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

Ready?

You’re not just signing up for a test. The CFA exam is a career-defining journey. But wait. Do you know all the rules? This isn’t just about studying. It’s about knowing the ins and outs that could save you time, stress, and money.

Let’s be real.
The CFA cost is no joke. Missing deadlines or ignoring policies could turn this significant investment into a sunk cost. Imagine needing to reschedule last-minute or not qualifying for a deferral because you didn’t plan ahead. Painful, right? That’s where this guide comes in.

Here’s what we’ll cover.
From refunds to CFA reschedule deadlines, from deferrals to exam day essentials, we’ve got it all. Whether you’re trying to figure out how to postpone your CFA exam or make sense of emergency policies, clarity starts here.

Let’s go.

Registration: Where It All Starts

Vital.
That’s what registration is. It’s the first—and perhaps most crucial—step in your CFA journey. Think it’s straightforward? Not always. A small misstep here could derail everything.

Your passport matters.
The CFA Institute requires a valid, unexpired international travel passport. It’s your official ID for the exam. No exceptions. A mismatched name or an expired passport? That’s an automatic roadblock.

Be vigilant.
Changed your name? Renewed your passport? Update these details in my CFA account immediately. If not, you’re risking more than just exam-day stress. And if you’re thinking about changing your test date, knowing the CFA reschedule deadline could save you from a logistical nightmare.

Plan ahead.
Failing to register properly or waiting until the last minute often leads to unnecessary headaches. Being proactive isn’t just a good habit—it’s a necessity.

Refunds and Costs

Non-refundable.
That’s the CFA fee after the first 14 days. No exceptions. Once your window closes, you’re locked in. And that’s where many candidates trip up.

So, act fast.
If for any reason you need to pull out, you have exactly 14 days to request a full refund. After that, it’s non-negotiable. Think you can convince the CFA Institute otherwise? You can’t. Their policy is clear and firm.

But emergencies happen.
In extraordinary situations, like global crises, the CFA Institute has occasionally shown flexibility. Yet even in such cases, candidates often face a tough choice: request a refund or opt for the CFA deferral option. The latter allows you to postpone your exam to a later date, but it’s not always the best solution for everyone.

Decide wisely.
Refunds and deferrals each come with their own conditions. Knowing the details can prevent last-minute panic.

Deferrals: Emergency or Paid

Life happens. Unpredictable. Unforgiving. Plans crumble in the face of emergencies. The CFA deferral policy steps in with two lifelines: emergency deferrals and paid deferrals.

Emergency Deferrals

Sometimes, it’s not just a bad day. It’s a crisis. A family bereavement, a debilitating illness, or an unforeseen military call-up—these serious scenarios qualify for an emergency deferral. How does it work? Submit a CFA deferral request form, attach the required supporting documents, and wait for approval.

Once approved, you’re given a second chance—a new CFA exam date without paying additional fees. But remember, the CFA Institute scrutinizes each request carefully. Any missing paperwork? Rejection is almost guaranteed.

Paid Deferrals

But what if your situation isn’t dire? Maybe work has overwhelmed your schedule, or a personal obligation conflicts with your test day. That’s where the CFA paid deferral option comes into play. For $399, you can push your exam to any available date within the next 12 months.

Think of it as a financial trade-off: flexibility for a fee. But once you opt for a paid deferral, you’re locked in. No refunds. No second deferrals under the same registration. Is it worth the cost? Only you can decide.

Postpone vs. Reschedule

Big question. Postpone or reschedule? It might seem trivial, but the choice could affect your finances and your study momentum. Here’s the key difference:

• Postponing: For candidates planning well in advance, often driven by long-term scheduling conflicts.
• Rescheduling: A last-minute shift, perfect for those dealing with unexpected hurdles closer to their CFA test date.

The CFA reschedule fee varies depending on when you act:

• Step 1: Reschedule early, and the cost is $250.
• Step 2: Delay too long, and the fee skyrockets as the exam day looms.

Weighing the CFA cost of postponement against rescheduling is critical. Sometimes, aligning your exam with your personal study rhythm is worth every dollar. Other times, it’s a pricey convenience.

What About Exam Day?

It’s here. The day you’ve worked tirelessly for. Your CFA test date is more than just a point on the calendar—it’s a culmination of effort and sacrifice.

Arrive early. At least 30 minutes before your scheduled time. Bring one thing: your valid passport. Everything else? Leave it at home or secure it in a locker. The CFA Institute has zero tolerance for unauthorized items, and bending this rule could jeopardize your hard-earned chance.

The exam room? Quiet. Controlled. Proctors and cameras keep a watchful eye. It’s not just about what you know but how you conduct yourself. Focus is non-negotiable.

Emergencies and Last-Minute Changes

But what if disaster strikes on the big day? Illness, accidents, or any sudden life-altering event? The CFA emergency deferral form is your safety net. Submit it promptly, and your registration might still be salvageable.

Bear in mind, the rules and CFA exam deferral costs vary depending on your circumstances. Act swiftly, provide evidence, and hope for approval. Emergencies don’t wait, and neither should you.

Beyond the Exam: What’s Next?

Done. The exam is behind you. But what comes after might be just as critical. Confidentiality is king here. Discussing exam questions isn’t just discouraged—it’s prohibited. The CFA Institute takes this rule seriously. Violations could derail your progress toward earning the charter.

So, what should you focus on? Your next steps. Maybe it’s gearing up for the CFA next level or diving into the latest CFA program changes. Staying updated is non-negotiable. It keeps you on track and sharpens your edge in a competitive industry.

Does CFA expire? Not in the traditional sense. But your status as a CFA charterholder depends on maintaining your membership. Pay your CFA dues on time and keep an eye on CFA times for key updates. These small steps ensure you remain a member in good standing and demonstrate your commitment to professional excellence.

The Bottom Line

Every detail matters. From understanding refunds and reschedules to navigating deferrals and exam-day rules, the CFA exam is as much about strategy as it is about study. Being unprepared for logistical challenges could cost you precious time and money, not to mention added stress.

Here’s the good news: you don’t have to figure it all out alone. AnalystPrep offers everything you need—from expert resources to comprehensive practice exams—to ensure you’re not just prepared for the material but also equipped to handle the rules and policies.

Ready to crush your next CFA exam? With AnalystPrep, you’re not just mastering the exam—you’re mastering the journey to becoming a CFA charterholder.

For further insights into the CFA® exam process, check out our related articles:

• Your 2025 CFA® Exam Results Guide
• CFA® Level III Essay Questions for 2024-2025 Candidates
• Understanding the 2025 CFA® Level I Exam

Frequently Asked Questions

When does CFA deferral window open?
It opens right after you register. Simple, right? Once your registration is confirmed, you’re good to go. Keep an eye on your myCFA account for updates. Don’t wait too long, though—acting early gives you the most flexibility.

How to purchase CFA deferral?
Easy. Log into your myCFA account and select the deferral option. It costs $399 for a paid deferral. You’ll get up to 12 months to reschedule your exam. Remember, it’s a one-time deal, so think carefully before committing.

How many times can you reschedule Step 1?
Only once. Yup, just once per registration. Reschedule early, and you’ll pay $250. Wait too long? The fee goes up. More changes? You’ll have to consider deferral options instead.

Can you push back a move-in date?
If “move-in date” means your exam date, then yes, you can. You can reschedule or defer. Rescheduling costs $250, but if you need more flexibility, go for a paid deferral at $399. Just remember, once you’ve made your choice, no more changes for that registration.

When does CFA deferral window open?
It opens right after your registration is confirmed. Don’t forget to check your myCFA account for the details. Timing is everything—act quickly if you think you’ll need a deferral.

When does CFA deferral window open?
The CFA deferral window opens immediately after you register for the exam. Once your registration is complete, head to your myCFA account for further instructions. Be sure to check the CFA exam schedule and deadlines to stay on top of things. Don’t wait too long! The earlier you act, the better your options.

How to purchase CFA deferral?
It’s simple. Log into your myCFA account and navigate to the CFA deferral link. From there, select your deferral option—either the paid deferral CFA for $399 or the CFA emergency deferral form if you qualify due to unforeseen circumstances. Remember, a paid deferral CFA allows you to reschedule to a later date within 12 months, but it’s a one-time deal per registration.

How many times can you reschedule Step 1?
You can only reschedule once. If you’re planning to make changes to your CFA test schedule, keep in mind that the step 1 reschedule fee is $250 if done early. If you wait, you’ll have to pay a higher step 2 reschedule fee. So, the key is to plan ahead. Once you’ve used your step 1 rescheduling fee, you’ll be limited in what you can do, and you’ll likely need to consider other options like deferral.

Can you push back a move-in date?
In terms of your exam, yes, you can postpone CFA exam or reschedule it to another date. However, pushing it back doesn’t come without costs. If you’re rescheduling CFA, remember the step 1 reschedule fee applies early, while the step 2 reschedule fee comes later. Alternatively, you can defer your exam if you need more time, which involves filling out the CFA deferral form and paying the CFA deferral fee.

When does CFA deferral window open?
The CFA deferral window opens right after registration is confirmed. You can submit your deferral request via your myCFA account. Just be aware of the CFA deferral deadline—it’s critical to submit everything on time to avoid penalties. Keep an eye on the CFA exam window and make sure you understand all the rules before moving forward.

What’s the difference between postpone vs reschedule?
Great question! Postponing means you plan to push your exam to a future CFA test schedule, typically far in advance. Rescheduling, on the other hand, is for those who need a last-minute change. If you postpone CFA exam, you’re looking at fewer restrictions, while rescheduling CFA means you’re likely dealing with fees like the step 1 reschedule fee ($250) and step 2 reschedule fee (higher if close to the exam date). In some cases, opting for a CFA Level 1 deferral or a CFA level 2 deferral could be the better option.

What is the CFA exam schedule for emergencies?
If an emergency strikes, you can submit the CFA emergency deferral form to potentially move your exam. The CFA exam deferral deadline applies here, so act quickly. In extraordinary circumstances, the CFA Institute may approve an exam deferred under its emergency policies.

How to reschedule CFA exam in case of emergency?
If something unexpected happens and you need to move your test date, fill out the CFA emergency deferral form through your myCFA account. Be sure to provide supporting documentation for your situation. While you won’t have to pay the CFA deferral fee, the timing of your request is crucial. Don’t forget to check the CFA deferral deadline—it’s your lifeline in these situations.

How long do I have to schedule my CFA exam?
Once you register, you’ll have access to the CFA exam window, which allows you to choose the most convenient testing date. Just make sure to schedule within this window, and remember that you can’t reschedule CFA exam beyond your available dates unless you use a deferral option.

Can I defer my CFA Level 3 exam?
Yes, you can request a CFA level 3 deferral under the same rules that apply to CFA Level 1 deferral and CFA Level 2 deferral. If you’re facing an emergency, the CFA emergency deferral form is your go-to. Otherwise, a paid deferral CFA lets you reschedule the exam for a later date. It’s crucial to know the deadlines and to have your documentation ready.

Can I purchase a CFA deferral?
Yes, you can purchase deferral CFA through your myCFA account. The cost is $399 for the paid deferral CFA, which gives you up to a year to reschedule your exam. Be sure to check the CFA deferral fee and remember that you can only do this once per registration.