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The CFA Exam is globally recognized as a premier designation for investment management professionals. However, you might be surprised to learn that the rigor of the CFA Exam is even acknowledged by many prestigious graduate and MBA programs which grant a variety of exemptions, waivers, and even course credit based on the knowledge you demonstrated by passing the three levels of the CFA exam.
The details of the waivers vary by school and program. Some schools will waive the GMAT as an admission requirement for their MBA program. Other schools will provide exemptions for more limited graduate programs. This page is intended to be a resource that highlights the various benefits and waivers available at each university’s program.
These waivers are relatively recent and new schools are adding and revising their exemptions regularly.
Earning an MBA without Taking the GMAT
I earned the CFA charter over 10 years ago. Had a GMAT waiver been available at that time, I may have more strongly considered attending an MBA program. I never tested strongly with standardized tests like the SAT, but for subjects that I was very interested in like finance, my performance was always very strong because of how interested I was in the subject.
I imagine there are many people like me that don’t test particularly well on standardized tests, but do exceptionally well on subjects they are passionate about. Hopefully this page will serve as a good resource for students still in college or young professionals early in their career that might benefit from an MBA or graduate program, but don’t love the idea of studying for another standardized test.
Graduate Programs with Exemptions for CFA Charterholders
|
School |
Waiver Details |
Requirements |
More Information |
|---|---|---|---|
|
American University |
GMAT not required |
Applying for MS in Finance or MS in Real Estate and passed level I. |
|
|
Boston College |
GMAT not required & can apply for course credits |
Waiver available to part-time students. Full time students can apply for equivalency in lieu of course credits. |
|
|
Boston University |
*details not recently updated, but limited details at CFA Institute page. |
Potential course waiver, but details not updated |
CFA Institute Reference |
|
California University, Berkeley |
Course waiver |
2 course waiver if you passed level III. |
Waiver Details |
|
California University, Los Angeles |
Course waiver |
CFA charterholders eligible for 1 course waiver. |
Waiver Details |
|
Concordia University |
GMAT not required |
Passed level I applying for MBA program. |
Waiver Details |
|
Connecticut University |
GMAT / GRE not required / *details not recently updated see CFA Institute reference. |
CFA charterholders applying to MS in Financial Risk Management Program |
|
|
Cornell University |
Qualify for admission to Accelerated MBA program. |
CFA charterholders are eligible to complete an MBA in 3 semesters instead of 4. |
Waiver Details |
|
Creighton University |
*details not recently updated but see CFA Institute page. |
Passed Level I and applying to the Masters of Investment Management and Financial Analysis program. |
CFA Institute Reference |
|
Dartmouth College |
Course waiver / details not updated, see CFA Institute page. |
CFA charterholders exempt from finance core requirement. |
CFA Institute Reference |
|
Drexel University |
Course waiver |
CFA charterholders can waive up to 10 credits |
|
|
Duke University |
Course waiver / details not updated, see CFA Institute page. |
Waive finance course after passing Level III. |
CFA Institute Reference |
|
Emory University |
GMAT waiver for Executive MBA program. |
CFA charterholders eligible for waiver. |
CFA Institute Reference |
|
Iowa University |
Course waiver |
Waive some finance core courses by passing the CFA Level I exam. |
|
|
Johns Hopkins University |
GMAT / GRE waiver for dual government / MBA program. |
Waiver for CFA charterholders |
Waiver Details |
|
Kentucky University |
GMAT / GRE waiver for 1 year MBA & Professional MBA program. |
Waiver for CFA charterholders |
|
|
Loyola University Chicago |
GMAT / GRE waiver |
Waiver for CFA charterholders |
Waiver Details |
|
Massachusetts University |
GMAT / GRE waiver for Flex & Professional MBA or MS in Accounting, Finance or IT programs. |
Waiver for CFA charterholders |
|
|
North Carolina University Chapel Hill |
GMAT / GRE waiver for Executive MBA. |
Waiver for CFA charterholders. |
|
|
North Carolina University Wilmington |
GMAT / GRE waiver for MS Finance or Investment Management. |
Waiver for passing Level I. |
|
|
Notre Dame University |
Course waiver in Executive Nonprofit Program. |
CFA charterholders eligible for course waiver. |
Waiver Details |
|
Rhode Island University |
GMAT / GRE waiver |
Required to pass CFA Level II for waiver. |
|
|
Sacred Heart University |
GMAT / GRE waiver |
CFA Charterholders eligible for waiver. |
Waiver Details |
|
Seattle University |
GMAT / GRE waiver for MS in Finance program. |
CFA Charterholders eligible for waiver. |
|
|
Seton Hall University |
GMAT / GRE waiver for MBA or MS in Accounting. |
CFA Charterholders eligible for waiver. |
|
|
South Florida University |
GMAT / GRE waiver. |
CFA Charterholders eligible for waiver. |
Waiver Details |
|
Suffolk University |
GMAT / GRE waiver |
Passing Level I exam for waiver. |
|
|
Tampa University |
GMAT / GRE waiver for MS in Finance. |
Passing Level I exam. |
|
|
Texas A&M University |
Course waiver for MS in Finance program / details not updated, see CFA Institute page. |
Passing Level I waives Finance and Econ courses. |
CFA Institute Reference |
|
Texas Christian University |
GMAT / GRE waiver. |
CFA charterholders eligible for waiver. |
Waiver Details |
|
Virginia University |
GMAT / GRE waiver for Executive MBA. |
CFA charterholders eligible for waiver. |
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