- CFA Exam in CBT Format since 2021
- Level 1 CFA Exam Format
- Level 2 CFA Exam Format
- Level 3 CFA Exam Format
- Self-Scheduling and CFA Exam Windows
- Changes to CFA Exam Experience & Format
- What Stays the Same?
- FAQ on CFA Exam and CBT
CFA Exam in CBT Format since 2021
The global pandemic situation accelerated CFA Institute's decision to move the CFA exam, all levels, to computer-based testing (CBT) starting in 2021.
Here are the key changes to the CFA exam experience and structure:
5 Key CFA Exam Changes as of 2021
- CFA EXAM FORMAT: Computer-based testing (CBT) with a new CFA exam structure for all exam levels.
- CFA EXAM TIMING: 4 CFA exam windows in Feb, May, Aug, and Nov. Level 1 is held in each of the windows. Level 2 – 3 times a year and level 3 – 2 times a year.
- CFA EXAM LOCATION: Numerous proctored test centers worldwide provided either by Prometric or by British Council.
- CFA EXAM DURATION: CFA exam testing time gets reduced to ca. 4.5 hrs (2 x 135 min or 2 x 132 min). The total exam day appointment is 5.5 hrs.
- CFA EXAM REGISTRATION: Apart from registering, you need to self-schedule your CFA exam. Fees generally stay the same but the new rescheduling fee is introduced.
For more detailed info, read on
Level 1 CFA Exam Format
The level 1 CFA exam is structured into 2 exam sessions, each 135 minutes long and with 90 exam questions to do.
In your level 1 CFA exam, you will find a total of 180 exam questions. Level 1 CFA exam questions are free-standing multiple-choice questions. Only one answer is correct but there’s no penalty for choosing the wrong answer.
Here's the level 1 CFA exam structure under CBT:
SESSION 1 (135 min)
- 90 multiple-choice (a-b-c) questions
- average time per question = 1.5 min
- Group I: Ethics questions
- Group II: Investment Tools (Quantitative Methods, Economics, and Financial Statement Analysis) questions
SESSION 2 (135 min)
- 90 multiple-choice (a-b-c) questions
- average time per question = 1.5 min
- Group III: Corporate Issuers and Portfolio Management questions
- Group IV: Investment Assets (Equities, Fixed Income, Derivatives, and Alternative Investments) questions
TOTAL = 2 x 90 = 180 multiple-choice questions (how many per topic?)
IMPORTANT! As many as 20 out of the 180 questions are expected to be trial questions, which makes it 160 questions that will really count (still you need to answer all the questions 'cos there’s no knowing which questions are pretesting and which are for real). You have 1.5 minutes per question.
NOTE: Level 1 topics are divided into groups! In your exam, you'll find different groups of topics during SESSION 1 and SESSION 2. Questions may be shuffled within a group. Also, remember that once you finish the first session you won’t be able to go back. But you can go back and forth within one session.
More about LEVEL 1 CFA EXAM
Level 2 CFA Exam Format
The level 2 CFA exam is structured into 2 exam sessions, each 132 minutes long and with 44 exam questions to do.
In your level 2 CFA exam, you will find a total of 88 exam questions. Level 2 CFA exam questions are arranged into item sets that consist of a vignette (case description) followed by 4 multiple-choice questions. For each multiple-choice question, only one answer is correct. Questions are never free-standing, i.e. they always refer to the corresponding vignette!
Here's the level 2 CFA exam structure under CBT:
SESSION 1 (132 min)
- 44 multiple-choice (a-b-c) questions divided into item sets
- 11 item sets, 1 item set = vignette + 4 multiple-choice questions
- average time per question = ca. 3 min
- each multiple-choice question is worth 3 points
SESSION 2 (132 min)
- 44 multiple-choice (a-b-c) questions divided into item sets
- 11 item sets, 1 item set = vignette + 4 multiple-choice questions
- average time per question = ca. 3 min
- each multiple-choice question is worth 3 points
TOTAL = 2 x 44 = 88 multiple-choice questions = 22 item sets
IMPORTANT! 20 out of the 22 item sets are scored and the remaining two are expected to be trial questions. Topics may be placed randomly between the sessions. Also, each vignette is topped with information about the TOPIC and the total number of points possible to score, e.g.:
- TOPIC: QUANTITATIVE METHODS
- TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
More about LEVEL 2 CFA EXAM
New Level 3 CFA Exam Format as of 2023
The level 3 CFA exam is structured into 2 exam sessions, each 132 minutes long and with 11 exam questions to do.
Level 3 CFA exam consists of both open-ended (constructed response/essay) questions and item sets (like for level 2).
Previously, constructed response (essay) questions used to be included in the first session of the level 3 CFA exam, while item (multiple-choice question) sets comprised the second session of the exam. Starting in 2023, each exam session will contain a mix of essay sets and item sets. There will be 11 essay sets and 11 item sets altogether. So, in each session, you can expect either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets.
Here's the new level 3 CFA exam structure under CBT:
SESSION 1 (132 min)
- 5 or 6 essay sets = vignettes followed by several related items/questions that usually require a written response
- 6 or 5 item sets = vignettes followed by 4 multiple-choice questions
- varying point value & time for essay sets (each one is worth a variable number of points)
- each multiple-choice question is worth 3 points (average time per question = ca. 3 min)
SESSION 2 (132 min)
- 5 or 6 essay sets = vignettes followed by several related items/questions that usually require a written response
- 6 or 5 item sets = vignettes followed by 4 multiple-choice questions
- varying point value & time for essay sets (each one is worth a variable number of points)
- each multiple-choice question is worth 3 points (average time per question = ca. 3 min)
TOTAL = 11 essay sets + 11 item sets (44 multiple-choice questions)
IMPORTANT! Topics may be placed randomly between the sessions. Also, each vignette is topped with information about the TOPIC and the total number of points possible to score, e.g.:
- TOPIC: ECONOMICS
- TOTAL POINT VALUE OF THIS QUESTION SET IS 12 POINTS
More about LEVEL 3 CFA EXAM
Self-Scheduling and CFA Exam Windows
With the CFA exam moving to computer-based testing, there's no longer one single date when candidates are told to sit their exam. Instead, exam windows are given when you're able to self-schedule your CFA exam.
As a rule, CFA exam windows are up to 10 days long. However, the exact length of exam windows can vary across test centers so check your test center info carefully.
You will be asked to self-schedule your CFA exam date via a dedicated platform within the exam window you choose:
Want to register? For detailed dates and registration fees, go to our dedicated CFA exams pages by clicking in the table above.
CFA exam scheduling is obligatory and you are not fully registered until you schedule your exam. Appointments are first-come, first-served so it's not a good idea to delay scheduling. You will be able to view all available dates, times, and test center options only when you start your scheduling process. When scheduling – search your test center by the desired city, not just by country. Also, it's best if you select the whole exam window or some other wide date range. If you limit your preferred date range too much, you may be unable to choose your optimal CFA exam date and location.
Learn more about 2024 & 2025 CFA exams
Get first-hand level 1 CBT CFA exam day experience
Changes to CFA Exam Experience & Format
Together with the transition of the CFA exam to computer-based testing, there are some crucial changes to the exam format and experience. Have a look at the differences between CFA exams held before and as of 2021:
OLD vs NEW CFA EXAM EXPERIENCE
| Paper-Based CFA Exam (2021-) |
Computer-Based CFA Exam (2021+) |
|---|---|
| 193 test centers around the world | 400+ test centers around the world |
| single exam day | exam window: up to 10 days |
| - | new rescheduling fee of $250 |
| 6 hrs of testing time | ca. 4.5 hrs of testing time |
| whole exam day: 8.5 hrs | whole exam day: ca. 5.5 hrs |
| break between exam sessions: 2 hrs |
break between exam sessions: 30 min, optional |
| printed questions + answer sheet | digital questions: new question types possible |
Together with the 2021 introduction of computer-based testing, many more proctored test centers (with many fewer candidates at a time) are available globally. CFA exams are now held in the test centers provided either by Prometric or by British Council.
Moreover, instead of single-day testing, there will be an exam window of up to 10 days when you’ll be able to self-schedule your exam. The exam window will depend on demand and can vary from city to city. Also, in some locations, the exam will be given twice a day. Finally, within your chosen exam window, you'll be able to reschedule your exam day. This additional service will be paid USD 250.
As far as the test goes, there will be less testing time and fewer questions per exam session. In fact, the whole exam appointment will be shorter:
CFA EXAM TIMING under CBT
| CFA Exam Duration (2021-) |
CFA Exam Duration (2021+) |
|---|---|
| 30 minutes of announcements | 30 minutes allotted to pledge, tutorial, and survey |
| MORNING SESSION: 180 min | SESSION 1: 135 min or 132 min |
| BREAK: 120 min | OPTIONAL BREAK: 30 min |
| AFTERNOON SESSION: 180 min | SESSION 2: 135 min or 132 min |
| TOTAL TESTING TIME: 6 hrs | TOTAL TESTING TIME: ca. 4.5 hrs |
| WHOLE EXAM DAY: 8.5 hrs | WHOLE EXAM DAY: MAX. 5.5 hrs |
This is a typical CFA exam day for candidates of all levels. The total CFA exam test time is now approx. 4.5 hours. Before your exam begins, there will be enough time for a brief orientation to the test center and the computer software. Your level 1 CFA exam will be divided into two sessions, 135 minutes each, with an optional break meanwhile. The same holds for the level 2 and level 3 exams but the sessions are 132 minutes long. When you end one session of your exam, you won’t be allowed to go back (regardless of whether you take your break or not). But you can go back and forth within one session.
The testing time is reduced from 6 to max. 4.5 hours total. However, based on psychometric research, this is claimed enough to see if a candidate should pass the exam. Within this time, some trial questions will be included. This is called pretesting and is commonly used before new types of questions become scored questions. You will not know which questions are experimental but don't worry – they will not contribute to your final result.
During your CFA exam, you will be provided with writing materials such as a whiteboard or an erasable writing tablet. You're not allowed to have your own writing tools or scratch paper in a CBT exam.
Also, since the break is optional, you should be able to leave and go home as soon as you finish, even if the time is not yet up. During paper-based exams, it was required that candidates stay in until the exam ends.
What Stays the Same?
Even though the CFA exam administration has transformed greatly as of 2021, some things remain the same. We think it’s worth highlighting, especially when you hear so much about changes:
- It's still over 3000 pages of your CFA exam curriculum and all topics are the same.
- It will still take you around 300 hrs to prepare for your exam.
- The format of exam questions is still going to be the same, so multiple-choice questions for level 1 and item sets for levels 2 and 3 (+ open-ended questions for level 3).
- It’s still the same time per question in your exam (1.5 min for level 1 and 3 min for level 2) and questions must be consistent with LOS stated in your curriculum.
- Topic weights have generally been the same for some time (mind, though, the new level 1 CFA exam topic weights as of 2024).
- As before, wrong answers do not count against you so you should go with your intuition whenever you're not sure about the answer.
- Only approved calculators will be allowed in the exam.
- You still need to have a valid international travel passport with you on the exam day.
- As always, the Minimum Passing Score (MPS) will be established after each exam by a Board of Governors. That is why results should not be expected much sooner (CBT exam results are expected after approx. 5-7 weeks for level 1 and level 2 and 6-8 weeks for level 3).
FAQ on CFA Exam and CBT
What does it mean to self-schedule my CFA exam?
There’s no longer one single date when candidates are told to sit their CFA exam. Instead, there’s an exam window of up to 10 days when you can take your exam. You’ll be asked to self-schedule your exam day. In other words, it’s up to you to decide on which day exactly you want to take your exam. When you make up your mind, you’ll have to register for the exam and then schedule it using the so-called ProScheduler available on a dedicated platform (no additional payment), which basically means that the CFA exam registration becomes a 2-step registration (register + schedule). Importantly, when planning your exam date remember that the range of the exam window may vary across test centers.
Can I take my CFA exam at home using my computer?
There's a limited CFA Exam Online Proctored Testing option available to select canceled Feb 2021 level 1 candidates, who'll be able to take their exam from home due to COVID-19 restrictions.
However, even though from 2021 the CFA exam moves to computer-based testing, it doesn’t mean you’ll be able to take your exam online, at home. There will be numerous proctored test centers available globally where candidates will sit their exam.
Note that computer-based or digital does not mean online. Still, the fact that the CFA exam will be delivered on computers will affect how the test will look like. For example, it’ll be probably like a huge question pool from which the test questions will be drawn. Also, some new types of questions may appear to better reflect the day-to-day application of tested concepts to professional work and reality.
Is the computer-based CFA exam going to be more difficult?
A computer-based exam is going to be different but – since it'll be held in proctored test centers – the testing process shouldn’t affect the difficulty of the exam substantially. For example, there will be fewer questions in the exam (a change supported by psychometric research) but there appears a possibility for new types of questions thanks to the digital environment. Crucially, it’s still the same time per question, e.g. 1.5 minutes for level 1, and the scope of the exam (i.e. tested topics) remains unchanged.
NOTE: There have been many concerns about the impact of CBT on the value of the CFA exam. However, CFA Institute believes that this transition will enhance the quality of testing and the relevance of the exam.
Why CBT?
CFA Institute's decision to make CFA exams, all levels, computer-based has been accelerated by the global situation impacted by the COVID-19 pandemic. There are several reasons why moving CFA exams to CBT is beneficial:
- PROFESSIONALISM: Computer-based testing and digital environment better reflect today’s workplace of financial analysts and investment managers.
- TESTING IMPROVEMENT: Both problems and problem solutions can be better modeled.
- ACCESSIBILITY: Globally, many more proctored test centers will be available + the exams will be delivered more often than in the past.
- MONITORING: There will be better monitoring for cheating, which will provide equal chances to all candidates.
- HEALTH AND SAFETY CONCERNS: The exams will be held in secure computer labs with many fewer candidates at a time (thanks to multi-day exam windows, more exam administrations per year for each level, and a greater number of test centers worldwide), which will facilitate social distancing and adherence to other safety measures.
- CONVENIENCE: Computer-based testing in secure computer labs is more convenient and safer in the COVID-19 impacted world.
- UNCERTAINTY REDUCED: It is hoped that CBT exams will be less likely to get canceled. Still, special safety protocols may be in place depending on the local recommendations and requirements.
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