Which exam should I take first, the GMAT or the CFA Level 2, if I'm applying for a master's program in France?

These two exams serve different purposes, and confusing them can cost you a year, since only one of them directly gates your master's application while the other builds a credential that matters more once you're already enrolled or working.

Why the GMAT Comes First for Admission

INSEAD's Master in Finance explicitly requires a GMAT or GRE score, and ESSEC's Master in Finance requires a management test, accepting GMAT, GRE, or for Indian applicants specifically, the CAT. Neither school treats CFA progress as a substitute for that admissions test.

What CFA Level II Actually Adds

CFA Institute describes Level II as the second exam in a three-level program that you can only sit after passing Level I, and successful candidates report studying 300 or more hours for each level on average. It signals deep finance knowledge to employers and to your master's cohort, but it sits outside the admissions process entirely.

When the Order Could Flip

• Applications are 12 or more months away: if your CFA Level II exam is already scheduled and your target intake is comfortably later, sitting CFA Level II first can make sense.
• You've already passed Level I: the marginal cost of finishing Level II before your GMAT prep starts is lower than starting from scratch.

My Advice

If your application deadline is approaching, prioritise the GMAT without hesitation, since a missing or weak GMAT score can block your application outright while CFA progress cannot. Once your GMAT score is locked in, you can pursue CFA Level II in parallel with your application essays and recommendations rather than sequencing everything one exam at a time.

This Information Is Also Available On

INSEAD, for its Master in Finance admissions requirements. ESSEC Business School, for its Master in Finance test requirements. CFA Institute, for the structure and study-time expectations of the CFA Program.