Sticky note on concrete wall, Cancelled

Candidates who cancel an exam with the Canadian Securities Institute (CSI) will soon need to do so a month in advance to avoid incurring increased fees.

CSI has updated its policy for exam cancellations, effective July 3.

Currently, to avoid a cancellation fee when cancelling a scheduled exam, at least 10 days’ notice is required. Under the new policy, at least 31 days’ notice will be required.

Candidates will pay $75 for cancelling 15 to 30 days before the exam, and $150 for cancelling one to 14 days before.

Under the current policy, the fee is $150 for cancelling three to nine days before the exam, and $300 three days or fewer before the exam. (Under the new policy, a candidate will pay less than before for cancelling one to three days before the exam — $150 versus $300.)

The fee for not showing up on exam day remains $300. Same-day cancellations aren’t permitted.

“We have updated our examination cancellation policy and fees to support fairness and resource optimization,” said Adrian Lake, associate director, regulatory and credentialing policy with CSI, in an email. “Exam seats are booked on a first come, first served basis, and late cancellations unreasonably withhold times that other candidates could use.”

Lake added that the cancellation fees are “aligned with other educational bodies.”

For example, the CFA Institute charges US$250 for changing an exam appointment within an exam window, and US$399 for deferring an exam for up to 12 months.

CSI will waive cancellation fees when the cancellation is beyond the candidate’s control, the email said, such as in the case of a family member’s death.

If you miss an exam because of technical issues, whether you must pay the $300 fee “depends on the technical issue,” Lake wrote. “We aim to ensure that the candidates have the best experience, and if there are issues outside of their control, we will provide them with the ability to rebook free of charge.”

Exam candidates are subject to the changes on July 3 regardless of when they originally booked their exams, CSI said in notice outlining the updated policy.