Life happens—and sometimes that means you need to change your CFA® exam date. Whether it’s due to illness, a work conflict, or simply feeling unprepared, understanding the CFA Program deferral policy can help you make a smart decision for your studies and finances. But deferring isn’t always the best move. There are trade-offs to consider before postponing your exam appointment.
For example, Level I candidates had an average pass rate of 52% in 2025, but candidates with one or more deferrals had a much more dismal pass rate at just 28% (nearly half the number of successful attempts).
This guide breaks down how deferrals work, how to submit a CFA® deferral request, and when it makes sense to reschedule, defer, or cancel your exam altogether.
Key Takeaways
- Deferrals Postpone Your Exam: You can move your exam appointment to a future testing window, either through a paid or emergency deferral.
- Emergency vs. Paid: Emergency deferrals apply to serious situations like illness or family emergencies, while paid deferrals offer flexibility for any reason.
- Deferring Has Trade-Offs: Pass rates are lower for candidates who defer, and you’ll likely need to rebuild your study momentum from scratch.
- Rescheduling Isn’t Deferring: Rescheduling keeps you in the same exam window, while deferrals push you to a later one—potentially up to a year.
- Deadlines Are Critical: Missing the scheduling deadline or waiting too long to act can limit your options and delay your progress.
What Is a CFA® Exam Deferral?
A deferral allows registered candidates to postpone their scheduled exam to a future testing window. Instead of sitting for the test as planned, you can move your exam appointment to a later date, usually within the next 12 months.
Deferrals fall into two main categories: paid deferrals and emergency deferrals. Both are subject to the CFA Institute’s deferral policy, but the eligibility criteria and costs differ.
Paid Deferral
A paid deferral lets you postpone your exam for any reason, as long as you request it by the deadline. Candidates may defer their scheduled exam up to 12 months, depending on their level and exam window availability.
You can request a paid deferral:
- Up to 24 hours before your scheduled exam appointment, or
- Within 24 hours after the appointment has passed, or
- If you never scheduled, up to three days after the close of the exam window.
Only one paid deferral is allowed per exam cycle. If you need to defer again, you’ll have to register and pay exam fees for a new exam window.
Emergency Deferral
An emergency deferral applies to serious, unforeseen events. According to the CFA® deferral policy, eligible circumstances include:
- Life-threatening illness (candidate or immediate family member)
- Death of an immediate family member
- Mandatory military deployment during the exam window
- Pregnancy (limited to one per level)
- When CFA Institute cancels or Prometric reschedules your exam within 30 days of the window, and you can’t find a new acceptable appointment date
Emergency deferrals require documentation and are reviewed on a case-by-case basis. Contact CFA Institute as soon as possible through your CFA Institute account to start the process. Approved requests do have a processing fee if they aren’t rescheduled through Prometric, so keep that in mind when submitting your request.
How to Request a Deferral For Your Exam Appointment
The process is straightforward, but deadlines are strict:
- Log in to your CFA Institute account.
- Select your scheduled exam appointment.
- Choose the appropriate deferral option—paid or emergency.
- Submit required documentation (for emergency deferrals).
- Wait for confirmation of your new exam window.
If approved, you’ll receive instructions on selecting a new acceptable appointment date within your assigned future window.
Deferral vs. Rescheduling vs. Cancellation
Before you hit “defer,” it’s worth understanding your other options:
- Rescheduling means changing your exam appointment to another day, time, or CFA® exam location within the same exam window. There’s a CFA® exam rescheduling fee, and you must make the change before the registration deadline.
- Deferring moves you to a future exam, potentially up to a year away.
- Canceling is only possible if you’re within the refund period—14 calendar days after payment of your exam registration fee. After that, fees are non-refundable.
Key difference: Rescheduling keeps you in the same window. Deferring moves you to a future one.
The Trade-Offs of Deferring
Deferring might feel like buying time, but it comes with real consequences. Historically, CFA® candidates who defer have significantly lower pass rates on their next attempt—sometimes as low as 20%.
Here’s why:
- You lose study momentum. A deferral often means restarting your entire prep cycle. That can mean 300+ hours, 1,000 practice questions, and multiple mock exams all over again.
- Curriculum changes can add pressure. Deferring to a new calendar year can mean a different CFA® Program title curriculum, forcing you to relearn material.
- There are extra costs. Beyond the deferral fee, you’re adding time and potentially delaying career milestones like becoming a CFA® charterholder.
When It Makes Sense to Stay the Course
There are strong reasons to keep your exam appointment and sit for the test as planned:
- You still have time to improve. A few focused weeks of targeted study, mock exams, and topic drills can make a real difference.
- You’ve built momentum. Months of preparation put you in a rhythm that’s hard to replicate later.
- You’ll gain live exam experience. Even if you don’t pass, you’ll get a score report and invaluable real-world practice under exam conditions.
In most cases, staying the course is the better move—unless you’re facing a true emergency.
How to Decide: Reschedule, Defer, or Cancel
- Choose Reschedule: When your conflict is temporary (e.g., a work trip) and you can take the exam within the same exam window.
- Choose Deferral: When an unavoidable situation (illness, family emergency) prevents you from sitting, or you need significant extra time to prepare.
- Choose Cancellation: Only if you’re within the refund period after paying your exam registration fee.
Final Thoughts
The CFA® deferral policy is designed to offer flexibility—but it shouldn’t be your default backup plan. For most candidates, keeping their original exam date is the smartest choice. Deferring means lost momentum, extra costs, and potentially lower pass rates in the future exam.
If you truly need to defer, follow the steps carefully, keep deadlines in mind, and use your extra time strategically so you return stronger.
FAQs
Yes. Registered candidates can defer their exam to a future exam window through either a paid deferral (for any reason) or an emergency deferral (for qualifying events like illness or family emergencies).
Once you submit a CFA® deferral request through your CFA Institute account, processing typically takes several business days. Emergency deferrals may take longer if additional documentation is required.
A paid deferral requires a separate fee, while emergency deferrals may involve a smaller processing fee. Exact amounts vary, but must be paid before your new exam window is confirmed.
Not necessarily. While 60% has historically been cited as a rough benchmark, the actual passing score is set after each exam administration. It’s best to aim comfortably above that range to be competitive.
If you miss the scheduling deadline, you can’t take the exam, and your exam fees are forfeited. You’ll need to register again for a future window to continue.
