CFA® Program Deferral Policy

Before you defer, know the trade-offs

Deferring may feel like a safety net, but the data says otherwise.

Three reasons not to defer

1. Pass rates for candidates who defer are lower. Candidates who postpone their exam score far below average on their next attempt. Candidates who defer are consistently the weakest performing group, with as low as 20% passing.
2. You are losing the time you have already devoted. A deferral means restarting a long study grind. That means another ~300 study hours, 1,000 extra practice questions and multiple mock exams. You can’t assume you will remember what you have learned up to now. To succeed, you will have to start with a fresh study plan.
3. This decision has costs. You are adding a deferral fee to your existing investment, along with the time and effort of getting back up to speed with topics you’ve already covered. If you defer to a new calendar year, you may have to catch up with changes to the curriculum you are currently studying.

Three gains when you sit as planned

1. You still have time for targeted improvement. A focused final sprint, including mock exams and topic area drills, can lift your score in the days that remain until your exam.
2. You have momentum now that money can’t buy. You’ve already invested weeks of study; keeping your appointment preserves your rhythm, confidence, and career timeline.
3. A live exam experience is worth the effort. Taking the exam now gives you real-world practice and a detailed score report that will help you identify your strengths and weaknesses; insights no amount of extra studying can match.

Bottom line

Staying on track maximizes your chance of passing, saves you months of additional studying, and delivers actionable feedback. You’re closer than you think—finish strong and take the exam as planned.

Best of luck on exam day!