Only a few finance credentials waive or shorten another one. A CFA charter skips CAIA® Level I, a CFA charter or CPA license gets you past the CFP education coursework, six designations (including the CFA and CFP) waive the Series 65 exam, and SOA Exam P and Exam FM count for both the SOA and the CAS. Most of the other shortcuts people repeat, like a CFA waiving the Series 7 or counting toward the FRM, don't exist.

I hold the FSA and the CFA, so I've spent a fair amount of time on how these fit together. Below is each waiver with the body that sets it, so you can check it yourself. For which credential fits which job, see the Finance Credentials Map.

The waivers that exist

Scroll horizontally to view all columns.

If you hold You can Set by
CFA charter Skip CAIA Level I and enter the CAIA program as a Level II candidate CAIA Association®
CFA, CPA, CIMA, attorney, ChFC, CLU, DBA, PhD, or foreign CFP Skip the CFP education coursework (Accelerated Path) CFP Board
CFA, CFP, ChFC, PFS, CIC, or CIMA Waive the Series 65 exam for adviser registration NASAA model rule
SOA Exam P or Exam FM Claim the matching CAS credit, and the reverse SOA and CAS
CPA or law license Represent clients before the IRS with full rights, no EA exam IRS

A CFA charter skips CAIA® Level I

Through the CAIA Stackable Credential Program, a CFA charterholder in good standing starts the CAIA as a Level II candidate. When the two curricula were mapped, 80 to 85 percent of CAIA Level I was already covered across the three CFA levels, so the CAIA Association made the waiver permanent after a two-year pilot. You need a verifiable CFA digital badge and no prior CAIA exam history. If alternatives are your field, that makes the CAIA a one-exam credential, and you can go straight to the CAIA Level II question bank.

A CFA, CPA or attorney skips the CFP coursework

The CFP Board's Accelerated Path lets you skip most of the seven-course education program if you hold one of nine credentials: CFA charterholder, CPA (an inactive license is accepted), CIMA, ChFC, CLU, licensed attorney (inactive accepted), a Doctor of Business Administration, a PhD in financial planning, finance, business administration or economics, or a CFP certification earned outside the U.S. through an FPSB affiliate. CIMA was the most recent addition, on April 17, 2026.

It waives the coursework, not the exam. You still sit the CFP exam, complete the Capstone course (or the Capstone Alternative for challenge candidates), hold a bachelor's degree, and meet the experience and ethics requirements. The CFP Accelerated Path guide has the details, and you can start on free CFP practice.

Six designations waive the Series 65 exam

Most states follow the NASAA model rule for Investment Adviser Representative registration, which waives the Series 65 exam if you hold a CFA, CFP, ChFC, PFS, CIC or CIMA in good standing. CIMA was added in 2024, the first new designation accepted in 24 years.

The waiver only covers the exam. You still register in each state where you do business, file Form U4, clear a background check and pay state fees. Most states follow the model rule, but check with your state securities regulator before you count on it.

Exam P and Exam FM count for both societies

The SOA and CAS jointly administer Exam P (Probability) and Exam FM (Financial Mathematics), so passing either one with one society gets you matching credit with the other. To move SOA-earned credit to the CAS, you email your transcript to the CAS. Validation by Educational Experience (VEE) is shared too, and you submit your qualifying coursework to both.

After the prelims the two paths split into different upper-level exams with no more shared credit, so it makes sense to pass Exam P and Exam FM before you pick a society.

A CPA already has IRS representation rights

CPAs, attorneys and Enrolled Agents are the only three professionals with unlimited rights to represent clients before the IRS. A CPA gets those rights through the license and doesn't need to pass the Enrolled Agent exam (the Special Enrollment Examination). The EA is the exam route to the same rights for people who aren't CPAs or attorneys.

Stacking inside the FINRA Series exams

The SIE is the shared foundation, and the SIE plus the Series 7 top-off makes you a General Securities Representative. The Series 66 combines the state-law content of the Series 63 and Series 65 into one exam, but it requires the SIE and Series 7 as co-requisites, so a broker who will also advise takes the Series 7 and Series 66 instead of the 7, 63 and 65 separately. The Series 65 stands alone, with no SIE or Series 7 needed, which is why pure advisers take it (or skip it with one of the six designations above). There's free prep for the Series 7 and a primer on the SIE.

What doesn't transfer

Overlap that saves study time

These pairings don't waive anything, and you sit every exam. Taking them in sequence still cuts your total study time because the content overlaps.

  • CFA then FRM. Roughly 45 percent of FRM Part I overlaps CFA Levels I and II, and Part II overlaps much less. GARP grants no exemptions, so you still sit both FRM parts, but the CFA quant and risk foundation carries over.
  • CFA then CAIA Level II. Beyond the Level I waiver, the alternatives and portfolio content overlaps heavily.
  • CPA then EA. The REG and TCP tax content a CPA candidate drills covers most of what the Enrolled Agent exam tests.
  • CPA and CFA. Financial reporting on CPA FAR and financial statement analysis on the CFA share a core.
  • Actuarial and FRM. The quantitative and market-risk math on the actuarial exams covers large parts of the FRM.

Waivers that don't exist

These come up on forums all the time:

  • A CFA doesn't waive the Series 7. No professional designation does. It's a securities-representative exam, not an adviser-law exam, and FINRA grants no designation-based waiver for it.
  • A CFA doesn't count toward the FRM. GARP grants no exemptions for any qualification, including the CFA, CPA or an MBA.
  • A CFA doesn't waive any SOA or CAS exam. VEE credit comes from the courses and options listed in the SOA's VEE Directory, so check the current Directory for what qualifies.
  • A CFA doesn't shorten the CFP exam. The Accelerated Path waives coursework only.
  • Nothing lets you skip a CFA level. CFA Institute doesn't grant exam exemptions into the program, so everyone passes Levels I, II and III in order.
  • A CPA doesn't waive the CFA, and a CFA doesn't waive the CPA. The content overlaps, but neither gives credit toward the other.

One real waiver gets mixed up with the FRM. A CFA charter does waive Exam 1 of PRMIA's Professional Risk Manager (PRM) credential, which is a different risk certification from GARP's FRM.

How I'd sequence a stack

Start with the credential your job rewards, then add the one with the biggest payoff after it. In investment management that means the CFA first, since the one charter gets you the CAIA Level I skip, the Series 65 waiver and the CFP coursework bypass. In financial planning, go for the CFP, or get there faster from a CPA or CFA through the Accelerated Path. Actuarial candidates should pass Exam P and Exam FM, which count for both societies, before choosing the SOA or CAS track. In tax, a CPA already gives you IRS representation rights without the separate EA exam.

FreeFellow has free question banks for the CFA, CAIA, CFP, CPA, FRM, actuarial exams and Series 7. Sample questions are open without signup, and the full banks need a free account, with no trial limit or credit card.

Sources