CFA Institute will change its deferral policies beginning with the 2027 exam administrations

CFA Institute will change its deferral policies beginning with the 2027 CFA Program exam administrations. 

Beginning with the February 2027 exam cycles, CFA Institute will eliminate the paid deferral option for CFA Program candidates. Candidates who choose not to sit for their scheduled exam will forfeit their registration fees and must re-register at the available registration rate for a subsequent exam. 

Paid deferrals were instituted during the COVID-19 pandemic when increased requests for emergency deferrals, conflicting information about test center cancellations, and changing country restrictions made approving individual deferrals unfeasible. Paid deferrals provided a convenient option for candidates who were unable or unwilling to sit for the exam during those uncertain times.  

Since then, however, the worldwide testing environment has normalized. CFA Program exam administration has evolved to provide candidates with greater scheduling options, more test centers, and expanded cycles. This has diminished the need for paid deferrals, which resulted in significantly lower pass rates for deferred candidates, as our data has consistently shown a notable difference in the results of first-time test takers compared to candidates who have deferred their exam on at least one occasion. 

Additionally, due to the expansion of available exam registration and scheduling options, CFA Institute will eliminate pregnancy as a qualification for emergency deferrals except in cases of life-threatening complications. CFA Institute can assist pregnant individuals who may need special arrangements on exam day. 

The new deferral policy will apply to CFA Program exams scheduled for February 2027 and beyond. Current Deferral policies will apply to CFA Program exams taken before that time.