The CFA Institute is accelerating a shift to computer-based testing because of the coronavirus pandemic.
All three levels of the CFA exam will move to a digital format for 2021, the CFA Institute said Tuesday, expanding on a plan that already would move the first level to computers next year. The change will leave the December 2020 exam as the final one completed with pencil and paper.
“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,” Margaret Franklin, the group’s chief executive officer, said in the statement.
The institute postponed its June exam date earlier this year, and those registered for the December test may take it then or postpone it to 2021. Future exams will still be in-person in “every location globally where it is possible with the relevant health measures in place.”
Starting in 2021, the Level I test will be offered four times per year instead of twice, and the Level II and III exams will be offered two times per year instead of once. The institute is offering candidates windows of up to 10 days for scheduling their exams, as opposed to the current single-day test scheduling.