Requirements of Membership

Requirements	Regular	Affiliate	Local	Student
Provide one Regular member of CFA Institute AND one Supervisor/Professor Sponsor*	X	X	X	X
Sign and submit the Member's Agreement and the Professional Conduct Statement**	X	X	X	X
Adhere to the Code of Ethics and Standards of Professional Conduct	X	X	X
Complete any additional application procedures or requirements established by CFA Institute	X	X
Have 48 months approved work experience and pass Level 1 of CFA Exam or the Standards of Practice Exam***	X
Less than 48 months work experience***		X
No work experience requirement, and pass the Standards of Practice exam (passing Level 1 of the CFA Exam would fulfill this requirement)			X	X
Hold a bachelor's degree from an accredited institution or have equivalent education and work experience	X	X	X
Have at least one year of relevant investment industry experience		X	X
Be engaged in relevant professional work at the time of application		X	X

* The supervisor sponsor requirement is waived if the applicant is the principal of the firm, a student, retired, self-employed, unemployed, or if providing a supervisor sponsor places the applicant in a difficult professional position.  In these cases, applicants must provide another sponsor who is also a Regular Member of the CFA Society of Minnesota (i.e., a total of two Charterholder sponsors, one of which is a member of the CFA Society of Minnesota).  Students only need one (1) sponsor -- a Professor or a CFA Charterholder who is a member of any CFA Society. 

Note: If applying for Regular or Affiliate membership through CFA Institute, in order to waive the supervisor sponsor requirement you must e-mail CFA Institute at cmservices@cfainstitute.org explaining why you are not submitting a supervisor sponsor.  If applying for Minnesota membership, in order to waive the supervisor sponsor requirement you must email CFA Minnesota at info@cfamn.org.

** This is an annual requirement.  There is a Personal Conduct Statement (PCS) included in the Member Application document, and you will receive something to fill out and return to the CFA Society of Minnesota each year during the Annual Renewal process.   To see what CFA Institute has to say about the Professional Conduct Statement, click HERE.

*** Qualifying work experience is defined as work whose activities consist to a majority extent of (for a detailed description and definition of these requirements, please visit the CFA Institute website) :

• evaluating or applying financial, economic, and/or statistical data as part of the investment decision-making process involving securities or similar investments, which includes, but is not limited to, publicly traded and privately placed stocks, bonds, and mortgages and their derivatives; commodity-based derivatives and mutual funds; and other investment assets, such as real estate and commodities, if these other investment assets are held as part of a diversified, securities-oriented investment portfolio; or
• supervising, directly or indirectly, persons who practice such activities; or
• teaching such activities.