‘How to get a CFA exam refund’ has never really been a frequently asked question, but then the pandemic happened.
This has triggered a few changes in the CFA refund policy since then.
In this article, we’ll go through the refund options available to candidates – which can be different depending on individual circumstances.
If you get buyers remorse immediately after initially registering for the CFA exams, don’t worry – CFA Institute does allow refunds:
So, if you wish to cancel CFA exam and request for a refund, you should be able to do this by logging into your CFA Institute candidate account and search for the option under ‘Manage Your Exam’.
If you fulfil these conditions, you’re entitled a full refund of your enrollment fee, registration fee, and any other sales tax payable. Some additional terms apply to all refund requests:
CFA Institute initially refused to hand out refunds when they first announced the postponement of the June 2020 exams. This was eventually changed so that a refund would be offered, under specific circumstances.
Here are the key terms and requirements about this ‘CFA postponement refund’:
If for any reason you’re not going to be attending the CFA exam you registered for, and if you don’t want or don’t qualify for a refund, there are two other options:
Deferrals to the next available exam are now available in two flavors: a paid one and an emergency one.
A paid deferral costs $399, which can be purchased up to 24 hours before your actual exam day. This allows you to defer your exam in the next 12 months, subject to the usual registration deadlines. Only 1 paid deferral is allowed for each exam registration.
As for emergency deferral, you can request this up to 3 days following the close of an exam window, with proof or documentation. For more details, check out our CFA deferral policy summary.
CFA Institute also offers a withdrawal option for all 3 levels of the CFA exam.
A CFA Institute refund or a deferral would be preferable in every scenario, since with a withdrawal you don’t get your money back, nor do you get to postpone your exam.
A withdrawal option is available until 5 days before the start of your exam window (not exam date itself!).
A withdrawal would therefore only make sense, in our opinion, if you plan to postpone your CFA exam-taking beyond 12 months, since deferrals (paid or emergency) are valid for up to 1 year.
Phew, hope the above clarifies the issue and lay out your options if you are exploring CFA refund options.
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My test centre didn't allow me to take the exam due to some difference in surname though I had another valid identity card there after letting me wait for hours they said you cannot give the exam.
I emailed the cfa will they do anything or reschedule for the next coming date
Prometrics had recently rescheduled my exam to a different location, but on the same date.But I cannot write exam in the new location as I can manage my other programmes and manage my time only if I can write exam in the initial location.also the present company which I am working had a strict leave policy, because of which I cant reschedule my exam to another date in the august month.
I contacted prometrics to again to reschedule my exam to initial location. But they said the location is closed due to some local problems. so under such situations , am I eligible for emergency deferral or can I postpone my exam towards next exam window at free cost?
I have enrolled for the Feb 2022 exam on 26 October 2021 but now don't want to give the exam and cancel it. Will I would be eligible for the refund for whole amount if I write a mail within 14 days of registration ?
Yes you will, if you did confirm your cancellation before the 14 days were up.
Hello, my name is Michele. I was impacte twice my exam on Jun and dec 20. At the time I chose to postponed (I thought in august it would be so much better) , but as you know pandemic is still going on in Perú and vacciantion is running too slow. I am trying to ask cfa to refund for many times. I do not feel safe to take the exam. My exam is next week. Please see all my e-mails. I think CFA should respect the candidate's will. It is a meter of mental anf phisical health. We are facing an extemilly situation so being flexible is demande. I am not vaccinated and do not want to pay the risk in assisting for the exam.
Unfortunately from what we hear from candidates CFA Institute have not been terribly sympathetic towards situations like yourself. You could try calling them up and speaking to them directly - some candidates have had some luck over the phone. Good luck, and let us know how it goes!
Hey i am twice impacted candidate due to this COVID and i have rescheduled my exam for 31st aug but now because of some covid symptoms i might not be able to attend the exam on 31st aug. what shall i do? Will i be able to get refund? Please help me out
Get yourself tested. If your test is positive within 60 days of the CFA exam, you can get your exam delayed.
HI Zee, I am CFA level 2 candidate, my exam was postponed multiple time from June 2020 to Dec 2020 to May 2021 and now it is in Nov 2021, It is not convenient for me to appear for the exam in Nov 2021. I had to register for the exam in order comply with the registration deadline date. I can see the option which says you may cancel the registration by 3rd August and get a full refund. My question is since I am a postponed candidate I had paid Zero fees while registering for Nov 2021 exam but I had paid full amount for the exam in 2020 so will I get a zero refund or will I get my full amount. Please revert, None of the CFA help line numbers or email are working, I have tried multiple times but with no luck, YOur earliest reply would help, thank you very much, best wishes, S Agarwal
Hi Sunita
If you've always been postponed by CFA Institute, you should be fully entitled to your refund. However I understand your concern. If you're not getting any confirmation from CFA Institute by the 3rd Aug deadline and you're sure you won't be attending Nov'21, I would proceed with the cancellation and screenshot everything and keep as much evidence of your entitlement to a refund as you can.
It'll take a while to process your refund in any case, so it'll be a long road to getting your money back. ☹️
Hi Zee Tan. What is the procedure for exam deferral if there is a death in the family? Who do I email and what docs do they need? How soon should I expect a reply?
My condolences. Write to info@cfainstitute.org explaining your situation. I am not certain what documentation they will need (if any) but I'm assuming a death certificate. If you're pressed for time, you can then chase up via phone, but always make sure you get the email sent so that you can prove that you've already notified them.
Time to get a reply really varies - we've heard of candidates getting their issue resolved in a few days, but others having to wait for more than a month. Hope yours gets resolved fast!
Hey, I am a twice impacted candidate and have applied for the refund. However, so far, I have just received an acknowledgement email from the institute about my request and I cannot find any forms to fill regarding my bank details. Do they automatically refund to the accoutn with which I paid originally? Because that bank account has been closed now. Also what happens incase they don't accept my refund request, do I still get an option to defer the exam at no cost?
I'm not sure about the case of your closed bank account. If I had to guess, I would say the transfer would be rejected and CFA Institute would be in touch when that happens, but best to check with them at info@cfainstitute.org. If they don't accept your refund request they should allow you to defer the exam.
Hi, I’m trying to reschedule my exam from August to November. But unfortunately there is no possible way i could make this change.
Due to covid positive i’m not well prepared for it as lost that pace. I even mailed cfa but no response. Can you help me Please?
There won't be a way to reschedule your exam to November unless you test positive within 60 days of your exam. I would suggest testing yourself for Covid again within 60 days and if you test positive, you can request that your exam be postponed by contacting CFA Institute via email and/or phone. I'm not sure if you would get Nov'21 as a choice though, it might have to be Feb'22.
Good luck, and let us know how it turns out!
Hi
I have recently tested positive for covid 19. And my exam is scheduled on July 22. I have written mails to CFA but haven't received any reply from them yet. I don't know what to do. I might test negative before the exam, but I don't think I would be in a condition to travel and give my exam, hence I have requested for deferral. If they don't reply before the exam, should I go and attempt it anyway. I don't want to loose the entire fee and not even attempt the exam.
As long as you test positive for Covid-19 within 60 days of exam day you should be eligible to postpone your exam. When did you email CFA Institute?
Was anyone able to connect to cfa india number 000-800-100-4025. I have tried calling them multiple times, they never connect me to an agent. Also I have mailed to info@cfainstitute.org to state my issue. Is there any other source to report my issue.
You really do have to try multiple times and hold on for ages. Here's a recent experience shared on our forum.
I have mailed them almost a week back. I have received an auto generated mail from them, informing that they have received my mail. But haven't received any other reply. Should I follow back or wait.
Most readers have reported a turnaround time of about a month, so it might be similar for you. Follow-up if it helps your anxiety!
I just want to share my experience of getting refund from CFA Institute. I enrolled in November 2021 level 1 CFA exam in April and after 5 days I wanted to cancel my admission and get my money back so I wrote a mail to them about refund because they have a policy to give full refund if you request within 14 days of payment so they took around 25 days to reply my mail due to high traffic of enquiries and after 2 - 3 days of that they initiated the refund and it took 15 days to credit into my account.
So the bottom line is if you are in 14 days refund policy just write a mail to them and give proper bank details to them they are very reputed so they cooperate well and reply you within a month and after that it may take 20 days to reflect into your bank account.
I also requested a refund within two weeks through emails. I am waiting to get their response. Hopefully, I could get my refund back soon.
Thanks for sharing your experience - this will be very helpful for future candidates!
Hello. Does CFA allow you to change your test centre from one country to another?
Yes, as long as there's availability in your chosen country and location.