Waiver of course requirements

Water Cooler Careers
#1

I came across this: https://www.cfainstitute.org/ethics/recognition/education/Pages/index.aspx

As someone who is looking to do an MBA in the universities mentioned in the list, what does this mean for me?

Can someone explain what do they mean by " you may be eligible for a waiver of the GMAT entrance exam or university courses"

My apologies if this sounds a little daft, but i really want this clarified.

#2

If you click on a respective program, it will literally tell you which courses/entrance exams are waived.

#3

It means if you have passed level 1, 2, or 3 of the CFA exam, then you might be exempt from the GMAT and/or you might be getting credits.

So in my case, if I were to apply for MFin at University of Toronto (I’m in Canada), I would be exempt from providing a GMAT score since I passed level 3.