We’re using cookies, but you can turn them off in Privacy Settings. Otherwise, you are agreeing to our use of cookies. Learn more in our Privacy Policy.

CFA Program Deferrals, Refunds, and Withdrawals Policies


February 2022 candidates: The deferral request form will be available on 12 January 2022 through 15 March 2022 at 5PM ET. After the scheduling deadline, the form will only be available for candidates with exam appointments.

Candidates registered for other 2022 exams must wait until the form is available for your window to submit your deferral request. Continue to check back here for more information.

NEW: Beginning with the 2022 exams, we will require documentation for most deferral requests.

Be sure to completely read this Deferral Policy before submitting the form. All deferrals are processed through the form only and are only granted for the reasons listed below with required documentation:

  • You or your immediate family member (parent, grandparent, sibling, spouse/domestic partner, or child) are suffering from a life-threatening illness, that has been diagnosed since you registered for your current exam.*
  • A member of your immediate family (parent, grandparent, sibling, spouse/domestic partner, or child) has recently died.*
  • You have been ordered to mandatory military deployment in the testing window.*
  • You are pregnant.*
  • Your exam has been rescheduled by Prometric and after contacting Prometric, you are unable to find a new acceptable appointment date.
  • In the 14-days prior to your exam appointment:
    • You have been diagnosed with COVID-19.*
    • You have been exposed to someone diagnosed with COVID-19.
    • You have been experiencing flu-like symptoms.
    • You are unable to travel to your exam appointment due to a government, employer, or university pandemic-related travel restriction in your area.
    • A natural disaster has impacted your local area that prevents you from sitting for your exam.

*Documentation required

See Deferral FAQs here.

Processing time: It may take up to 6 weeks to process your deferral request. Your registration and scheduled exam appointment, if applicable, may still be active during the testing window and therefore, you may receive further communication about your exam appointment.

February 2022 deferrals can be used for any exam window listed below**. Seating in your preferred test center or city is not guaranteed.

  • Deferrals due to COVID Exposure, flu-like symptoms, or travel restrictions – November 2022 ONLY. There is a limit of one deferral request due to COVID Exposure, flu-like symptoms, or travel restrictions per 12 months beginning February 2022. All subsequent requests linked to the initial paid registration will be declined.
  • All other deferral types - August 2022, November 2022, or February 2023

**The level II and III exams are not administered in every exam window.

As a reminder, candidates are bound by the Code of Ethics at all times throughout their candidacy. You can help protect the integrity of CFA Institute membership and designations by reporting conduct, including fraudulent deferral requests, that does not meet the CFA Institute Code of Ethics and Standards of Professional Conduct. The Professional Conduct Program reviews all complaints on a confidential basis.

Submit the Deferral Request Form

Refund Policy:

For candidates submitting an initial registration for CFA Exams in 2022, a full refund of your enrollment fee, registration fee, 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). An initial registration does not include a registration made to reschedule an exam sitting that was either deferred by the candidate or postponed by CFA Institute.  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, enrollment and registration fees are nonrefundable, even in the event of a medical condition or other extreme circumstance. Enrollment and registration fees are non-transferrable. Payments for print curriculum orders are nonrefundable once the order has been placed. CFA Institute strongly advises candidates against requesting a refund for an exam under these policies in an attempt to obtain a larger refund.

Postponed Candidate Refunds:

Per the terms of the Candidate Agreement, refunds are not normally offered once registration has been accepted. Due to the extraordinary global circumstances surrounding COVID-19, candidates twice impacted by CFA Institute exam cancellations due to COVID-19 will have the option to defer again or to request a refund. All fees paid with your original registration will be refunded; this applies to scholarship candidates as well. Details will be provided to all eligible candidates via email.

If your registration is cancelled due to COVID-19 and you exercise the complimentary deferral in your account for a 2022 administration, that action is binding and you will forfeit your right to request a refund.

Due to the extraordinary nature of this situation, it may take UP TO 120 days from the date the refund request window closes to process your request. 

Withdrawal Policy:

CFA Institute offers a withdrawal option for all three levels of the CFA® exam.

If you know you will not be able to sit for the exam during your exam window, you may request to withdraw your exam registration until 5 days before the beginning of your exam window. Candidates that request to withdraw their exam registration must acknowledge that their enrollment and registration fees will not be refunded, deferred, or transferred to another exam cycle. 

If you do not withdraw by the deadline, you will not be able to re-register for the next exam until results for the current exam have been released (approximately 60 days after the exam date). Even after submitting your withdrawal request, you will be unable to register online until your withdrawal has been processed. Please allow up to 3 days for processing. Once processed, withdrawals cannot be reversed.