CFA Program Testing Policies
To protect the integrity of the CFA Program and ensure the exam process is fair for all candidates, we enforce the following exam policies and procedures.
Failure to comply with the following policies may result in suspension or termination from the CFA Program:
Important Information: Effective 1 January 2011, our candidate ID policy is changing. Learn 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 the CFA Institute any violations of testing rules or policies that occur during the exam. Learn more about misconduct and rules violations.
-
Calculator Policy: Your calculator will be inspected before and during the
exam. Only two models of calculators are authorized for use
during the exam:
- Texas Instruments BA II Plus including BA II Plus Professional
- Hewlett Packard 12C including the HP 12C Platinum
- Candidate Pledge: At the testing center, 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. Find out more about the candidate pledge.
- Exam Materials: You must return all exam materials, including exam books and answer sheets, after each exam. 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. Read more about returning exam materials.
- Exam Admission Ticket Policy: You are required to present an exam admission ticket for admittance to the test center (along with valid photo identification). Find out more about your test center and exam admission ticket.
- Identification Policy: You must present valid identification in order to sit for the exam. Some name variations between your admission ticket and ID are allowed; however, your photo must resemble you. Once you are seated, your ID must remain on your desk in full view, as proctors will continue to inspect ID throughout the course of the exam. View the list of criteria for valid identification and access the Identification Information Change Request form. Effective 1 January 2011, our candidate ID policy is changing. Learn more
- Personal Belongings Policy: You are strongly encouraged to leave your personal belongings at home or in your car. Proctors and security personnel will inspect your belongings at check-in to ensure prohibited items are not carried into the testing room. View the lists of acceptable and prohibited items.
- Recording Answers and Scratch Paper: You must bring your own writing instruments on exam day; testing personnel will not provide writing instruments. Only the answers clearly marked on your answer sheet will be graded. Scratch paper is not permitted. View more instructions for recording your answers.
- 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. Learn more about how exams are timed.
- Disability or Religion-related 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. Learn more about exam accommodations.
- Exam Cancellation: You will be notified as soon as possible if the date, time, or location of an exam changes. However, if the exam proceeds as scheduled and you fail to attend, you will be ineligible for a refund or deferral. More about potential changes to the exam schedule or location.
- Level I Withdrawal Option: Candidate records for all Level I exam registrants are 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. However, your registration fees cannot be refunded or deferred. Access the withdrawal request form and read the Level I exam withdrawal policies.
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 Program exam policies by a candidate, we encourage you to report violations here.