The CFA Institute, administrator of the Chartered Financial Analyst (CFA) designation, offers a scholarship program to subsidize the enrollment fees for students to sit for all levels of the CFA examination. As a CFA Program Partner with 3 charterholders on faculty, the Department of Finance at the University of Iowa is eligible to award up to fifteen (15) scholarships to full-time graduate or undergraduate students.
The Department of Finance is now accepting applications from graduate or undergraduate students who plan to sit for either the December 2014 or June 2015 CFA examinations. Students selected for these scholarships will be eligible to enroll the December 2014 or June 2015 CFA exam at a reduced rate ($350-$440). (Normal enrollment fees range from $1,060-$1,610 depending upon the sign-up period.) Scholarship recipients who have already registered for the exam will receive a refund of the fee differential from the CFA Institute once the scholarship forms are processed.
- December 2014 Exam: Wednesday, August 27, 2014, 12:00 p.m.
- June 2015 Exam: Monday, December 8, 2014, 4:00 p.m.
Application Requirements: To apply for the scholarship, students must submit the following information to the Department of Finance, S252 PBB, by the deadlines noted above:
- One-page cover letter discussing your career goals and the role of the CFA designation.
- Resume with email address and current contact information.
- A copy of your grades (does not need to be an official transcript).
- A completed CFA Scholarship Form:
- If you are currently registered for the exam, please include proof of CFA exam registration, such as a copy of your confirmation letter or email from the CFA Institute with your candidate registration number. (Pre-registration for the exam is not a requirement to apply for one of the scholarships.)
- All students selected to receive one of the 15 University of Iowa sponsored scholarships will be required to sign a waiver authorizing the release of examination scores to the UI CFA program faculty committee, so that we may monitor student performance across areas of the CFA curriculum.
- Students who plan to sit for the June 2015 exam are strongly encouraged to simultaneously apply for one of the CFA Institute’s Access Scholarships. These need-based scholarships lower the enrollment fee to only $250. The application deadline for 2015 is Sept. 18, 2014. (http://www.cfainstitute.org/cfaprogram/process/scholarships/Pages/cfa_access_scholarships.aspx)
Student Eligibility Requirements:
- Applicants must be current full-time undergraduate or graduate students at the UI.
- Applicants must have a valid passport (CFA exam registration requirements).
- All applicants must fulfill CFA candidate requirements. CFA Institute guidelines require all applicants to hold a bachelor’s degree or equivalent by no later than December 31, 2015. Thus, undergraduate candidates may only enroll in the Level I exam during their final year of studies. For more information on the CFA examination or candidate requirements, visit the CFA Institute website (www.cfainstitute.org).
- Applicants must choose whether to apply either for the December 2014 or June 2015 exam scholarship, but not both.
- Students enrolled in the MBA-PM program may apply for the scholarships as long as their current employer does not provide any type of reimbursement or compensation either before or after the exam.
Scholarship Selection Details: In prior years, the selection process was extremely competitive for the limited number of scholarships. Scholarships will be assigned in proportion to the total number of undergraduate and graduate student applicants. Selection criteria may include the following:
- Academic performance as a student at the University of Iowa
- Academic performance in courses that are part of the CFA curriculum.
- Work, internship, and professional experiences.
- While these scholarships are available for all levels of the CFA exam, the selection committee will give priority to new Level I examination candidates for the December 2014 or June 2015 exams, followed by level II candidates, level III candidates, and finally those repeating levels I, II, or III.
- Priority may be given to students currently enrolled or applying for the MBA 6F:221 Applied Securities Management (Henry Fund) course or the undergraduate 6F:112 Applied Equity Valuation (Krause Fund) course.
- Priority may also be given to students who have already enrolled to sit the CFA examination.
- Scholarship recipients for the December 2014 exam will be contacted by Thursday, August 29. Scholarship recipients for the June 2015 will be notified by mid-December.
- Please note that alternative scholarships, including for exam levels II and III, are also offered through local CFA societies (http://www.cfainstitute.org/society/societies.html), such as the CFA Society of Iowa. Many of society scholarships go unclaimed due to a small number of applicants.
- Depending on the number of applications, we anticipate that approximately five (5) scholarships will be available for the December 2014 exam, and the remaining ten (10) scholarships will be reserved for the June 2015 exam.