-on-Competence.pdf |website=Guidelines on Competence}}</ref>
* [https://cfasocietyhongkong.org/ CFA Society Hong Kong] (formerly The Hong Kong Society of Financial Analysts Limited) is recognized by the SFC as an institution for providing Continuous Professional Training (CPT). Continuing Education programs and seminars organized by CFA Society Hong Kong qualify for CPT hours.<ref>{{Cite web |title=List of Approved CPT Providers |url=https://www.sfc.hk/-/media/EN/files/LIC/cpt_provider/List-of-Approved-CPT-Providers_eng_20220315.pdf}}</ref>

==== Indonesia ====
* The [[Financial Services Authority (Indonesia)|Financial Services Authority of Indonesia (FSA)]] requires that any collective investment scheme must have at least one CFA Charter-holder.

==== Ireland ====
* The Institute of Banking exempts CFA Charter-holders from 2 out of 6 modules required for the Professional Diploma in Financial Advice.<ref>{{Cite web|url=https://www.iob.ie/sites/default/files/Exemption%20Handbook%20for%20QFA%202017-2018%20Updated%20Jan%202018_0.pdf|title=IOB CFA exemption}}</ref>

==== Israel ====
* The [[Israel Securities Authority]] (ISA) requires six exams and an internship to become a portfolio manager. Exams include securities law and ethics, accounting, statistics, and finance; economics; securities and financial instrument analysis; and portfolio management. CFA charterholders are automatically considered to have completed five out of six exams.<ref>{{Cite web|url=http://www.isa.gov.il/Pages/default.aspx|title=ISA CFA recognition}}</ref>

==== Malaysia ====
* The Securities Commission Malaysia (SC) requires Capital Markets Services Representatives License (CMSRL) applicants to pass various exams. CFA charterholders are waived from four exams.<ref>{{Cite web|url=http://www.sc.com.my/wp-content/uploads/eng/html/cmsa/Licensinghandbook.pdf|title=SC CFA Recognition|url-status=dead|archive-url=https://web.archive.org/web/20140209181143/http://www.sc.com.my/wp-content/uploads/eng/html/cmsa/Licensinghandbook.pdf|archive-date=2014-02-09}}</ref>

==== Mexico ====
* The Comision Nacional del Sistema de Ahorro para el Retiro (CONSAR) grants the general finance certification permanent license to people who have completed the CFA Institute Investment Foundations Program.<ref>{{Cite web|title=Comision Nacional del Sistema de Ahorro para el Retiro (CONSAR) CFA recognition|url=http://comision|url-status=dead|archive-url=https://web.archive.org/web/20130821214320/http://comision|archive-date=2013-08-21}}</ref>

==== Netherlands ====
* The Dutch Securities Institute (DSI) recognizes the completion of the CFA Level 1 exam as being sufficient for the qualification to be a financial analyst.
* The Dutch Securities Institute (DSI) recognizes CFA charterholders as automatically meeting the qualifications requirement to be a senior fund manager.

==== Peru ====
* The Superintendencia del Mercado de Valores (SMV) recognizes applicants who have passed CFA Level I to be approved for the role of portfolio manager.<ref>{{Cite web|url=http://www.smv.gob.pe/uploads/PeruLeyMercadoValores.pdf|title=SMV CFA recognition}}</ref>

==== Philippines ====
* The Securities and Exchange Commission of the Philippines requires at least one fund manager to have passed CFA Level 1 in order to manage mutual funds.

==== Portugal ====
* The Comissão do Mercado de Valores Mobiliários (CMVM) (Portuguese Securities Market Commission) officially recognizes a CFA Charter-holder as fully satisfying the qualifications to register as an investment adviser or financial analyst.<ref>{{Cite web|url=http://www.cmvm.pt/pt/Legislacao/Legislacaonacional/Regulamentos/Pages/Reg2010_03aspx.aspx|title=CMVM - Regulamento da CMVM n.º 3/2010|website=www.cmvm.pt}}</ref>

==== Saudi Arabia ====
* The [[Capital Market Authority (Saudi Arabia)|Capital Market Authority]] (CMA) recognizes CFA charter-holders as sophisticated investors and they are exempted from CMA exam level I.<ref>{{cite web|url=https://cma.org.sa/en/RulesRegulations/FAQ/Pages/FAQ453.aspx|title=What are the certificates accepted by the Saudi CMA}}</ref>

==== Singapore ====
* The [[Monetary Authority of Singapore|Monetary Authority of Singapore (MAS)]] recognizes CFA Charter-holders seeking to apply for a license as a Capital Markets Services (CMS) Representative to be exempt from modules 6 and 7 of the Capital Markets and Financial Advisory Services (CMFAS) Exam.

==== South Africa ====
* The [[Financial Services Board (South Africa)|FAIS]] licensing process for Financial Service Providers (FSP) exempts CFA Charter-holders from category I, II, IIA, III, and IV of the FSP's entry level qualification for the Key Individuals and Representatives licensing process.<ref>{{Cite web|url=http://www.fia.org.za/uploads/2010/02/BOARD_NOTICE_106_OF_20081.pdf|title=FAIS Board Notice 106, Determination of Fit and Proper Requirements, and Category FSP Definitions|url-status=dead|archive-url=https://web.archive.org/web/20130626031833/http://www.fia.org.za/uploads/2010/02/BOARD_NOTICE_106_OF_20081.pdf|archive-date=2013-06-26}}</ref>
* Exemptions are available for various modules in the [[South African Institute of Financial Markets]] "Registered Persons Examination",<ref>{{cite web|url=http://www.saifm.co.za/rpe.htm|title=The South African Institute of Financial Markets: Registered Persons Examination|publisher=Saifm.co.za|url-status=dead|archive-url=https://web.archive.org/web/20100830140010/http://www.saifm.co.za/rpe.htm|archive-date=2010-08-30|access-date=2010-03-23}}</ref> depending on the candidate's level.<ref>{{cite web|url=http://www.saifm.co.za/13.htm|title=Registered Persons Examination Exemptions|publisher=Saifm.co.za|url-status=dead|archive-url=https://web.archive.org/web/20101001220610/http://www.saifm.co.za/13.htm|archive-date=2010-10-01|access-date=2010-03-23}}</ref> No exemptions are available for the examination on local market regulations and compliance.
* The [[South African Qualifications Authority|South African Qualifications Authority (SAQA)]] has bench-marked the CFA charter as comparable to its National Certificate in Financial Markets and Instruments.<ref>{{Cite web|title=SOUTH AFRICAN QUALIFICATIONS AUTHORITY REGISTERED QUALIFICATION|url=https://qspe.saqa.org.za/showQualification.php?id=50481}}</ref>
* Exemptions are available to Charter-holders for two of the six qualifying exams of the [[South African Institute of Stockbrokers]].<ref>{{Cite web|url=https://sais.co.za/documents/SAIS%20Education%20Policy.pdf|title=SAIS Education Policy}}</ref>

==== Spain ====
* Candidates who have passed Level 1 of the CFA Program are able to apply for the Certified Advisor (CAd) designation, a certification awarded by the CFA Society of Spain. CAd certification is recognized by Spain’s national securities regulator, the CNMV, as meeting the requirements of the European Union’s MiFID II directive for investment professionals who engage in any type of client advisory. Candidates must also pass the CAd test on Spanish and EU regulation, commit to the CFA Institute Code of Ethics and Standards of Professional Conduct, and be a local member of CFA Society Spain. CAd certification must be renewed every year by demonstrating 30 hours of continuous professional development (CPD) and reconfirming the observance of the code and standards.<ref>{{Cite web|title=Certified Advisor - CAd Program|url=https://www.cfasociety.org/spain/Pages/CAD.aspx|access-date=2021-01-20|website=www.cfasociety.org}}</ref>

==== Sri Lanka ====
* The Securities and Exchange Commission of Sri Lanka authorizes that CFA charterholders automatically meet the requirement to practice as investment managers, managing client funds.<ref>{{Cite web|url=https://www.sec.gov.lk/|title=Securities & Exchange Commission}}</ref>

==== Taiwan ====
* The Securities Investment Trust & Consulting Association (SITCA) of Taiwan officially recognizes CFA charterholders as qualified to practice as securities investment analysts.
* CFA charterholders are not required to sit the Securities Investment Trust Licensing Exam.

==== Thailand ====
* The Securities and Exchange Commission (SEC) of Thailand Passing CFA Level III qualifies the candidate to be a fund manager.<ref>{{Cite web|url=http://capital.sec.or.th/webapp/nrs/data/5198se.pdf|title=SEC Thailand fund manager requirement}}</ref>

==== Turkey ====
* The Capital Markets Board (CMB) of Turkey considers the passing of CFA Level I, II, and III to be equivalent to the CMA Level 1, 2, and 3 licensing exams.

==== United Kingdom ====
* In 2009, the UK [[National Academic Recognition Information Centre]] (UK NARIC) bench-marked the CFA Program and the CFA charter as comparable to a Qualifications and Credit Framework (QCF) Master's Level 7.<ref>{{Cite web|last=Macon|first=Sophie|title=CFA Pass Rates: How Hard Are The CFA Exams? - 300Hours|url=https://300hours.com/cfa-pass-rates/|access-date=2021-04-13|website=300hours.com|language=en-US}}</ref>  The levels of the CFA Program were bench-marked as:
** Level III of the CFA Program and the CFA charter are bench-marked at Level 7 by NARIC
** Level II of the CFA Program is bench-marked at Level 6 by NARIC
** Level I of the CFA Program is bench-marked at Level 5 by NARIC

==== United States ====
* The [[Financial Industry Regulatory Authority]] (FINRA) exempts candidates who have passed CFA Level I and II from the [[List of securities examinations#Registered representative level|Series 86]] examination from registering as research analysts.
* The Investment Adviser Registration Depository (IARD) exempts CFA Charterholders from the required competency exams to register as an investment adviser.
* The [[North American Securities Administrators Association]] (NASAA) exempts CFA charterholders from the required [[Uniform Investment Adviser Law Exam|Series 65 exams]] to register as investment advisers.
* The [[New York Stock Exchange]] (NYSE) exempts candidates who have passed CFA level I from the portion of the Series 16 exam that deals with rules on research standards and related matters from Part II of the NYSE Supervisory Analyst Qualification Exam.
* The [[National Football League Players Association]] (NFLPA) recognizes the CFA Charter as meeting the eligibility requirements to become a registered player financial advisor.
* The [[University of California, Berkeley]], considers Master of Business Administration (MBA) candidates who have passed the CFA Level III exam to be granted an automatic waiver in two core courses.
* The [[University of Notre Dame]] considers CFA charterholders in the Executive Master of Nonprofit Administration (EMNA) to be eligible for a waiver of required course work.
* [[Boston University]] considers CFA charter holders to be eligible for waivers for up to two out of 10 courses in the Master of Science in Financial Management (MSFM) on-campus and online degree programs.
* [[Duke University]] considers students enrolled in its graduate business programs who have passed the CFA Level III exam to be eligible for an unconditional administrative exemption from Finance 645.

==== Vietnam ====
* The State Securities Commission (SSC) considers candidates who have passed CFA Level II to be sufficient in exempting them from three required securities practicing certificates:<ref>{{Cite web|url=http://www.ssc.gov.vn/|title=Securities Practicing Certificates Requirements, State Securities Commission (SSC)}}</ref>
*# Basic issues regarding securities and the securities market
*# Securities analysis and investment
*# Analysis of enterprise financial statements

=== Recognition by professional organizations ===
==== CBV Institute ====
Individuals who have passed all three levels of the CFA exams are eligible to skip the elective courses of the [[CBV Institute]] Program of Studies.<ref>{{cite news |title=Course Exemptions |url=https://cbvinstitute.com/members-students/become-a-cbv/program-of-studies/course-exemptions/ |newspaper=CBV Institute  |date=24 September 2014 |access-date=21 November 2021}}</ref>

==== The Society of Actuaries (SOA) ====
The [[Society of Actuaries]] (SOA) granted the credit of "Validation by Educational Experience (VEE)-Economics" to the candidates who passed the CFA Level I exam. SOA also granted both the credits of VEE-Corporate Finance and VEE-Applied Statistical Methods to the candidates who passed the CFA Level II exam.<ref>{{cite web|url=https://www.soa.org/education/exam-req/edu-vee.aspx|title=Validation by Educational Experience|work=soa.org}}</ref>

==== Professional Risk Managers' International Association (PRMIA) ====
CFA charter-holders are exempted by the [[Professional Risk Managers' International Association]] (PRMIA) from the first required exam for the PRM qualification.<ref>{{cite web|url=https://prmia.org/Public/PRM/PRM-Designation/FAQ/Public/PRM/PRM_Frequently_Asked_Questions.aspx?hkey=1d10d12e-e256-4025-bb73-90adad7feee7#TransQ4|title=PRM Frequently Asked Questions|publisher=PRMIA}}</ref>

==== Certified Financial Planner Board of Standards (CFP Board) ====
The [[Certified Financial Planner Board of Standards]] (CFP Board) has approved the CFA charter as fulfilling most of the education coursework requirement for CFP certification, pending completion of a capstone course registered with CFP Board prior to sitting for the CFP exam.<ref>{{cite web|url=http://www.cfp.net/become-a-cfp-professional/cfp-certification-requirements/education-requirement#challenge|title=Education Requirements|publisher=cfp.net|access-date=2016-07-16}}</ref>