Store Terms and Conditions

Ensure you have read the CFA® Program Deferral Policy and Acceptance of Terms below before continuing with your purchase.

• I understand I am cancelling my scheduled exam registration and appointment, if applicable, and will not be able to reschedule another exam appointment within the same exam window.
• I understand I must enter into the candidate agreement that applies to the new exam window (New Candidate Agreement).
• I understand my current candidate agreement will apply until I enter into the New Candidate Agreement.
• I understand the New Candidate Agreement will then supersede my current candidate agreement.
• I understand there is no right to a refund of the Deferral Fee, either under my current candidate agreement, or if I defer to a subsequent testing window, under the New Candidate Agreement. I UNDERSTAND THAT EVEN IF MY TEST DATE IN THIS WINDOW IS CANCELLED AFTER I PAY TO DEFER OUT OF THE WINDOW, I WILL NOT BE ELIGIBLE FOR A REFUND OF THIS DEFERRAL FEE.
• I understand that once I have purchased a Deferral, I am not eligible for a refund for any fees paid to CFA Institute for my original registration either under my current candidate agreement or a New Candidate Agreement. 
   

These Terms and Additional Terms and Conditions apply to the sale of any Course or Certificate.  Please read them carefully before purchasing a Course and/or Certificate and print off a copy for your records. CFA Institute (We) will not file or otherwise keep a copy of the agreement concluded between us and a copy of the concluded agreement will not be available from CFA Institute at a future time and date. By ordering a Course and/or a Certificate, you are confirming your agreement to be bound by these Terms.

1.            DEFINITIONS

Additional Charges means any amounts payable which are not Fees and may include, but are not limited to, payment for the delivery of Study Materials, any re-sit fees which we may charge from time to time if applicable, exemptions, examination entries and re-sit fees and any import duties, taxes and customs clearances which may be payable.

Additional Terms and Conditions means those terms and conditions that apply to any particular Course or Certificate as set out in the Course or Certificate description and should there be any conflict with these Terms and the Additional Terms and Conditions, the latter will prevail.

Brochure means any online or hard copy document that is produced by CFA Institute to provide detailed information with respect to the Courses and Certificates these Terms cover.

Candidate means the person attempting to take any assessment(s), including the Final Assessment to achieve a Certificate.

Candidate Agreement means the candidate agreement attached as Schedule 1 hereto which will apply to all Candidates. 

Certificate means any certificate offered by CFA Institute as more fully described on the Website and the specific achievement of status granted to You by CFA Institute upon passing the Final Assessment for the Certificate in accordance with these Terms. A Certificate is earned and held by an individual, not a corporation or other entity.

CFA Institute means CFA Institute a Virginia nonstock corporation located at 915 East High Street, Charlottesville, VA 22901 and US 501(c)6 tax exempt organization for US income tax purposes.

Course means either an online course which does not have a predetermined start date and is available for study by you immediately following delivery by CFA Institute which can form part of a Certificate or be purchased separately, whichever is purchased by you.

Digital Badge means the digital badge issued for Candidates who successfully complete an entire Certificate, including any courses that may be included therein, their respective assignments and assessments, and the Final Assessment. This digital badge is the official certificate of recognition, and it can be downloaded and/or printed, as well as shared on social media platforms.

Fee means the fee payable for the Course, Certificate and/or Study Materials and shall include any VAT and any other taxes payable but excludes Additional Charges.

Final Assessment means the final assessment that is taken to achieve a Certificate.

Online Study Materials means, but is not limited to, online tests, online tutorials, study texts, question banks, exercises, worksheets, assessments and tools and online downloads.

Outbound Delivery Charges means the postal charge incurred by you for the delivery of any Study Materials to you.

Website means www.CFA Institute.org; and "you" means the individual purchasing the Course or Certificate.

2.        ORDERING PROCEDURE

2.1      In order to purchase a Course or Certificate via the Website, you must register for an online CFA Institute account via the Website. If you already have an online CFA Institute account, you can log onto your existing account. Please see the CFA Institute Account Policy.

2.2    When you place an order for a Course or Certificate you are offering to purchase it on these Terms. We reserve the right to decline or cancel your order, or any part of your order.

2.3      Following receipt by CFA Institute of your order you will receive an automated email confirming that your order has been received. Your order will be subject to acceptance by CFA Institute of your offer to purchase in accordance with Clause 2.4 below.

2.4     A legally binding agreement shall not come into existence until we have accepted your offer to purchase a Course or Certificate by: (i) sending you a separate order acceptance confirmation email which will be effective upon sending to you at the email address you have provided, and (ii) receiving payment for the Course or Certificate from yourself.

2.5     Except where Courses are sold together by CFA Institute in one bundle for a single price and/or as part of a Certificate, where your order consists of multiple Courses, each individual Course will be treated by CFA Institute as a separate offer to purchase. Acceptance of your offer to purchase one or more of the Courses will not be an acceptance by CFA Institute of your offer to purchase any other Courses which make up your order.

2.6     We reserve the right to withdraw at any time Courses or Certificates advertised for sale on the Website and/or the Brochure.

2.7     We are prohibited from supplying any Course, Certificate and/or Study Materials to any person or entity resident in any territory that is the subject of US, EU or other relevant sanctions.

3.        PAYMENT TERMS

3.1     The Fee for any Course or Certificate at any given time will be displayed on the Website and/or the Brochure. Fees are quoted in United States dollars, exclusive of VAT, sales tax and exclusive of any Additional Charges.

3.2     When you purchase a Course or Certificate on the Website:

3.2.1   the Fee including VAT, or any other applicable taxes, and any delivery charges payable in relation to delivery of Study Materials, if applicable, will be shown prior to completion of the online transaction; and

3.2.2   we will debit the Fee from your credit card or debit card on or after the day you make your order. Credit or debit card details are collected over a secure link and an authorized amount verification is taken immediately. At the time of collection of these details you will be asked if you would like to register these card details with us to facilitate future orders. If you have agreed to your card details being stored, they will be stored securely by CFA Institute and/or our third party payment service providers and, unless you tell us otherwise, we will use these card details for payments in connection with this and any future order you may place with CFA Institute. Your order will be confirmed only upon receipt of the Fee by CFA Institute and will be subject to acceptance of your offer to purchase in accordance with Clause 2.4.

3.3      In the unlikely event that due to a technical error, the amount of the Fee displayed on the Website or in the Brochure is incorrect, or the Fee has been changed on the Website but the Brochure is out of date, we will notify you as soon as we reasonably can. If the correct amount of the Fee is higher than the amount displayed on the Website and/or in the Brochure, we will contact you to notify you of the correct Fee, so you can decide whether or not you wish to continue with your order at the increased Fee.

3.4      Pursuant to Clause 3.3 if you decide you want to cancel your order we will give you a full refund in respect of any amount you have already paid in accordance with Clause 4. If the correct Fee is lower, we will refund you the difference only between the amount which you have paid and the correct Fee payable.

3.5    Any Additional Charges shall be payable by you on and when they are due.

4.      CANCELLATION RIGHTS

4.1    Subject to the terms of cancellation in respect of any Course or Certificate, which shall take precedence, you may cancel your purchase of the Course or Certificate within a period of 14 calendar days (Cancellation Period) from the date on which the contract is concluded, subject also to Clauses 4.5 and 4.6.

4.2     You must inform CFA Institute of your decision to cancel by using one of the following methods within the Cancellation Period: Visiting CFA Institute Self Service or Calling CFA Institute Customer Service on USA +1 (434) 951-5499.       

4.3     Refunds will be made using the same method of payment as you used for the purchase.

4.4     Your order of a Course or Certificate is personal to you and you will not be permitted to transfer your enrolment to another person.

4.5      We reserve the right to use our discretion to determine whether to make refunds and/or deferrals in exceptional circumstances which fall outside Clause 4 and to charge an additional fee in any such event to cover the administration costs incurred. Any such additional fees will be communicated to you before you make your decision.

5.        COURSE AND CERTIFICATE CONTENT AND ACCESS TERMS

5.1      Please see the description of the Course and Certificate on the Website and/or in the Brochure for details of the contents of the available Courses and Certificates.

5.2    Except as set out in the description of the Course or Certificate on the Website and/or in the Brochure, no additional Study Materials and/or tuition will be provided by CFA Institute.

5.3    You acknowledge that CFA Institute operates a zero-tolerance policy in relation to inappropriate behaviour of participants via social media or any other virtual environment relating to a Course or Certificate.  In particular, unfair or dishonest practices including but not limited to cheating, will not be tolerated under any circumstances. We may at our reasonable discretion and without liability or an obligation to refund Fees, refuse to supply any Course or Certificate to any participant and may refuse to admit to, and may remove from any virtual environment, any participant whose participation in any Course or Certificate would, in our reasonable opinion, be undesirable or whose behaviour we consider is or may be in breach of this Agreement.

5.4     Upon receipt of a confirmation email from CFA Institute you will be notified when you have access to the Course or Certificate purchased and for the length of time such access will be made available to you.

5.5     The receipt of a Course or Certificate is personal to you and you may not transfer your rights to access such Course or Certificate or provide such to any other person.

5.6     You may incur charges to your internet service provider while you are accessing and/or downloading the Study Materials. Charges may also be payable to third parties for use of the software necessary to access and/or download the Study Materials. You are responsible to pay these charges.

6.      SYSTEM REQUIREMENTS

It is your responsibility to check that the computer you plan to use to access your Study Materials and the Course or Certificate is compatible with the minimum specification requirement that relates to the Course or Certificate you are ordering. You acknowledge and accept that we cannot be held responsible for any technical problems you encounter following the purchase of a Course or Certificate.

7.        MODIFICATIONS TO CONTENT OF EXISTING COURSES AND CERTIFICATES, TECHNOLOGY ENHANCEMENTS AND PERIODIC UPDATES

7.1     CFA Institute may, in its sole discretion, change a Course or Certificate without notice to you. Such changes will be posted on the CFA Institute website at cfainstitute.org and may include, without limitation, adding or deleting content and modifying assessment and/or assignment objectives, outlines and assessments, including how and when results are issued.

7.2     From time to time, we may make modifications, enhancements or issue clarifications (for example, to clarify ambiguous regulatory drafting) to the audio-visual, interactive or written Courses and Certificates. You will have access to such changes free of charge only to the extent that such changes relate to the Course or Certificate purchased by you.

7.3     Certain Courses and Certificates will periodically be superseded by new legislation or the issue of new regulations or changes to market practice. Following the enactment of new legislation or the issue of new regulations or changes to market practice, we may produce Courses and Certificates covering the new material. If new legislation or regulations supersedes existing Courses and Certificates, these may be available for purchase as new Courses and Certificate. For the avoidance of doubt, purchase of a current Course or Certificate does not entitle you to have access to future revised Courses and Certificates as part of the original purchase.

8       TECHNICAL SUPPORT AND ACCESS

8.1     We will provide technical and content support to individuals who have purchased a Course or Certificate in respect of the Course or Certificate purchased, in accordance with the provisions set out in this Clause 8.

8.2      If you report a fault to CFA Institute, we will use reasonable endeavours to provide a solution but we do not guarantee that the technical support provided will resolve your technical problems. If you receive technical advice from CFA Institute then we will not accept any responsibility for any problem if you do not ensure that such advice is strictly followed.

8.3    We are not obliged to offer you any technical support in relation to your use of any of the free demonstrations available on the website but we may elect to offer technical support, and the extent of any such technical support is entirely at our discretion.

8.4     You accept and acknowledge that periods of downtime may be required in respect of the information technology infrastructure connected to the Website and that technical support may not be available during such periods of downtime. Further you accept that you will not have a claim for breach of contract or otherwise in respect of such period of unavailability.

8.5   We will use reasonable endeavours to make the Course or Certificate available but cannot guarantee uninterrupted, timely or error free availability or that defects will be corrected. We reserve the right to suspend access to the Website for the purpose of scheduled or emergency maintenance, repairs or upgrades to improve the performance or functionality of the Website.

8.6     You also accept and acknowledge that we cannot be held responsible for any delay or disruptions to your access to the Course or Certificate as a result of such suspension or any of the following: (i) the operation of the internet and the World Wide Web, including but not limited to viruses; (ii) any firewall restrictions that have been placed on your network or the computer you are using to access the Course or Certificate; (iii) failures of telecommunications links and equipment; or (iv) updated browser issues.

9        WARRANTIES

9.1     We will provide the Study Materials in accordance with the Course or Certificate description which is set out on the Website.

9.2     We expect you to take reasonable care to verify that the Course or Certificate and Study Materials in question will meet your needs. We do not make any commitment to you that you will obtain any particular result from your use of the Study Materials or that you will obtain any particular qualification on completion of the Course or Certificate (unless otherwise stated on the Website).

9.3    We do not make any representation, guarantee or commitment to you that the Study Materials will be error free.

9.4     We do not make any commitment that the Course or Certificate will be compatible with or operate with your software or hardware.

9.5     All representations, warranties and/or terms and/or commitments not expressly set out in these Terms (whether implied by law, conduct, and statute or otherwise) are hereby excluded to the maximum extent permissible by law.

10.     LIMITATION OF LIABILITY

10.1   The exclusions and limitations of liability contained in these Terms do not apply to a party's liability: (i) for fraud or wilful default; (ii) for death or personal injury caused by its negligence; or (iii) where such limitation or exclusion cannot lawfully be excluded.

10.2    Except as set out in these Terms, we shall not be responsible for losses that result from any failure to comply with these Terms including, but not limited to, losses that fall into the following categories: indirect or consequential losses; loss of income or revenue; loss of business; loss of anticipated savings; or loss or corruption of data.

10.3    We are not responsible to you for any data that you lose either (a) as a result of accessing the Course or Certificate, or (b) during completion of any Course or Certificate. It is your responsibility to ensure that you regularly save and back up (i) all data which you hold on the computer from which you are accessing the Online Study Materials, and (ii) all data that you are inputting when completing the Course or Certificate.

10.4  Save as otherwise set out in this section "Limitation of liability", CFA Institute’s maximum aggregate liability to you for any claims that you may have against CFA Institute for direct loss in contract, tort or otherwise arising out of or in connection with these Terms, the Course, the Certificate and the Study Materials and any technical support shall be limited to the amount of the Fee which has been paid, or is payable, by you or on your behalf.

10.5    We will not be held responsible for any delay or failure to comply with its obligations under these Terms if the delay or failure arises from any cause which is beyond our reasonable control. This condition does not affect your statutory rights.

10.6    Each provision in this Clause 10 shall be construed separately as between you and CFA Institute. If any part is held to be unreasonable, inapplicable, or unenforceable, but would be valid if some part thereof was deleted such provision shall apply but with such modification as may be necessary to make it valid and effective.

11.     DISCLAIMER

The Courses and Certificates are for training purposes only. We will not accept any responsibility to any party for the use of the tuition provided and/or the contents of the Study Materials for any purpose other than training for educational purposes, including but not limited to the giving of advice by you to any third party.

12      INTELLECTUAL PROPERTY

12.1   CFA Institute and/or its licensors, remain the owner of the intellectual property in the Courses, Certificates and the Study Materials. No Course, Certificate and/or Study Materials, nor any part thereof may be reproduced, stored in a retrieval system or transmitted any form or by any means without the prior written permission of CFA Institute.

12.2  In consideration of receipt by CFA Institute, we grant to you a non-exclusive, non-transferable license to use the Study Materials for the sole purpose of studying for the  Course and/or Certificate.  For Online Study Materials the license granted is to use the Online Study Materials on one computer only.  You grant CFA Institute a perpetual, royalty free, non-exclusive license to use and publicly display any information or materials that you make available in connection with the Certificate or Course (collectively, “Content”) for the purposes of providing the Certificate or Course to you and to other users. You agree that you, not CFA Institute, are responsible for all of your Content that you make available through your participation in the Certificate or Course.

12.3    Save as expressly set out in these Terms, you may not modify, copy, reproduce, re-publish, sub-license, sell, upload, broadcast, post, transmit, make available, disseminate or distribute in any way any of the Study Materials. You may not modify, adapt, merge, translate, disassemble, decompile, recompile or reverse engineer any software forming part of the Online Study Materials or create derivative works based on the whole of or any part, or which incorporate, the Online Study Materials into any software program.

12.4   Use of the Study Materials not expressly permitted in these Terms is strictly prohibited and will constitute an infringement of either CFA Institute’s copyright or other intellectual property rights, and/or the copyright or other intellectual property rights of our licensors.

13.     DATA PROTECTION

13.1    We will process the information we receive from you or otherwise hold about you in accordance with these Terms and the CFA Institute Privacy Policy. You consent to the use by CFA Institute of such information in accordance with these Terms and CFA Institute’s Privacy Policy and you understand that CFA Institute will transfer your personal data to the United States. We will use such information to, inter alia;

13.1.1    perform our obligations and enforce our rights under these Terms;

13.1.2    inform you of feedback and examination results;

13.1.3    share with our agents and service providers for these purposes; and

13.1.4    as set out in further detail in CFA Institute’s privacy policy.

14       GENERAL

14.1    You acknowledge that your participation in the Course or Certificate establishes an independent relationship with CFA Institute, even if you participate through your employer, and shall be governed by these Terms and the CFA Institute Privacy Policy.

14.2   We may update or amend these Terms from time to time to comply with law or to meet its changing business requirements without notice to you. Any updates or amendments will be posted on the Website.

14.3    These Terms, the Additional Terms and Conditions and any additional terms and conditions specific to a particular Course constitute the entire agreement and understanding between us and supersedes and replaces any other terms and conditions previously published by us and any other understanding, undertaking, representation, warranty, arrangement or statement of any nature whatsoever made by us to you, whether oral, written or otherwise, relating to the subject matter of these Terms and Conditions.

14.4   You may not assign or sub-contract any of your rights or obligations under these Terms to any third party.

14.5    No relaxation or delay by CFA Institute in exercising any right or remedy under these Terms shall operate as waiver of that right or remedy or shall affect its ability to subsequently exercise that right or remedy.

14.6   If any of these Terms are found to be illegal, invalid or unenforceable by any court of competent jurisdiction, the rest of these Terms and Conditions shall remain in full force and effect.

14.7   Any notices required to be served on you by CFA Institute under these Terms will be deemed properly served if sent via prepaid postage to the postal address, or emailed to the email address, notified by you to CFA Institute. Any notices required to be served on CFA Institute by you will be deemed properly served if sent to the address as per clause 17.

14.8    The agreement between you and CFA Institute which is comprised in these Terms is not intended to be for the benefit of any third party.

14.9    These Terms, and any other matters arising out of or in relation to these Terms, are governed by and construed in accordance with the laws of Virginia, United States. You agree to submit to the exclusive jurisdiction of Virginia to settle any disputes which may arise out of or in connection with these Terms.

15      CONTACT US

Tel: CFA Institute Customer Service on USA +1 (434) 951-5499.

Web page: CFA Institute Self Service

SCHEDULE 1 – CERTIFICATE CANDIDATE AGREEMENT (Agreement)

Please read this Agreement carefully. You may proceed to take the Certificate offered by CFA Institute only if you agree to these terms and conditions.

1          DEFINITIONS

Materials means the Courses, Final Assessment, and all other preparatory and study materials, instructions, responses, answers, worksheets, videos, graphics, and information related to them provided to You by CFA Institute.

2         QUALIFICATION AND INITIATION OF THE CERTIFICATE AND ACCESS TO MATERIALS

2.1      To qualify to take the Final Assessment, a Candidate must complete all the Courses forming part of the Certificate, including any assignments and assessments included therein.

2.2     To initiate the Certificate, a Candidate must accept the terms of this Agreement, pay any applicable fee, represent that all registration information is accurate, and that s/he is the person registered to take the Final Assessment. Any misrepresentation or violation of these terms may result in the loss of certifications, suspension from the Certificate, and other legal consequences.

2.3      Candidates for all certificates excluding the Private Markets and Alternative Investments Certificate (PMAIC) will have access to all Materials for 12 months from the date they register for the Certificate.  Candidates for PMAIC will have access to all Materials for 6 months from the date they register for the PMAIC.  

2.4     All Materials are provided “AS IS” and without warranty of any kind, express or implied.

3        COMPLIANCE WITH FINAL ASSESSMENT REQUIREMENTS

A Certificate is valuable and requires investment of time and money to achieve. This Agreement protects Your and CFA Institute’s investment as well as the integrity, validity, and security of Certificates. CFA Institute expends great effort to ensure Final Assessments are fair and results are reliable. CFA Institute has established rules to minimize any unfair advantage that may be gained by a Candidate’s misconduct related to the Final Assessment process. You shall therefore adhere to the following requirements and shall not at any time, whether for your benefit or the benefit of others, knowingly or unintentionally engage in any action to subvert, or attempt to subvert, the Final Assessment process, including but not limited to:

You must take the Final Assessment independently, without assistance from another person, and without written notes, published materials, testing aids, or any other material.

You must not:

• falsify your identity or impersonate another individual
• solicit or allow another person to take the Final Assessment on your behalf
• reproduce, use, or disclose any assignment, assessment or Final Assessment content in any form (digital, print, verbal) to anyone before, during, or after testing
• seek or use any materials or information containing actual questions or answers other than the Materials
• talk to or otherwise communicate with other Candidates or trainers live or virtually during the Final Assessment
• give, seek, or receive unauthorized assistance during a Final Assessment
• exploit any external equipment or internet assistance during a Final Assessment, by way of example but not limitation, mobile devices, laptop computers, tablets, removable drives, cameras, recording devices, internet searches, books, notes, paper, or documents while taking a Final Assessment
• use any Materials, regardless of source, during a Final Assessment
• alter any document provided during the certification process including the Digital Badge
• offer to sell, publish, display, distribute, disclose, or reproduce any part of any Course, assignment or Final Assessment content, by any means, including, but not limited to, web postings, formal or informal preparation or discussion groups including communities of practice, chat rooms, reconstruction through memorization, study guides, or by any other method or in any manner
• create derivative works from any part of any Course, assignment, assessment or Final Assessment content or Materials
• engage in any conduct that is intended to, or results in, assisting or providing unfair advantage to others
• engage in fraudulent conduct or misrepresent yourself as having a Certificate when You have not successfully earned that status
• engage in any conduct that compromises the integrity, security, and confidentiality of any part of the Certificate.

4           FINAL ASSESSMENT ATTEMPTS AND RETAKE FEES

You will have two attempts to pass the Final Assessment.   Additional Final Assessment attempts will incur a fee, details of which can be found on the website.  You are prohibited from retaking the Final Assessment if You have already passed.

5            USE OF CERTIFICATE AND DIGITAL BADGE

You are granted a non-assignable, non-sublicensable, personal, revocable right to designate yourself with the Certificate and Digital Badge and to use the same to market, advertise, and promote Your activities as a Certificate holder. You will be granted no other right, title, or license to the Certification. Your use of the Certificate and Digital Badge is subject to the terms of this Agreement.

6           TERMINATION

CFA Institute reserves the right to terminate this Agreement for cause and revoke your Certificate at any time upon written notice to You. Cause for termination shall include, without limitation: (i) Your breach of this Agreement; (ii) CFA Institute’s determination, in its sole discretion, that You have cheated on any Final Assessment, have aided in the cheating of a Final Assessment or have disclosed questions or answers to a third party; or (iii) Your misrepresentation/misuse of your Certificate and/or Digital Badge.

Upon termination of this Agreement or Your Certificate, all rights related to Your Certificate, including all rights to use Your Certificate will immediately terminate, and You must immediately cease to represent Yourself as a Certificate holder. Except as provided herein, You will have no further rights under this Agreement after its termination or expiration and You will not be entitled to a refund of any fees previously paid.

7           VERIFICATION OF CANDIDATES

CFA Institute reserves the right to use any reasonable methods for the purpose of verifying the identity of a Candidate in accordance with this Agreement and the CFA Institute Privacy Policy, including without limitation, the use of challenge questions, identification numbers, photographic verification, keystroke patterning, signature verification, and statistical assessment of assessment results where applicable.

8           CFA INSTITUTE ACTION FOR NON-COMPLIANCE

Your violation of this Agreement may result in the loss of the Certificate, a suspension or permanent ban from registering for any CFA Institute product, and additional legal ramifications.

9          INDEMNIFICATION

You agree to indemnify, defend and hold CFA Institute harmless against any losses, liabilities, damages, claims and expenses (including attorneys’ fees and court costs) arising out of any claims or suits, whatever their nature and however arising, in whole or in part, which may be brought or made against CFA Institute in connection with: (i) any claims which are caused, directly or indirectly by any negligent act, omission, illegal or wilful misconduct by You; (ii) Your misuse of a Certificate and/or Digital Badge; or (iii) Your use or misuse of CFA Institute confidential information.

10        LIMITATION OF LIABILITY

In the event that the Certificate is administered by a party other than CFA Institute, You acknowledge and agree that CFA Institute shall have no liability to You for any claim in any way related to the Certificate, including but not limited to registration, the testing environment, delivery of the assessments, the Final Assessment, fees, and the accuracy, timeliness, or reporting of results.  Under no circumstances will CFA Institute be liable for any consequential, special, incidental, exemplary, or indirect damages arising from or relating to this Agreement, even if CFA Institute has been advised of the possibility of such damages. CFA Institute liability for direct damages, whether in contract, tort or otherwise, shall be limited to the fees paid by You to CFA Institute under this Agreement.

Terms and conditions of purchase for CFA®  Program Practice Pack
Last Updated: August 2026

The  CFA®  Program Practice Pack,  as more particularly described on the CFA Institute website, is the property of CFA Institute and is licensed to you under the terms of the license agreement set out below ("Agreement"). By accessing the CFA®  Program Practice Pack, you acknowledge that you have read this agreement, that you understand it, and that you agree to be bound by the terms and conditions of this agreement.

OWNERSHIP

The CFA®  Program Practice Pack is proprietary to CFA Institute, which retains exclusive title to and ownership of the copyrights and other intellectual property rights therein. These rights are protected  by the national, state and  international copyright, trademark, trade secret, and other intellectual property laws and international  treaty  provisions. You  have  no  ownership  rights in the CFA®  Program Practice Pack. Except as expressly set forth herein, no part of the CFA®  Program Practice Pack may be modified, copied, or distributed  in  hardcopy  or  machine-readable  form  without  prior  written  consent  from  CFA Institute.  All rights  not  expressly  granted  to  you  herein  are  expressly  reserved  by CFA Institute. Any other use of the CFA®  Program Practice Pack by any person or entity is strictly prohibited and a violation of this Agreement.

SCOPE OF RIGHTS LICENSED (PERMITTED USES)

CFA Institute hereby grants to you a limited, non-exclusive, non-transferable license to use the CFA®  Program Practice Pack, in part or in whole, for your personal use.     The   term   of  this  license,   which   may  be  amended  from  time  to  time  at  the  sole  discretion  of       CFA Institute, is  set out in the product description on the CFA Institute website. This  license is being granted to only to you as the  purchaser of the CFA®  Program Practice Pack. Excessive use, which shall be judged solely at the discretion of CFA Institute during the license period that may be indicative of license sharing, may result in the license being revoked with no refund or recourse. Reproduction or disclosure in whole or in part to any other person or entity of CFA®  Program Practice Pack is not permitted. Any purported sale, assignment, transfer or sublicense will be void and will automatically terminate the License granted hereunder. Breaches of copyright hereunder may result in criminal sanctions.

LIMITED WARRANTY, DISCLAIMER AND LIMITATION OF LIABILITY

The information contained in this practice test is believed to be reliable but cannot be  guaranteed  to  be  correct  or  complete.   Except as expressly stated herein, CFA Institute makes no representations or warranties, either express or implied of any kind with respect to the CFA®  Program Practice Pack, including, but not limited to, merchantability and fitness for  a  particular  purpose.  The  use  of  CFA®  Program Practice Pack in no way whatsoever guarantees that you will pass any Level of the CFA program. Exam day accommodations are individually tailored based on each candidate’s unique needs. Because of this, the mock exam may not exactly replicate the exam day experience even if you are approved for exam accommodations. You  agree  that  the  sole and  exclusive  maximum liability to CFA Institute arising from the sale of the CFA®  Program Practice Pack shall be the price of the product ordered. In no event shall CFA Institute be liable for special, indirect, consequential, or punitive damages related to the CFA®  Program Practice Pack.

SALES TAXES

Each customer shall be solely responsible for all sales taxes, or other taxes.

REFUNDS

A full refund of your CFA®  Program Practice Pack and any other sales tax payable and paid by the candidate in their country of residence is available within fourteen (14) days of payment (through 11:59 PM Eastern Time on the fourteenth day). Due to fluctuating exchange rates, CFA Institute cannot guarantee the exact amount paid to CFA Institute will be the amount returned in currency other than US currency. After the fourteen-day period has ended, fees are nonrefundable.

JURISDICTION AND VENUE

This Agreement shall be governed by the laws of the State of Virginia, United States without regard to its conflict of law principles. You agree that the sole jurisdiction and venue for any litigation arising from your use of CFA®  Program Practice Pack shall be an appropriate court located in Virginia.

Last Updated: 20 August 2026