The CFA Institute has postponed June 2020 exams.
The CFA Institute, which administers the chartered financial analyst (CFA) designation, among others, has postponed June exams due to Covid-19. However, candidates who cannot write exams on the rescheduled dates are not able to get a refund, which means that they could lose out on as much as R24 000, at current exchange rates.
The CFA Institute is a non-profit, global association of investment professionals which is based in Charlottesville, Virginia.
The CFA charter is among the most sought-after qualifications among investment professionals.
Becoming a CFA charter holder requires that candidates pass three exams, and each exam requires 300 hours of study. Only 42% of the candidates that took Level 1 exams in December 2019 passed and fewer than one in five candidates that start the programme become a CFA charter holder.
According to a statement on the CFA Institute website, Level 1 candidates can either choose to write their exam in December 2020 or February 2021, and Level 2 and 3 candidates can choose to either write in December 2020 or June 2021. None of the candidate are able to schedule to write on a date earlier than December 2020.
“Many people around the world, myself included, are not able to make the rewrite dates on offer,” said a candidate, who did not want to be named. “For me, this exam cost is R22 000, to register. It isn’t a negligible amount of money,” the candidate said. “June exams cost more than December exams, and many June-registered students are asking for a refund of the difference between the two. This is also being declined.”
According to the CFA Institute, because all candidates are rescheduled refunds are not being offered.
Meanwhile, a Twitter account, @Allen_Global, helps candidates with CFA exam preparations is now raising awareness of their plight to get their refunds back. It has even suggested that candidates get credit card providers to reverse the transaction.
June 2020 CFA Exam Candidates – If you can’t continue with the @CFAProgram, you may contact your credit card company (their number is on the back of your card) to do a #chargeback to get your #cfaexam registration fee refunded.
DM us with questions & RT to tell other candidates. pic.twitter.com/1o9XxfLVOG
— Allen CFA Exam Prep (@Allen_Global) June 2, 2020
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