Exam Part I Waiver

Beginning April 15, 2020, candidates holding certain credentials may apply for an Exam Part I waiver. If approved, the Exam Part I waiver will meet the Exam Part I requirement and exempt the candidate from having to take and pass Exam Part I.

Qualifying Programs

In order to qualify for an Exam Part I waiver, candidates must hold one of the following credentials active and in good standing at the time of their application:

• Certified Management Accountant (CMA)

  Candidates must hold the credential in active, unexpired, good standing status.  CMA credentials in delinquent, inactive or retired status do not qualify for a waiver. Credential will be verified with IMA.

• Certified Practising Accountant (CPA)(Australia)

  Candidates must hold the CPA license in active, unexpired, good standing status to qualify for a waiver.  CPA Inactive or equivalent status does not qualify for a waiver. A suspended, lapsed or revoked CPA license does not qualify for a waiver. Candidate must provide state or territory and license number.  Credential will be verified in the CPA Australia database.

• Certified Public Accountant (CPA)(US)

  Candidates must hold the CPA license in active, unexpired, good standing status to qualify for a waiver.  CPA Inactive or equivalent status does not qualify for a waiver. A suspended, lapsed or revoked CPA license does not qualify for a waiver. Candidate must provide state and license number.  Credential will be verified in state database.

• Certified Treasury Professional (CTP)

  To qualify for a waiver, candidates must hold the credential in active, unexpired, good standing status. Credentials with the status of Inactive, Retired, Expired or Revoked are not eligible. AFP will verify your credential through the CTP database.

• Chartered Accountants of India (CA Associate, CA Fellow, CA Practising Accountant)

  To qualify for a waiver, candidates must hold the CA Associate, CA Fellow, or CA Practising Accountant credential in active, unexpired, good standing status. Credential will be verified with the Institute of Chartered Accountants of India

• Chartered Accountants of Sri Lanka (ACA)

  To qualify for a waiver, candidates must hold ACA (Associated Chartered Accountant) credential in active, unexpired, good standing status. Candidates holding the Certified Business Accountant (CBA) or Certified Corporate Accountant (CCA) credentials do not qualify for a waiver. Credential will be verified with the Institute of Chartered Accountants of Sri Lanka.

• Chartered Certified Accountant (ACCA or FCCA)

  To qualify for a waiver, candidates must hold ACCA or FCCA credential in active, unexpired, good standing status and must appear on the current ACCA register. Candidates not appearing on the ACCA register at the time of their waiver application do not qualify for a waiver. ACCA/FCCA Affiliate status does not qualify for a waiver. Credential will be verified in ACCA register.

• Chartered Financial Analyst (CFA)

  CFA charterholders ONLY qualify for a waiver.  Passing any or all of the exams is not sufficient to qualify for a waiver.  Candidates must hold the CFA Charter in active, uexpired, good standing status.  Charterholders under sanction or whose charter has been revoked do not qualify for a waiver. Credential must be verifiable in CFA Institute database.

• Chartered Professional Accountant (CPA)(Canada)

  Candidates must hold the CPA license in active, unexpired, good standing status to qualify for a waiver.  CPA Inactive or equivalent status does not qualify for a waiver. A suspended, lapsed or revoked CPA license does not qualify for a waiver. Candidate must provide province and license number.  Credential will be verified in provinical database.

• Chinese Certified Public Accountant (CICPA) (China)

  Candidates must hold the CICPA credential and practicing or non-practicing membership at the Chinese Institute of CPAs.  Candidates who hold an Exam Passing Certificate but are not members of the CICPA do not qualify for the waiver. Credential holders must Certificate of Membership Status (English version) from CICPA as proof of their credential. Credential will be verified with CICPA.

• CIMA Professional Qualification (ACMA or FCMA)

  To qualify for a waiver, candidates must hold the ACMA or FCMA qualification in good standing without sanction and appear in the CIMA member database. Candidates failing to comply with the CIMA Member in Practice Rules do not qualify for a waiver. Credential will be verified in CIMA member database. CIMA Certificate in Business Accounting does not qualify for a waiver.

• ICAEW Chartered Accountant (ICAEW ACA or FCA) (UK)

  ICAEW ACA or FCA holders ONLY qualify for a waiver. Passing any or all of the exams is not sufficient to qualify. To qualify for a waiver candidates must hold the ICAEW ACA or FCA credential in active/good standing status and be a member of ICAEW. Credential must be verifiable in the ICAEW database. ICAEW Certificate in Finance, Accounting and Business (ICAEW CFAB) and ICAEW Business and Finance Professional (ICAEW BFP) holders do not qualify for a waiver.

   

  Application Instructions
  

  All new applicants to the program will see a Exam Waiver tab as part of their online application.  The tab must be completed by all candidates, either to submit a qualifying credential for a waiver or to acknowledge that they do not have a qualifying credential. 

  Candidates using the PDF application, candidates who started their application before the waiver related software update and candidates who have already submitted their application must submit this FPAC Part I Waiver Application to  [email protected].

  PLEASE NOTE: Your waiver is only processed once you have submitted an application for the FPAC Exam.

  If you are submitting a new application online:

  You will see a Exam Waiver tab as part of your application.  When completing that tab, either select your qualifying credential and attached the supporting documentation or choose Defer Reporting. As part of the submission process, you will be asked to choose a testing window for the Exam Part I. 

  AFP staff will review your waiver application at the same time that your new candidate application is reviewed.  If your waiver application is approved, your Exam Part I requirement will be met and you will not receive an Authorization to Test for Exam Part I.  If your waiver application is denied or if you have chosen Defer Reporting, you will receive an Authorization to Test for Exam Part I in the window that you chose when you submitted your new candidate application.

  **Please be aware that once you have submitted your application, exam windows cannot be changed, regardless of whether your waiver application is accepted or denied. 

  ***If you are submitting a new application online but started your application BEFORE the software update that introduced the waiver tab, you will not receive a waiver tab and should submit your FPAC Part I Waiver Application pdf to [email protected] when you submit your online application.

   

  If you are currently enrolled in the program and are registered to take the Exam Part I:

  If you are currently enrolled in the program and are registered to take the Exam Part I in an upcoming window, submit your FPAC Part I Waiver Application to [email protected] at least three full weeks before the start of your registered testing window. AFP will review your application and respond within 10 business days.  If your Exam Part I waiver application is approved, your Exam Part I requirement will be met and you will not be required to take and pass Exam Part I.  If you have made an appointment to take Exam Part I, you must contact Pearson VUE and cancel that appointment at least one full business day in advance.  You will be required to pay a $100 no-show fee if you do not cancel the appointment with Pearson at least one full business day in advance.

  If your Exam Part I waiver is denied, your registration for the testing window will still be valid and you should take the Exam Part I as scheduled.

  
  If you are currently enrolled in the program but are not registered to take Exam Part I in an upcoming window:

  If you are currently enrolled in the program but are not registered to take Exam Part I in an upcoming window, you can submit your FPAC Part I Waiver Application to [email protected] at any time.   If approved, your Exam Part I requirement will be met and you will not have to take and pass Exam Part I.  If your waiver application is denied, you will need to submit a re-registration form and fee to take the Exam Part I in a future window. 

   

  Frequently Asked Questions

  
  What supporting documentation is accepted?

  When submitting your FPAC Part I Waiver Application to [email protected] please include supporting documentation which states that you currently hold that credential.  A list of acceptable supporting documentation is below.  Photocopies and pictures are acceptable. All supporting documentation should include an expiration or recertification date.

  • Your certificate
  • An award notification
  • A letter on the letterhead of the certifying body
  • CPA license or license card

   

  I hold a credential that is not on the list of credentials authorized for a waiver.  Do I qualify for a waiver?

  At this time, the only credentials have been authorized for Exam Part I waivers are listed above.  AFP will continue to examine other credentials and will add credentials to the authorized list as they are approved.  Only credentials currently on the authorized list will qualify a candidate for a waiver. 

  If I use a credential to meet the Education Requirement in lieu of a Bachelor's degree, can I use that same credential to waive the Part I exam?
  

  A small number of credentials (ACMA, FCMA, ACCA, FCCA) have been approved to satisfy the Education Requirement as a substitute for a Bachelor’s Degree in Finance.   If you are using a credential to satisfy the Bachelor’s Degree or supplemental education requirement you may NOT use that same credential to waive the Part I exam. 

  Can I apply for a waiver for the Exam Part II?

  Waivers are not available for the Exam Part II.  All candidates must take and pass the Exam Part II to earn the FPAC credential.

  Is there a fee to apply for a waiver?

  There is no additional fee to submit a waiver application. Candidates who apply for a waiver when submitting a new candidate application will pay the same fee as candidates who are not applying for a waiver.   

  How did AFP determine which credentials qualify for waivers?  Will the credential I hold qualify for a waiver in the future?

  To determine which credentials qualified for waivers, AFP began by surveying everyone who had applied to the FP&A program since it was launched in 2014.  The survey asked which credentials candidates held at the time they applied.  Pass rates for candidates holding the alternate credentials were examined.  The content covered by the other exams as well as the job tasks individuals holding the alternate credentials are expect to be able to perform were compare to the FPAC program. With this information AFP was able to determine that the alternate credentials require, at a minimum, the same understanding of the financial concepts addressed in Part I exam.
  

  AFP has worked with a psychometrician and an exam development consultant to develop a methodolgy to consider other credentials for the waiver program.  Since developing the methodology, we have added additional credentials to the waiver program.  While we expect to add other credentials in the future, we cannot say which credentials may eventually be approved.