Key facts
- From the February 2027 exams, paid deferrals to a later window are no longer offered; only qualifying emergency deferrals remain (check the official website).
- An emergency deferral is possible only for a qualifying emergency – a life-threatening illness of the candidate or an immediate family member, the death of an immediate family member, mandatory military deployment during the exam window, or certain cases in which the test-centre provider moves your appointment; from 2027, pregnancy qualifies only with life-threatening complications (check the official website); a granted one costs US$100 (check the official website).
- In each Level I window from February 2024 to August 2026, first-time testers passed at a rate 20 to 26 points higher than candidates who had deferred – 49% (check the official website) against 29% (check the official website) in August 2026.
- If you miss your exam without a granted deferral, the registration fee is forfeited – it is non-refundable and non-transferable, there is no make-up date, and you register again for a later window (check the official website).
- The standard registration deadline of the next window falls 12 days before the February and May 2027 windows open (our calculation).
For Level I of the CFA® Program, there is no paid way out from the February 2027 exams: paid deferrals to a later window are no longer offered; only qualifying emergency deferrals remain (check the official website). The real choice is to sit as booked, move your appointment within the window, ask for an emergency deferral if you qualify, or not sit and register again. Candidates who had deferred have passed far less often than first-time testers – in August 2026, 29% (check the official website) against 49% (check the official website). (PW, deferral policy 2027 (secondary source)) (300Hours, cohort pass rates (secondary source))
If you are reading this a few weeks before your window, you are probably behind your plan and wondering whether it is worth turning up at all. That is a common and uncomfortable place to be, and it deserves a calm decision rather than a late-night one. This page puts the rules and the published figures side by side, offers a quick check of how far behind you really are, and ends with a plan for the weeks you have left. The program and its rules are set by CFA Institute (CFA Institute, dates and fees).
What are your options from 2027?
| Option | What the rules say | What it costs |
|---|---|---|
| Sit as booked | Uses one attempt – you have up to six attempts at each level (check the official website); after a fail, the rule is a gap of at least six months between two attempts at the same level (check the official website) | Nothing extra |
| Move the appointment within your window | Another day in the same window – it buys days, not months | US$250 (check the official website) |
| Emergency deferral | only for a qualifying emergency – a life-threatening illness of the candidate or an immediate family member, the death of an immediate family member, mandatory military deployment during the exam window, or certain cases in which the test-centre provider moves your appointment; from 2027, pregnancy qualifies only with life-threatening complications (check the official website) | US$100 (check the official website) if granted |
| Not sitting | Without a granted deferral, the registration fee is forfeited – it is non-refundable and non-transferable, there is no make-up date, and you register again for a later window (check the official website) | A new registration: US$1,140 (check the official website) early or US$1,490 (check the official website) standard |
Not feeling ready is not an emergency under these rules: a general deferral is no longer available simply because a candidate is not ready (PW, deferral policy 2027 (secondary source)). An emergency deferral has to be requested and granted: requests are reviewed case by case, can be refused without documents and are normally due before the window closes (Soleadea, exam rules (secondary source)). If something serious happens, contact CFA Institute as soon as you can.
What do the pass rates of candidates who deferred show?
Prep websites report CFA Institute’s Level I results separately for first-time testers and for candidates who had deferred. In each of the 11 windows from February 2024 to August 2026, first-time testers passed at a rate 20 to 26 percentage points higher (300Hours, cohort pass rates (secondary source)). These are figures for all candidates worldwide, as reported by prep websites; our dataset of Level I pass rates has every window with its source.
| Year | Windows | First-time testers | After a deferral | Gap in points |
|---|---|---|---|---|
| 2024 | 4 | 51% | 28.3% | 22.7 |
| 2025 | 4 | 50.8% | 29% | 21.8 |
| 2026 (to August) | 3 | 48% | 28% | 20 |
Each window counts once, whatever its size. We publish no pass rates of our own users; these are CFA Institute’s figures for everyone who sat.
Does deferring make you less likely to pass?
The figures cannot tell you that. They compare two groups, and the groups differ in more than the deferral:
- Who defers. Candidates may defer because they were behind, ill, busy at work or caring for someone – reasons that would weigh on any window.
- What extra time did. Candidates who had deferred had months more to prepare and still passed less often. One reading – ours, not something the data proves – is that time alone rarely closes the gap; a plan that fits your week and enough timed practice matter more.
- Your own case. A group average is not your score. Your recent timed practice says far more.
The comparison also describes a choice most candidates no longer have: from the February 2027 exams there is no paid deferral.
How far behind are you?
Write down the hours you still need – topic areas not yet covered, plus review and mocks – and the full weeks to the first day of your window. Divide one by the other:
| Weeks left | 60 hours to do | 120 hours to do | 180 hours to do |
|---|---|---|---|
| 4 weeks | 15 | 30 | 45 |
| 6 weeks | 10 | 20 | 30 |
| 8 weeks | 7.5 | 15 | 22.5 |
| 12 weeks | 5 | 10 | 15 |
Then compare the figure with what your weeks really hold; the study-time budget calculator works that out from your job, commute and sleep. An example: 120 hours to go, 8 weeks left and 10 free hours a week. You would need 15 hours a week; at 10 you would need 12 weeks. The gap is 40 hours, and 5 days of leave at 8 hours each close it. A gap you can close with a few days of leave and some cuts is a reason to sit, not to skip.
When do you have to decide?
Earlier than most people think. The standard registration deadline of the next window falls before your own window opens:
| Booked for | Next window | Its standard registration deadline | Days before your window opens | Earliest retake after a fail |
|---|---|---|---|---|
| February 2027 | May 2027 | 10 February 2027 (check the official website) | 12 | August 2027 |
| May 2027 | August 2027 | 29 April 2027 (check the official website) | 12 | November 2027 |
So if you decide in the last 12 days before May 2027 not to sit, the August deadline has already passed, and the next window you can still register for is November 2027 – the same window a fail in May would lead to, because the rule after a fail is a gap of at least six months between two attempts at the same level (check the official website). Either way you pay a new registration fee. Sitting at least gets you a result: a scaled score with a minimum passing score of 1,600 for Level I, shown with a 90% confidence interval and results by topic area (check the official website) – a map of where to work next.
Our sources do not say whether a missed exam counts as an attempt, or whether the gap between attempts applies after one. If you are thinking of switching to the next window, ask CFA Institute before its deadline.
Sit, move or skip: which fits your situation?
| Your situation | Our suggestion |
|---|---|
| Behind, but the hours a week are within reach with some leave | Sit. Cut extras, switch to questions and timed mocks, and protect your sleep |
| Far behind, and the next window’s deadline has not passed | Weigh registering for the next window and planning it properly – after asking CFA Institute how a missed exam counts |
| Far behind, after that deadline | Sit. The next window open to you is the same either way, and the result shows where to start |
| A life-threatening illness, a death in the immediate family or military deployment | Contact CFA Institute about an emergency deferral at once |
| A clash with one day of the window | Move the appointment within the window |
| Nerves rather than missing hours | Sit – nerves before an exam are normal. Our guide to exam anxiety has techniques for the weeks before |
If you sit, how do you use the last six weeks?
A template, our own planning rule; move the weeks to fit your window:
- Weeks 6 and 5: finish the topic areas you have not touched, highest weight first, with questions from the first day. Skim rather than skip: a few hours on an area beats none.
- Weeks 4 to 2: one timed mock a week in the exam format – two sessions of 90 questions with 2 hours 15 minutes each – and a day of review after each. Note every wrong answer and why you got it wrong.
- Last week: short mixed reviews, the Level I formula sheet, ethics, and the exam day checklist. Normal sleep from now on.
Testing yourself helps you remember more than rereading does (Roediger and Karpicke, 2006), so in the last weeks put questions before notes. The Level I study planner builds the weeks for you if you want a dated version.
Which mistakes are common?
- Waiting to feel ready. Few candidates ever do. Use the hours check, not the feeling.
- Counting on a paid deferral. From the February 2027 exams it no longer exists.
- Missing the next window’s deadline while you make up your mind.
- Skipping without asking how a missed exam counts towards your attempts.
- Reading the deferrer figures as a verdict on you. They describe a group, not your chances.
When should you get support?
Against stress, the NHS suggests simple steps such as staying active, connecting with other people and concentrating on what you can control (NHS, 10 stress busters). If you are struggling to cope:
- In England, book a GP appointment, or refer yourself to NHS talking therapies if you are 18 or over; call NHS 111 if you need help urgently and 999 in an emergency (NHS, stress).
- If you need someone to talk to, Samaritans answer on 116 123 (NHS, stress).
- In the US, the 988 Suicide & Crisis Lifeline takes calls and texts on 988, free, confidential and around the clock (988 Lifeline (US)).
What does this page cover?
- Last updated
- Based on
- Deferral, no-show, rescheduling, retake and fee rules from our fact register, read from secondary sources and linked to CFA Institute
- CFA Institute’s Level I pass rates for all candidates, as reported by prep websites
- Includes
- The options from February 2027 and what each costs
- First-time testers against candidates who had deferred, 2024 to August 2026
- An hours-a-week check, the deadline to switch windows, a decision table and a six-week template
- Not included
- Pass rates or numbers of our own users
- Whether a missed exam counts as an attempt, which our sources do not say
- Medical advice
Frequently asked questions
Can you still defer Level I of the CFA® Program?
Not by paying a fee. From the February 2027 exams, paid deferrals to a later window are no longer offered; only qualifying emergency deferrals remain (check the official website). An emergency deferral is possible only for a qualifying emergency – a life-threatening illness of the candidate or an immediate family member, the death of an immediate family member, mandatory military deployment during the exam window, or certain cases in which the test-centre provider moves your appointment; from 2027, pregnancy qualifies only with life-threatening complications (check the official website).
What happens if I do not turn up for Level I?
Without a granted deferral, the registration fee is forfeited – it is non-refundable and non-transferable, there is no make-up date, and you register again for a later window (check the official website). Our sources do not say whether a missed exam counts as an attempt, so ask CFA Institute before you rely on an earlier window.
Do candidates who defer pass Level I less often?
Yes, by a wide margin: in each window from February 2024 to August 2026, first-time testers passed at a rate 20 to 26 points higher than candidates who had deferred. The figures show a gap between two groups, not what deferring does to any one candidate.
Is it better to sit unprepared or to skip the exam?
If you decide after the next window’s standard registration deadline, the next window open to you is the same either way, and you pay a new fee either way – so sitting at least gets you a result by topic area. Before that deadline, switching to the next window may bring a real attempt sooner; ask CFA Institute how a missed exam counts first.
How much does it cost to move my Level I exam?
Another day in the same window costs US$250 (check the official website). A granted emergency deferral costs US$100 (check the official website); there is no paid deferral to a later window from the February 2027 exams.
When do I need to decide whether to sit in May 2027?
Before the standard registration deadline for August 2027, 29 April 2027 (check the official website) – 12 days before the May window opens. After that, the next window you can register for is November 2027.
Related tools and pages
Sources
- PW (Physics Wallah, exam prep provider, secondary source): CFA Exam Deferral Policy 2027: New Rules, Fees, Emergency Deferral & What Candidates Need to Know (7 October 2026). Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): Unveiling CFA® Exam Rules for Refund, Deferral & Exam Taking (10 August 2026). Accessed 30 October 2026.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): CFA Pass Rates 2026: Latest Data & Historical Trends – cohort pass rates, first-time testers and deferred candidates (20 October 2026). Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): Level 1 CFA® Exam Retake: Cost and Conditions (1 August 2026). Accessed 30 October 2026.
- CFA Institute: CFA exam dates and fees. Accessed 26 October 2026.
- Roediger, H. L. & Karpicke, J. D., Psychological Science 17(3), 249–255: Test-enhanced learning: Taking memory tests improves long-term retention (2006).
- NHS (National Health Service, England): 10 stress busters (26 June 2026). Accessed 30 October 2026.
- NHS (nhs.uk): Stress – symptoms, things you can try, and when to get help (GP, NHS talking therapies, NHS 111, Samaritans) (6 March 2026). Accessed 30 October 2026.
- 988 Suicide & Crisis Lifeline (United States): 988 Suicide & Crisis Lifeline: call, text or chat 988. Accessed 30 October 2026.
- CFA Institute: CFA Program Level I exam: format and topic weights. Accessed 26 October 2026.
- Soleadea (exam prep provider, secondary source): CFA® Minimum Passing Score (MPS): What Score You Need — results report, scaled score and confidence interval (3 August 2026). Accessed 30 October 2026.
- CFA Institute: CFA exam results and pass rates.
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