Can I Postpone My Scheduled CFA® Exam?
When CFA Institute postpones or cancels the exam, they provide notice to candidates and help them transfer to the new date or register again.
Rules of CFA Exam Postponement for Individual Candidates
If the CFA institute does not announce a postponement for all candidates, that means people can only reschedule in specific circumstances or pay a fee to postpone their exam date. They call this a deferral, and they decide whether to offer deferrals case-by-case.
To be considered for the emergency deferral, you must notify CFA Institute using the CFA Institute Deferral Form. CFA Institute has a self-assessment tool you can use to determine whether you should request this deferral.
After reviewing your case, CFA Institute will determine whether you can postpone your scheduled exam to the next sitting. If your case meets the criteria, you will be offered a qualified deferral, and your enrollment and registration status will be deferred until the next sitting. However, you will forfeit any fees you paid.
The reasoning behind this policy is that the number of paid registrations determines the number of testing centers, computers, furniture, and other equipment to reserve in the testing centers. Paid registrations also determine the support services needed. In addition, CFA Institute says, a deferral creates an empty space that can’t be filled.
If you don’t qualify for a deferral and you are not able to take the exam on the scheduled date, you have the option of withdrawing from the CFA exam or purchasing a voluntary deferral.
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CFA Exam Deferral Policies
CFA Institute Emergency Deferral Policy Qualifications
- You or your immediate family member (parent, grandparent, sibling, spouse/domestic partner, or child) are suffering from a life-threatening illness.
- A member of your immediate family (parent, grandparent, sibling, spouse/domestic partner, or child) has recently died.
- You have been ordered to mandatory military deployment in the testing window.
- You are pregnant.
- Your exam has been rescheduled by Prometric and after contacting Prometric, you are unable to find a new acceptable appointment date.
- A government order was issued restricting travel due to the local pandemic situation. (Documentation must be issued to a specific candidate or location. Public guidance about general COVID protocols will not be accepted.)
CFA Insitute Paid Deferral Policy
CFA candidates can purchase a USD 399, no-questions-asked, one-time deferral that allows them to postpone their exam appointment for up to 12 months, depending on their exam level.
Only one paid deferral is permitted for each paid registration. You will not be able to defer a second time unless you pay for a new registration.
Once candidates purchase this deferral, their registration and scheduled exam will be canceled immediately.
CFA Deferral Policy Processing Time
It can take up to 6 weeks to process a CFA deferral request so if you’d like an update on the status of your deferral request, start by checking the status of your request in your CFA Institute account.
Withdrawing From the CFA Exam
You may withdraw from the CFA exam under the paid deferral or emergency deferral policies. Withdrawing means that you do not have to take the exam, but it stops there. If you want to take it in the next sitting, you will have to register again.
Paid Deferral Deadline
Candidates have up until 3 days following the close of the exam window to purchase a deferral.
Emergency Deferral Deadline
Candidates may request an emergency deferral up to 3 days following the close of the exam.
If You Miss the Deferral Deadline
If you don’t want to withdraw from the exam, but you can’t take it at your assigned testing center, you can request a change.
Testing Center Change
Rescheduling the CFA Exam: How to Avoid It
No one can predict the future and certainly not medical and other emergencies. However, it’s best if you can avoid postponing or withdrawing from the exam. This is especially true for Levels II and III since they are offered less often than Level I exams. Here are some tips that can help you be prepared for your scheduled exam:
- If you have a full-time job, before you register, look at your weekly schedule and think about what blocks of time you could realistically set aside to prepare for the exam. Err on the side of caution, and if the exam is six months away or less, consider a later sitting.
- If you are still in college, before you register, consider the implications of having conflicting priorities, such as an internship or looking for a job.
- If you have decided to sit for the exam, register during the early registration period. Early registration for the CFA exams usually opens about nine months before the exam date, so start studying as soon as you register. If you get stuck on a topic and need extra time, you have a few more months to prepare.
- Treat 300 hours as the minimum you should study, and plan to study more. Successful charterholders often say that it took 350 hours or more to study, especially for Level III. An effective CFA study plan can help.
- If you have already registered, and you think you are falling behind, reassess your study plan. Think about your problem areas or the topics that have the higher weights, and focus your study on them.
- Know when the CFA exam is being offered.
CFA Exam Rescheduling Fee
There is a $250 USD fee from the CFA Institute if you need to change your CFA exam date.
Want to Feel Confident About Taking the Exam on the Scheduled Date?
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