Breaking Down the 2025 CFA® Exam Rules for Refunds, Deferrals and Exam Day

1. Introduction

You’re not just signing up for a test. The CFA exam is a career-defining journey. But here’s something you must appreciate: if you don’t fully understand the rules around CFA deferral, refunds and rescheduling, you could end up wasting time, money and a lot of sanity.

The CFA exam 2025 schedule updates include clearer policies for deferrals, cancellations, and exam scheduling. But don’t expect handholding.

Understanding the CFA deferral policy, key deadlines and how to manage your registration or reschedule CFA exam can make all the difference between a smooth ride and an unfortunate mistake.
This article breaks it all down. No half-truths, just facts and practical insights.

2. CFA Program Deferral Policy

The CFA Institute’s deferral policy offers two distinct options if you need to change your exam plans:
• CFA Paid Deferral: Available for any reason, no questions asked. It costs $449.
• CFA Emergency Deferral: Free, but only for qualifying emergencies and with documentation.

Understanding both options is essential if you’re looking to postpone CFA exam due to unexpected commitments or use a CFA deferral request for health reasons.

3. Exam Deferral Types

Paid Deferral
Sometimes, life throws a curveball. Your work obligations could shift. Alternatively, your study plan could take longer than expected.

• Who qualifies: All candidates
• Cost: $449 (non-refundable)
• What it covers: You can defer CFA exam to any available CFA exam window within 12 months
• How to defer CFA exam: Log into your CFA Institute login, go to “My Enrollment,” click the deferral option, pay, and pick your new date
• Limits: One deferral per registration. Note that the CFA defer exam is not unlimited

Emergency Deferral
This is your safety net for serious, unpredictable situations.

• What qualifies:

• Serious illness or injury
• Death of an immediate family member
• Natural disasters
• Military deployment
• Childbirth

• Documentation needed: CFA medical certificate, military orders, or other official proof
• How to apply: Fill out the CFA emergency deferral form
• Processing time: Up to 7 weeks

4. Thinking of Deferring Your August 2025 CFA Level I Exams?

If you are planning to defer your CFA Level 1 2025 exams, you would be eligible to sit for any exam window within the next 12 months.

• Action step: Visit your CFA Institute login dashboard and select a new exam window
• Key deadlines: Don’t miss the CFA reschedule deadline
• Caution: If you fail to act, you forfeit your paid CFA dues

5. Deferral FAQs

Q: Is emergency deferral the same as paid deferral?
A: No. One is free with documentation (e.g., CFA medical), and the other is a flat $449 fee.

Q: Why does a paid deferral cost so much?
A: It’s meant to offer flexibility. Still, it’s better to avoid unnecessary CFA deferral charges by planning well.

Q: What if I miss the deadline or my deferral is denied?
A: You’ll lose your fee. There are no makeup options under the current CFA revised exam rules.

6. CFA Exam Registration and Scheduling

1. Visit cfainstitute.org
2. Select your level (e.g., CFA Level 1)
3. Choose your CFA exam window
4. Select your CFA testing location and exam date

Useful tips:
• Register early to avoid CFA reschedule fee or missed opportunities
• Use your CFA Institute login regularly to track timelines

7. Reschedules, Deferrals, and Cancellations

Changing your plans? Here’s the deal:

• Reschedule your exam within your window: USD 250 fee
• Paid deferral (any reason): USD 449
• Emergency deferral (qualifying hardship): USD 100 processing fee, with documentation required
• If Prometric or CFA Institute cancels the exam: you’re offered rescheduling or deferral with no extra fee
• If you voluntarily cancel within 14 days of registering: you receive a full refund; after that, no refund is available

8. CFA Deferral Processing Time

• Paid deferral: Immediate once paid
• Emergency deferral: 2–4 weeks
• Track your status: Use your CFA Institute account dashboard
• Need help? Contact CFA support if your CFA deferral request remains pending

9. How to Withdraw from the CFA Exam

• Withdrawal is not the same as canceling CFA exam
• No refunds unless within 14 days of registration
• You may withdraw before your scheduled date, but CFA refund policy won’t apply afterward

10. CFA Deferral Deadlines

• Paid deferral: At least 24 hours before your exam
• Emergency deferral: Before the scheduled exam window

Miss these deadlines? You lose both your slot and money. No CFA refund, no make-up.

11. Test Center Changes

Need to switch CFA exam location?
• Log into your CFA profile
• Go to “Manage Your Exam”
• Pick another CFA testing location before the cutoff

12. Rescheduling: Why You Should Avoid It

• CFA reschedule policy imposes a $250 fee
• Can disrupt your rhythm and delay your certification
• Try to avoid unless absolutely necessary; reschedule CFA only when essential

13. Scholarships and Financial Help

Can’t afford exam fees or deferral? Explore CFA Institute’s scholarships:

• Access Scholarship, Women’s Scholarship and more
• Scholarships may help offset costs like registration or CFA reschedule fee

14. Canceling the CFA Exam

Want to cancel CFA exam? Here’s what to know:

• Within 14 days of registering: full CFA refund available

• After that: no refunds; enrolment/registration fees are non-refundable

15. Exam Day

• Arrive early with your CFA exam ID
• Bring only what’s needed; extra items not allowed
• Don’t risk last-minute panic. Know your CFA times and testing protocols

16. CFA Deferral Policy FAQs

• Can I change my CFA exam location? Yes.
• What if my exam is canceled? Expect a CFA deferral or automatic reschedule.
• Can I defer more than once? No. Even with CFA level 1 deferral, only one shot per registration

17. Conclusion

Studying for the CFA exam is tough enough. Don’t let logistics derail your progress.
Whether you’re wondering, “Does CFA expire?” or thinking about whether to reschedule CFA or postpone CFA exam, knowing the rules helps.
Master the CFA deferral policy, understand your exam windows, and make use of your CFA Institute login wisely.

18. Resources

Still wondering how to defer CFA exam, cancel your test, or explore CFA refund policy? AnalystPrep has you covered with expert prep tools and step-by-step support.

• CFA Practice Questions
• Mock Exams
• Study Notes
• Video Lessons