Level III qualifies the candidate to be a fund manager. Turkey The Capital Markets Board (CMB) of Turkey considers the passing of CFA Level I, II, and III to be equivalent to the CMA Level 1, 2 and 3 licensing exam. United Kingdom In 2009 the UK National Academic Recognition Information Centre (UK NARIC) bench-marked the CFA Program and the CFA charter as comparable to a Qualifications and Credit Framework (QCF) Master's Level 7. The levels of the CFA Program were bench-marked as: Level III of the CFA Program and the CFA charter are bench-marked at Level 7 by NARIC Level II of the CFA Program is bench-marked at Level 6 by NARIC Level I of the CFA Program is bench-marked at Level 5 by NARIC United States The Financial Industry Regulatory Authority (FINRA) exempts candidates who have passed CFA Level I and II from the Series 86 examination to register as a research analyst. The Investment Adviser Registration Depository (IARD) exempts CFA Charter-holders from required competency exams to register as an investment adviser. The North American Securities Administrators Association (NASAA) exempts CFA Charter-holders from the required Series 65 exams to register as an investment adviser. The New York Stock Exchange (NYSE) exempts candidates who have passed CFA level I from portion of the Series 16 exam that deals with rules on research standards and related matters are exempt from Part II of the NYSE Supervisory Analysts Qualification Exam. The National Football League Players Association (NFLPA) recognizes the CFA Charter as meeting the eligibility requirements to become a Registered Player Financial Advisor. The University of California, Berkeley considers Master of Business Administration (MBA) candidates who have passed the CFA Level III exam to be granted an automatic waiver in two core courses The University of Notre Dame considers CFA charter-holders in the Executive Master of Nonprofit Administration (EMNA) may be eligible for a waiver of required course work. Boston University considers CFA charter-holders to be eligible for waivers for up to two out of 10 courses in the Master of Science in Financial Management (MSFM) on-campus and online degree programs. Duke University considers students enrolled in its graduate business programs who have passed the CFA Level III exam to be eligible for an unconditional administrative exemption from Finance 645. Vietnam The State Securities Commission (SSC) considers candidates who have passed CFA Level II to be sufficient in exempting them from