Almost half of the first candidates to take their CFA Institute Level I examination under the new computer-based testing passed.
Of 28,651 Level I candidates sitting the examination in February, 44% passed. Candidates sat for the examination at 850 test centers in 400 cities in 91 countries, a news release said.
The computer-based testing proved to be more resistant to COVID-19-related cancellations due to an increased number of testing days and smaller centers, the CFA said. About 700 candidates experienced cancellations due to COVID-19 restrictions, with options to reschedule in the coming months. Candidates were also offered the option of deferring to a future testing date if they felt uncomfortable due to the pandemic.
"The past year has been an extraordinary year of transition as we accelerated our shift to computer-based testing while the pandemic took hold, and we are very pleased to report this first administration of computer-based testing," Margaret Franklin, president and CEO, said in the release.
In the December examinations — the last paper-based testing — 49% of 26,212 candidates passed and in December 2019, 42% of 73,688 Level I candidates were successful, the document said.
The 2021 Level I examinations will take place in May, July, August and November. Level II and III candidates will be examined over three periods this year.