CFA Program Deferral Policy

CFA Institute introduced a deferral policy for registered candidates. In the article below, Shiksha.com has explained in detail what is the CFA deferral policy, who can avail it, eligibility criteria, etc. Read below to know more. 

All about CFA Deferral Policy

CFA Program Deferral Policy: The CFA institute introduced a deferral policy for students appearing for the CFA exam. Students who have registered and scheduled their CFA exam have the option to opt for a deferral or rescheduling. But, to do so, students need to meet specific criteria to appeal directly to the CFA Institute or they can opt for a voluntary deferral by paying the applicable fee to buy the deferral.

The only circumstance exempt from these deferral policies is when the CFA Institute itself postpones the exam due to factors like natural disasters, pandemics, or significant changes in the exam format. In such cases, the institute notifies the candidates who have already scheduled their exam and assists them in transferring to the new CFA exam date or guiding them through the CFA registration process if they need to re-register.

CFA Deferral Policy

Opting for a CFA exam deferral would mean choosing to reschedule the exam to a later date. As mentioned above, the CFA deferral policy outlines specific criteria that determine the eligibility to postpone an exam. There are two kinds of deferrals that the candidates can opt for the CFA program. These are as follows:

Emergency Deferral

As the name suggests, an emergency deferral can be taken only in emergencies. The following are the qualifications for opting for an emergency deferral:

• The candidate and/or the candidate’s immediate family member (parent, grandparent, sibling, spouse/domestic partner, or child) are suffering from a life-threatening illness.
• A member of the candidate’s immediate family (parent, grandparent, sibling, spouse/domestic partner, or child) has recently died.
• The candidate has been ordered to mandatory military deployment in the testing window.
• The candidate is pregnant.
• The candidate’s exam has been rescheduled by Prometric and after contacting Prometric, he/she is unable to find a new acceptable appointment date.
• A government order was issued restricting travel due to the local pandemic situation.

Candidates must provide documentation to support the claim for the no-cost emergency deferral. Once the deferral is approved, candidates will be able to defer their CFA exam up to 12 months, depending on the exam level and appointment availability. Public guidance about general COVID protocols will not be accepted as document proofs.

Note: Beginning with the February 2025 exams, candidates have to pay a processing fee of USD 100 for all approved emergency deferrals. 

Check Here: Direct Link for Applying for Emergency CFA Deferral- Click Here

Also Read:

Paid Deferral

Candidates who do not meet the criteria for the emergency deferral still have the option to purchase a voluntary deferral through their CFA institute account. To purchase the deferral for US dollars 499. Candidates opting for a deferral can reschedule their exams for up to 12 months.

NOTE: Beginning with the February 2025 exams, the deferral fee will be USD 449.

Only one deferral per paid CFA registration is possible. Candidates will not be able to defer their exam for the second without another new CFA registration.

Candidates must know that once they purchase the deferral, their scheduled exam will automatically get cancelled. Also, the deferral fee is non-refundable under any circumstances.

CFA Deferral: Important Dates

Usually, the CFA deferral form is available four weeks before the start of an exam window. Check out the table below to know important CFA deferral dates:

Eligible Exam Window for Deferred February 2025 Candidates

Depending on the level of the CFA exam, the deferred February 2025 candidates will be eligible for one of the following windows. If the CFA registration is over then you will not be allowed to register again.

CFA Deferral Processing Time

Once the candidates have submitted their deferral exam, the CFA institute verifies the details provided by the candidate and it takes about six weeks to process a deferral request. Candidates have the option to track the status of their CFA deferral application on their official CFA account.

Candidates also have the option to cancel their deferral but the fee will not be refunded as mentioned above. To take the CFA exam in the next exam window, candidates have to register again on the CFA institute website and pay the CFA application fee again.

Also Read: When is the CFA exam?

What to Do If the CFA Deferral Is Missed?

The deadline to avail a deferral (emergency and paid) is up to three days following the close of the exam window. If the candidate does not withdraw within the deadline and also does not appear for the exam, they will not be allowed to register for the next exam window until after the CFA institute releases the CFA result from the current exam window.

Once the candidate withdraws the registration, they cannot re-register for the same exam window. Candidates also have the option to request a change of the CFA exam centre if they cannot take the exam at the assigned centre. Candidates can change their test centre online through their CFA account. Candidates must ensure to request a change before the CFA admit card is released. If the request is made after the admit cards have been released, they will not be allowed to change the CFA test centre.

Read More:

• CFA pass rate
• CFA syllabus 2025
• CFA preparation tips