FAQs on CFA Program in India......

 CFA Program in India

Will CFA Institute offer any special deadlines or discounted fees for candidates in India?

We will be offering all candidates worldwide our normal payment deadlines and fee schedules.

Which test center should candidates in India select?

The Delhi High Court has given us permission to register candidates for the December 2010 CFA exam in India.

December 2010 candidates may select from test centers within India or any test centers worldwide, including many in the Asia Pacific and Middle East regions.

Has the CFA Program been approved by the All India Council for Technical Education (AICTE)?

No. CFA Institute does not believe that the AICTE Act and its regulations apply to the CFA Program. In 2007, the AICTE ordered CFA Institute to cease conducting the CFA program in India, and CFA Institute filed litigation in India contesting that determination. In 2008, CFA Institute submitted an application to AICTE for approval of the CFA Program while continuing the ongoing litigation. The matter is currently pending before a division bench of the Delhi High Court, and an expert committee named by the AICTE is formulating new regulations that would apply to international certification and credentialing programs.

What is CFA Institute doing to stop ICFAI's use of the "CFA" and "Chartered Financial Analyst" trademarks in India?

We are aware of the ads that ICFAI has been running through its ICFAI University, Tripura. On 4 August 2006, the Delhi High Court issued an injunction ordering ICFAI to stop using the CFA Institute trademarks. The court also addressed ICFAI's sponsored universities, saying that if "they have gone ahead to obtain legislative sanctions to use their trademarks they have done so at their own peril." In addition, the Delhi High Court has allowed the CFA Institute application to add ICFAI universities (PDF) to the pending trademark case on 5 August 2008. In addition, we filed a contempt-of-court motion before the Delhi High Court, and on 31 August 2007 the court stated that ICFAI must comply with the injunction order "in letter and spirit."

Has CFA Institute lost its trademark rights in India?

Not at all. Contrary to some misleading news reports, CFA Institute trademark rights to the "CFA" and "Chartered Financial Analyst" brands have been recognized in India by the Delhi High Court. Further, the Delhi High Court issued an interim injunction ordering ICFAI and its affiliated Council of Chartered Financial Analysts to stop using CFA Institute trademarks. The Deputy Registrar of Trade Marks did recently determine that a trademark registration issued to CFA Institute for the "CFA" brand must be republished due to an error by the Trade Marks Registry. CFA Institute has numerous trademark applications on file with the Trade Marks Registry, and CFA charterholders from CFA Institute are free to use the "CFA" and "Chartered Financial Analyst" marks throughout India.

Can investment professionals in India earn the CFA charter?

Yes. Upon completion of all requirements, including passing the CFA exams, investment professionals become charterholder members of CFA Institute and earn the right to use the CFA designation. CFA exams are held in more than 175 test centers worldwide, including many in the Asia Pacific and Middle East regions. Updates regarding test center locations in India will be posted on our India pages.

Is there an injunction against ICFAI in the United States?

Yes. In 1998 a United States District Court issued an injunction that prohibits ICFAI's use of all CFA Institute trademarks and confusingly similar trademarks in the United States and Canada. ICFAI challenged that order in late 2006, however, the U.S. District Court and Fourth Circuit Court of Appeals upheld the injunction and it remains in place. In March 2009 the U.S. District Court found ICFAI in civil contempt (PDF) of the 1998 injunction order. In September 2009, based in part on ICFAI's "willful conduct" leading to the civil contempt, the U.S. District Court ordered ICFAI to pay CFA Institute (PDF) more than US$1 million in damages and attorney's fees. 

Is ICFAI affiliated with CFA Institute?

No. ICFAI is not affiliated with CFA Institute in any way. The "CFA diploma" from ICFAI is not recognized by CFA Institute and is not the same as the globally recognized CFA charter granted by CFA Institute.

On 4 August 2006, the Delhi High Court in India issued an interim injunction against ICFAI, ordering it to cease using the Chartered Financial Analyst^®, CFA^®, and other trademarks of CFA Institute. This ruling is a positive first step toward clarifying the situation in India and continuing to serve Indian investors, investment professionals, and the financial markets at large.  

Can ICFAI graduates obtain waivers into the CFA Program or CFA Institute membership?

No. CFA Institute does not grant any waivers into the CFA Program or into CFA Institute membership for ICFAI graduates.

Is CFA Institute doing anything to eliminate the confusion caused by ICFAI?

CFA Institute is currently engaged in litigation in India seeking an order prohibiting ICFAI from offering its own Chartered Financial Analyst designation and to stop the illegal use of the CFA and Chartered Financial Analyst trademarks. These cases are pending in the Indian courts and CFA Institute will keep its members and candidates apprised of their progress. In addition, CFA Institute has several pending trademark applications in India to further protect the CFA designation.

On 4 August 2006, the Delhi High Court in India issued an interim injunction against ICFAI, ordering it to cease using the Chartered Financial Analyst^®, CFA^®, and other trademarks of CFA Institute. This ruling is a positive first step toward clarifying the situation in India and continuing to serve Indian investors, investment professionals, and the financial markets at large.

Will CFA Institute continue to provide a travel refund like it did for candidates who traveled outside of India in 2007?

No. CFA Institute provided a partial refund to candidates who were already enrolled in the CFA Program, who had expected to sit for the June 2007 and December 2007 exams in India but ultimately had to travel outside of India to take the CFA exam.

What is the risk of the exam being cancelled in Kathmandu, Nepal (KAT)?

We were unable to administer the December 2009 Level I CFA exam in Kathmandu as a result of unrest. The risk of unrest continues, and we urge June 2010 CFA candidates to plan to sit for the June 2010 exam at a test center other than Kathmandu if possible.

If I change to an India test center and the June 2010 exam is cancelled in India, can I return to my original test center?

Because all test centers have limited space, test center change requests are granted on a first-come, first-served basis. It is possible that your original test center would be at capacity and no longer available.

What is the likelihood that the June 2010 exams will be held in India?

We cannot speculate on the likelihood that the Delhi High Court might reverse the decision.

What if the Delhi High Court reverses the decision and the June 2010 exam cannot be held in India?

We cannot speculate on the likelihood of a reversal, but if the court reverses its decision, we will assess the situation and communicate options to candidates as soon as possible.

 Cost

Do candidates who live outside the United States have to pay additional import fees when the curriculum is shipped?

Maybe. Customs and import requirements vary from country to country, and unfortunately we cannot provide detailed information that will apply to all candidates. If your local regulations require you to pay an import fee, you will be contacted by the shipping company (UPS, FedEx, or DHL) with additional information. Read more about customs fees.

It has been several years since I enrolled in the CFA Program. Will I have to pay the enrollment fee again?

No. Applicants pay an initial enrollment fee upon entering the CFA Program. Returning candidates pay only the registration fee for each exam.

I am a U.S. veteran. Can I be reimbursed for CFA Program fees?

Yes. You pay the CFA Program fees up front and we provide you with documentation to submit to the U.S. Department of Veterans Affairs for reimbursement. Contact us for more information.

 Exams

Where can I view past exam questions?

Many actual exam questions are embedded in the curriculum and included in the online sample and mock exams. We take great care to eliminate past questions that are no longer consistent with the current curriculum and question-formatting conventions. We also provide free sample questions for each exam level.

 General

May my employer verify the status of my application?

CFA Institute may only verify for an employer the receipt of any recent payments the employer has made on your behalf. All other information is confidential. Candidates must contact CFA Institute directly for further assistance.

I just moved and sent in my address change form. Will you automatically change my test center?

No. Changing your address and changing your test center are two separate processes. If you want to change test centers for the CFA exams, you must follow the instructions on the test center change request page. 

Are there guidelines for using the CFA designation?

View the CFA Charterholder Trademark Usage Guide (PDF) for complete information.

Will CFA Institute notify my employer that I have been awarded the CFA charter?

CFA Institute does not notify your employer directly, but along with your confirmation letter you will receive a letter for your employer.

How will my name be printed on the CFA charter?

Your name will be printed as it appears in your CFA Institute online profile. Prefixes (Mr., Ms., Miss, Mrs., Dr.) and other designations are not printed on the charter. If you want your name printed differently, please submit the Identification Information Change Request (PDF) prior to the award of your charter.

When will I receive my CFA charter?

If your society is hosting a charter recognition event between 1 September and 31 January, you will be invited to receive your charter at the event. Otherwise, your charter will be mailed to your primary address within 12 weeks of the date that you complete all requirements for the charter.

What is the difference between affiliate and regular membership?

Being a regular member is a requirement for the award of the CFA charter. The only difference in benefits between regular and affiliate membership is that only regular members are allowed to vote on CFA Institute proxies.

Where is the CFA designation from CFA Institute recognized?

CFA Institute is a private membership association that aims to lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence. The CFA designation is recognized everywhere. In addition, several countries have recognized the rigor and quality of our CFA Program and designation by allowing passage of Level I of the exam or achievement of the CFA charter to meet certain licensing or qualification requirements. Those countries include the United States, United Kingdom, Australia, Singapore, and Hong Kong.

 Membership

If I become a candidate in the CFA Program, am I also a member of CFA Institute?

No. The CFA Institute membership application process is separate from enrollment for the CFA Program.

I do not currently have 48 months of work experience. Can I still become a member of CFA Institute?

Yes. If you do not have the necessary qualifying work experience for regular membership, you will be recommended for affiliate membership.

Can you review my work experience before I apply for membership and tell me whether I will qualify for regular membership?

You must first complete the membership application, and then we will review your work experience to determine the member type for which you qualify.

 Preparation

Where can I view past exam questions?

Many actual exam questions are embedded in the curriculum and included in the online sample and mock exams. We take great care to eliminate past questions that are no longer consistent with the current curriculum and question-formatting conventions. We also provide free sample questions for each exam level.

Do you recommend that I take a preparatory course?

Candidates should be able to succeed by studying the curriculum and mastering the learning outcome statements. However, we realize that some candidates may benefit from taking prep courses or using review notes.

We have established a voluntary program designed to improve the training process used by providers of CFA and CIPM preparatory courses, products, and services. 

It is important to note that any external preparatory materials should be used as a supplement, not a substitute, for study of the prescribed curriculum. 

Our society works with a prep provider program to deliver supplemental preparatory materials for CFA Program candidates. Should our society commit to the Prep Provider Guidelines Program?

CFA Institute member societies who work with a prep provider, but do not produce their own content or course, do not need to directly participate in the Prep Provider Guidelines Program. Societies can assist with the program by helping to ensure that the prep provider they have selected is either a Prep Provider Guidelines Program participant or is in compliance with the program.

 Requirements

Can you help me to determine if my degree is comparable to a U.S. bachelor's degree?

Generally, applicants must have reached a level of study that qualifies them for acceptance to university graduate programs in the countries where they earned their undergraduate degrees. If you need assistance to determine whether or not your degree is comparable to a U.S. bachelor's degree, we suggest that you contact your college or university with your inquiry.

I do not currently have 48 months of work experience. Can I still become a member of CFA Institute?

Yes. If you do not have the necessary qualifying work experience for regular membership, you will be recommended for affiliate membership.

What is the difference between affiliate and regular membership?

Being a regular member is a requirement for the award of the CFA charter. The only difference in benefits between regular and affiliate membership is that only regular members are allowed to vote on CFA Institute proxies.

Can you review my work experience before I apply for membership and tell me whether I will qualify for regular membership?

You must first complete the membership application, and then we will review your work experience to determine the member type for which you qualify.