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CFA Program Refunds, Deferrals, and Withdrawals Policies

Refund Policy:

For candidates submitting an initial registration for CFA Exams in 2021, 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. The refund request window for August/September 2021 candidates will be open from 20 September through 18 October 2021. No requests for refunds will be accepted prior to 20 September and no exceptions will be made. This allows us to capture all candidates who may be impacted by cancellations of the August/September 2021 exam. 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 2021 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. 

Deferral Policy:

November 2021 candidates requesting a deferral for the exam must complete this form within 10 days of your exam window and will only be available for candidates with exam appointments after the scheduling deadline. Candidates registered for 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.

Be sure to completely read this Deferral Policy before submitting the form. We no longer accept or process deferral requests by phone or email. All deferrals are processed through this form only and are granted for the qualifying reasons listed below:

  • You or your immediate family member (parent, grandparent, sibling, spouse/domestic partner, or child) are suffering from a life-threatening illness, including COVID-19.
  • A member of your immediate family (parent, grandparent, sibling, spouse/domestic partner, or child) has recently died.
  • You have been ordered to mandatory military service 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 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.

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. If you choose to sit for the exam after submitting the form, your deferral request will be voided.

Deferrals can be used for any of the following exam windows*:

  • Nov 2021 candidates: May, August, or November 2022**
  • Feb 2022 candidates: August 2022, November 2022, or February 2023 (request form not yet available)
  • May 2022 candidates: November 2022, February 2023, or May 2023 (request form not yet available)

*The level II and III exams are not administered in every exam window. Some exam windows may not be open for registration yet. Check the exam calendar for registration opening dates.

**Please note: The CFA Program curriculum for 2022 has been updated, and all candidates who sit for exams in 2022 will be tested on the updated curriculum. If you register for a 2022 exam, you will have access to both the 2020 and 2022 curriculum content in the CFA Learning Ecosystem to help you see what has changed.

If you do not qualify under one of these reasons, then you are not eligible for a deferral. 

As a reminder, candidates are bound by the Code of Ethics at all times throughout their candidacy.

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.