Key facts
- UAE capital market regulation changed hands: the Capital Market Authority (CMA) took over from the Securities and Commodities Authority (SCA) on 1 January 2026 (check the official website).
- For key positions at firms the CMA licenses you need the UAE Financial Rules and Regulations exam plus a technical exam that depends on the job function (check the official website); a professional certificate can count for at most one technical exam per application, never for the UAE Financial Rules and Regulations exam.
- Level I for 2027 costs US$1,140 (check the official website) with early registration – about AED 4,187 at the dirham’s fixed rate of 3.6725 per US dollar.
- The first FRM® Exam Part I registration costs US$400 (check the official website) enrolment plus US$600 (check the official website) early – about AED 3,673.
- In ADGM, the FSRA charges an application fee of US$500 (check the official website) for each person seeking to exercise a Controlled Function.
Neither the CFA® Program nor the FRM® Exam is a licence to work in the UAE. What a regulated job needs depends on who regulates your employer: the Capital Market Authority, which replaced the SCA, for the federal capital market; the DFSA in Dubai’s DIFC; the FSRA in Abu Dhabi Global Market. Level I costs US$1,140 (check the official website) – about AED 4,187 – with early registration for 2027. (CMS, from the SCA to the CMA (secondary source)) (Central Bank of the UAE, exchange rates July 2026)
If your employer in Dubai or Abu Dhabi has asked you to take one of these exams, that is a good reason to start. But it helps to keep two questions apart. The exams, run by CFA Institute and GARP, test knowledge and are the same wherever you sit them. Whether you may do a regulated job in the UAE is decided by a UAE regulator, under its own rules. This page covers the second question and the cost in dirhams.
Which regulator covers your job?
It depends on where your employer holds its licence. At federal level, the Capital Market Authority (CMA) took over from the Securities and Commodities Authority (SCA) on 1 January 2026 (check the official website). Firms in the Dubai International Financial Centre (DIFC) are regulated by the Dubai Financial Services Authority (DFSA), and firms in Abu Dhabi Global Market (ADGM) by the Financial Services Regulatory Authority (FSRA). (UAE Capital Market Authority, website) (Baker McKenzie, DFSA conduct requirements (secondary source)) (FSRA (ADGM), Getting Started Guide)
| Regulator | Whose staff | What it asks of the person | Exams of its own |
|---|---|---|---|
| Capital Market Authority (CMA) | Firms it licenses under federal law | For key positions: an academic qualification or a specialised professional certificate, practical experience suited to the job and a pass in the professional licensing exams the CMA requires (check the official website) | Yes: the UAE Financial Rules and Regulations exam plus a technical exam that depends on the job function (check the official website) |
| DFSA | Firms in the DIFC | People in Licensed Functions need the DFSA’s approval first; from 1 July 2026, firms must check and confirm at least once a year that each Authorised Individual is fit and proper; whether the person holds appropriate qualifications is one of the points weighed (check the official website) | None named in the summary we read |
| FSRA | Firms in ADGM | a Senior Executive Officer, a Finance Officer, a Compliance Officer and a Money Laundering Reporting Officer, each approved by the FSRA; the Senior Executive Officer, the Compliance Officer and the Money Laundering Reporting Officer must live in the UAE (check the official website). The application fee is US$500 (check the official website) per person. | None named in its guide |
Your employer’s compliance team knows which of the three applies and which function you will hold. Ask them before you plan your study year, because the answer decides whether you need a UAE exam on top of the CFA Program or the FRM Exam.
What does the Capital Market Authority ask of you?
At a firm the CMA licenses, the employees it calls key positions need its accreditation, and the key positions it approves need its professional licensing tests; the page names an exception for the manager or category officer. (UAE Capital Market Authority, accreditation of staff) Its qualifications-led licensing chart lists job functions – among them financial analyst, fund investment manager or portfolio manager, head of risk management and head of compliance – and gives each the UAE Financial Rules and Regulations exam and one technical exam. The technical exams in the chart include Risk in Financial Services, Corporate Finance Technical Foundation and the International Certificate in Wealth and Investment Management (Level 3). (UAE Capital Market Authority, qualifications-led licensing regime)
Can the CFA® Program or the FRM® Exam replace a CMA exam? Only in a narrow way. Under the CMA’s equivalency programme, a specialised professional certificate can stand in for one exam per application – never for the UAE Financial Rules and Regulations exam – if you hold a valid membership of the body that awards it; exams taken remotely do not count (check the official website). (UAE Capital Market Authority, equivalency programme) So even with the CFA designation you still sit the UAE Financial Rules and Regulations exam, and you would apply for one technical exam to be counted. The CMA’s page names no certificate, and we could not find the list of certificates it refers to, so ask the CMA or your compliance team before you rely on it – and keep your membership of the awarding body current.
One UAE rule does name the charter. Under the finfluencer rules for financial content creators, in force since 29 May 2025, eligibility to register means being a CFA charterholder or a financial analyst accredited by the CMA, with at least 1,000 followers and six months of financial or technical experience (check the official website). (Clyde & Co, UAE finfluencer regime (secondary source))
What do DIFC and ADGM firms need from you?
In the DIFC, the DFSA approves people for Licensed Functions such as Compliance Officer, Finance Officer and Senior Manager. Its updated rules, in force from 1 July 2026, also make firms confirm every year that each of these people is still fit and proper; whether you hold appropriate qualifications is one of the points weighed, without a named qualification. (Baker McKenzie, DFSA conduct requirements (secondary source)) This follows a law firm’s summary of the new rules; the DFSA’s own page on Authorised Individuals is linked in the sources, so check the details there.
In ADGM, the FSRA expects four functions to be filled at all times – a Senior Executive Officer, a Finance Officer, a Compliance Officer and a Money Laundering Reporting Officer, each approved by the FSRA; the Senior Executive Officer, the Compliance Officer and the Money Laundering Reporting Officer must live in the UAE (check the official website). Its guide lists functions and fees, not qualifications, and its application process includes interviews with the people the firm puts forward for these functions. (FSRA (ADGM), Getting Started Guide) In both centres the regulator looks at the person in the role, which is where the CFA Program or the FRM Exam can help you rather than replace anything.
What do the exams cost in dirhams?
CFA Institute and GARP charge in US dollars. The dirham has a fixed rate to the US dollar: the Central Bank of the UAE listed 3.6725 dirhams per dollar on every business day of July 2026. (Central Bank of the UAE, exchange rates July 2026) At that rate, the first registration for each exam costs:
| Exam and registration | US dollars | Dirhams (about) |
|---|---|---|
| CFA® Program Level I, early registration | US$1,140 (check the official website) | AED 4,187 |
| CFA® Program Level I, standard registration | US$1,490 (check the official website) | AED 5,472 |
| FRM® Exam Part I, first registration, early (with the one-time enrolment fee) | US$1,000 (check the official website) | AED 3,673 |
| FRM® Exam Part I, first registration, standard (with the one-time enrolment fee) | US$1,200 (check the official website) | AED 4,407 |
A retake costs a new registration again, without the FRM Exam’s enrolment fee. Your bank or card provider may convert at a slightly different rate and add a fee. To add later levels, a retake or prep courses, use the Level I cost calculator or the FRM® Exam cost calculator. They do not offer the dirham, so multiply their US dollar total by 3.6725.
When can you sit them in 2027?
- CFA Program Level I: 22–28 February 2027 (check the official website), 11–17 May 2027 (check the official website), 15–22 August 2027 (check the official website) and 13–19 November 2027 (check the official website).
- FRM Exam Part I: 8–13 May 2027 (check the official website), 13–14 August 2027 (check the official website) and 13–18 November 2027 (check the official website).
Check the test centres offered in the UAE when you book. Deadlines and fees by window are on our pages for Level I dates and fees and Part I dates and fees.
What does this mean for you?
- You work, or will work, at a broker or asset manager the CMA licenses. Find your job function in the CMA’s chart, book the UAE Financial Rules and Regulations exam early, and ask whether your certificate can count for the technical exam. The CFA Program or the FRM Exam comes on top; it does not replace the UAE exam.
- You are joining a DIFC or ADGM firm. The firm applies for you – in ADGM with a separate form for each person. Keep certificates, references and a record of your experience ready, and expect an interview.
- You are still choosing between the two programmes. Choose by the work you want to do: the UAE rules we read do not require either. Our comparison of the CFA Program and the FRM Exam and the two-minute career quiz help with that.
- You want a plan. Pick a window, budget in dirhams from the table, and leave time for a UAE exam if your job needs one. Our planners for Level I and Part I count back from the window.
What do these roles pay in the UAE?
We do not quote UAE salaries. We found no public dataset of pay by occupation for analysts or risk managers in the UAE that we could cite with a date, and recruiters’ salary guides describe their own placements rather than the market. For pay data with a clear method, see what investment analysts earn in the US and the UK – occupation data, not the effect of a qualification.
What are the common mistakes?
- Assuming the CFA designation or the FRM certification is a UAE licence. It is not; the regulator of your employer decides.
- Planning only for the CFA Program or the FRM Exam when your job also needs the UAE Financial Rules and Regulations exam.
- Expecting a certificate to replace several CMA exams: it can count for one technical exam per application at most.
- Letting your membership of the awarding body lapse when you want to rely on the certificate for equivalency.
- Still looking for the SCA: since 1 January 2026 the Capital Market Authority is the federal regulator, and the SCA’s old web address now leads to its website.
- Paying standard registration fees by missing the early deadline.
What does this page cover?
- Last updated
- Based on
- The Capital Market Authority’s pages on staff accreditation, licensing exams and equivalency, and the FSRA’s guide
- Dated law-firm summaries for the change from the SCA, the DFSA’s rules and the finfluencer rules (secondary sources)
- CFA Institute and GARP fees and dates from our fact register; the Central Bank of the UAE’s exchange rates
- Includes
- Which regulator applies, what it asks of individuals, and how far a certificate counts
- 2027 exam fees in US dollars and dirhams, and the 2027 windows
- Not included
- Rules for banks and insurers, which have other regulators
- UAE salaries and how many candidates pass
- This is not legal, financial or careers advice
Frequently asked questions
Is the CFA® Program a licence to work in finance in the UAE?
No. Whether you may do a regulated job depends on the regulator of your employer. At a firm the Capital Market Authority licenses, key positions need an academic qualification or a specialised professional certificate, practical experience suited to the job and a pass in the professional licensing exams the CMA requires (check the official website).
Which exams does the Capital Market Authority require?
For a key position: the UAE Financial Rules and Regulations exam plus a technical exam that depends on the job function (check the official website). The function you will hold decides which technical exam applies.
Can the CFA designation or the FRM certification replace a CMA exam?
Only in a narrow way: a specialised professional certificate can stand in for one exam per application – never for the UAE Financial Rules and Regulations exam – if you hold a valid membership of the body that awards it; exams taken remotely do not count (check the official website). No certificate can replace the UAE Financial Rules and Regulations exam.
Is the SCA still the regulator?
No: the Capital Market Authority (CMA) took over from the Securities and Commodities Authority (SCA) on 1 January 2026 (check the official website). The former SCA web address now leads to the Capital Market Authority.
How much does CFA Program Level I cost in dirhams?
For 2027, US$1,140 (check the official website) with early registration or US$1,490 (check the official website) standard – about AED 4,187 or AED 5,472 at the fixed rate of 3.6725 dirhams per US dollar, before any local taxes.
How much does FRM Exam Part I cost in dirhams?
The first registration adds the one-time enrolment fee of US$400 (check the official website) to US$600 (check the official website) early or US$800 (check the official website) standard – about AED 3,673 or AED 4,407 at the fixed rate.
What do DIFC and ADGM firms need from individuals?
In ADGM: a Senior Executive Officer, a Finance Officer, a Compliance Officer and a Money Laundering Reporting Officer, each approved by the FSRA; the Senior Executive Officer, the Compliance Officer and the Money Laundering Reporting Officer must live in the UAE (check the official website). In the DIFC: from 1 July 2026, firms must check and confirm at least once a year that each Authorised Individual is fit and proper; whether the person holds appropriate qualifications is one of the points weighed (check the official website).
Related tools and pages
Sources
- Capital Market Authority (CMA), United Arab Emirates: Capital Market Authority – website of the UAE federal capital market regulator (the former sca.gov.ae address redirects here). Accessed 30 October 2026.
- Capital Market Authority (CMA), United Arab Emirates: Accreditation of staff at companies licensed by the Authority – academic qualification or specialised professional certificate, practical experience suited to the job, the professional licensing examinations the Authority requires, credit report and criminal record check. Accessed 30 October 2026.
- Capital Market Authority (CMA), United Arab Emirates – Professional Training and Examinations Centre: Qualifications-led Licensing Regime (chart) – job functions such as financial analyst, fund investment manager or portfolio manager, head of risk management and compliance officer, each with the UAE Financial Rules and Regulations exam and a technical exam. Accessed 30 October 2026.
- Capital Market Authority (CMA), United Arab Emirates – Professional Training and Examinations Centre: Professional Certificates and Exams Equivalency Program – only specialised professional certificates, one licensing exam per application, never the UAE Financial Rules and Regulations exam, valid membership of the awarding body, exams taken remotely not considered. Accessed 30 October 2026.
- CMS (law firm; Yasmin Johal and Gabriella Savastano), secondary source: From the SCA to the CMA: UAE Capital Market Authority introduced under new federal laws – Federal Decree Laws No. 32 and No. 33 of 2025 in force from 1 January 2026; the CMA succeeds the SCA in all its rights, obligations and contracts (15 January 2026). Accessed 30 October 2026.
- Clyde & Co (law firm; Tom Bicknell, Anna Diós and Barkha Doshi), secondary source: The UAE's finfluencer regime: what the firms that engage them need to know – Resolution No. (10/R.M) of 2025, effective 29 May 2025; eligibility through a CFA charter or CMA-accredited financial analyst status, 1,000 followers and six months' experience (7 September 2026). Accessed 30 October 2026.
- Baker McKenzie (law firm), secondary source: United Arab Emirates: countdown to DFSA's updated conduct requirements – rules in force from 1 July 2026; Licensed Functions keep needing prior DFSA approval; firms check and confirm each Authorised Individual's fitness and propriety at least once a year (1 June 2026). Accessed 30 October 2026.
- Financial Services Regulatory Authority (FSRA), Abu Dhabi Global Market: Financial Services Regulatory Authority Getting Started Guide – staffing, Controlled Functions and Approved Persons (Senior Executive Officer, Finance Officer, Compliance Officer, Money Laundering Reporting Officer; UAE residence; application fee per individual) (September 2025). Accessed 30 October 2026.
- Central Bank of the UAE (CBUAE): Exchange rates against UAE dirham for VAT related obligations, July 2026 – US dollar at 3.6725 dirhams on every business day listed (the dirham's fixed rate to the US dollar) (July 2026). Accessed 30 October 2026.
- Dubai Financial Services Authority (DFSA): Authorised Individuals – officers and employees who carry out Licensed Functions in a DFSA-authorised firm.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. Accessed 30 October 2026.
- CFA Institute: CFA exam dates and fees. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): FRM Fees: What's The Total Cost? (4 June 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam information: format and exam topics. Accessed 26 October 2026.
- PrepProviders (comparison website, secondary source): FRM exam dates and fees, 2026 to 2027 (5 October 2026). Accessed 30 October 2026.
- Omni Finance Academy (exam prep provider, secondary source): FRM® exam dates: which deadline should you act on now? (21 October 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam logistics and test dates. Accessed 26 October 2026.
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