Dear friends and colleagues,
The COVID-19 pandemic
has caused a great deal of continuing uncertainty, and with that uncertainty comes numerous challenges for our candidates and exam administrators. At CFA
Institute, we have been working diligently to turn these challenges into positive opportunities. Our plans to modernize the exam by making it more convenient and accessible for candidates around the globe have been accelerated in the face of new
concerns about health and safety. Thus, we would like to share the following news:
December 2020 Impact
Registration for December 2020 will officially close at 11:59 pm ET 19 August 2020.
All CFA Program Student Scholarship decisions should be made as soon as
possible to allow
the recipient to register for their exam by 19 August 2020.
December 2020 student scholarship recipients will
be given the opportunity to sit for either the December 2020 or February 2021 exam
Students that applied for December 2020 but were not selected for award will receive the first registration deadline pricing for February 2021 through the final registration deadline of 3 November 2020
All candidates who have registered forwhat is nowthe
final paper-based exam in December 2020 may stay with this option or switch to any of the
available 2021 computer-based
2021 CFA Program computer-based testing
Operating in a fully-digital
format aligns real world, professional environments, allowing us to better model the tasks and problem-solving needs of today's financial analysts and investment managers.
Computer-based scheduling enables CFA Institute to retire
single-day test administration in favor of more convenient,
socially distant computer-based test administration. Doing this offers options for candidates around the globe by increasing the number of exam administrations for every level, providing multi-day exam windows to eliminate the practice of all candidates
sitting in a single day, and a broader footprint of test areas to improve flexibility.
Along with Level I, the Level II and Level III CFA exams will shift from paper-based to computer-based
testing starting in 2021. This change allows us to provide smaller group sizes, better social distancing, easier scheduling with more locations, and less uncertainty about planning for our candidates.
The Level I computer-based exam will be offered four times per year. The Level II and Level III computer-based exam will be offered two times per year.
Candidates who have registered for June 2021 may revert to the December 2020 paper-based exam or select any of the
available 2021 computer-based
Registration is currently open for the February Level I exam. Registration will be open on 20 August for all levels and all dates for 2021 computer-based exams.
Please see our FAQ page here
for more details about changes to the exam cycle, information on computer-based testing, and exam
policies. We will update this page regularly.
The University Relations team at CFA