Unveiling CFA® Exam Rules for Refund, Deferral & Exam Taking
- Many Policies Govern CFA Exam
- Is Passport Required for CFA Exam Registration?
- CFA Exam Refund: Is Registration Fee Refundable?
- Defer CFA Exam: Emergency Deferral
- Defer CFA Exam: Paid Deferral
- CFA Exam Calculator Policy
- What the CFA Exam Day Looks Like?
- Post-Exam Policies
Many Policies Govern CFA Exam
The CFA exam is regulated by numerous policies, such as the identification (passport) policy, calculator policy, deferral policy, or personal belongings policy. You must know them all or else you may cause yourself lots of trouble, including suspension from the CFA Program, termination of your participation, or invalidation of your exam results.
Below, we give you the gist of CFA exam rules and regulations governing both CFA exam registration and the CFA exam itself, all levels. These are the very basics you really need to know!
Is Passport Required for CFA Exam Registration?
To register for the CFA exam, you must have a valid international travel passport. If your passport has expired, you can use it to register but it must be updated before the exam.
When you update your passport, you must update the required data in your CFA Institute account as well. Note that it's also important that your name as stated in your passport exactly matches your name as given in your CFA Institute account. Otherwise, you won’t be allowed to take your exam and you will forfeit your fees.
CFA Exam Refund: Is Registration Fee Refundable?
Limited CFA Exam Refund
A full refund of the initial CFA exam fee payment that you make while registering for the CFA exam is possible within 14 days of payment (11:59 PM ET). Otherwise, there is no refund and you forfeit your fees if you want to back out of the CFA Program. The refund concerns only your initial registration fee, i.e., the registration fee (early or standard) + the enrollment fee if applicable. The refund does not include the CFA exam rescheduling fee paid to defer the exam even if it was postponed by CFA Institute.
After these two weeks, your CFA exam registration fee is non-refundable.
Defer CFA Exam: Emergency vs Purchased
CFA Exam Emergency Deferral
You may submit a request for an emergency deferral of your CFA exam only in special circumstances, such as a death in your immediate* family or a serious illness. As of 2025, emergency deferral is charged USD 100. This is a processing fee that covers the administrative costs associated with canceling your registration.
If you wonder when to submit your deferral request, best do it before your CFA exam window closes. If for some reason you cannot do that, check the CFA Institute's website for the exact emergency deferral deadline. The deadline is often a couple of days longer than the close of the exam window.
CFA exam emergency deferral requests are considered on a case-by-case basis and may be refused, especially if not properly documented. However, if approved – you will have 7 days to submit the USD 100 processing fee. Once you pay the processing fee, your registration and scheduled appointment will be cancelled immediately. Importantly, if you fail to pay within the deadline, your deferral will be voided.
After a successful deferral, you'll have up to 12 months to defer your CFA exam appointment, depending on your exam level (published registration and scheduling deadlines apply).
Among the special circumstances that entitle you to free emergency deferral, you'll find:
- life-threatening illness (candidate or immediate* family member)
- death of a candidate’s immediate* family member
- mandatory military deployment (candidate only) during the exam window
- pregnancy (candidate only)
- rescheduled exam by Prometric** within 30 days of the start of the exam window and after contacting Prometric, you are unable to find a new acceptable appointment date
* Immediate family is defined for emergency deferral as your spouse/domestic partner, child, parent, or sibling (grandparents are excluded).
** There's no USD 100 processing fee if your emergency deferral is due to Prometric as stated above.
When requesting your emergency deferral, you need to have proof to support your request. If your emergency deferral request is denied, you may choose to purchase your deferral.
Paid Deferral for CFA Candidates
If you register for your CFA exam and you wish to defer your exam date but you're not eligible for a refund or an emergency deferral – there's this new paid deferral that you can use. The deferral fee is USD 449 and you can use this option only once per one paid registration.
The save deadline to purchase your CFA deferral is before your exam window closes. You may also check CFA Institute's website for the exact paid deferral deadline, which often happens to be a bit longer than the exam window.
Paid CFA exam deferral gives you the right to postpone your exam appointment for up to 12 months according to new registration & scheduling deadlines. Once you purchase the deferral, your registration and scheduled appointment will be canceled immediately. Your decision is binding and cannot be revoked.
Throughout your deferral period, both paid and emergency, you'll have access to your online CFA exam syllabus and be updated in case your new CFA exam has a new curriculum.
CFA Exam Calculator Policy
When you register for your CFA exam, you need to decide what calculator to use while preparing for your exam. There's a special calculator policy that specifies what kind of financial calculator is acceptable. Mind that you must have your own calculator during the exam and it must be an approved one. There are 2 types of calculators authorized by CFA Institute:
- Texas Instruments BA II Plus (including BA II Plus Professional),
- Hewlett Packard 12C (including HP 12C Platinum, 12C Platinum 25th anniversary edition, 12C 30th anniversary edition, HP 12C Prestige).
When choosing your CFA exam calculator, make no mistake and choose one of the above-mentioned.
What the CFA Exam Day Looks Like?
CFA Program policies that regulate the exam day itself are really copious. They include the identification policy, admission policy, or personal belongings policy. You can find the most important bits of these CFA exam rules below.
The CFA exam consists of two 135-minute sessions for level 1 and two 132-minute sessions for level 2 and level 3. There's an optional break meanwhile. You must sit for both of the sessions:
| CFA EXAM DAY | |
|---|---|
| SESSION 1 | SESSION 2 |
| allow for 30 minutes of check-in procedures | 30 minutes of an optional break between the sessions |
| 135 (L1) or 132 minutes | 135 (L1) or 132 minutes |
| LEVEL 1: 90 multiple-choice questions | LEVEL 1: 90 multiple-choice questions |
| LEVEL 2: 44 item sets | LEVEL 2: 44 item sets |
| LEVEL 3: 6 essay sets + 5 item sets | LEVEL 3: 5 essay sets + 6 item sets |
* More details about the CFA exam format.
When organizing your exam day, allow for the check-in procedures. Best arrive at least half an hour before your scheduled exam appointment. You must bring your valid international travel passport, which will enable identity verification.
Remember that your passport has to be an up-to-date original document issued by your country and certifying your identity. The information stated on your passport must exactly match the information given in your CFA Institute account or you will not be admitted into the testing room.
For some time now, there's no admit card/admission ticket on the what-to-bring to CFA exam checklist. Your valid passport is the only document required.
Note that if you are late for your exam, you may not be admitted to the testing room. If you are refused admission, you forfeit your exam fees.
Before you are allowed into the testing room, there'll be a visual inspection of your person and your personal belongings such as your eyeglasses, calculator, or clothing. Also, a metal detector may be used to ensure you are not carrying electronic devices into the testing room.
In the past, CFA candidates needed to remember to bring their No. 2 or HB pencils to the exam. Now, for the computer-based CFA exam, no writing tools are allowed in the testing room. Instead, you will be provided with scratch paper or an erasable writing tablet or whiteboard for use for your notes during your exam. You mustn't carry out any exam information or notes from the testing room.
Throughout your CFA exam, you must keep your personal items such as your calculator or keystroke card on your desk, in full view. In fact, you are encouraged to bring as few things as possible on your exam day and leave all unnecessary belongings at home or in the car. You will be required to place all your personal items that are prohibited from the testing room, such as a snack, wallet, or jewelry, in a secure designated locker.
KEY CFA EXAM DAY RULES:
- Take your valid passport with you 'cos it is indispensable for identification purposes.
- Arrive at least 30 minutes before your exam to allow for the check-in procedures required by your test center.
- Bring as few items as possible. Here's a complete CFA exam checklist .
Importantly, you may bring a bottle of water into a testing room if you take your CFA exam in 2025. The May 2023 CFA exam was the first CBT-format CFA exam when candidates were allowed to bring a bottle of water to the exam. The bottle (container) must be transparent and it needs to have a lid or cap to keep the bottle closed when not in use. The bottle will be inspected before you are admitted to the testing room.
Last but not least, as soon as you know all about the CFA exam day policies, you may also find out about the CFA exam day experience as shared by our users. That can surely be helpful!
Remember Standard VII (A): Conduct as Members and Candidates in the CFA Program of CFA Institute Code and Standards? Check also there for useful information or watch our free video inside your free study plan.
Post-Exam Policies
After you take your CFA exam, do not brag or complain about what was in the test you just took. You must not reveal any specific contents of the exam, or else you may end up being punished.
There is a list of sanctions CFA Institute may use in case a candidate violates any of the CFA Program policies.
There are also regulations set for the CFA designation itself. As a CFA charterholder, you must obey certain rules concerning the way you use your title or talk about your designation.
Remember Standard VII (B): Reference to CFA Institute, the CFA Designation, and the CFA Program of CFA Institute Code and Standards? Check also there for useful information or watch our free video inside your free study plan.
The above is a short and selective summary of CFA Program policies. We strongly encourage you to read all the terms and conditions governing the CFA exam and provided by CFA Institute. It is worth the time as it educates you about all effective regulations and keeps you away from any violation.
HOW ELSE DO WE HELP? HERE’S OUR STUDY PLANNER
Read Also:
- CFA Exam Day Checklist
- Level 1 CFA Exam Review Materials
- CFA Exam from Registration to Results
- When to Start Prep for CFA Exam?
- HOW to SUCCEED in EXAM?