To address such situations, the CFA Institute provides a formal deferral mechanism. However, the CFA deferral policy is often misunderstood. Many candidates assume deferral works like a refund, or that it can be used whenever preparation is incomplete. Both assumptions are incorrect.
This article explains the CFA deferral policy in a clear and practical manner, covering how deferral works, applicable fees, deadlines, and the specific rules governing emergency deferrals.
What Exactly Is the CFA Deferral Policy?
If a candidate does not appear for the exam without an approved deferral, the attempt is considered a no-show, and the registration fee is forfeited. Deferral, therefore, is a formal and time-bound option that must be requested through the candidate’s CFA Institute account.
Understanding this distinction early helps candidates avoid costly mistakes and unrealistic expectations.
When Can You Apply for a CFA Exam Deferral?
Once the deferral deadline passes, requests are generally not entertained, regardless of the reason. This makes timing critical. Candidates who anticipate potential issues should not wait until the last moment and should track official CFA Institute communications carefully.
CFA Deferral Fees: What Candidates Should Know
The deferral fee is determined by the CFA Institute and may vary across exam cycles. Rather than focusing on exact figures, candidates should understand two key points. First, standard deferral is a paid option. Second, once the deferral fee is paid, it is non-refundable.
Deferral should therefore be used only when genuinely required, not as a flexible scheduling tool.
Emergency Deferral Under the CFA Program
Emergency deferrals are considered only in cases such as serious medical conditions, death of an immediate family member, natural disasters, or mandatory government or military service. Each request is evaluated individually, and candidates must provide appropriate supporting documentation.
It is important to note that emergency deferral approval is not automatic. The CFA Institute reviews each case carefully and reserves the right to reject requests that do not meet the required criteria.
Situations That Do Not Qualify for Deferral
The CFA program is designed for working professionals, and time constraints or stress alone do not justify deferral. Candidates should therefore plan preparation timelines conservatively and treat deferral strictly as a contingency option.
How to Apply for CFA Deferral
Once submitted, the CFA Institute reviews the request and communicates the decision via email. Approved candidates are then guided on selecting a future exam window.
What Happens After Your CFA Exam Is Deferred?
However, candidates should be aware that curriculum updates may apply if the deferred exam is taken in a later year. It is advisable to review the curriculum applicable to the new exam window before resuming preparation.
Key Things to Keep in Mind
Being informed early helps candidates make calm, rational decisions instead of reacting under pressure.
Conclusion
Before registering for the CFA exam, candidates should factor in professional commitments, health considerations, and personal uncertainties. Deferral should always remain a last-resort option, used only when circumstances genuinely demand it.
Frequently Asked Questions
No. Deferral requests must be submitted within the official deferral window announced for the exam cycle.
No. Once paid, the deferral fee is non-refundable.
No. Emergency deferral requests are reviewed on a case-by-case basis and approved only when valid documentation is provided.
Deferral eligibility depends on CFA Institute rules for the specific exam cycle and is not guaranteed multiple times.