CFA® Exam Postponed Due to COVID-19, May Updates

CFA exam / COVID Update

On 19 March 2020, CFA Institute has announced that June 2020 exams (all levels) will be postponed owing to the novel coronavirus outbreak.

If you were registered for your June 2020 exam, you will be able to transfer your registration to one of two upcoming exam dates. The nearest possible exam date for candidates of all levels is 5-6 December 2020. No refunds due to the exam delay are available, only the opportunity to re-schedule.

Nearest CFA Exam Date

5-6 December


5-6 December


Apart from the nearest Dec exam, the other exam date available to you after your June 2020 exam has been postponed is February 2021 for level 1 and June 2021 for levels 2 and 3. Note that while the June exams will still be paper-based, the Feb 2021 level 1 exam will be delivered on computers for the first time. So, if you wish to take your level 1 exam in the traditional form, the December 2020 exam is your last chance.

By mid-May, you will receive an invitation from CFA Institute to re-register for one of the two available exam dates. The first to receive their invitations will be level 3 candidates. Then level 2 candidates. Finally, level 1 candidates will be invited to re-register for their CFA exam.

Receiving an invitation does not mean you have to decide right away when you want to take your re-scheduled exam. CFA Institute says that everyone will get accommodated and they will do their best to accommodate location preferences. All test center locations traditionally offered for June exams will be available for Dec 2020 candidates. However, it seems that the sooner you decide, the better.

Going For Dec 2020 CFA Exam?

If you decide to take your level 1, level 2 or level 3 CFA exam this December, there’s a couple of things you need to know:

  • All test centers available
  • CFA Institute intends to make all 193 test center locations in all 95 countries available for the nearest Dec exams.

  • Last L1 paper-based exam
  • Dec 2020 exam is going to be the last paper-based level 1 exam. As of 2021, level 1 exams are moving to computer-based testing. You can read more here.

  • No new L2 and L3 Dec 2020 registrations
  • Because of the constraints regarding test centers’ capacity, there’ll be no new registration for level 2 or level 3 Dec 2020 exams (just June 2020 L2 and L3 candidates are allowed to take their exams in December).

  • Early June 2021 exam registration?
  • If you sit your exam this December and pass, you’ll be able to take your next level already in June 2021. CFA Institute is even considering the possibility of making the early registration fee deadline for June 2021 L2 and L3 exams available to those who take their exam in December 2020. For now, it’s nothing certain (but it’s a possibility).

    Note: If you're a level 1 candidate and you'll re-register for February 2021 and pass then, you'll have to wait until June 2022 to take your level 2 exam. You can read more here.

  • Same MPS and pass rates?
  • The process of setting up the Minimum Passing Score (MPS) for the re-scheduled exams will be the same as always. Also, exam difficulty should be analogous to the previous years.

  • Possibility of safety protocol
  • It is possibles that you will have to follow a safety protocol that will comply with the restrictions and requirements binding in your region on exam day.

2020 CFA Exams Curriculum Also in 2021

That’s big news!

There will be no new CFA Program curriculum in 2021. It means that the 2020 curriculum will apply to all CFA exams taking place at all 2021 exam dates.

Dec 2020 CFA Exam Study Plan
Already Available to All Candidates

If you’re a June Level 1, Level 2 or Level 3 candidate and you’d like to take your exam in December 2020, you can already set up your FREE study plan:


Please recall that December 2020 is the nearest possible CFA exam date for June candidates of all levels.

Moreover, when creating your new study plan, you can tick off the readings/topics you don’t want to study once again while continuing your exam preparation.

IMPORTANT: Your June 2020 study plan (if you have one) will be deleted when you set up your Dec 2020 study plan.

Analyst Guide Ready for Dec 2020 Exams!

Also, our Analyst Guide has already been updated for Dec 2020 exams. It offers shortcut ways of handling CFA exam study content to both level 1 and level 2 candidates. You will find there some printable and handy e-books and flashcards dedicated to concrete areas of your CFA exam curriculum, e.g. formulas, definitions or accounting standards.

To level 1 candidates, we particularly recommend the Must-Understand CFA Exam Relations E-book containing some relevant level 1 relations delivered in an interesting form. Instead of a boring list of almost 200 relations – you'll find sentences to fill in and questions to answer, e.g.:

  • Modified duration is always _______ than Macaulay duration.
  • Which of the two is lower: the money-weighted rate of return or the time-weighted rate of return? Why?

This way it is more engaging and encourages active learning, which helps improve your knowledge retention! (answers and explanations are always on the next page)

Also flashcards can aid memorization and knowledge retention. Use our flashcards with the most important CFA exam formulas and definitions if you want to learn these challenging bits of knowledge in no time and on the go:

CFA Exam Formulas on Analyst Guide
CFA Exam Definitions on Analyst Guide


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