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UPDATES CFA® PROGRAM COMPUTER-BASED TESTING (CBT) and Exam Updates
In response to global COVID-19 concerns, numerous challenges and uncertainty have come out for CFA Program candidates and exam adminstrators.  CFA Institute has made some changes to turn these challenges into positive opportunities.  

CFA Institute is modernizing the exam to computer-based testing (CBT) format and makes the exam more accessible and convenient for candidates around the globe. With respect for the candidate experience, all levels of the CFA exam will shift from paper-based (PBT) to computer-based testing (CBT) starting in 2021. With the move to CBT next year for all levels, the December 2020 administration will be the final PBT for any CFA exam. 

As the local society of CFA Institute in Hong Kong, we are pleased to share the updates on this important transition and will continue to provide full support to our candidates. We also understand you may concern the upcoming exam arrangement with regards to COVID-19, and what will be your options. Please find more information below.

          


Key changes are as below (sources from CFA Institute, update as of 5 August 2020): 

CFA Level I exam

    • First computer-based CFA level I exam will take place in February 2021 and registration opened on 17 June 2020.
       
    • CBT is offered in four windows each year held in more locations around the world.

      For 2021 and 2022 exam
      Level I: February, May, August and November
    • CBT will comprise of 180 multiple choice questions (MCQ) when compared with the paper-based testing that comprises 240 MCQs. 
       
    • Candidates who pass the Level I CBT exam will have to wait until the next Level II exam is opened for registration, which is also a minimum of six months, i.e. Candidates who pass Level I CBT exam held in May 2021 can only register for Level II held in February 2022 at the earliest. [click here for details]
       
    • Candidates who do not pass Level I will have to wait for a minimum of 6 months to retake the exam.

CFA Level II & III exam

    • First computer-based CFA level II and III exam will take place in May 2021 and registration will open on 20 August 2020.
       
    • CBT is offered in two windows each year held in more locations around the world.

      For 2021 exam
      Level II: May and August
      Level III: May and November

      For 2022 exam
      Level II: February and August
      Level III: May and November
    • Length of each exam window will be up to ten days long, depending on locations
       
    • Candidates will not able to register for adjacent exam windows, i.e. Candidates who pass Level II CBT exam held in August 2021 can only register for Level III held in May 2022 at the earliest. [click here for details]

 Useful resources about the CBT:

If you have any questions about CBT, please email the Future of Exam Delivery team at fed@cfainstitute.org for information.
 

 

Please note that this website is for informational purposes only. Any comments or statements made herein do not necessarily reflect the views of CFA Society Hong Kong (also known as The Hong Kong Society of Financial Analysts). The information is intended for the recipient's use only and should not be cited, reproduced or distributed to any third party without the prior consent of the author. Although great care is taken to ensure accuracy of information neither the author, nor the entity named above can be held responsible for any decision made on the basis of the information cited.

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