CFA® Program Paid Deferral Policy

Updated 18 Sep 2025

November 2025 Candidates:

The paid deferral request window will open on 22 October 2025 at 10:00 AM ET and close on 25 November 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.
Your existing registration and scheduled appointment will be cancelled immediately. Please note that your decision is binding and cannot be reversed.
Only one paid deferral is allowed per 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 within 12 months of purchasing a deferral. Your eligible exam windows will depend on your exam level and the deferral type. Registration and scheduling deadlines still apply. If registration for a specific exam window has already closed, you will not be permitted to register for that window.

	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