CFA® Program Paid Deferral Policy
Updated 26 Nov 2025
November 2025 Candidates:
The paid deferral request window has closed.
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 your deferred exam within 12 months of purchasing the deferral. The table below shows which future exam windows you can choose from based on the exam window you deferred and exam level. Registration and scheduling deadlines will apply.
| 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 |