CFA Exam Deferral Policy 2027: New Rules, Fees, Emergency Deferral & What Candidates Need to Know

The CFA exam deferral policy is changing significantly for candidates appearing in the February 2027 exam cycle and later. The general paid-deferral option will no longer be available, meaning candidates who choose not to sit for their scheduled exam will forfeit their registration fee and need to register again for a future exam at the applicable registration rate.

This change does not eliminate every form of deferral. Emergency deferrals remain available for specified circumstances, while candidates can still change their appointment within the same exam window through the rescheduling process. For candidates preparing for the CFA Program, PW supports exam preparation through its CFA Online Batches 2026-27, with live classes, DPPs, practice tests and experienced faculty guidance.

CFA Exam Deferral Policy 2027: What Is Changing?

CFA Institute has announced that the paid deferral option will be eliminated beginning with the February 2027 CFA Program exam cycle. The new policy applies to exams scheduled for February 2027 and beyond.

Under the new policy, candidates who decide not to sit for their scheduled exam will forfeit their registration fee and must register again for a subsequent exam at the available registration rate. Candidates therefore cannot use a general paid deferral simply because they are not ready to take the exam or want to postpone it for a non-qualifying reason.

The previous paid-deferral rules continue to apply to eligible exam windows before February 2027, subject to the applicable deadline and requirements.

CFA Paid Deferral: What Was the Previous Policy?

Under the previous policy, eligible candidates registered for a 2026 CFA exam could purchase a paid deferral before the applicable deadline. CFA Institute lists the paid-deferral fee as USD 449, with the option allowing an eligible candidate to postpone the exam for up to 12 months depending on the exam level and available testing windows.

The paid-deferral system was introduced during the COVID-19 pandemic. CFA Institute explains that test-centre cancellations, travel restrictions, changing country restrictions and increased emergency-deferral requests created difficulties for candidates during that period.

According to CFA Institute, the testing environment has since become more stable, with more test centres, greater scheduling options and expanded exam cycles. These changes are among the reasons given for removing the paid-deferral option.

Why Is CFA Institute Removing Paid Deferrals?

CFA Institute has provided several reasons for the change in its CFA deferral policy 2027.

First, the organisation says that the global testing environment has normalised since the COVID-19 pandemic. Candidates now have access to expanded testing and scheduling options.

Second, CFA Institute reports a historical difference in results between candidates who defer and those taking the exam for the first time. It states that candidates who defer have recorded lower pass rates, with the deferring group having recorded pass rates as low as 20%.

This does not mean that deferring automatically causes a candidate to fail. The pass-rate observation is a historical pattern reported by CFA Institute and should not be treated as proof that deferral itself determines exam performance.

What Happens If You Miss the CFA Exam From February 2027?

For exams from February 2027 onward, you should not expect to pay a deferral fee and move your registration to the next testing window.

If you choose not to sit for the scheduled exam, the registration fee will be forfeited and the you will need to register again for a future exam at the applicable registration rate.

You should therefore consider your preparation timeline carefully before registering for an exam window. Missing an exam is different from changing an appointment within the same testing window.

CFA Exam Deferral vs CFA Exam Rescheduling

CFA exam deferral and exam rescheduling are different processes.

For example :  moving from an August exam window to a November exam window involves moving to a different testing window and is not the same as changing an August appointment to another available August date. CFA Institute currently charges a USD 250 non-refundable fee plus applicable taxes for rescheduling within the same exam window.

CFA Emergency Deferral Policy

The removal of paid deferrals does not mean that emergency deferrals have been discontinued. CFA Institute continues to provide an emergency-deferral process for specified circumstances, subject to eligibility, deadlines and approval.

The circumstances covered by the current policy include:

• Life-threatening illness affecting the candidate or an immediate family member

• Death of an immediate family member

• Mandatory military deployment of the candidate during the exam window

• Certain Prometric-related rescheduling situations

CFA Institute currently lists a USD 100 processing fee for approved emergency-deferral requests, except where the exam is rescheduled by Prometric.

An emergency deferral is not automatic. Candidates must meet the applicable criteria and follow the required process within the relevant deadline.

CFA Exam Deferral for Pregnancy

The treatment of pregnancy changes under the new policy.

CFA Institute's March 2026 announcement states that pregnancy will no longer qualify as an emergency-deferral reason beginning with the February 2027 exam cycle, except in cases involving life-threatening complications.

CFA Institute has also stated that it can assist pregnant candidates who may need special arrangements on exam day. Therefore, pregnancy should not be described as being completely excluded from all forms of exam-related support.

Candidates appearing in an earlier exam window should follow the policy applicable to that specific window.

CFA Exam Deferral for Bereavement

The death of an immediate family member is listed as an emergency-deferral circumstance. Candidates experiencing such a situation must use the applicable emergency-deferral process and meet CFA Institute's requirements.

This provision does not mean that every personal loss automatically qualifies. The circumstances must fall within the policy, and the request remains subject to CFA Institute's review and requirements.

CFA Exam Deferral for Military Deployment

Mandatory military deployment during the exam window is another circumstance covered under the emergency-deferral policy for the candidate.

Candidates in this situation need to follow CFA Institute's emergency-deferral procedure and provide any information or documentation required as part of the request.

CFA Exam Deferral Due to Prometric Rescheduling

A Prometric-related situation may qualify for an emergency deferral under specific conditions.

CFA Institute states that a candidate may qualify where the exam is rescheduled by Prometric within 30 days of the exam-window start date and, after contacting Prometric, the candidate cannot find another acceptable appointment date.

A routine appointment change by Prometric does not automatically mean that the candidate qualifies for a deferral. The specific conditions in the policy must be met.

What Happens If You Do Not Schedule or Miss the CFA Exam?

If you are responsible for scheduling your exam appointment by the published deadline. CFA Institute states that exam appointments are subject to availability and are processed on a first-come, first-served basis.

If you do not schedule an appointment or does not sit for the exam, the applicable exam fees can be non-refundable, non-deferrable and non-transferable, subject to the relevant policies.

For February 2027 and later exams, candidates who choose not to sit for their scheduled exam will need to register again for a future exam rather than using the former paid-deferral option.

Can You Change Your CFA Exam Date?

Yes, you can currently change your appointment within the same exam window, subject to appointment availability and the applicable deadline.

CFA Institute lists a USD 250 non-refundable rescheduling fee plus applicable taxes for this type of appointment change. The fee applies when you need to reschedule an exam appointment within the same testing window.

This option cannot be used to move an exam from one testing window to another.

Can You Change Your CFA Exam City?

You can select from available testing-centre appointments when scheduling your exam. Test-centre availability varies, and CFA Institute states that seating is limited.

If you need to change an appointment within the same exam window, the applicable USD 250 rescheduling fee plus taxes applies. A city change should therefore not be treated as a separate free option when it requires changing the scheduled appointment.

CFA Exam Deferral Fees: 2026 vs 2027

Different fees apply to different processes, so candidates should not use the terms deferral fee and rescheduling fee interchangeably.

The exact deadline and eligibility conditions depend on the exam window and type of request. Candidates should verify the applicable CFA Institute policy before taking action.

What Should CFA Candidates Do Before Registering?

The policy change makes advance planning more important for candidates registering for February 2027 and later exams. You can:

1. Review the available CFA exam windows before registering.

2. Assess whether their preparation timeline fits the selected window.

3. Schedule the exam appointment before the applicable deadline.

4. Leave sufficient time for revision and mock tests.

5. Understand the difference between moving to another testing window and changing an appointment within the same window.

6. Review the emergency-deferral conditions so they know which circumstances may qualify.

7. Keep track of the relevant registration, scheduling and rescheduling deadlines.

These steps can help you make an informed registration decision, but you do not guarantee an exam result.

With the paid-deferral option ending for February 2027 and later exam cycles, selecting a suitable exam window and planning preparation in advance becomes especially important. 

PW CFA Online Batches 2026-27 support candidates with live classes, DPPs, practice tests, experienced faculty guidance and CFA examination preparation support. Candidates preparing for the CFA can use these resources to build their study schedule and practise before their selected exam window.