CFA Institute to conduct Level 1 exam online from next year; issues important notice for June 2020 exam

The Chartered Financial Analyst Institute will conduct the CFA Level 1 exam in the online mode from 2021 onwards. The December 2020 exam is the last paper-based exam for Level 1 candidates. According to the official notice, the transition in the mode of exam is an essential step for exam delivery. The CBT mode of CFA Level 1 exam is meant to ensure the long-term competitiveness, relevancy, and sustainability of the Program. This will also provide greater flexibility in exam scheduling and faster generation of exam results.

On the other hand, due to the postponement of the June 2020 exam, CFA Institute has decided to freeze the CFA 2020 programme curriculum for two exam cycles. This means that all candidates who take the exam December 2020 or any exam dates offered in 2021, will be tested using the current CFA 2020 programme curriculum.

How the CBT will be delivered?

The CBT will be conducted in four windows each year (February, May, August and November). The exam will be conducted in more locations across the globe than it is currently held. The first computer-based exam will be held in February 2021. Each window will offer a maximum of seven days during which candidates can sit for the exam. The length of exam windows will vary from city to city depending on demand.

Every candidate who does not pass Level I will have to wait a minimum of six months to retake the exam.  Candidates who pass the first Level I CBT exam will have to wait until registration opens for the next available Level II exam, which is also a minimum of six months.

Details regarding exam centres and registration process

The exams will be held in the assigned exam centres. Taking the test from home will not be an option. The calculation of passing marks and standards remains unchanged. The list of exam centres will be provided in June 2020. The registration for the February 2021 window for Level 1 will also open in June 2020.

Change in the exam pattern for Level 1

With this transition, there is a change in the exam length of CFA level 1 exam. The number of questions have been reduced to 180, as a result of which, the testing time will also reduce. Each exam will include the following:

• 30 minutes allotted to pledge, tutorial, and survey
• 135 minutes for session 1
• 30 minutes for a mandatory break
• 135 minutes for session 2
• Total testing time is 4.5 hours
• Total appointment time is 5.5 hours

The minimum passing score will be determined on performance.

CFA Level 1 December 2020 exam date is December 5. The standard registration deadline is August 19, 2020. The final registration deadline is September 9.

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• CFA 2020 June exam postponed due to coronavirus