CFA

CFA Deferral Policy: How to Make Exam Changes, Simplified

Want to pass the CFA exam? Start preparing the right way.

With so many changes and constant updates in CFA exam policies recently, it can be hard to keep up with them when you’re busy studying.

And sometimes, life happens and you can no longer attend your scheduled CFA test appointment as originally planned. What are your options then?

In this constantly-updated article, we summarize the latest CFA deferral and rescheduling policy via a simple FAQ.

P.S.A. – Deferral forms are typically available on CFA Institute’s website 4 weeks before an exam window starts, but for Nov 2024, this deferral request window opens on 1st Nov and closes on 26th November.


Questions on CFA deferral & rescheduling policy

Can we reschedule CFA exams? If so, how do I change the exam date?

With the latest exam policy, you can reschedule your exam date within your current exam window (e.g. from 27 Aug to 29 Aug), but this change must happen before your exam window’s scheduling deadline. This will incur $250 non-refundable fee plus additional taxes (if applicable) and can be done via the link on your candidate tile.

Changing test appointments between exam cycles are not allowed, e.g. from Nov 2024 to May 2025. A deferral is required to move your exam to a future testing window.

Can I change CFA exam location to a closer test center?

Yes, you can change your test location or exam date, both within the same exam window, for an appointment change fee of $250.

To do this, you must change your test location before your exam’s scheduling deadline via the link on your candidate tile.

Note that changing between exam cycles are not allowed, e.g. from Nov 2024 to May 2025. You’ll need a deferral request to change to a different exam window (see further below on deferral rules).

I cannot schedule a CFA test appointment as my preferred city and test location is shown as full. What are my options here?

Some test locations are reaching maximum capacity before close of registration dates.

CFA Institute is currently working with their computer-based test partners, Prometric and British Council, to continually add test slots in existing locations globally. If CFA Institute is unable to secure additional appointments, registered candidates will be offered the option to schedule as soon as possible into another exam window.

So if you have registered early, make sure you keep checking back frequently for test slot availability in your preferred exam location.

Alternatively, if you prefer a little more certainty of taking the exam in this exam window, you can book a slot in an alternate exam location for now, and pay $250 later (but before the scheduling deadline) to change the exam date or location to your preferred slot in case it becomes available later.

What happens if my CFA exam is rescheduled by Prometric?

This happens to a minority of CFA candidates, usually due to local restrictions or weather events.

Whenever possible, CFA Institute’s policy here is to reschedule you in the same exam location and exam window, but for a different date. If there are no open test slots at that location, you’ll be rescheduled within a 50 mile radius of your original test center.

If there are no available appointments or a test center within 50 mile radius, your exam appointment would unfortunately be cancelled and you should qualify for a free emergency deferral (see CFA deferral policy summary further below). This would allow you to defer your exam for up to 12 months, subject to availability and registration deadlines.

What happens if my CFA exam is cancelled and not rescheduled?

You’ll first hear about the cancellation from Prometric (donotreply@prometric.com), so make sure you check your inbox and spam folder just in case.

CFA Institute will then reach out to you within 15 days of the cancellation to provide you with more information of the next available exam windows. You will have until the registration deadline for each of these exam windows to re-register. For example, if you choose the Nov 2024 exam, you will have until 7 Aug 2024 to register.

What is the CFA exam rescheduling fee?

To make exam date or location changes within an exam window, the test appointment change fee is $250.

What is the current CFA deferral policy? Can I defer my exam to a future exam cycle?

It depends on your situation. CFA Institute has updated their deferral policy to allow for both paid or emergency deferral options.

There is now a paid deferral option costing $399 (increasing to $449 in 2025), which you can purchase up to 24 hours before your actual scheduled exam appointment.

Only 1 Paid Deferral is allowed for each exam registration. This allows you to postpone your exam to a future exam cycle within 12 months (subject to availability and registration deadlines). This payment would help cover the costs of absence in an exam centre as well as extending the Learning Ecosystem access.

If you didn’t have a scheduled exam appointment, you have up to 3 days following the close of the exam window to purchase this deferral option.

Once you purchased a paid deferral option, your existing exam appointment would be cancelled immediately. This is non-reversible and non refundable.

As for Emergency Deferral, you can request this up to 3 days following the close of an exam window, with proof or documentation.

Currently, CFA Institute will consider a free Emergency Deferral ($100 chargeable from 2025) only in the event of one of the following:

1) You or your immediate family member  are suffering from a life-threatening illness;
2) death of a candidate’s immediate family member (grandparents are not considered immediate family member);
3) mandatory military service (candidate only) during the exam window;
4) pregnancy (candidate only);
5) an exam rescheduled by Prometric and after contacting Prometric, you couldn’t find a new suitable appointment date.
6) travel restriction issued by local government due to local pandemic situation. (Documentation must be issued to a specific candidate or location. Public guidance about general COVID protocols will not be accepted.)

A candidate’s “immediate family member” is defined as only the candidate’s parent, grandparent, sibling, spouse/domestic partner, or child.

Using the Emergency Deferral form takes up to 7 weeks for approval. If approved, this also allows you to postpone your exam to a future exam cycle within 12 months (subject to availability and registration deadlines).

If your application for emergency deferral was rejected (either insufficient proof or don’t qualify), you can still purchase a paid deferral.

In either cases of deferral (paid or emergency), your access to Learning Ecosystem would be updated if your deferred exam requires a new curriculum.

CFA Institute now have a deferral request form available for each exam cycle about 1 month before an exam window starts, and lasts for a month. Candidates have to wait until the deferral request form is available to submit your CFA deferral request, as it will only be processed via this form. As a reminder, here are the Emergency Deferral Form and Paid Deferral Form for CFA exams.

What are my options if I need to change my exam window anyway?

Since changing between exam windows is not currently allowed (e.g. changing from May to Nov), you can opt for a paid deferral for $399 ($449 in 2025) if you don’t qualify for a free emergency deferral (documentation required).

In the worst case, you can also choose to withdraw from an exam until 5 days before the start of your exam window.

However, an exam withdrawal means that the enrollment and registration fees will not be refunded, deferred or transferred to another exam cycle.

Withdrawing after the deadline means that you can only re-register for the next exam until after the results of the current exam have been released (about 60 days after exam window ends). Withdrawal submission takes 3 days to process, which are irreversible once processed.

I’m fed up. What is CFA exam’s refund and cancellation policy?


Do you have further CFA deferral and rescheduling questions not covered by the FAQ above? Comment below and we will try to help!

Meanwhile, you may find these related articles of interest:

Zee Tan

View Comments

  • Hello, I am currently registered for the CFA Level 2 August 2024 exam. However, due to unforeseen circumstances, I need to defer my exam to November and hence I need to purchase the Paid Deferral option. I am bit confused about how the process of paid deferral works.
    1) The deferral window for the CFA Level 2 August 2024 opens on 1st August 2024. However, the registration deadline for November 2024 closes on 7th August 2024. This leaves me barely a week to purchase the deferral and register for the November 2024 exam. I am a bit worried about this.
    2) Is the cost of deferral USD 399 only, or will I have to pay the standard registration fees as well?
    Request you to please help me clear my doubts.
    Thank you!

  • Hello, I am currently registered to take the CFA Level 2 exam in August 2024. However, due to unforeseen circumstances, I want to defer my exam to November 2024.
    1) I'm a bit confused about the process of purchasing a paid deferral. It would be great if you can provide more information on how the paid deferral process works.
    2) The deferral window for the August 2024 CFA Level 2 exam opens on 1st August, 2024. However, the November 2024 registration deadline is 7th August 2024. It is quite a short window, which is scaring me a bit as to whether I will be able to register for the November 2024 exam. Will I be able to register for the November 2024 CFA Level 2?
    3) Also, is the cost of deferral, only USD 399 or will I have to pay the standard registration fees again?

  • I am currently registered for the Feb 2024 exams. Would it still be possible to defer to May 2024?

      • Is deferral window open now for Feb 2024 students
        ....it's already February and I can't see any such window.
        Plus my question is ...if I have received scholarship and registered for Feb 2024 exams and want to defer to another attempt then will I be eligible to get scholarships for future levels...or I will be disqualified from getting scholarships for the whole CFA course.

  • I was planning to take the CFA Level 1 in November 2023 but am going to defer it to February 2024. Will the material I received get updated for the 2024 exam (since all the material I have is based for the 2023 exam)? Or will I have to use the same books?

  • Hi,

    I'm actually registered for the 2023 November session window and want to pay for a deferral to the 2024 February session window. Unfortunately it looks like the deferral form is not available. Do you have any idea of when it will be available please ? Cause regarding the deadline of the rescheduling of the 2023 November 2023 session (13/10/23) and the registration deadline of the 2024 february session (08/11), it seems like the changing window is really short and i don't want to miss it.

    Thank you ahead of all the answers you can give me on my subject

    • Hi Roy, the deferral form are generally available about 4 weeks before the start of an exam window.

      But I can see that the timing is quite tight and what you don't want to have is CFA Institute stating that Feb 24 is full by then. It may be worth contacting CFA institute directly on this so you have an email timestamp of you raising this issue earlier as well.

  • Hi,

    I see no option to defer my exam on the website, would you please clarify how can I complete the paid deferral?

    • Hi Alex, I am assuming you're after paid deferral options? If so, go here to submit that request.

  • Hi
    I have CFA level 1 exam on 18 Feb 2023, i have been sick for almost two months and i decided to apply for emergency deferral, when can i expect reply from the institute?
    what all can help me get emergency deferral?

  • Hi , I have register for Nov 2022 CFA level 1 exam. But one month after my registration I got to know that I am pregnant and my due date is falling on Dec 2022. Do I get free deferral in this case. Also what is process and required supporting document for deferral in my case.
    Thanks
    Harshada.

    • Hi Harshada

      I find myself in the similar situation as you. How was your deferral experience? Were you able to get an emergency deferral? What documents did you submit?

      Thanks,
      Sharmika

    • Hi Harshada, CFA Institute should allow a free emergency deferral as long as you inform them now via the form and show documentations from hospitals to proof your pregnancy.

  • There's an announcement on the CFA website which states that : beginning with the August 2022 exam administration, candidates will have the opportunity to purchase paid deferrals directly from within their account. can someone explain what this means?
    I'm enrolled for the Aug'22 and wanted to know more about this.

  • Hi
    What documents are required for "immediate family member death" deferral request?
    Is the "deceased family member form" enough? What are the additional documents to be submitted?
    It would be very helpful if you can tell the documents needed.
    Thank you

      • Hi,
        My niece had chicken pox with which I got infected too on 10th of August. My L2 exam is on 1st September, 2022. Can I defer to next window as I not able to focus due to high grade fever and weakness? Doctor said I might recover within 2-3 weeks. Please advise

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Zee Tan

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