CFA Institute to move to computer-based exams

All CFA Institute examinations will move to computer-based testing starting next year, with the coronavirus pandemic accelerating a planned move by the association.

The association of investment professionals had already announced a move to computer-based testing for Level I examinations. The final paper-based tests will take place in December, a news release said.

The transition had been planned as part of a broader effort to deliver examinations via computers in secure test centers, vs. the current paper-based tests taking place in large spaces. The change allows the CFA Institute to provide smaller exam settings, more dates for examinations and easier scheduling across more locations. The move also reflects that the investment profession now operates in a digital world, the news release said.

The CFA Institute will work with Prometric, a technology-enabled testing and assessment firm, to administer the exams. The CFA Institute will collaborate with the British Council, a U.K. international organization for cultural relations and educational opportunities, for exams 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, president and CEO of the CFA Institute, in the release. "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."

The Level I computer-based exam will be offered four times per year starting next year. Previously, Level I was offered twice per year, in June and December, a spokeswoman said. Levels II and III will now be offered twice per year, rather than just the once in June.

Registration for all 2021 examinations opens Aug. 20.

In March, the CFA Institute said it was postponing the administration of its global CFA Program Exam originally scheduled for June, due to the coronavirus pandemic.