The Hindu Business Line : CFA Institute offers students a refund of $300

Chennai May 26 With the All-India Council for Technical Education (AICTE) ordering the CFA Institute to "cease all operations in India," the Institute has informed its candidates that it is ready to allow them to take the exam in centres outside India and offer partial exam refund of $300 each if they make arrangements to take the exam in alternative centres.

(The AICTE had passed the order against the Institute because it had not obtained approval to conduct the CFA programme in the country.)

AICTE Order

The President and CEO of CFA, Mr Jeffrey J. Diermeier, e-mailed a statement to all candidates today morning informing of decision.

In a press release, he said: "We still have no indication that the CFA exams will be held on June 3in India, but we are working diligently to find a solution that would allow us to do so. At the same time, we have developed and communicated several options for enrolled candidates to pursue should we not be able to offer the exams as scheduled."

In the e-mail to candidates, he said that an online method of changing one's test centre has been established.

And the refund is being offered "in consideration of the inconvenience and disruption" caused by the AICTE's order.

Alternative Centres

"Although we are exploring every possibility, capacity limitations at some locations mean that these requests will be processed on a first-come, first-served basis.

Additionally, if you do make alternative test centre arrangements, we are offering you a partial exam refund of $300."

He added: "After we have confirmed that you have taken the exam in one of the alternative test centres, we will process your refund by the end of July."

Mr Diermeier has also promised the candidates that if the Institute were able to hold exams in India, it would honour their original test centre.

"You will be able to sit at your current India location even if you requested a test centre change outside India. If you have travelled outside of India and taken the exam in an alternative location, you will still receive $300."

Additional Information

The e-mail contains a link that takes the candidate to a Web-based form to submit test centre location request. The Institute has promised to respond to each request no later than May 28, with additional information.

More than 6,800 candidates have enrolled in India for the global CFA Programme and have each already dedicated more than 250 hours of intense study to prepare for the upcoming CFA examinations, according to the Institute.

Headquartered in the US, with a mission "to lead the investment profession globally by setting the highest standards of ethics, education, and professional excellence," the CFA Institute has members in 134 countries.

In March this year, the AICTE had issued a show cause notice to the Institute asking why action should not be taken against it for the violation of "AICTE regulations dated May 16, 2005, for entry and operation of foreign University/institution imparting technical education in India."