CBT exams roll out next year
The year 2020 proved to be difficult in organizing CFA exams. The June exams were cancelled globally, and many test center locations were forced to be shut this December. Helsinki was one of the affected as CFA Institute was not able to organize the exams in Finland to the extreme disappointment of local candidates. We are now shifting our focus to next year and to the new exam format.
computer-based testing
Beginning in February 2021, all CFA exams will shift to a computer-based testing (CBT). Level I will be offered four times per year: February, May, August, and November. Since the pandemic related restrictions are still affecting exam organization at least in the beginning 2021, there is an additional exam window opening for level I candidates in March 2021.
Level II will be offered two times per year: In 2021, it will be offered in May and August. Starting in 2022, it will be offered in February and August.
Level III will be offered two times per year: May and November.
You can map your CFA journey here.
CBT exams will be administered over the course of several days, and candidates will be able to reschedule their appointment for a fee. The CBT exams will be offered in more than 500 locations, including all locations currently offered to paper-based candidates. The length of the exam day substantially changes as the computer-based experience will be shortened to 5.5 hours as opposed to nine hours in the paper based exam format. The same types of questions offered now will also be offered in computer-based testing.
Signing up for a CBT exam is a two-step process.
1) You need to register for the window of choice (February, May, August, or November).
2) Then candidate needs to schedule the exam appointment. Candidates must complete both steps before they are ready to sit.
CFA Institute foresees following benefits from CBT during the global pandemic:
most CBT test centers are functioning year-round in space dedicated for testing and with employees who act as proctors, eliminating the need to search for venues and qualified personnel to serve candidates only one or two days per year.
most CBT centers host a small number of candidates limiting the number of people collected in one place
All CBT test centers operate locally and are able to modify operations based on local pandemic restrictions.The social distancing requirements are able to be organized more effectively because there are fewer candidates to monitor.
CBT is a shorter exam, shortening the time candidates are in the building and masked
All centers will allow candidates to step away from their workstations as needed for short (unscheduled) breaks.
You can see more specific instructions on exam situation here.
Please see more information and fresh updates on CFA Institute website CFA Exam Updates.
Hoping for a better year 2021 and our best wishes of energy to all candidates who have been forced to reschedule their plans during this year!
Source: CFA Institute