CFA Institute announced a few weeks ago that they are postponing the June 2020 CFA exams to the next two available dates: December 2020 and June 2021.
Since the announcement a lot more details have been clarified with CFA Institute and providers. We’ve updated the FAQs in this article (check the end) with the latest information on the CFA exam postponement.
How will the CFA exam postponement work?
Under the postponement, candidates will be offered to reschedule their exam to either one of the next two upcoming exam dates. This should mean December 2020 or June 2021. The exact dates will be confirmed no later than 8th May 2020 and CFA Institute will contact candidates to discuss their options.
What has the reaction been?
So my CFA exams have been postponed. What should I do now?
On our part, more tips, advice and guidance for CFA candidates will be coming in the coming weeks so keep your eyes peeled!
Will the curriculum stay the same for the postponed CFA exams? [Updated]
So the material you’ve bought should be still 100% relevant to the deferred CFA exam.
Obviously this is good news for candidates that are undecided between December 2020 and June 2021. When asked for the reasoning behind this decision, CFA Institute responded:
We put our candidates’ interest first and decided to minimize the impact of the postponement of the June 2020 exams by freezing the curriculum for two exam cycles.
Although the 2021 curriculum topics have continued to evolve, we felt that to transition candidates who have been postponed and ensure they accurately understand changes to the curriculum places an unfair burden on them at this time.
Registered candidates already invested a great deal of time in their studies, and we do not want to disrupt their learning or add further confusion to the re-scheduling of exam dates.
​
Should I choose to defer to the December 2020 or June 2021 exams?
- If you sit for the December 2020 exams and pass, you can move to the next level in June 2021, so you don’t actually lose any time because of the postponement. Yes, studying for the next level in June 2021 is going to be hairy as hell, but these are different times. A postponement is a small price to pay to adapt to the coronavirus crisis going on.
- June 2021 is a looong way away. If you defer to June 2021, you run the risk of losing everything you’ve learnt so far, and pretty much having to start all over again.
- Assuming you’ve done some substantial studying for June 2020, if you postpone all the way to June 2021, you would likely have forgotten most of what you’ve studied by then and will have to restart most of your studying.
Will I need to purchase material from providers again? [Updated]
Here are specific responses to the CFA exam coronavirus postponement from our provider partners:
- Kaplan Schweser (coronavirus update page here)
- Online access for candidates whose exams have been postponed will be extended.
- All live, in-person classes with start dates from March 19 through May 1, 2020 have been cancelled. All affected candidates will be notified and offered online, self study, or virtual live online classes where possible.
- Review Workshops and Mock Exams are also being rescheduled and candidates will be notified when dates are confirmed.
- Kaplan Schweser postponement offer 1: Kaplan Schweser are offering their Qbank for free to 300Hours readers. Just use code KS-QB300H at this page, and you should be able to ‘purchase’ a Qbank at any level for $0.
- Kaplan Schweser postponement offer 2: Kaplan Schweser are also offering complimentary webinars, videos, and master classes throughout the postponement period – probably a good idea to make sure you keep on top of things. There’s only one webinar on offer at the moment but more will come – you can sign up to be notified.
- Fitch Learning (coronavirus update page here)
- Fitch Learning are pausing all in-person courses and webinars and will be rescheduling dates to later in the year to suit candidates’ chosen dates.
- All Fitch Learning candidates will have continued access to Fitch Learning Cognition, their online learning portal and mobile app, for as long as they need until their chosen exam date.
- Fitch Learning CFA postponement offer: Fitch Learning are hosting topic-based, complimentary webinars throughout the postponement period – covering topics from Quant, FRA to Derivatives. It’s free to attend, so do register for them.
- Wiley (coronavirus update page here)
- You can get a free access extension from Wiley if your exam has been postponed. Their webpage says that you’ll have to contact their customer service team to activate this, but we’ve heard that they’ve now made this automatic (thanks Anthony!)
- They also have a free-to-view Q&A on the CFA exam postponement, which you can register for and watch here.
- Bloomberg
- Bloomberg will be extending June 2020 subscriptions at no cost until the December 2020 exam date.
- Postponement offer: Bloomberg is offering a ‘COVID-19 Assistance Plan‘ until April 30, which offers their Level 1 and Level 2 product for free, with a 50% refundable deposit on their Level 3 product, which is around $350 at their Essential Tier. Sounds confusing? Here’s how it works according to Bloomberg:
- Start a 14-day free trial by April 30. Pay nothing if you cancel.
- Pay a refundable 50% deposit for a Level III plan of your choice.
- Either refer a friend or pay the remaining 50%, within 3 months.
- Complete the courses and take the Level III exam within 5 years, to receive a full refund minus credit card processing fees.
Can I get a refund for the June 2020 CFA exam?
​CFA Institute is providing registered candidates a deferral to a future exam date. Because all candidates will be rescheduled, refunds are not being offered.
In the June 2020 Candidate Agreement, the terms laid out under “Exam Disruptions or Exam Compromise” state that:
If the normal testing process is cancelled, interrupted, delayed, mistimed, or otherwise disturbed, or if exam
content is compromised as a result of a disruptive event, CFA Institute may change the date, time,
location, or conditions of the exam or cancel the administration of the exam altogether.…
If CFA Institute determines that a corrective action is necessary, CFA Institute may offer affected candidates a retest
or alternative test date at no additional fee (on a regularly scheduled test date or another date
selected by CFA Institute within the next twelve (12) months) or a refund of the exam fee.…
​
CFA Institute will make all decisions regarding the administration of the exam and any corrective action in its sole
discretion.
So while we agree with you that CFA Institute should probably offer refunds for those who want them, according to the Candidate Agreement, it’s CFA Institute’s prerogative to deny them.
If you’re serious about the CFA charter you shouldn’t really be looking at a refund anyway – if you’re looking to take the December 2020 exams it might get a little intense studying for the next June 2021 exam cycle, but otherwise you won’t be missing out a year.
How likely is it that the December 2020 CFA exam will be affected by the coronavirus too?
The latest reports on the COVID-19 pandemic is that while measures are being put in place to suppress the spread of the virus globally, we may well see a second wave after lockdown measures have been lifted. This happened with the Spanish flu in 1918 – in fact, the second wave was more deadly than the first.
If a second wave does happen, it is likely to happen during the winter season, i.e. December for the northern hemisphere.
Our advice on this front is to react and decide as if the December 2020 exam is going ahead until told otherwise. It’s way too early to get any definitive direction on this.
Latest FAQs [Updated 13 Apr 2020]
Will all test centers be available for the December 2020 exam?
Will the early registration deadline for June 2021 be available to candidates choosing to sit in December?
I paid the late registration fee for June. Can I receive a refund of the difference between the late registration fee and early registration fee?
I’m a Level 2/3 candidate and did not register for the June 2020 exam. Will CFA Institute allow new L2/L3 registrations for December now that its postponed?
Since CFA Institute are keeping the 2020 curriculum for 2021, when will a new version of the curriculum be released?
For Level 1, the 2022 curriculum and CBOK should be released in May 2021, when the first 2022 exam window is expected to open. The Level 2 and 3 curricula will be released when registration opens for the June 2022 exams, which should be around August 2021
Will the curriculum-related Refresher Readings for members remain the same?
How will candidates be able to make the transition from the 2020 curriculum to the 2022 curriculum if there is never a 2021 version?
Will there be any changes on the Learning Ecosystem?
​Testable content will not change. However, during this interim period, CFA Institute will continue to evolve the learning experience and adding functionality.
Our final thoughts on the CFA exams’ postponement
For disgruntled candidates, it’s important to remember that in practical terms, it’s the coronavirus that postponed the June 2020 exams, not CFA Institute. For your safety and everyone else’s, CFA Institute is simply adapting to the disruption and offering candidates the best solution it can.
More articles, tips, advice and guidance to support our readers will be coming soon – if you have any questions just drop them in the comments below. Stay safe and stay home!
Hi, I am unable to access the free Kaplan Schweser resources for the Dec 2020 exam. I have entered the code but i do not see the videos or Qbanks.
Hi Michelle, shoot us an email at team@300hours.com with more details, and we will guide you in the right direction.
Hi, I was originally looking to enroll in the June 2021 L1 examinations , however due to Covid enrollment and registration has changed. Can you please advise if i am still able to sit the Level 1 exams in June 2021 despite not being previously registered. Thanks,
Hi Becca, if you have not registered yet for Level 1, you have the option now to register for the new 2021 computer-based exams: either in Feb, May, August or November 2021. June 2021 is no longer available to anyone, and even candidates who previously registered for June 2021 have to reschedule. More details of the recent changes to exam format and schedules here (https://www.300hours.com/articles/cfa-exam-computer-based-testing-for-all-levels-from-2021#.X0eY79NKjo4). Also a quick CFA Journey Planner tool for you to visualize/plan your CFA path (https://www.300hours.com/articles/cfa-journey-planner-registration-options) Hope this helps!
Currently a Level 2 candidate initially postponed for Dec 2020. Is the deadline the stick with Dec 2020 8/19? And if I elect afterwards, will I have to elect for May 2021 or get a refund?
Hey Danny, I’ve answered your question in another thread (https://www.300hours.com/articles/cfar-exam-level-i-is-moving-to-computer-based-testing-here-are-the-details-from-cfa-institute)
Helpful information thanks for updating us !
No problem Vishal – glad you found it useful 🙂
Hi, i am enrolled in December 2020 cfa level 1 exam and is there any chance that i can also defer it to next date available for june 2020 candidates?
No – if you’re originally registered for December 2020, you won’t be able to defer it… unless COVID-19 makes CFA Institute decide to postpone December 2020 as well.
Hi, first of all, many thanks for informative blog. I am a level 2 candidate and planning to appear for Dec 2020 exam. Incase if i dont make it, would i be eligible to re-register for June 2021 exam? The only information i have is that i can register for next level if i pass the Dec exam.
Hi Amit – if you don’t pass L2 in Dec20 you should be able to register for L2 Jun21 as normal. Hope that helps!
Hello, Thank you very much for the clarifications! I would like to know if there is any other condition to benefit from the following offer other than being a reader of 300 Hours. Kaplan Schweser are offering their Qbank for free to 300Hours readers. Just use code KS-QB300H at this page, and you should be able to ‘purchase’ a Qbank at any level for $0. Thanks!
Nope – just use the code and you’ll be good to go!
Ok good!
Thank you for the answer! But, I prefer you mention my name when replying as you did with others.
As a L3 candidate who is most likely going to get deferred to Dec 2020 – if I don’t pass in Dec, will I be able to register and sit for it again in Jun 2021?
Hi Joe! Yes – but it’s not clear if you would be able to register for the June 2021 exam on the 1st or 2nd registration deadlines. If we extrapolate the usual results timeline for L3, you’re expected to get your results for the December 2020 L3 exam in mid-Feb – right around the 2nd registration deadline. CFA Institute is thinking about this and will likely clarify this later.
One small correction – Wiley does not require a currently paying candidate to notify them to get an extension. It is an automated process from the perspective of the candidates. We were told this recently.
Thanks! Officially the line still seems to be that you need to contact their customer service team, but appreciate that they may have changed this. Have updated the article to reflect your comments – thanks again!
Hey! Thank you for this clarifying article. I am a L1 candidate and am yet to start my prep or register even. Was hoping to register for the June 2021 before Covid thing happened. June 2021 is still what I would love to go for. What’s the best course of action for me? What would you have done in my place?
Hi James – you still have plenty of time to go for December 2020. That way you could potentially complete your CFA charter 1 year sooner than if you started in June 2021.
I have registered for the 12/2020 CFA level 1 exam. I am from Cyprus. For 06/2020 there was the option to take the exam in Nicosia,Cyprus. For the 12/2020 exam there was no option to take the exam in Cyprus do I have registered to take the exam in London, UK. Now that the 6/2020 exam is postponed until 12/2020 the earliest and probably June 2020 candidates will sit the exam in Cyprus I wondered if I could also take the exam in Cyprus as well instead of the UK. CFA replied that it will not open new test Centres for the 12/2020 candidates. However I do not find their explanation logical. Any advice? Is there anyway we can convince CFA to offer exceptionally Cyprus to the 12/2020 candidates as well in addition to the 6/2020 ones? Many thanks.
Hey Celia Thanks for the question. This is something that would be entirely up to CFA Institute to offer. I would imagine that it would already be a complex situation to figure out how to fit the June 2020 candidates alongside the December 2020 candidates. I can’t imagine CFA Institute deciding to further complicate logistics by opening up change of test centres to December 2020 candidates as well. CFA Institute has indicated that two dates (Dec20 and Jun21) will be offered to the Jun20 candidates. It may well be the case that Cyprus might not be available as a venue to Jun20 candidates taking their exam in December 2020 – those that do need to take the exam in Cyprus would then need to wait until June 2020. TLDR: I don’t think CFA Institute will offer Cyprus as a choice to Dec20 candidates if it isn’t offered already, Jun20 candidates taking their exam in December 2020 might not get that choice either.
Hello, I missed the deadline to enroll in the CFA Level II June 2020 Exam. Do you think they will reopen registration for the postponed date in December 2020? Thank you very much
Hi JR We’ve received a few questions like these. We’re honestly not sure, although I’m personally doubtful that CFA Institute would re-open registrations at such uncertain times. As soon as we know more we will update everyone – subscribe to our mailing list if you’d like to keep updated. Good luck!