CFA® Program Paid Deferral Policy
August 2025 Candidates:
The paid deferral request window is open until 2 September 2025 at 11:59 PM ET.
All other registered candidates: Continue to check back for form availability and deferral request deadlines closer to your exam window.
Candidates may purchase a USD 449 deferral up until the paid deferral deadline. When you purchase a deferral, you may postpone your exam appointment for up to 12 months, depending on your exam level and appointment availability. See the table below for eligible exam windows by exam level. Registration and scheduling deadlines apply.
Once you purchase the deferral, your registration and scheduled appointment will be cancelled immediately. Please note that your decision is binding. 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. No refunds will be available.
Eligible exam windows for paid deferral candidates
You must register and sit for the exam using your paid deferral within 12 months. You may be eligible to register for one of the following windows depending on your level and deferral type. Registration and scheduling deadlines apply. If registration has already closed for a window, you will not be permitted to register.
| February paid deferral | May paid deferral | August paid deferral | November paid deferral | |
| Level I exam windows | May August November February |
August November February May |
November February May August |
February May August November |
| Level II exam windows | n/a | August November May |
November May August |
May August November |
| Level III exam windows | August February |
n/a | February August |
n/a |