If you are about to register for a CFA exam in February or May 2027, one change matters before you pay: from the February 2027 exam cycles, CFA Institute no longer offers paid deferrals. If you do not sit your scheduled exam, you forfeit your registration fee and must re-register — and pay again — for a later window.
What changes, and from when
CFA Institute announced on 5 March 2026 that, for CFA Program exams from February 2027 onward:
- Paid deferrals end. Candidates who choose not to sit forfeit their fees and re-register at the rate available for a subsequent exam.
- Pregnancy is removed as a ground for emergency deferral, except for life-threatening complications. CFA Institute says it can help pregnant candidates with special arrangements on exam day.
- Earlier exams keep the old rules. Candidates registered for a 2026 exam can still buy a USD 449 deferral before the paid deferral deadline. 2027 exams opened for registration on 5 May 2026 without that option.
Why CFA Institute made the change
Paid deferrals were introduced during COVID-19, when test centre closures made case-by-case decisions unworkable. CFA Institute says testing has since normalised, with more scheduling options, more centres and more windows — and its data consistently shows deferred candidates passing at significantly lower rates.
| Level I window | First-time | Deferred at least once |
|---|---|---|
| May 2026 | 45% | 25% |
| August 2026 | 49% | 29% |
CFA Institute also estimates that a deferral means roughly another 300 study hours to get back up to speed. Deferring rarely buys time; it mostly moves the starting line.
Choosing a window when there is no way back
Exams run four times a year, usually in February, May, August and November; check each window's dates and fees in CFA Institute's Dates & Fees tool. Keep these rules in mind:
- At most two attempts per calendar year, never in consecutive windows or less than six months apart, and six attempts per level.
- Fees depend on whether you register in the Early or Standard period; CFA Institute puts the total exam cost for all three levels at USD 3,520–4,570.
- Registration opens at 9:00 AM and closes at 11:59 PM US Eastern Time.
- Rescheduling within your window costs USD 250 if Prometric has seats; a missed appointment you cannot reschedule means a forfeited fee.
The practical rule: count back from the exam date, subtract the weeks you already know will be busy, and check whether the remaining hours are enough. If they are not, choose the later window at registration — not three weeks before the exam.
Pacing by weeks remaining
Using roughly 300 hours for Level I as a planning figure (Clever Academy's suggestion, not a CFA rule): 24+ weeks means about 12–13 hours a week, which suits most full-time workers; 16–23 weeks needs 13–19; 10–15 weeks needs 20–30 and only suits candidates who have already covered part of the curriculum; under 10 weeks, beginners should pick the next window. Save the final two to three weeks for full mock exams.
Emergencies that are still considered
Under the current policy page, CFA Institute considers emergency deferrals for a life-threatening illness of the candidate or an immediate family member, the death of an immediate family member, mandatory military deployment during the window, or a Prometric reschedule within 30 days of the window opening with no acceptable alternative. From February 2027, pregnancy qualifies only with life-threatening complications. Approved emergency deferrals carry a USD 100 processing fee, except for Prometric reschedules.
Sources
- CFA Institute will change its deferral policies beginning with the 2027 exam administrations — CFA Institute, 5 March 2026
- CFA Program Deferral Policy — CFA Institute
- CFA Exam Eligibility Policy — CFA Institute
- CFA exam dates & fees — CFA Institute
- CFA Level I results, August 2026 — CFA Institute, 24 September 2026
Policies, fees and pass rates come from CFA Institute pages, checked on 25 September 2026. The pacing guide is Clever Academy's suggestion.