When you’re gearing up to take one of the most challenging exams in the financial world, the Chartered Financial Analyst® (CFA®) exam, the last thing you want to worry about is the need to defer.
However, life happens.
Sometimes, a scheduled exam appointment must be postponed. The CFA® Institute provides options for candidates to defer their exams under certain circumstances, but the process can be as complex.
I’ll dive deep into everything you need to know about CFA® deferral, including the types of deferrals available, how to submit a deferral request, and what it means for your exam registration fees.
Key Takeaways
- Paid vs. Emergency Deferrals: Understand the differences between paid and emergency deferrals to choose the right option.
- Deferral Request Window: Keep track of the deferral request window to avoid missing important deadlines.
- Documentation Submission: Ensure all CFA® required documentation is submitted to support your emergency deferral request.
- Additional Costs: Be prepared for additional costs, as registration fees are generally non-refundable.
- Stay Informed: Stay informed about your new exam date and testing window to adjust your preparation accordingly.
Understanding CFA® Deferral
The CFA® exam is not just another test; it’s a rigorous, multi-level exam that requires a significant investment of time, money, and effort. Naturally, many candidates meticulously plan their study schedules around their CFA® exam dates. However, unforeseen circumstances can arise, making it necessary for some candidates to defer their exams to a future testing window.
The CFA® Institute offers two main types of deferrals: paid deferrals and emergency deferrals. Each has specific conditions and implications, and understanding these is crucial for any candidate considering deferral.
Paid Deferral: The Basics
A paid deferral allows candidates to defer their exam to another exam window for any reason. This option is particularly useful if you find that your current exam window isn’t as convenient as initially thought or if your preparation isn’t where it needs to be. However, this option comes with a fee known as the CFA® exam rescheduling fee.
Key Points of Paid Deferral
- Only one paid deferral is allowed per exam cycle.
- Currently, it costs $399.
- The registration fee is non-refundable and non-transferable, meaning it won’t be applied to your new registration.
- You must choose a new acceptable appointment date within the next available testing window.
- The deferral request must be submitted within the deferral request window specified by the CFA® Institute.
Emergency Deferral: When Life Gets in the Way
An emergency deferral is available for candidates who face serious, unexpected situations that prevent them from attending their scheduled exam. This type of deferral is provided on a case-by-case basis and requires proper documentation to be considered.
Situations Eligible for Emergency Deferral
- Mandatory military deployment or service
- Life-threatening illness of the candidate or an immediate family member
- The death of an immediate family member
- Mandatory military service obligations
How to Apply for Emergency Deferral
- Contact CFA® Institute as soon as possible if you are unable to attend your scheduled CFA® exam due to an emergency.
- Provide proper documentation to support your emergency deferral request. This could include medical records, military orders, or death certificates.
- Wait for approval. If approved, the CFA® Institute will work with you to find a new acceptable appointment date within a future exam window.
How to Submit a Deferral Request
Whether you’re opting for a paid deferral or an emergency deferral, the process generally involves the following steps:
- Log into your CFA® Institute account.
- Navigate to the exam deferral section and choose the type of deferral you’re applying for.
- If you’re applying for a paid deferral, you’ll need to pay the CFA® exam rescheduling fee.
- If you’re applying for an emergency deferral, you’ll need to upload the necessary documentation.
- Submit your deferral request.
The CFA® Institute typically reviews deferral requests promptly, but it’s crucial to submit everything within the specified deferral window.
Impact of Deferral on CFA® Exam Registration Fees
Deferring your CFA® exam doesn’t come without financial implications. The exam registration fee you initially paid won’t be refunded or carried over to your new exam window. This fee is separate from the CFA® exam rescheduling fee you pay for a paid deferral. In essence, deferring your exam may mean paying more overall than if you had taken it as originally scheduled.
What Happens to Your Exam Fees?
- Paid deferral: You pay a CFA® exam rescheduling fee, and your original registration fee is not refunded.
- Emergency deferral: No additional fee is required, but your original registration fee is still non-refundable. However, the CFA® Institute may allow you to re-register without paying another full registration fee.
Rescheduling by Prometric
In some cases, Prometric, the company that administers the CFA® exam, may need to reschedule your exam due to unforeseen circumstances at the testing centers. If your exam is rescheduled by Prometric, you are typically given a few options:
- Accept the new date provided by Prometric.
- Choose another exam window if the new date is not acceptable.
- Contact CFA® Institute for further guidance if you are unable to attend on the new date.
If Prometric reschedules your exam, you should immediately check the details to ensure the new date fits within your schedule. If not, it may be necessary to explore a paid deferral or emergency deferral, depending on your circumstances.
Deferral Policy Specifics and Conditions
The CFA® Institute’s deferral policy is designed to be fair but firm. For a deferral to be considered, especially in emergency cases, the Institute requires that the circumstances preventing you from taking the exam are beyond your control and cannot be anticipated.
Considerations for Future Exams
Deferring your exam means you’ll need to consider how to best prepare for the new exam date. It also means aligning your study schedule with a new testing window. Keep in mind that the CFA® exam is offered in specific windows throughout the year, and you’ll need to re-register for the new exam window.
Preparing for a Future Exam
- Adjust your study plan to align with the new exam date.
- Stay updated on any changes to the CFA® exam content, format, or policies.
- Ensure that the new exam date fits well within your professional and personal life, avoiding the need for another deferral.
Documentation Requirements
For emergency deferrals, the documentation you provide is critical. The CFA® Institute requires clear evidence that justifies your need to defer. This could be a doctor’s note for a medical emergency, military deployment orders, or a death certificate in the case of a family member’s death.
Special Cases: Military Service and Life-Threatening Illness
Two of the most commonly approved reasons for emergency deferrals are mandatory military deployment and life-threatening illness. If you are called to military service, you’ll need to submit your deployment orders. If you or an immediate family member faces a life-threatening illness, medical documentation will be required.
Scheduling a New CFA® Exam
Once your deferral is approved, you must schedule your exam for a new date. This new date must be within the same exam window or the next available one. You can do this through your CFA® Institute account or by contacting Prometric if you encounter any scheduling issues.
What Happens if You Miss the Deferral Window?
Missing the deferral request window can be costly. If you don’t request a deferral within the allotted time, you may have to take the exam on your scheduled date or forfeit your registration fee. It’s crucial to keep track of all deadlines and submit your deferral request when you realize you cannot make your scheduled exam.
Conclusion
Deferring your CFA® exam is a significant decision that should not be taken lightly. Whether you opt for a paid deferral due to personal reasons or an emergency deferral due to unforeseen circumstances, understanding the CFA® Institute’s deferral policy is essential. Remember the financial implications, the necessity of proper documentation, and the importance of submitting your deferral request within the designated window.
With careful planning and prompt action, you can navigate the deferral process effectively and ensure that you are fully prepared when your new exam date arrives. The CFA® journey is long and demanding, but with the right approach, you can overcome any obstacles that come your way.
By following these guidelines, CFA® candidates can better manage the complexities of deferring their exams, ensuring that they remain on track to achieving their professional goals despite unexpected challenges.
FAQ
You can defer your CFA® exam only once per exam cycle through a paid deferral. Emergency deferrals are granted on a case-by-case basis. You should consider if you still want to get a CFA® if you keep deferring your exams.
The 6-month rule refers to the minimum time required between two exam attempts. You must wait at least six months before retaking the same level of the CFA® exam.
Yes, you can reschedule your CFA® exam for next year through a paid deferral or, if approved, for an emergency deferral, but additional fees may apply.
If you miss your CFA® exam without an approved deferral, you forfeit your registration fee and must re-register and pay for a future exam window.
To apply for a CFA® exam deferral, log into your CFA® Institute account, select the deferral option, and submit the required documentation and fees within the deferral request window.
To postpone your CFA® exam, you can request a deferral through the CFA® Institute. There are paid deferrals for any reason and emergency deferrals for serious, unexpected situations. Submit your request through your CFA® Institute account, and emergency deferrals will require supporting documentation.
