Investment Foundations Certificate Policies

As part of the registration process, you agree that you will comply with all testing policies required by CFA Institute and/or the test administrator, including the policies listed below.*

Testing Policies

Investment Foundations Admission Policy

Investment Foundations Admission Policy

You agree that if you arrive late for your appointment you may be refused admission. If you are refused admission, your exam fees are non-refundable, non-deferrable, and non-transferrable. CFA Institute recommends that you arrive 15 minutes prior to your scheduled appointment.
Investment Foundations Exam Record Policy

Investment Foundations Exam Record Policy

Detailed exam scores, and responses to exam questions are measurement information and are part of a candidate’s exam record. This information is owned by CFA Institute. This information is not the property of the candidate and will not be provided to candidates for any reason.
Investment Foundations Identification Policy

Investment Foundations Identification Policy

You will be required to present valid identification in order to sit for the exam. You agree to bring two forms of valid identification with you to the test center.

Primary form of identification must: 
(Examples: passport, national identification card, driver's license)
  • Be current and valid – it cannot be expired.
  • Contain a recognizable photograph.
  • Be an original document. Photocopies are not acceptable.
  • Be issued by a government agency. Colleges, universities, and other educational institution IDs are not valid forms of primary identification.
Secondary form of identification must:
(Examples: college or university ID, major credit card, bank/debit/ATM card. Any form of ID on the primary list is also an acceptable form of secondary ID)
  • Be current and valid – it cannot be expired.
  • Be an original document. Photocopies are not acceptable.
  • Contain your signature (a photo is not required).
Your given (first) and family (last) names on both identifications must match exactly the information you provided to CFA Institute or you will not be permitted to sit for the exam. Requests to update your name must be submitted to CFA Institute at least five (5) days prior to your exam appointment. We cannot guarantee your record will be updated if your change is not submitted by this deadline.

Please contact us if your information does not match exactly or if you have concerns about testing personnel's ability to read the name on your identification on exam day.

If you are refused admission because of an invalid identification, your exam fees are non-refundable, non-deferrable, and non-transferrable.

Name Variations
Examples of acceptable name variations are provided below.

Name on Identifications
Name in CFA Institute Account
Smith John John Smith
John Michael Jones Smith John Smith
J. Smith John Smith

Investment Foundations Personal Belongings Policy

Investment Foundations Personal Belongings Policy

You agree to place all personal belongings in a secure individual storage locker for the duration of the exam. You will not be allowed to access your locker until you have completed your exam. CFA Institute, testing personnel, the test center, and vendors are not responsible or liable for stolen, lost, misplaced or damaged personal property in the personal belongings area or at the test centers. Additionally, some items may require inspection as part of the check in process.

The following items are prohibited from the exam room:

  • Food or drinks
  • Wallet (money purse)
  • Baggage of any kind, including transparent bags, backpacks, handbags, tote bags, briefcases, luggage, carrying cases, passport covers, or eyeglass cases
  • Study materials, including notes, papers, textbooks, or study guides
  • Pens, pencils, highlighters or other writing instruments
  • Scratch paper
  • Calculators, mobile phones, cameras, headsets, computers, tablets, wearable technology (such as fitbit® or other fitness tracking devices), smart watches, or any Bluetooth®-enabled or any remote communication or photographic devices
  • Any type of desk clock or timer, including wristwatches

You will be provided with a whiteboard/erasable writing tablet for use during the exam.

Certain medically necessary items may be allowed in the testing room with prior approval. Contact CFA Institute with any questions.

Exam Registration, Appointment, and Results Policies

Investment Foundations Certificate Usage Guide

Investment Foundations Certificate Usage Guide

CFA Institute is the sponsor of the CFA Institute Investment Foundations certificate program. To assist those who have earned the Investment Foundations certificate with proper trademark usage, CFA Institute has developed the guide below. Please consult and follow this guide when preparing resumes, social media profiles, promotional literature, signage, and all other forms of printed, electronic, and written communications. If questions arise please contact staff in the Legal Services Group at CFA Institute by email at

  1. The Investment Foundations certificate should not be used as a designation.
    Once you have been officially notified by CFA Institute that you have passed the examination, you have the right to make the following statement: “Awarded the Investment Foundations certificate by CFA Institute.”

    The Investment Foundations certificate should not be used after an individual’s name, or to describe an individual.


    John Smith, Investment Foundations certificate
    John Smith, CFA Investment Foundations Certified


    John Smith earned the CFA Institute Investment Foundations certificate.
    John Smith is an Investment Foundations certificate holder.

  2. Add the Investment Foundations certificate to your resume or CV and online profile. On LinkedIn, please reference it in the Certifications section as Investment Foundations certificate. The certifying body is CFA Institute.

Investment Foundations Exam Appointment Policy

Investment Foundations Exam Appointment Policy

You are responsible for scheduling your exam appointment with Pearson VUE no later than 180 days after you have completed your registration. Effective 1 January 2018, if you cancel and/or reschedule your appointment within 7 days of your original appointment, you will be charged a non-refundable US$25 fee and any applicable taxes. Any appointment cancellation and/or reschedule must be made at least 24 hours prior to your appointment. If you fail to schedule your appointment or fail to sit for the exam within the 180 day timeframe, you will forfeit your exam fees.


Investment Foundations Refund Policy

Investment Foundations Refund Policy

Exam fees are non-deferrable and non-transferable. Refunds will be issued only upon receipt of a written request within 7 days of your exam registration and if CFA Institute has received verification of your cancelled appointment from Pearson VUE. Written requests for refunds can be submitted to All refunds will be issued in the same payment method used for registration, except that payments made by voucher will not be refunded and no replacement voucher will be issued. Due to fluctuating exchange rates outside of our control, we cannot guarantee that the exact amount paid to CFA Institute will be the same amount returned in the original currency. 
Investment Foundations Results Policy

Investment Foundations Results Policy

You will receive a preliminary on-screen exam result immediately after you complete your exam. CFA Institute will notify you when your official exam results are available. You will be able to access your exam results on the CFA Institute website for one year following your exam date.

If a third party paid for your registration ("Third Party Payer"), CFA Institute may share your exam result with the Third Party Payer in the form of: (1) pass; (2) fail; or (3) results unavailable. Exam results may be unavailable for a variety of reasons, including your failure to appear for or complete the exam, the occurrence of disturbances or irregularities at a test center, or potential misconduct. CFA Institute will not divulge information to the Third Party Payer beyond the three categories listed above, however, the Third Party Payer may independently communicate with you directly regarding the circumstances leading to an unavailable result. A passing exam result may be voided at any time pursuant to Section 6 of the Candidate Agreement.

Investment Foundations Retake Policy

Investment Foundations Retake Policy

If you do not achieve a passing score on the Investment Foundations exam, you may retake the exam after you have received your official exam result. You must register and pay the exam fees associated with each retake. You may not take the Investment Foundations exam more than 3 times in a 12 month period, and no more than 5 times total. The total permitted retakes includes any voided exam results. Once a passing score is achieved, no further attempts are allowed.

Investment Foundations Voucher Policy

Investment Foundations Voucher Policy

By using a voucher, you agree that CFA Institute may share your email address, exam appointment information, and exam result (i.e. pass, fail, or result unavailable) with the Voucher Purchaser.

Misconduct and Rules Violations

Please note that CFA Institute has delegated the responsibility for investigating alleged exam misconduct, as well as administering the enforcement process outlined in the Candidate Agreement, to the CFA Institute Professional Conduct Program. If you engage in any misconduct during the exam, you may be dismissed from the test center and subject to other penalties, including voiding of exam results and suspension or termination of your candidacy in the Investment Foundations certificate program.

No Cheating
You agree that you will not cheat and that all work submitted by you in completing the Investment Foundations exam, including exam answers and information provided during the registration process, is entirely your own. You will not give or receive assistance on the exam, attempt to communicate with fellow candidates or other persons during the exam, or use unauthorized materials during the exam.

No Disclosure
You understand and agree that the Investment Foundations exam is confidential and proprietary information of CFA Institute. You agree to maintain the confidentiality of the Investment Foundations exam and not disclose, whether verbally or in writing, the content of the exam or any part of the exam. You further agree not to request any other individual to disclose the exam or any part of the exam to you.

No Misconduct
You agree that you will not: (i) create a disturbance during the exam; (ii) remove exam information or notes from the testing room; (iii) falsify your identity or impersonate another individual to gain access to the exam; (iv) cheat; (v) use unauthorized materials during the exam (this includes but is not limited to using scratch paper, headsets,  listening devices, paging devices (beepers), mobile phones, recording or photographic devices and study materials); (vi) use unauthorized distributions of exam questions, with or without answers, in preparation for the exam; (vii) copy, resell, distribute or misuse any Investment Foundations exam voucher(s) or any other Investment Foundations exam discount; (viii) violate any term of this agreement; (ix) violate the Pearson VUE exam agreement in any way; or (x) engage in any other misconduct that could be considered by CFA Institute, in its sole discretion, as compromising the integrity, security or confidentiality of the Investment Foundations Investment certificate program.

No Misuse
You agree that you will not copy, publish, disclose, transmit, sell, offer to sell, post, distribute, or otherwise transfer, modify, make derivative works of, reverse engineer, decompile, disassemble or translate the exam or exam content, in whole or in part, in any form or by any means, verbal or written, electronic or mechanical, for any purpose.

*CFA Institute reserves the right to discontinue and change the Investment Foundations Certificate program or any aspect of it at any time, including but not limited to program entrance requirements, exam content, exam passing score, and / or testing policies. Changes will be posted on the CFA Institute website. You are responsible for checking the CFA Institute website regularly for changes. Changes are effective on the date posted. You agree to comply with the most current version of this agreement.