CFA Access Scholarship 2025-26: Eligibility, Application Steps & Essay Tips

If you want to become a CFA charter holder but worry about the cost, don’t be. The CFA Institute offers scholarships to make the exam more affordable. Access Scholarships exist for those who can only pay part of the fees and special offers for students and women.

The CFA Access Scholarship helps people who need help to afford the full cost of the CFA program. It reduces the exam fees, making it easier for more people to take the exams. This scholarship is open to anyone who needs financial help to pursue the CFA designation.

Financial assistance, like the CFA Access Scholarship, is crucial because it makes the CFA program accessible to more people. Many candidates may not have the resources to pay the full fees, and this helps ensure that financial barriers don’t stop them from advancing their careers. It opens up opportunities for a wider range of individuals to gain valuable skills and knowledge in finance.

Understanding the CFA Access Scholarship

The Access Scholarship is a needs-based financial aid option provided by the CFA Institute for individuals who find the cost of the CFA exams a financial burden. This scholarship is designed to support candidates who face significant financial challenges and would otherwise struggle to afford the full cost of the CFA program.

Available to both new and continuing candidates, the Access Scholarship can be applied to any level of the CFA exams. This flexibility ensures that whether you are just starting your journey or are already in the midst of it, you can benefit from the scholarship.

The scholarship application is available twice a year. For the program year from September 20, 2023, to August 31, 2024, the first application window started on September 20, 2023, and the second in January 2024. Each window typically remains open for about 4 weeks, and results are usually announced within 4-6 weeks.

Access Scholarships for the 2024 CFA exams are no longer available, but two application windows were provided. For the 2025 exams, two application windows are expected, with the new scholarship program year likely beginning in September 2024. The scholarship now reduces the total exam registration fee to $300, compared to the previous $250.

If you’re thinking about applying for an Access Scholarship, it’s important to review all the information provided below, as there have been significant changes to the program. Make sure you understand these changes before applying.

• Award Amount you will receive.
• Application Window of the scholarship.
• Enrollment criteria for the CFA Program.

For detailed eligibility requirements, please review the Access Scholarship Rules.

Award Amount

The CFA Institute Access Scholarship, provided by the CFA Institute in the USA, assists those who cannot afford the full CFA program fees. This scholarship waives the CFA enrollment fee of $350 and lowers the exam registration fee from $940/$1250 to $300, or $400 for other types of scholarships.

If you apply for the scholarship, you may miss the early registration fee deadline. However, if your application is denied, you can still receive a registration fee discount for the next CFA exam. This discount is typically valid for about a year.

If your scholarship application is rejected, you are still eligible for a discount on the registration fee. The discount matches the early-bird CFA exam fee: $940 for 2024 $990 for Level 1 and $1090 for Level 3 in 2025.

Also Read: How Difficult is the CFA Program?

What Does the CFA Institute Look At?

When you apply for the Access Scholarship, the CFA Institute looks at more than just your financial situation. Your scholarship essay is crucial and should include:

• How much do the CFA exams cost to affect you financially?
• What you’ve achieved in your field or community.
• Any challenges you’ve faced and how you’ve dealt with them.
• Your commitment to the CFA program and the finance field.

 

The scholarship aims to support those who show both financial need and a strong dedication to their careers.

Eligibility Criteria

To be considered for the CFA Access Scholarship, applicants must first meet the standard enrollment requirements set by the CFA Institute. This includes ensuring that they meet the basic qualifications needed to enroll in the CFA program, such as educational background and professional experience requirements.

There are no specific income or asset level requirements for scholarship applicants. This means that the Access Scholarship does not have minimum or maximum financial criteria, making it accessible to a broad range of candidates who are facing financial difficulties. The lack of financial thresholds ensures that the scholarship focuses on providing support based on needs rather than specific economic conditions.

Eligibility for the Access Scholarship also requires that candidates have not already registered for the CFA exam. This stipulation is important because the scholarship is intended to assist individuals before they have made a financial commitment to the exams. This approach helps ensure that financial barriers do not prevent potential candidates from pursuing their CFA designation.

However, it is important to note that if your employer is financially supporting your participation in the CFA Program, you are not eligible for the Access Scholarship. This policy ensures that the scholarship is directed toward individuals who do not have other sources of financial support for their CFA journey.

Enrollment Criteria for the CFA Program

Meet One of the Following Enrollment Requirements

1. Bachelor’s Degree:
   • Complete a bachelor’s program or equivalent and receive a degree from a college or university. If you’re unsure if your program is comparable, consult your college or university.
2. Undergraduate Student:
   • Your chosen exam window must be 23 months or less before your graduation date. You must be within 11 months of graduation to take the Level II exam. For the Level III exam, you need to have completed your bachelor’s degree or accrued 4,000 hours of professional work experience.
3. Professional Work Experience:
   • Have 4,000 hours of work experience and/or higher education accumulated over at least three sequential years by the date you register for the Level I exam? The periods of education and work experience cannot overlap. If you use a combination of work experience and higher education, assume that higher education counts as 1,000 hours per year.
   • Professional work experience does not need to be investment-related. Paid internships or articleships are acceptable. Experience with your own or family business qualifies only if it is professional and paid.

What is Professional Work Experience?

• Requires specialized knowledge, education, or advanced skills.
• Involves applying higher-level judgment and business skills, including:
  • Leadership and teamwork
  • Business communications
  • Critical thinking and problem-solving
  • Time management
  • Professional judgment
  • Analytical skills
  • Adaptability

 

Candidates who apply without a bachelor’s degree must evaluate whether their professional experience has prepared them for the extensive study required by the CFA Program.

Also Read: CFA Jobs & Salaries In The UK

Documentation Requirements:

• CFA Institute may request proof of education (e.g., diploma, mark sheets) and/or work experience (e.g., employment letters, salary slips) at any time. Failure to provide requested documentation can lead to cancellation of exam registration, withholding of results, or disciplinary action.

Scholarship Application Process

1. Create a CFA Institute Account:
   • Go to the CFA Institute website and register for an account if you don’t have one already.
2. Complete the Application Form:
   • Log in to your account and fill out the scholarship application form. Make sure to provide accurate details.
3. Submit Required Documents:
   • Include a financial statement to show your need.
   • Write and submit a personal essay (about 250 words) that highlights your financial need, accomplishments, obstacles overcome, community contributions, interest in the CFA charter, and personal characteristics.

Other Things to Note:

• Wait for Scholarship Results: Don’t register for the CFA exam before your scholarship application results are out. If you pay for the exam before getting your scholarship decision, you’ll have to pay the full fee, and the scholarship will be canceled.
• Availability for All Levels: You can use the scholarship for any level of the CFA exam, but you need to apply separately for each level.
• Early Registration Fee: You won’t lose the chance to pay the early registration fee while waiting for your scholarship results.
• Choosing Exam Offerings: If you get the scholarship, you’ll have several CFA exam options. Your scholarship’s expiration date will be mentioned in the email you receive from the CFA Institute.
• Registering After Award: Once you get the scholarship, wait for two business days before registering for the CFA exam to ensure the reduced fee of $300 is applied correctly. If you pay the full fee before receiving the scholarship, no refunds will be given.

For Continuing Candidates: If you’re applying for the CFA Access Scholarship for a later level (e.g., Level 2), you must wait for your previous exam results before applying. You’re considered registered until you get those results.

Application Deadlines

Exam Window	Levels Offered	Application Window Opens	Application Window Closes
May 2025	Levels I and II	8 August 2024	26 August 2024
August 2025	Levels I, II, and III	6 November 2024	25 November 2024
November 2025	Levels I and II	12 February 2025	3 March 2025
February 2026	Levels I and III	29 April 2025	19 May 2025

Importance of Meeting Deadlines

• Avoid Missing Opportunities: If you miss a deadline, you might lose out on chances, like scholarships or exam spots.
• Stay on Track: Deadlines help you stay organized and on schedule, making sure you complete tasks on time.
• Reduce Stress: Keeping up with deadlines helps prevent last-minute rushes and reduces stress.
• Build Trust: Meeting deadlines shows others that you are reliable and responsible.

Scholarship Award and Usage

Applicants will receive notification via email about 4-6 weeks after the application window closes.

If you receive the scholarship, you’ll have several options for CFA exam dates to choose from. The email you get from the CFA Institute will include the expiration date of your scholarship award. It’s important to read this email carefully and use your scholarship within the given time frame to take advantage of the waived enrollment fee and discounted registration fee.

Typically, the scholarship is valid for 12 months from when you receive the award, which means you could have access to more than four different CFA exam windows during that time.

Make sure to use your scholarship before it expires. If you don’t use it, you might not be eligible for future scholarships from the CFA Institute.

Tips for Writing the Scholarship Essay

When applying for the Access Scholarship, you will need to provide identification details and a personal financial statement. You must also explain why receiving the Access Scholarship is important to you.

In your scholarship essay, make sure to highlight not just your financial needs but also your personal story. Try to stand out from other applicants by showcasing what makes you unique and why the CFA Institute should invest in you. Consider what qualities or experiences set you apart and why you would be a deserving recipient of the scholarship.

Essay Prompts for Access Scholarship

Question 1: What personal, academic, and professional experiences and achievements make you worthy of this scholarship?

To answer this question effectively, address the following points clearly and concisely:

1. Interest in Finance: Describe how your interest in finance began and what inspired you to pursue this field.
2. Long-Term Career Goal: Briefly mention your career goals related to finance without going into too much detail.
3. Nurturing Your Interest: Explain how you have supported and developed your interest in finance through education, experience, or other means.
4. Importance of CFA: Discuss why earning the CFA designation is a crucial next step for you.
5. Financial Relief: Highlight how the scholarship will ease your financial burden and enable you to focus on your studies.

Example Answer:

“My interest in finance began during my undergraduate studies, where I was fascinated by the principles of investment and market analysis. As I progressed academically, my goal evolved into becoming a financial analyst, aiming to provide strategic insights that drive investment decisions. To nurture this interest, I undertook internships and engaged in finance-related projects, which deepened my understanding and skills in the field. Earning the CFA designation is essential for me as it represents the pinnacle of professional credibility in finance and will significantly enhance my analytical capabilities. The Access Scholarship will alleviate financial stress, allowing me to concentrate fully on my CFA studies and achieve my career aspirations.”

Question 2: How much does the CFA charter designation align with your long-term career goal to make you deserving of this scholarship?

In your response, focus on these points:

1. Long-Term Career Goals: Explain your career goals and how the CFA charter fits into your plan.
2. Need for the Scholarship: Justify why you need the scholarship rather than funding the program yourself.

Example Answer:

“My long-term career goal is to become a senior financial strategist, and the CFA charter will be instrumental in reaching this position. The CFA designation aligns perfectly with my career aspirations as it provides the advanced knowledge and credibility needed to excel in strategic finance roles. The scholarship is crucial for me because, despite my commitment to finance, I face financial constraints that make funding the program independently challenging. Receiving this scholarship will enable me to pursue the CFA charter without financial strain, thus significantly advancing my career goals and contribution to the finance industry.”

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FAQs

1. Is it easy to get a CFA Access Scholarship?

A: It’s not easy but achievable. You need to demonstrate financial need and a strong personal story. Your application will be reviewed based on various factors, including your financial situation and commitment to the CFA program.

2. What is the income limit for a CFA scholarship?

A: There is no specific income limit for the CFA Access Scholarship. The scholarship is awarded based on financial need rather than an income threshold.

3. How many people get Access Scholarships in CFA?

A: The exact number of scholarships awarded varies each year. The CFA Institute reviews applications and awards scholarships based on available funding and the number of qualified applicants.

4. Can international candidates apply for the CFA Access Scholarship?

A: Yes, international candidates can apply for the CFA Access Scholarship. The program is open to eligible candidates worldwide.

5. How does the CFA Institute evaluate scholarship applications?

A: The CFA Institute evaluates applications based on financial need, personal achievements, professional goals, and the impact of the scholarship on your CFA journey. Your essay also plays a crucial role.

6. Can I apply for the Access Scholarship more than once?

A: Yes, you can apply for the Access Scholarship more than once. However, each application is reviewed separately, and you must reapply for each exam window.

7. What happens if my scholarship application is rejected?

A: If your application is rejected, you can still apply for the next scholarship window. Additionally, you may receive a discount on registration fees for future CFA exams.

8. Is there a limit to how many scholarships the CFA Institute awards annually?

A: There is no fixed limit to the number of scholarships awarded annually. The number depends on the funding available and the number of qualified applicants.