Non members : To receive news from HKSFA
Please register here
Forgot password
On 5 February 2020, CFA Institute announced the transition of the Level I CFA® Program to computer-based testing (CBT) and are excited to share details of how the CFA exam will be modernized. This capability will enhance the overall candidate experience and enable our organization to reflect global testing and credentialing best practices. 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.

Key changes are as below (sources from CFA Institute, update as of 23 June 2020): 

CFA Level I exam
  • First computer-based CFA level 1 exam will take place in February 2021 and registration opens on 17 June 2020.
  • CBT is offered in four windows each year (February, May, August, and November) held in more locations around the world.
  • CBT will comprise of 180 multiple choice questions (MCQ) when compared with the paper-based testing that comprises 240 MCQs. 
  • Candidates who pass the first 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 February 2021 can only register for Level II held in June 2022 at the earliest.
  • 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

  • Format for the June 2021 CFA Level II and Level III exam remains unchanged in paper-based testing and the registration opens in August 2020.


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