CFA Institute, the global association of investment professionals, announces that it will transition to Computer-Based Testing (CBT) for all three levels of the CFA Program in 2021. Level II and Level III examinations for 2021 will be administered via CBT, along with the already-announced transition for Level I. The December 2020 administrations will therefore be the final paper-based tests for any CFA Program exam.
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The decision to accelerate the move to CBT for Levels II and III is in response to the impact of COVID-19. CFA Institute had been planning this transition as part of a broader effort to deliver exams via computers in secure test centers vs. on paper in large testing spaces; this shift is already underway for Level I. This change allows CFA Institute to provide smaller exam settings, more exam dates, and easier scheduling with more locations.
This natural evolution also responds to how global testing and credentialing practices have changed and the recognition that the investment profession operates in a digital world. Offering the exams and learning experience in a digital environment will allow CFA Institute to better model the tasks and work experience of today’s investment professionals. As with the Level I exams, CFA Institute will work with Prometric as its primary collaborator to administer CBT, with British Council serving as collaborator in India and Africa.
“While the last paper-based test marks the end of an era for CFA Institute, technological advances in computer-based testing enable us to meet the growing global testing demands of candidates and will improve their experience with a wider selection of test venues and more flexible scheduling options,” said Margaret Franklin, CFA, President and CEO of CFA Institute. “We are working diligently to ensure a seamless transition and superior exam experience for our candidates. It goes without saying that we will uphold the rigor of the passing standard to earn the CFA charter.”
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