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CFA Program Refund and Withdrawal Policies

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.

Refund Period

A full refund of your enrollment and registration fees is available within fourteen (14) days of payment (through 11:59PM Eastern Time on the fourteenth day) should you decide to cancel your registration. To cancel, please use the self-service link below to obtain a refund within this 14-day period. Thereafter, enrollment and registration fees are nonrefundable. If you cancel, CFA Institute will reimburse the USD amount that was originally paid. However, due to fluctuating exchange rates, CFA Institute cannot guarantee that the exact amount you paid in any currency other than US currency will be the amount returned to you. Enrollment and registration fees are non-transferrable.

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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.