CFA® Program Deferral Policy

Please note: Paid deferrals will no longer be offered for the CFA Program beginning with the opening of 2027 exams on 5 May, 2026.  Read here for more detail on policy changes. 

The CFA® Program Deferral Policy allows registered candidates to postpone their scheduled CFA® exam to a future testing window if they are unable to sit for the exam as planned.

Candidates may request a CFA exam deferral through an emergency deferral, depending on their circumstances and eligibility. Each deferral has specific deadlines, fees, and requirements.

Before requesting a CFA exam deferral, know the trade-offs

Deferring may feel like a safety net, but there are significant considerations and the data says otherwise.

Three reasons not to defer

Deferring your CFA exam may seem like the safest option when you feel unprepared. However, data from past candidates suggests that postponing an exam can create additional challenges and extend the time needed to complete the CFA Program.

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.

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. You will also lose your progress in the Learning Ecosystem. To succeed, you will have to start with a fresh study plan.

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

Many candidates benefit from sitting for their scheduled exam, even if they feel uncertain about their preparation. Remaining on track can preserve momentum and provide valuable feedback that supports future success in the CFA® Program.

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.

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.

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!