CFA holders Here’s your chance!
Top Schools accepting CFA certification instead of GMAT
Introduction
Chartered Financial Analyst (CFA) program is an international post-graduation certification offered by the CFA Institute based in America to investment and finance professionals. This program highlights a wide range of topics related to advanced investment analysis spread over three levels, which upon being successfully cleared with 4000 hours (minimum 3 years) of relevant work experience declares the candidate as ‘CFA charterholder’ and adds immense value to their professional life. It has three levels involved- level 1, level 2, and level 3.
Masters in Finance (MFin) is a masters program offered by graduate schools to students with studies focused on subjects from the field of finance. With this course, students can get access to graduate school alumni professionals network and on completion are presented with a course completion degree. Hence, it is a full time degree program and not just a certification course.
In order to get accepted into a prestigious graduate school, candidates are required to appear for GMAT and mention their scores in applications. But here’s a little known fact for you, there are many top graduate schools for studying masters in finance programs that accept students’ CFA level 1 and level 2 certification in lieu of GMAT scores. This makes pursuing CFA along with your Masters in Finance more rewarding and exciting!
Below mentioned are the graduate school accepting CFA level 1 and level 2 passing certificates for entrance applications:
CFA LEVEL 1
1) Master of finance, Schulich School of Business, Canada
Schulich School of Business, based in Canada has received World QS Ranking of being 13th for careers in finance and is considered #1 B-school in Canada for pursuing a Masters degree in a management related field..
Schulich School of business offers one of the most extensive programs for Finance in Canada, and covers a wide spectrum of financial subjects and activities. Schulich requires a candidate to provide either a GMAT score of minimum 550 or GRE scores for consideration, but makes an exception for students passing CFA level 1, or FRM Part 1 exams and allows these to be submitted for consideration of their application instead.
Application fees for Schulich School of Business is $150.
2) Master in Finance, IE Business School, Spain
Master in Finance program offered by IE Business, based in Spain, is a 1 year full-time program that provides students with first-hand insight into the world of modern financial markets, covering latest trends, increasing use of artificial intelligence, and the application of big data to aspects of finance.
In order to stand eligible to apply, students are required to take one of these four exams: GMAT with scores ranging 650-770, or GRE equivalent to GMAT score of 650, or CFA level 1, or CAIA level 1.The application assessment is usually followed by a personal interview to determine inter-personal skills of the candidate.
Master in Finance program provided by IE B-school, Spain, has received the QS ranking of 11th in the world for career in finance as of September, 2022.
3) Master of Finance, Queen’s Smith School of Business, Canada
Smith School of Business, Queen’s University boasts of a 12 month Master of Finance program that can help students build a competitive edge for themselves in the finance industry. This program allows you to study without leaving your current job. They also provide options of two different learning formats- one includes live classroom format, while the other includes online learning with live instruction. This flexible way of learning brings an ease of balancing study with work.
Students can submit GMAT scores or CFA level 1 passing certificate with application for consideration.
Not only does Smith School of Business accept CFA level 1 certification for entrance, but also it has partnered with the CFA Institute,and maintains close relationship with its Toronto chapter to provide its students with exclusive benefits like opportunities to attend CFA events, guest speakers sessions, and CFA scholarships.
4) MSc Finance, Grenoble Ecole de Management, France
Grenoble Ecole de Management, based in France is a business school that provides an MSc Finance program for interested candidates via two tracks- short track and regular track. Regular track is a 2-year program including 7 months on-campus and 3-6 months of internship each year. The short-track students directly start at Year 2 of the course and must complete 7 months of on-campus study and 3-6 months of internship experience over the academic year. Their courses start every year in September only and the classes are taught entirely in English.
Through this program, students can gain advanced knowledge of finance and understand the strategic impact of financial decisions made at the managerial level in international corporations. And also gives students the option to earn a dual degree with an MSc in Accounting or an MSc in Financial Management and Control at Universita Bocconi.
This course also provides excellent preparation for CFA exams as it is part of the CFA Institute University Affiliation Program. Thus, also accepting CFA level 1 results for entrance, in the absence of GMAT scores.
5) Master. in Financial Analysis, London Business School, UK
London Business School is one of the top business schools topping the charts in the world's best business schools records. This B School is highly competitive and known for its academic rigorous curriculum and state-of-the-art financial tools, financial markets and global business understanding. It is a 12-16 months course. The optional fourth month is open to exchange programs or summer internships to strengthen your profile before launching yourself in the job market.
Though a GMAT waiver is not offered in LBS, if you have completed CFA level 1, you wouldn't need to provide GRE/GMAT results.
Did you know, that some universities MFin programs that do not need GMAT? Here are the Top Schools offering GMAT waivers on MFin Programs this 2025!
CFA LEVEL 2
1) Masters in Finance, London Business School, London
London Business School is one of the best schools for building a successful career in finance with a QS ranking of #3 in the world for a master in finance program, and ranked #1 by the Financial Times for the same.
London Business School’s Masters in Finance program is a 10-16 program for working professionals that fuses academic excellence with a global perspective and an applied approach and maintains a fine balance between theory and practical learning. This gives the students an intensive full-time learning experience amongst highly skilled peers.
They have a dedicated Career Centre that helps tailor your journey and guide in progress towards your career goals, and easily transition with internships that help in practical learning and adding new skills. They also provide a part-time program for professionals looking for it.
Although admissions can get highly competitive, the B-school does exempt GMAT and GRE scores for students who have successfully cleared their CFA level 2 exams.
2) Master of Finance, Rotman School of Management, Canada
Rotman School of Management, under the University of Toronto, offers an enticing 20 month program for Master of Finance featuring top-faculty, cutting-edge curriculum and dynamic alumni network.
The admission process and screening at Rotman is very rigorous and expects students with minimum undergraduate GPA of 3.0 to apply. They provide GRE and GMAT score exemptions to candidates who have either successfully completed their CFA level 2 exam, or graduated from University of Toronto with high distinction, or a professional designation in P.Eng or ACIA or FCIA.
Their coursework is usually completed in 16 months and requires students to provide English proficiency test scores. After screening applications, shortlisted candidates are interviewed by invitation only. The application fee is $195 CAD.
Conclusion
So, for candidates pursuing their CFA along with applying for a Masters in Finance program, their applications for these B-schools might have the added advantage of being able to skip the GMAT and GRE scores and attach your CFA exam certificates.
In case you’re wondering which is the best Masters in Finance course to apply for, we can help you with that too. Here’s a list of various masters in finance programs and what they offer. Want to pursue your MFin abroad but confused about where to start? Book a session with our founder and get your journey started today!
Success Stories
Krutika
Admits from EDHEC Business School
Bijal was instrumental in structuring my application to demonstrate my work. She provided me with timely feedback and guidance. Being an MiM student herself, she shared her personal experience at every stage which helped me to have a better understanding of the process and get into the school of my choice.
Santanu Kumar Pal
Admits from EDHEC Business School
I highly recommend Bijal Gandhi, the founder of EdYou Abroad, a Higher Education Consultancy Company, for her exceptional services in guiding students through the master’s application process. Bijal’s expertise in personalized assistance, value for money, and honest, unbiased advice sets her apart. Her commitment extends beyond admission, as she continues to provide valuable guidance even after acceptance. With Bijal’s assistance, I successfully gained admission to EDHEC Business School, a top-tier institution. I am grateful for her professionalism and dedication, and I confidently endorse EdYou Abroad’s consultancy services for anyone pursuing higher education opportunities.
Urmi Panchamia
Admits from University of Toronto
EdYou with the super experienced counsellors, have ALL the answers to your Study Abroad Journey. So Helpful, couldn’t have imagined anyone else giving me the kind of insight and expertise for my applications. The guidance with Cv Building, Portfolio and SOP has increased my chances of getting into top colleges. Would recommend every student to plan their future abroad with EdYou.
Simran Jariwala
Admits from Stevens Institute of Technology
Even though I had no tech background, Bijal’s help got me into good business and data analytics programs that too with scholarships. Thank you so much for believing in me!
Sreekanth Reddy Annareddy
Admits from EDHEC, SKEMA
I highly recommend Bijal as a study abroad consultant. What really set her apart was how personalized the entire service was. She didn’t just give generic advice but took the time to understand my goals, preferences, and concerns. From suggesting the right universities to helping me refine my application, every step felt tailored to my needs.
What truly stood out was the genuine support she provided. Bijal was always there to answer my questions and give advice that felt both thoughtful and sincere. It wasn’t just about getting me into a program, she genuinely cared about my journey and well-being throughout the process. Her attention to detail and constant encouragement made a huge difference, and I felt confident every step of the way.
If you’re looking for a consultant who offers a genuine support throughout your study about journey, Bijal is the one you want by your side.
Aditya Shetty
Admits from SKEMA Business School
I am delighted to write this recommendation for Bijal, whose exceptional guidance played a pivotal role in my admission to the Master in Management program at Skema Business School, Paris.
Bijal’s expertise as a counsellor goes beyond just offering advice; she takes the time to understand her students’ aspirations, strengths, and challenges. Her ability to provide personalized strategies and insights helped me build a compelling application that truly reflected my skills and potential.
Throughout the process, Bijal was not only a mentor but also a source of constant encouragement. Her meticulous attention to detail ensured my essays, resume, and other materials met the highest standards. She also provided invaluable support in preparing me for interviews, equipping me with the confidence and clarity needed to succeed.
I wholeheartedly recommend Bijal to anyone seeking expert guidance for their academic or professional journey. Her skills, experience, and passion for helping others achieve their goals make her an asset to anyone fortunate enough to work with her.
Ananya Shenoy
Admits from Georgetown University
Bijal played a pivotal role in helping me structure my application to highlight my work and achievements effectively. Her feedback was always timely, insightful, and tailored to my goals. Her guidance was instrumental throughout the process and played a key part in helping me gain admission to the school of my choice. Thankyou!
Sivaraam K
Admits from ESADE, EDHEC, FSFM
I am incredibly grateful to Bijal for the invaluable support and guidance she provided throughout my academic journey. At a time when I felt uncertain and doubted the strength of my profile, Bijal’s insightful understanding and personalized approach completely transformed my perspective. She helped me streamline my entire application process and gave me clarity on choosing the right university—one that I genuinely had a chance at—and even helped improve my acceptance chances significantly.
What truly stood out was her dedication to my essay drafting challenges. Bijal treated it with such care and importance that it felt extraordinary, and I am deeply thankful for that. Even after receiving an early admission offer, she encouraged me to hold on and explore other options, knowing my profile was strong enough for a better fit. Thanks to her mentorship, care, and up-to-date knowledge of universities worldwide, I ultimately secured a place at a top 20 global university for my business master’s program—something no other consultancy would have advised.
Bijal made me realize the potential in my profile when I couldn’t see it myself. I wholeheartedly recommend her for anyone seeking deep, thoughtful analysis for university selection, academic research, or professional guidance. She is not only growing in her expertise but also helping others grow alongside her.
Anshul Pokharna
Admits from EDHEC, BITSOM
I worked with Bijal Gandhi during my MBA application process, and I’m genuinely glad I did. When I first started, I was focused on going abroad. But after a few discussions with my parents, I began exploring Indian options too — that’s where Bijal really stepped in.
She never gave templated advice. Instead, she helped me think through both options carefully — understanding my profile, career goals, and what I really wanted from an MBA. Her approach was balanced, honest, and very thoughtful.
One thing I truly appreciated was how seriously she took BITSoM. A lot of people would have dismissed it just because it’s a new school, but she did her homework. She looked into the faculty, curriculum, industry connects, and overall potential. Her analysis gave me the confidence to apply — and eventually accept the offer.
If you’re looking for someone who’ll truly guide you — not just help you apply — Bijal is someone you can trust.
Bhavana Manikonda
Admits from UCL
am super happy to recommend Bijal! She was an amazing mentor who guided me through a big career change from medicine to management. I got into UCL, which top 9 in the world…I was clueless about what course to choose, which university to choose , but Bijal’s guidance and support were spot on. She’s super friendly, and always available to help.Bijal not only provided me with valuable insights and advice but also ensured that I was well-prepared for every step of the process. She was consistently available to answer my questions and offer support, and her enthusiasm and passion for her work are contagious.
I can surely say that no one understands what course you need and university you pick,beacuse I have seen friends struggle taking universities and courses recommended by consultants as they get money through tieups she really never compromised and I really love this about her.
What struck me most about Bijal was her commitment to delivering on her promises. She did everything she mentioned . I had a smooth and successful experience. Her guidance and mentorship were invaluable, and I feel incredibly lucky to have had the opportunity to work with her. Bijal made the whole process smooth and stress-free. If you need guidance on your abroad journey bijal is the best!!!
Mrunal Hulke
Admits from ESSEC Business School
I’m incredibly grateful to Bijal for her unwavering support throughout my study abroad application journey. From our first conversation, she took the time to truly understand my background, strengths, and aspirations, and helped me express my story in a way that felt both authentic and compelling. Her feedback on my applications to HEC Paris and ESSEC Business School was always clear, actionable, and encouraging, which made the whole process feel much less daunting. Bijal also guided me through my interview prep, helping me find my voice and present myself with confidence. Thanks to her mentorship, I was thrilled to receive initial shortlists from both schools. I wholeheartedly recommend Bijal to anyone pursuing their dream of studying abroad, her guidance and genuine care truly make all the difference.
Cesar Souza
Admits from London Business School
I’m deeply grateful to everyone who supported me throughout this journey, and especially to Bijal Gandhi from EdYou Abroad, who played a key role in making this achievement possible. Their support went far beyond strategic guidance. They helped me structure my story, highlight my experiences, and build a coherent and authentic application. I couldn’t have done it without them.