diff --git a/common/djangoapps/student/tests/test_create_account.py b/common/djangoapps/student/tests/test_create_account.py
index a997838035..56d18992c6 100644
--- a/common/djangoapps/student/tests/test_create_account.py
+++ b/common/djangoapps/student/tests/test_create_account.py
@@ -360,6 +360,49 @@ class TestCreateAccount(TestCase):
             self.assertIsNone(UserAttribute.get_user_attribute(user, REGISTRATION_UTM_PARAMETERS.get('utm_content')))
             self.assertIsNone(UserAttribute.get_user_attribute(user, REGISTRATION_UTM_CREATED_AT))
 
+    @unittest.skipUnless(settings.ROOT_URLCONF == 'lms.urls', 'Test only valid in lms')
+    def test_incomplete_utm_referral(self):
+        """Verify that no referral is recorded when a cookie is not present."""
+        utm_cookie_name = 'edx.test.utm'
+        with mock.patch('student.models.RegistrationCookieConfiguration.current') as config:
+            instance = config.return_value
+            instance.utm_cookie_name = utm_cookie_name
+
+            utm_cookie = {
+                'utm_source': 'test-source',
+                'utm_medium': 'test-medium',
+                # No campaign
+                'utm_term': 'test-term',
+                'utm_content': 'test-content',
+                # No created at
+            }
+
+            self.client.cookies[utm_cookie_name] = json.dumps(utm_cookie)
+            user = self.create_account_and_fetch_profile().user
+
+            self.assertEqual(
+                UserAttribute.get_user_attribute(user, REGISTRATION_UTM_PARAMETERS.get('utm_source')),
+                utm_cookie.get('utm_source')
+            )
+            self.assertEqual(
+                UserAttribute.get_user_attribute(user, REGISTRATION_UTM_PARAMETERS.get('utm_medium')),
+                utm_cookie.get('utm_medium')
+            )
+            self.assertEqual(
+                UserAttribute.get_user_attribute(user, REGISTRATION_UTM_PARAMETERS.get('utm_term')),
+                utm_cookie.get('utm_term')
+            )
+            self.assertEqual(
+                UserAttribute.get_user_attribute(user, REGISTRATION_UTM_PARAMETERS.get('utm_content')),
+                utm_cookie.get('utm_content')
+            )
+            self.assertIsNone(
+                UserAttribute.get_user_attribute(user, REGISTRATION_UTM_PARAMETERS.get('utm_campaign'))
+            )
+            self.assertIsNone(
+                UserAttribute.get_user_attribute(user, REGISTRATION_UTM_CREATED_AT)
+            )
+
 
 @ddt.ddt
 class TestCreateAccountValidation(TestCase):
diff --git a/common/djangoapps/student/views.py b/common/djangoapps/student/views.py
index 9456883c76..b7722e9287 100644
--- a/common/djangoapps/student/views.py
+++ b/common/djangoapps/student/views.py
@@ -1903,25 +1903,25 @@ def record_utm_registration_attribution(request, user):
     utm_cookie = request.COOKIES.get(utm_cookie_name)
     if user and utm_cookie:
         utm = json.loads(utm_cookie)
-        for utm_parameter in REGISTRATION_UTM_PARAMETERS:
-            UserAttribute.set_user_attribute(
-                user,
-                REGISTRATION_UTM_PARAMETERS.get(utm_parameter),
-                utm.get(utm_parameter)
-            )
+        for utm_parameter_name in REGISTRATION_UTM_PARAMETERS:
+            utm_parameter = utm.get(utm_parameter_name)
+            if utm_parameter:
+                UserAttribute.set_user_attribute(
+                    user,
+                    REGISTRATION_UTM_PARAMETERS.get(utm_parameter_name),
+                    utm_parameter
+                )
         created_at_unixtime = utm.get('created_at')
         if created_at_unixtime:
             # We divide by 1000 here because the javascript timestamp generated is in milliseconds not seconds.
             # PYTHON: time.time()      => 1475590280.823698
             # JS: new Date().getTime() => 1475590280823
             created_at_datetime = datetime.datetime.fromtimestamp(int(created_at_unixtime) / float(1000), tz=UTC)
-        else:
-            created_at_datetime = None
-        UserAttribute.set_user_attribute(
-            user,
-            REGISTRATION_UTM_CREATED_AT,
-            created_at_datetime
-        )
+            UserAttribute.set_user_attribute(
+                user,
+                REGISTRATION_UTM_CREATED_AT,
+                created_at_datetime
+            )
 
 
 def record_registration_attributions(request, user):