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Policies and Procedures

Our policies and procedures protect the integrity of CFA® Program, ensuring the exam process is fair for all candidates. It is your responsibility to read and understand all policies set forth by CFA Institute. During the registration process, all candidates are required to agree to abide by the policies listed here, as they are updated from time to time.
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Access the Most Requested Policies and Procedures

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Admission and Appointment Policy
All candidates must follow these instructions or you will not be admitted into the testing room.

Calculator Policy
Only two calculator models are authorized for use during CFA Program exams.

Deferral Policy
Learn how to qualify for an exam deferral.

Identification Policy
Every CFA Program candidate must have a valid international travel passport to register and sit for the exam.

Personal Belongings Policy
Learn what items are permitted in the testing room, what is not permitted, and COVID testing policy procedures.

The Complete List of CFA Program Policies and Procedures

Admission and Appointment Policy
All candidates must follow these instructions or you will not be admitted into the testing room.

Calculator Policy
Only two calculator models are authorized for use during CFA Program exams.

Code of Ethics and Standards of Professional Conduct
The Code of Ethics and Standards of Professional Conduct (Code and Standards) are the ethical benchmark for investment professionals around the globe. As a CFA Institute member, CFA Program candidate, or CIPM® Program candidate you are required to follow the Code and Standards.

Deferral Policy
Learn how to qualify for an exam deferral.

Disability Accommodations
CFA Institute is committed to offering the CFA exam in a manner and location accessible to individuals with disabilities, in compliance with legal regulations. Learn about the requirements for requesting disability accommodations.

Eligibility Policy
Candidates are permitted to take the exam a maximum of two times per calendar year, but not in consecutive windows or windows that are six months or less apart.

Identification Policy
CFA Institute requires that every CFA Program candidate have a valid international travel passport to register and sit for the exam. See what to do if you are unable to obtain a valid international travel passport.

Misconduct and Rules Violations
If you engage in any misconduct during the CFA exam, you may be dismissed from the test center and subject to other penalties. Read all Misconduct and Rules Violations.

OFAC Compliance Policy
CFA Institute complies with The Office of Foreign Asset Control ("OFAC") Policy, and is unable to provide services to individuals who live in countries subject to certain sanctions.

Personal Belongings Policy
Learn what items are permitted in the testing room, what is not permitted, and COVID testing policy procedures.

Refund Policy
For candidates submitting an initial registration, a full refund is available within 14 days of payment.

PSM Policy
Level I and LII candidates testing in 2024 will be required to complete one Practical Skills Module in order to receive exam results

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