Since 2021, CFA Institute has implemented many changes for the CFA exams.
You probably already know that all CFA exams are transitioned to computer-based testing (CBT), with higher testing frequency available and a reduced test duration.
However, CFA Institute tends to announce other smaller – yet important – changes via its website or by emailing candidates directly.
So here’s a list of 10 recent CFA exam changes which you ought to be aware of.
- CFA Level 1 eligibility expanded
- A paid CFA deferral option is now available
- CFA Level 1 CBT exam format: 10 topics now split across 2 sessions
- CFA Level 2 CBT exam format: 44 multiple-choice item set questions per session
- CFA Level 3 CBT exam format: Constructed-response (essay) questions are now in both sessions
- Online Proctored Testing (OPT) option is no longer available for CFA exams
- New CFA exam changes in Level 2 and 3 exam frequency announced
- New exam cycles may change your CFA registration plans
- There is now a maximum of 6 attempts per Level
- When would computer-based CFA exam results be released?
CFA Level 1 eligibility expanded
In November 2022, CFA Institute has changed the CFA Level 1 eligibility rules such that undergraduates with 2 years remaining in their studies can now register for CFA Level 1. More information on this rule change here.
Previously, the earliest you can sign up for Level 1 was if you’re a final year undergraduate. If you’re thinking of signing up for the CFA Program whilst at university, check out our guide on the pros and cons of studying CFA whilst at university.
A paid CFA deferral option is now available
Given the pandemic and candidates’ changing situation, CFA Institute has further updated and streamlined the exam deferral request which can only be processed via a form.
There are some new rules to discourage disingenuous deferrals as well. See our CFA deferral policy page for the latest summary (which now includes a paid deferral option for candidates), and the CFA refund and withdrawal policy for your full set of options.
CFA Level 1 CBT exam format: 10 topics now split across 2 sessions
CFA Level 1 CBT now feature two sessions of 2 hours and 15 minutes each, with 90 multiple-choice questions per session.
However, the crucial change from paper-based exams is that the 10 Level 1 topics are now split across the two sessions:
- The first session covers 4 topics: Ethics, Quant Methods, Economics, and Financial Statement Analysis.
- The second session covers the remaining 6 topics: Corporate Issuers, Equity, Fixed Income, Derivatives, Alternative Investments and Portfolio Management.
For more information, check out the latest:
CFA Level 2 CBT exam format: 44 multiple-choice item set questions per session
With 25% of reduction in testing time to 2 hours and 12 minutes per session for CBT, CFA Institute has confirmed that there will be 44 question per session, making 88 questions in total for CFA Level 2.
The allocated time is 3 minute per question (including reading time) and each question is worth 3 points.
Unlike Level 1 CBT, it seems that all 10 topics for Level 2 are tested in both sessions as there is no mention of different topics tested per session. This means that all 10 topics may be covered in either the first and second sessions, or possibly both sessions.
CFA Level 3 CBT exam format: Constructed-response (essay) questions are now in both sessions
Given that CFA candidates often report difficulty in completing the essay session on time, CFA Institute has sensibly decided to mix both constructed response and item set questions in each session to average things out.
This means that each CFA Level 3 exam session has either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets. The total number of questions for Level 3 exam doesn’t change: 11 essay sets and 11 item sets, with 12 points each.
Just like CFA Level 2, all topics can be tested in either sessions and are mixed up randomly according to topic weight.
Online Proctored Testing (OPT) option is no longer available for CFA exams
During the pandemic, CFA Institute ran a few limited-capacity online proctored testing (OPT) option for its February-April 2021 candidates.
Since then with the pandemic restrictions easing, CFA exams are now back to in-person, computer-based testing since then, and online option is no longer offered.
New CFA exam changes in Level 2 and 3 exam frequency announced
Main reason for the shift was to move CFA Level 3 exam windows away from end of the year due to human grading requirements near the holiday season. This meant that CFA Level 2 and 3 will be tested thrice and twice a year respectively from 2022. Check out our visual summary of these latest schedule changes in our CFA journey planner article.
Refer to our CFA exam dates article for more info or use add our free CFA calendar to yours to stay up to date.
New exam cycles may change your CFA registration plans
With the new one-off exam cycles introduced (see previous point), there may be important repercussions to your CFA journey due to the “6 months rule” between exams: mainly that it is now possible to proceed faster through the CFA program in one year (!), assuming consecutive passes (Level 1 February, Level 2 August and Level 3 February).
For more information on this, check out our CFA Journey Planner article for the full picture, to understand the timeline of what happens if you pass or fail at each level.
There is now a maximum of 6 attempts per Level
In addition to CFA candidates only allowed to take a maximum of 2 exams a year (i.e. the ‘6 month rule’ mentioned in previous point), there is also now a maximum limit of 6 attempts per CFA level.
I suppose this really shouldn’t be an issue for most candidates, since if you were to attempt a CFA level 6 times, it may be a sign that the CFA Program isn’t really for you.
When would computer-based CFA exam results be released?
CFA Institute announced that CFA Level 1 and Level 2’s CBT results would be released around 60 days after the exams, whilst Level 3’s CBT results would be available within 90 days from the exams.
While this is the same statement as per paper-based exams, historically CFA Institute have announced the CFA exam results earlier:
- 52 days (or approx 7.5 weeks) after exams for Level 1 and Level 2
- 66 days after exams for Level 3
From what we’ve seen so far, CFA Institute was just being conservative with the CBT guidelines and have been slightly faster at announcing computer-based CFA exam results vs. the paper-based timings.
Stay up-to-date on our prediction on when the latest CFA exam results would be announced here.
Hope you have found this useful. Were there any CFA exam changes you learned about from the list above? Or do you have more to add? Leave a comment below!
Meanwhile, you may find these related articles useful:
Could anyone please confirm that “no show” in the exam will be counted as an attempt (out of 6 attempts) or not?
Hi F.A.Likhon, it’s best to reach out to CFA institute directly to clarify this point. Our wild guess is that it won’t be counted, but it is best to confirm with the source directly. Let us know once you hear back!
Hi does 6 attempts limits start counting starting from 2021 or is it retroactive? Are people who made 6 attempts prior to 2021 no longer allowed to take exams and be part of the program?
Hi VB, the 6 attempts limit starts counting from 2021 exams, since CFA Institute stated that “Candidates will have a total of six maximum attempts per exam level. This policy is in effect beginning with the 2021 exams.”
Hope this helps!
Thank very much you Sophie!
What does it mean by ‘6 attempts’? Registrations or sittings? If I am registered but do not sit is that considered an attempt?
Yes – no shows are considered an attempt.
Thank you Zee. Where / How you got that confirmation? In the website there’s nothing about it and I did not receive any confirmation from Institute about this. To be honest I don’t get it why would that be an attempt as I always heard (so I cannot say it is true as I do not know any case myself) that some people when no prepared missed the exam to be able to claim they passed on first attempt. So if that is the case, those claims cannot be stated.
On the subject of claiming ‘I passed on my first attempt’, none of that is officially endorsed by CFA Institute so people can interpret those however they want, usually to maximize boasting advantage.
It would make sense for CFA Institute to penalize a no-show, since no-shows are something they are keen to reduce. If not showing up for an exam means it’s ‘not counted’, then you’ll see a rise in no-shows. But in any case we will check with CFA Institute to double-check this.
The only thing that no-shows are not counted in is the pass rates – they neither count as a pass nor a fail, but are excluded from the calculations.
Hi Andre, CFA Institute have responded to this:
Hope that helps.
Thank you very much for the follow up Zee.
That makes sense to me as reasons for refund are narrow and with the 6 attempts it would penalise the candidate twice (by having to re-register and with less one attempt). It is also consistent with what I mentioned, not existing a “framework” for those claims of passing on the first attempt.
But I think it should be more clearly stated . As we had a different interpretation many more will have it for sure. But thank you again! I appreciate your support to all of us in this journey!
You’re very welcome, glad we could help!
Hi I am currently registered for the march exam. However, in my country, the number of cases is again on the rise. Is there a possibility to defer to May exam?
Please respond to my question.
Thanks a lot
Hi Khanna, I think you will need to prepare and assume the exam is going as planned in March. Let CFA Institute and your test center worry about whether it is safe to conduct the exam as they will follow the latest safety guideline. If the cases rises too much by then, CFA Institute or your test center will be in touch with your options. Your job is now to focus on your last preparation and assume it will happen.
I don’t think there are options to defer to May now as it is already full and closed to new registration.
Good luck!
maximum of 6 attempts per Level is ridiculous. I heard many candidates took 8-10 time for level 3 esp non-english speaker.
I’ve registered for level 1 in February. Will I be allowed to defer to March? Or is the option to defer allowed only to May, August and November?
Hi Nikita, our understanding is that March21 is by-invitation only, as it is reserved for deferred Dec/Feb candidates. If you’re eligible for March deferral, the March option should have appeared if you log in to your CFA Institute account.
Otherwise, you can defer to May, July (this is also a new one-off slot for 2021 only), Aug or November.
Great analysis. Thanks Zee
You’re welcome Ashleigh!
Hello, my CFA level 1 exam cancelled twice (Jun 2020 and Dec 2020). Then I scheduled my exam on Feb 2021. But in our country, we’re currently faced with quarantine situation. So, I just wondering is there any possibilities that I can refund my exam before facing my Feb 2020 exam.
Please respond to my questions.
Thank you.
Hi Manduul, your question is a good one, and I had to check with CFA Institute directly as their policy is not crystal clear.
I’ve some good news though, CFA Institute said that: “If a candidate was cancelled in June and December, he qualified for a refund or a deferral. Choosing a deferral to Feb would forfeit his eligibility for a refund. HOWEVER, if his February exam is actually cancelled and Prometric cannot reschedule him, he would once again be eligible for a refund”.
Hope this helps reassure!