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CFA Program Refunds, Deferrals, and Withdrawals Policies

Refund Policy:

For candidates submitting an initial registration for the December 2020 CFA Program exams, 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). For candidates submitting an initial registration for CFA Exams in 2021, a full refund of your enrollment and registration fees 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 three-day or 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 COVID-19 circumstances, meaning those who were postponed from June 2020 and the exam you subsequently registered for is postponed as well, you will have the option to defer again or to request a refund. The refund request window will be open from 7 December through 21 December 2020. No requests for refunds will be accepted prior to 7 December and no exceptions will be made. This allows us time to establish a special COVID refund request process and allows us to capture all candidates who may be impacted by postponements of the December 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 in an email and via our website as we get closer to 7 December.

If your December registration is postponed 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 of your refund request to receive funds. If you request a refund on the last day of the refund request window, you will receive your refund by 21 April 2021.

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.