The Chartered Financial Analyst Institute (CFAI) has announced that the CFA Level 1 exam will be transitioned to Computer-Based testing. The exam will be conducted in new format from the year 2021.
As per the institute the transition to online exams is an essential next step for exam delivery to ensure the long-term competitiveness, relevancy, and sustainability.
CBT will provide greater exam scheduling flexibility and faster results for candidates appearing for the exam.
According to a notification, the exam will be conducted 4 times a year – February, May, August, and November. The CFA Institute plans to conduct the exam at more locations than the current ones.The first CBT exam will be conducted in February 2021. Candidates will be given a window of 7 days to appear for each exam
The length of the exam will depend upon the exam city chosen by the candidate. The total number of questions will be reduced to 180 in the CBT mode.
At present, CFA has only decided to transition only the CFA Level 1 exam and no decision has been made in this regard for CFA Level 2 and 3.