CFA Program Refunds, Deferrals, and Withdrawals Policies

Refund Policy:

A full refund of your enrollment and registration fees is available within three (3) days of payment (through 11:59 PM Eastern Time on the third 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. Thereafter, 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.

Deferral Policy:

Deferrals to the next available exam are considered on a case-by-case basis, and only in the event of one of the following, impacting the candidate or a member of his/her immediate family:

  • life-threatening illness (candidate or immediate family member) in the exam window;
  • death of a candidate’s immediate family member;
  • mandatory military service (candidate only) in the exam window;
  • pregnancy (candidate only); or
  • natural disaster or government travel restriction (candidate’s local area) that prevents the candidate from attending the exam.

The candidate’s immediate family is defined as only the candidate’s parent, grandparent, sibling, spouse/domestic partner, or child. Deferral requests must be received by CFA Institute prior to or within 10 US business days after the exam window. Decisions on deferrals are final and are at the sole discretion of CFA Institute. Candidates awarded a deferral are responsible for all applicable new curriculum charges.

Withdrawal Policy:

CFA Institute offers a withdrawal option for all three levels of the CFA® exam. The withdrawal option is available on your CFA Program tile until 5 days before the exam date or beginning of your exam window. 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 form, 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.

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