Testing Policies
We must set and enforce policies and procedures to protect the integrity of the CFA Program and to ensure that the administration of the exams is fair for all candidates. It is your responsibility to read, understand, and comply with all testing policies set forth by the CFA Program. Failure to comply with the testing policies may result in your suspension or termination from the CFA Program.
Testing personnel will circulate throughout the testing room to ensure that candidates are adhering to the testing policies and will perform a second check of calculators and identification during the timed portion of the exam.
Testing Policies
Calculator Policy Only two models of business calculators are authorized for the exams (Texas Instruments BA II Plus including BA II Plus Professional and Hewlett Packard 12C including the HP 12C Platinum). Remember that your calculator will be inspected before and during the exam, and possession or use of an unauthorized calculator at the test center will result in the voiding of your exam results and may lead to the suspension or termination of your candidacy in the CFA Program. More
Candidate Pledge On the day of the exam, you will be required to sign a pledge affirming that you have not given or received assistance during the exam. If you do not sign the pledge, CFA Institute will not grade your exam. More
Exam Materials All exam materials, including exam books and answer sheets, are the property of CFA Institute and must be returned to CFA Institute by testing personnel after every administration. Legal action will be taken against any candidate who removes an exam book (either in part or in whole) from the testing room and/or reproduces it. More
Exam Admission Ticket Policy You are required to present an exam admission ticket for admittance to the test center (along with a current government-issued photo identification). Once the tickets are available, an e-mail announcement will be sent to each candidate who has a valid e-mail address on file with CFA Institute. More
Identification Policy Your ID will be inspected before the start of the exam. If your ID is determined to be invalid, you will not be permitted to sit for the exam. Once you are seated, your ID must remain on your desk in full view, and proctors will continue to inspect ID throughout the course of the exam. More
Acceptable Name Variations on IDs Some variations between your admission ticket and ID are allowed; however, your photo must resemble you. You can make any changes to your name by completing and submitting the Name Change Form (PDF). More
Misconduct and Rules Violations It is your responsibility to read and understand all testing policies set forth by the CFA Program. Testing personnel will report to CFA Institute any violations of testing rules or policies that occur during the exam. More
Personal Belongings Policy Familiarize yourself with the limited number of items that are allowed in the testing room. You are strongly encouraged to leave your personal belongings at home or in your car. Proctors and security personnel will ask to inspect your belongings at check-in to ensure that prohibited items are not carried into the testing room. More
Recording Answers and Scratch Paper You must bring your own writing instruments on exam day; testing personnel will not provide writing instruments to you. Only the answers clearly marked on your answer sheet will be graded. Scratch paper is not permitted. More
Timing of the Exams Announcements begin prior to the start of the exam. Testing personnel will keep the official time and will tell you when to start and stop work on each separately timed session. You will be informed of the time remaining at specific intervals. More
Other Policies
Accommodations Candidates may request accommodations based on their specific disability or religious needs. All requests must be received by CFA Institute at least 75 days prior to exam day. Late requests will not be considered. There are specific guidelines that CFA Institute must follow to ensure a fair and equitable testing experience for all candidates. More
Exam Cancellation If alterations or cancellations occur, you will be notified as soon as possible. However, if the exam proceeds as scheduled and you fail to attend, you will be ineligible for a refund or deferral. More
Level I Withdrawal Option Your candidate record will be placed on hold from the exam date until exam results are released, typically 60 days later. If you will not be sitting for the Level I exam, you may avoid having your record placed on hold by notifying CFA Institute that you wish to withdraw your exam registration. This will allow you to re-register for the next Level I exam before exam results are released. However, your registration fees cannot be refunded or deferred. More
Policy Changes
CFA Institute may change its conditions, requirements, policies, and procedures governing the CFA Program and CFA Institute membership from time to time. Candidates and members are required to adhere to the revised conditions, requirements, policies, and procedures, which will be published in various CFA Institute publications, including the CFA Candidate Bulletin, CFA Institute newsletters, CFA Institute Bylaws, and on this website.
Notify Us
If you have witnessed or know of a violation of the CFA Exam testing policies by a candidate, we encourage you to report this violation here.