CFA® Program Deferral Policy FAQs

Read the full CFA® Program Deferral Policy here.

What is the difference between an emergency deferral and a paid deferral?

We understand the need to provide flexibility for candidates. Those in situations involving qualifying major hardships, and can provide the required documentation, are eligible for an emergency deferral.

We also understand that sometimes life just gets in the way. If for any reason you feel it is necessary to defer your scheduled exam, we offer an option to defer for a fee.

Why does the paid deferral fee cost USD 449?

CFA Institute contracts with our exam administrator and incurs extra expenses anytime a candidate changes their plans. We pay for your absence from an expected exam and the cost to arrange for seating for a future exam, as well as the cost of extending your Learning Ecosystem access.

I have decided I want to defer my exam. What can I expect next?

If you are eligible for an emergency deferral, it will take up to two weeks for us to review and process your request. Once you submit payment for the processing fee, your registration and scheduled appointment will be cancelled immediately. You will receive an email containing your registration voucher code for your next exam. Your voucher code will also be available in your Candidate Tile.

If you pay to defer your exam, your registration and scheduled exam appointment will be cancelled immediately. You will receive an email containing your registration voucher code for your next exam. Your voucher code will also be available in your Candidate Tile.

Where do I find the deferral form?

Candidates registered for an exam can find the deferral form on the paid or emergency deferral pages when they become available for their exam window. You must wait until the deferral form is available for your window to submit your deferral request.

What if my emergency deferral request is denied but I already missed my exam appointment?

We cannot guarantee that your emergency deferral request will be approved. We encourage attending your exam if possible and only request an emergency deferral if you have no other option. Emergency deferrals are only considered on a case-by-case basis for select situations and are evaluated based on the documentation provided. If your request is denied after your exam appointment has passed, you may be eligible to purchase a deferral. If you are not eligible to purchase a deferral then you will need to pay the registration fee for a new exam once results are released.

Who is considered immediate family?

CFA Institute defines the candidate’s immediate family as only the candidate’s parent, sibling, spouse/domestic partner, or child. For the purposes of deferrals, grandparents are not considered part of a candidate’s immediate family.

What is included in my paid deferral?

When you purchase a deferral, your registration and scheduled appointment will be cancelled. Purchase of the paid deferral allows you to move your exam appointment for up to 12 months, depending on your exam level and appointment availability. Once your deferral is processed, you must register and schedule your exam appointment. Please note that registration must be open for your chosen exam window. If registration has already closed, you will have to select another exam window. Refer to the paid deferral page for available exam windows.

Please note that your decision is binding. No refunds are available. Only one paid deferral is permitted for each paid registration. You will not be able to defer a second time unless you pay for a new registration.

What if I buy a deferral but need to change my plans again?

Only one paid deferral is permitted for each paid registration. Once the initial deferral is purchased, you cannot defer again. If another change is required, you must pay for a new registration.

What if I buy a deferral but then decide that I can sit for my exam after all?

Choosing and paying for a deferral cancels your registration and scheduled exam appointment (if applicable). It is a binding decision and cannot be changed. Refunds are not available.

What if I need to change my exam appointment within the same exam window?

The fee to change your scheduled appointment within the exam window is USD 250.