CFA Student Scholarship | Are You Eligible For It? | How To Apply For The CFA Student Scholarship?

You probably have already heard about the CFA Student Scholarship if you are thinking of pursuing a Chartered Financial Analyst (CFA) designation. The CFA Program is expensive; the scholarship offered by the CFA Institute aims to help offset a chunk of those costs.

The CFA Institute Student Scholarship Program, which is intended to help students reduce the CFA course fee, gives a chance to more students to pursue the CFA and enter the finance and investment world.

This way you can continue to pursue your educational or career goals without having to worry too much about the fee amount. To learn more and see if you are eligible for this scholarship, it is important to first understand the scholarship terms, criteria and application process. So let’s get started.

Understanding The CFA Student Scholarship?

Offered under the aegis of the CFA Institute, the exam registration cost is reduced to USD 400 and the one-time program enrollment fee is waived as part of the Student Scholarship grant.

Any student enrolled in a school or college taking part in the University Affiliation Program who is not currently registered for an exam is eligible for the Student Scholarship.

A full application may need supplementary evidence from some colleges. For information on the extra criteria for your university, please check the document that is attached herewith. There is no need to submit any further paperwork before submitting your application if your university is not on this list.

So, Who is Eligible for the CFA Student Scholarship?

Basic requirements for applying.

Some requirements must be met to qualify for a CFA scholarship, these include:

• An undergraduate degree from a reputable university is required
• Must hold a valid passport for international travel
• Must be ready to take the exams in English
• Be a citizen of a participating nation

To find out if your nation is subject to any sanctions, review the OFAC Policy.

Send your ID and some other documents like:

• Proof of your financial hardship to show eligibility for a needs-based award
• Evidence of success (results), preferably in finance or investment-related fields
• Proof of student/section according to scholarship category
• Personal statement about your background, career goals and the reasons why you are applying for this scholarship.
• Your postgraduate academic transcripts or records showing the titles and grades of your evaluations.

Just saying, that all Proschool students get end-to-end help with applying for CFA Student Scholarships!

Student-Specific Criteria

To apply for a CFA Program Student Scholarship, here are the student-specific criteria:

• Not currently registered for a CFA Program exam.
• Must be attending an associated university
• It is not necessary to be enrolled in an affiliated degree program to apply.
• Must satisfy the criteria by the CFA Institute:
  • A Bachelor’s Degree: Must have earned a degree from the institution or university after completing a bachelor’s degree or an equivalent program. Consult your institution or university if you’re unsure if your program is eligible.
  • Undergraduate: The test window you choose must be 23 months or less before the month in which you graduate from your bachelor’s degree program or an equivalent one. To take the Level II test, you need to have graduated within 11 months and to take the Level III exam, you need to have either finished your bachelor’s degree or collected 4,000 hours of professional job experience.
  • Professional: Must have 4,000 hours of combined work experience and/or higher education of over a minimum of three consecutive years obtained by the date of Level I exam registration. There must be an overlap between the dates of professional job experience and education. If your work experience and education combine to provide the required number of years and hours, assume that pursuing higher education necessitates 1,000 hours a year.
    • Investment-related job experience is not a requirement for professional employment. Articleships and internships are welcomed if they are paid. Only professionally compensated work experience, whether it be with your own company or your family’s, will be accepted, including:
      • Leadership and teamwork
      • Business communications
      • The ability for critical thinking and utilising problem-solving skills
      • Time management
      • Professional judgement
      • Analytical skills
      • Adaptability

Those who are applying to the CFA Prog ram without having finished their bachelor’s degree must honestly assess if their professional job experience has prepared them for the substantial amount of study and depth that the CFA Program requires.

Also Read – CFA Level 1 – Your Ultimate Guide to Exam Structure, Fees, Syllabus, Prep, Classes & More

Any other factors that may influence eligibility.

At any point during the application process or even after you become a member, the CFA Institute may ask for documentation of your education (a copy of your diploma, mark sheet, or other pertinent documents) and/or work experience (a letter of employment, salary slips, or other relevant documents) to be submitted to confirm that the entrance requirements were satisfied. A current exam registration may be cancelled, exam results may be withheld, prior exam results may be invalid, and the CFA Institute Professional Conduct Program may launch an investigation and take disciplinary action if requested material pertinent to admission criteria is not provided.

How to Apply for the CFA Student Scholarship

1. Visit https://www.cfainstitute.org/en/programs/cfa/scholarships/student and check the specifics of the program before you proceed.
2. Visit https://CFAI.smapply.io/prog/cfa_program_student_scholarship to view the application for the CFA Program Student Scholarship.
3. To access your CFA Institute account, click the box that says “Log in”
4. Then log in to the CFA Institute using your registered username and password.
5. To view the scholarship programs that are offered, click the green “View programs” button.
6. Press the “More” button in green.
7. Press the “Apply” button in green.
8. Choose “CFA Program Student Scholarship” under “Your tasks.”

Note: Before moving on to the Applicant Acknowledgment Page, each page of the application has to be filled out completely.

Also Read – Breaking Down the Cost of CFA in 2024 + Essential Budgeting Tips

Acknowledgment Page and Additional Application Requirements

Each participating university’s Principal Contact (PC) awards scholarships, and many of them demand further documentation as part of a comprehensive application.

If it is relevant, make sure you include the required documentation as listed in the Additional Requirements Before Submission before submitting your application. You can submit your application with the necessary supporting documents even if your university is not on the list.

Next – Select “Mark as Complete” from the menu.

After that, you’ll be sent to the Review page so you may go over each of your answers.

Make sure you are happy with your replies and that the application is complete.

Note: You cannot amend your responses once your application has been submitted.

Then, click the ‘…’ and choose ‘Edit’ if you need to make any changes to any of your responses.

After your application opens, you can browse through each page and make any necessary adjustments.

After making the required adjustments, press the green “Mark as Complete” button.

Click the green “Submit” button when your application is prepared to be reviewed.

Note: Clicking the green “Submit” button once more is required to verify your input.

Do I Need a Technical Expert to Help Me With Tips & Pitfalls?

If you are interested in joining the CFA program, expert guidance can help a lot but, there are simple ways by which you can make your application stand out.

Crafting a Strong Application – Tips for Building Your Optimised Profile

Write your application in a very simple manner.! Do your best to focus on the real topics and avoid any jargon.

Talk about your skills that stand out and your accomplishments. Explain why you are the perfect candidate for this CFA scholarship.

Read the instructions and follow as directed. Do not forget to submit all the details asked for.

Go through your application and make sure that you are not making any mistakes. An application that is filled out accurately shows that you care and have a strong interest in CFA.

Also Read – Breaking Down CFA Pass Rates by Levels and Years

Communicating Your Financial Condition Efficiently

Tell the Truth: Provide a full picture of your finances. Be honest about your income, expenses and other financial matters.

Give Some Context: Mention any specific situations you are facing which may have an impact on your financial situation (eg. unexpected costs or changes in income)

Keep It Simple: Present your financials [for easy reading] Explain, Don’t Confuse. Refrain from overly complex explanations.

What to do after submitting your application?

You will receive an email notifying you of the outcome of your application submission. There is no specified period of time for reviewing your application. We recommend that you contact the university’s PC if you need to inquire about the progress of your application.

Should you be awarded…

The exam registration price is reduced to USD 600 with the Student Scholarship, and the one-time program enrollment fee is waived. This amount covers access to the curriculum and all accessible study materials. The discounted price plus any local taxes that may apply should appear throughout the checkout process as soon as your reward is accessible. If that pricing is not displayed, do not send in your money.

To ensure you have enough time to study for the test, we recommend that you select the exam option that most closely matches your study schedule and register as soon as possible. Three weeks after you receive your email with the award decision, you can use your scholarship. The date of this email is the one-year expiration date for your prize. You must register for the test within the allotted year, to be informed of and to observe the significant exam dates.

While you wait to be awarded the prestigious CFA Student Scholarship, why not check out Proschool’s CFA Prep Course

Should you not be awarded…

CFA Institute can help you in your endeavours to achieve your CFA Program objectives, hence they can provide you an early exam registration cost for your subsequent test registration.

After the date of your award decision email, you can use it for three weeks. You are accountable for knowing when the crucial exam dates are, adhering to them, and registering for the test within the allotted year.

You should notice your exam registration discount applied throughout the checkout process as soon as it becomes available. If the cost of the early exam registration is not displayed, do not submit your payment.

Common Mistakes To Avoid When Applying For CFA Student Scholarship

• Missing the deadline: Be sure to submit your application on time. Submitting it at the last moment can delay your process or make your application invalid.
• Missing Information: Ensure all sections, including the documents that have been asked for are completed and included. Incomplete documents can stall the process or create issues.
• Filling out Incorrect Information: Ensure that everything you fill out is correct. Any inconsistencies can ruin your credibility.
• Not Paying Attention: Read the instructions in the application form carefully. If there are any misses, it could lead to your application getting rejected.
• Failing to Proofread: Before you apply, go through it several times. Check for any errors. An application that is written well shows your professionalism and that you paid attention to every detail.
• Not Disclosing Your Financial Status: If you have financial problems, don’t hide them. Doing so or misrepresentation of financial information can lead to complications or cause a negative impression.
• Forgetting to Update Your Resume: Remember your most recent accomplishments and experiences and mention them in your resume. An outdated resume destroys your image.

Also Read – Duration of CFA Course: How Long Would It Take To Complete Each CFA Level?

Conclusion

The CFA Program Student Scholarship can really save many aspirants, especially those unable to pay the CFA exam fee.

IMS Proschool CFA program can help you prepare for the CFA program and assist you with the scholarship process as well.

Benefits include:

• A study plan designed for the CFA exams
• Covers questions that actually come in CFA exams
• Taught by the most experienced instructors who will help you grasp everything easily
• Provides all the key topics covered along with exam strategies.
• Offers interactive lessons, quizzes and practice tests.
• 1-on-1 support and assistance about everything that you need in your CFA exam preparation.
• Learn the current CFA study materials.

FAQs

What is the CFA Student Scholarship and what does it cover?

The exam registration fee is reduced to USD 400. The one-time program enrollment fee is also waived.

Who is eligible to apply for the CFA Student Scholarship?

Any student enrolled in a school or college and is taking part in the University Affiliation Program. The student should not be currently registered for an exam.

What documents do I need to apply for the CFA Student Scholarship?

• Document that indicates the educational institution you are currently attending (this can be an accredited college or university).
• Income statements or any other financial statements that verify your financial need.
• A complete application form mentioning your personal information and statement of purpose.
• Official Government-issued ID.

How can I increase my chances of receiving the CFA Student Scholarship?

• Submit all of your documents accurately and completely.
• Ensure your financial situation is made clear so that they can see why you deserve this scholarship.
• Write a compelling statement of purpose, where you demonstrate your strong interest in CFA.
• Submit your application in full with all required documents before the deadline.

When is the application deadline for the CFA Student Scholarship?

All applications are accepted from September 1, 2024 through July 31, 2025. So ensure you do not miss the deadline. Do note that The online application platform is not available the entire month of August.