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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.
Review Policies

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.

Refunds, Deferrals, and Withdrawals Policies
Candidates twice impacted by COVID-19 circumstances will have the option to defer again or to request a refund.

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.

Candidate Agreement

As part of the enrollment and registration process, candidates agree to abide by the Candidate Agreement.

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.

COVID exam procedures

View our modified exam day procedures that incorporates social distancing and increased safety measures due to the global COVID-19 pandemic.

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.

Identification Document Exceptions

Review examples of Unacceptable Forms of Identification.

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.

Refunds, Deferrals, and Withdrawals Policies

Due to the extraordinary global circumstances surrounding COVID-19, candidates twice impacted by COVID-19 circumstances will have the option to defer again or to request a refund.

Security Policy

Test center personnel will perform security inspections, including inspection of personal belongings, clothing and eyeglasses, as well as the use of a metal detector wand.

Testing Accommodations Candidate Acknowledgement Policy

Candidate acknowledgement policy for disability accommodation requests.

Payment Methods and Print Curriculum

CFA Program Payment Methods

Learn what payment methods are accepted for the CFA Program. All payments must be made in US dollars.

CFA Program Print Curriculum Information

The print version provides the curriculum as a set of six volumes and can be purchased separately.

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