Important Updates to CFA Scholarship Program: What Candidates Need to Know

The CFA Institute has recently announced significant changes to its scholarship program, affecting aspiring CFA charterholders worldwide. As a potential candidate, it's crucial to understand these updates to plan your CFA journey effectively. Let's break down the key modifications:

1. Scholarship Types

The CFA Institute has simplified its scholarship offerings. Previously, there were five types of scholarships available: Access, Student, Professor, Regulator, and Women. Now, only three remain:
- Access Scholarship
- Student Scholarship
- Professor Scholarship

The Regulator and Women scholarships have been discontinued.

2. Changes in Scholarship Amounts

There have been adjustments to the scholarship amounts:
- Access Scholarship: Candidates now need to pay $400 (plus GST) instead of the previous $300.
- Student and Professor Scholarships: The fee has increased from $400 to $600.

3. New Scholarship Cycles for Access

The CFA Institute has introduced a more structured approach to scholarship applications:
- Four scholarship cycles per year: August, November, February, and April
- Each scholarship is now tied to a specific exam window, unlike the previous system where a scholarship could be used for any of the next five exam attempts.
- The application window for each cycle lasts approximately 18-20 days.

4. Alignment with Early Registration

One of the most significant changes is the alignment of scholarship results with early registration deadlines:
- Scholarship results are expected to be announced 4-6 weeks after the application window closes.
- This timing allows candidates to know their scholarship status before the early registration deadline for their target exam.
- If scholarship results are delayed beyond the early registration deadline, candidates will still be eligible for early registration pricing.

5. Extended Planning Window

The new system provides a longer planning horizon for candidates:
- Scholarship applications open about 9 months before the exam date.
- Early registration closes approximately 7 months before the exam.
- Standard registration typically closes 3-4 months before the exam.

6. Financial Need as Primary Criteria

The CFA Institute has emphasized that financial need will be the primary consideration for awarding Access Scholarships.

 Additional Points to Remember

- Candidates can apply for scholarships multiple times with no restrictions.
- If you register early without waiting for scholarship results, the CFA Institute will not refund any fees if you subsequently receive a scholarship.

These changes aim to provide more clarity and structure to the scholarship process, allowing candidates to plan their CFA journey more effectively. As always, it's recommended to visit the official CFA Institute website for the most up-to-date and detailed information on scholarships and exam registration.

For those planning to take any level of the CFA exam in the coming attempts, now is the time to start considering your scholarship application. Good luck with your CFA journey!



Our Other Blogs
Top 10 Reasons why you should become a CFA!
Can we Pursue CFA without Degree?