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.
Who qualifies for a waiver?
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:
- Chartered Financial Analyst (CFA) (credential holders only, passing part 1 or 2 of the CFA exam is not sufficient)
- Certified Public Accountant (CPA)(USA)
- Certified Management Accountant (CMA)
- Certified Treasury Professional (CTP)
How do I apply for a waiver?
At this time, Exam Part I waivers can only be applied for by submitting this waiver application form to firstname.lastname@example.org. PLEASE NOTE: Your waiver is only processed once you have submitted an application for the FP&A Exam.
If you are submitting a new application:
Complete and submit your new application. As part of the submission process, you will be asked to choose a testing window for the Exam Part I. After submitting your online application, or along with your paper application, submit this completed Exam Part I waiver application to email@example.com and the required supporting documentation.
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, 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 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 Exam Part I waiver application to firstname.lastname@example.org 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 Exam Part I waiver application to email@example.com 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.
What supporting documentation is accepted?
When submitting your waiver application to firstname.lastname@example.org 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, only four credentials have been authorized for Exam Part I waivers: Chartered Financial Analyst, Certified Treasury Professional, Certified Public Accountant (USA) and Certified Management Accountant. 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.
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 FP&A 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.
Only candidates who are currently registered for the August - September 2020 (2020B) window as an Exam Part I re-registration candidate are eligible for refunds. Those candidates must submit their Exam Part I waiver application by July 15, 2020. If the waiver application is approved, the re-registration fee of $250 that the candidate submitted to register for the Exam Part I in the August-September 2020 window will be refunded. No other refunds are available. All new applicants will pay the same new applicant fees, whether they need to take Exam Part I or if they are applying for an Exam Part I waiver. The Exam Part I fee paid as part of the new applicant fees is not refundable.
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 FP&A 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 the CFA credential to the waive program. While we expect to add other credentials in the future, we cannot say which credentials may eventually be approved.