Every CFA student spends months preparing for the exam. But sometimes, life takes unexpected turns. You may fall sick, face a family emergency, or have travel issues. That’s when the CFA deferral policy becomes essential. It allows you to move your exam to the next available window. Yes, CFA Institute lets you postpone your exam—but only if you meet the rules. The CFA deferral policy is helpful, but not everyone gets it automatically.
The CFA deferral policy allows candidates to request a deferral or postponement of their exam to the next testing window. This policy helps students who face unexpected personal or medical emergencies. However, you cannot defer your CFA exam for general reasons like lack of preparation, travel costs, or exam fear. The CFA Institute takes deferral cases seriously and reviews them before approving them.
What is CFA Deferral Policy?
The CFA deferral policy allows you to postpone your scheduled CFA exam to a future window if you face a serious problem that stops you from attending the test. You must provide a valid reason and supporting proof to the CFA Institute.
Meaning of CFA Deferral
Deferral means moving your current registration to the next exam window without paying the full registration fee again. It is different from rescheduling. Rescheduling is when you change the date or time within the same exam window by paying a fee. Deferral means shifting your exam to an entirely new window, like from February to August.
You can request a deferral after you register and before the exam day. However, the CFA Institute will approve it only for serious or emergency reasons. They do not allow casual deferrals.
Why CFA Has a Deferral Policy?
The CFA Institute understands that candidates may face sudden problems like accidents, illness, or job loss. They created the deferral policy to help such students. But they also want to protect the exam system. That’s why they ask for valid documents and only allow one free deferral per reason.
You should apply for deferral only when you truly cannot appear for the exam. If you’re just unprepared, it’s better to appear and learn from the experience.
Valid Reasons for CFA Exam Deferral
The CFA Institute only allows deferrals for specific and serious reasons. You must show proper documents for the reason you give.
Common Reasons Accepted by CFA Institute
- Medical Emergency (Self or Family): If you fall sick or someone in your family is seriously unwell, you can request a deferral. You must submit a medical certificate with the doctor’s signature, diagnosis, and treatment dates.
- COVID-19 Positive Test: If you test positive for COVID-19 within 10 days of the exam, you can request a deferral. Upload a positive RT-PCR report with your name and date clearly shown.
- Death in Immediate Family: If someone from your immediate family (parents, siblings, spouse, child) dies before the exam, you can apply for a deferral. Attach the death certificate or hospital note.
- Military or Government Duty: If you are called for military or government duty that clashes with the exam, submit the official letter with the schedule.
- Natural Disaster or Travel Ban: If a natural disaster like a flood or earthquake affects your region or you face government-imposed travel restrictions, attach a government notice or news article as proof.
- Pregnancy or Childbirth: If you are pregnant or have recently delivered a baby, you can submit hospital or maternity documents to get a deferral.
- Job Loss or Unexpected Transfer: Some candidates who face sudden job loss or job transfer may be allowed to defer. However, you must provide a valid HR letter or notice.
Unacceptable Reasons for Deferral
- Not feeling prepared for the exam.
- Travel costs are too high.
- Unable to get leave from office (unless it’s last minute)
- I changed my mind about taking CFA
- Confusion about exam dates
You must give a strong reason supported by documents. The CFA Institute checks every request carefully before approving it.
How to Apply for CFA Exam Deferral
If you have a valid reason, you must apply as soon as possible. The earlier you use it, the better your chances of getting approval. Let’s go step-by-step through the application process of deferring the exams
Step-by-Step Deferral Process
- Log in to the CFA Institute Account
Go to the CFA Institute website and log in to your account.
- Visit the ‘My Enrollment’ Section
Under your profile, go to the enrollment section for the exam you registered for.
- Click on ‘Request Deferral’
You will see a deferral option if your exam is still upcoming.
- Fill out the Deferral Form
Enter your reason for deferral, upload supporting documents (PDF, JPG, or PNG), and add details like dates and doctor’s/hospital name.
- Submit the Request
After reviewing the details, click submit. You will receive an email confirmation.
- Wait for Response
The CFA Institute usually replies within 7–10 working days. If approved, your exam will be moved to the next available window.
Documents Required
Following are the documents that are required for filling out the application for CFA exam deferral:
| Reason | Documents Needed |
| Medical Issue | Doctor’s note, diagnosis, and medical report |
| COVID-19 Positive | RT-PCR result with name and date |
| Death in Family | Death certificate or hospital letter |
| Military Orders | Government-issued official duty notice |
| Travel Ban | Govt advisory, flight cancellation proof |
| Pregnancy | Maternity certificate or hospital record |
Always make sure your documents have your name, date, and valid authority signatures.
Rescheduling vs CFA Deferral Policy
Many students confuse rescheduling and deferral, but they are very different.
What Is Rescheduling?
Rescheduling means changing your exam date or exam center within the same exam window. You can do this before the rescheduling deadline by paying a small fee (usually USD 250).
You can reschedule if you want to take the exam a few days earlier or later, but not in another exam window.
What is Deferral?
Deferral moves your entire exam registration to a new exam window, such as from August to February. You need a valid reason and documents to request this.
| Aspect | Rescheduling | Deferral |
| Time Change | Within the same window | To a new exam window |
| Fee | USD 250 | Usually free if approved |
| Reason Needed | No | Yes (with documents) |
| Deadline | 30 days before exam | Can apply up to exam day |
Choose rescheduling if your problem is minor and temporary. Choose deferral only for big, serious reasons.
What Happens After a CFA Deferral Is Approved?
Once the CFA Institute approves your deferral, they will move your registration to the next available exam window. You don’t need to pay the registration fee again.
Your New Exam Schedule
You will receive an email with:
- Your new exam window
- Instructions to reschedule your date
- Links to update your test city and time
You must log in and choose a new date within the allowed window. If you miss it again, you may lose your registration.
What If Your Deferral Is Rejected?
If your deferral is not approved, you must appear for the exam or pay the full registration fee again if you miss it. So, constantly provide proof and apply early.
If you feel the rejection is wrong, you can appeal by replying to the email with more documents or a stronger explanation.
Tips to Avoid Issues with CFA Deferral Policy
Follow these tips to avoid confusion or last-minute panic about exam deferral:
- Plan your exam dates carefully while registering
- Avoid scheduling exams during busy office or exam periods.
- Keep medical and emergency documents ready in advance if needed.
- Don’t wait until the last day to apply for deferral.
- Read official CFA policies before applying.
Only apply for deferral if your situation is serious and unavoidable.
CFA Deferral Policy FAQs
1. Can I defer my CFA exam for any reason?
No, you can only defer your exam if you have a valid reason, such as illness, family death, pregnancy, or a government order. CFA Institute needs proof for approval.
2. Is the CFA deferral policy free?
Yes, if your request is approved, you don’t need to pay any extra fee. But if you miss the exam without approval, you lose the registration.
3. How long does CFA deferral approval take?
It usually takes 7–10 working days for the CFA Institute to reply after you submit the deferral request and documents.
4. Can I defer my CFA exam twice?
CFA Institute allows only one deferral per approved reason. Repeated deferrals are not permitted without strong new proof.
5. Can I cancel my CFA registration and get a refund?
CFA Institute does not offer refunds after the registration deadline. You can only defer to a future window if your reason qualifies.
