Update 19 Mar 2020: The CFA June 2020 exams has been postponed to later dates. You can read our detailed update here.
You’ve got enough stress with the CFA exams already – then comes the coronavirus.
In the past few months, the coronavirus has caused a level of disruption – and financial market havoc – unseen for decades. As the virus sweeps through the globe, we’ve received a lot of concern and speculation on how CFA Institute would react to it, and how it affects the CFA exams.
We’ve put this article together to gather the latest info on any news and announcements, and address all the top concerns CFA candidates will have. So what does the current coronavirus situation mean for your CFA exam?
Lockdowns have been imposed in entire countries including Italy, Spain and Austria. In the US, Illinois, Ohio, Massachusetts, Washington, and NYC and LA are among those who are in lockdown, with nightclubs, cinemas, theatres and concert venues closed, and restaurants, bars and cafes to only sell food on a takeaway or delivery basis.
The CDC is also recommending postponement or cancellation of events with 50 or more people until mid-May.
It’s not clear that if the situation will get better by June 2020.
The latest news on coronavirus suggests that it will be worse in June, not better. For the latest updates on coronavirus, head over to the WHO page.
Cancelled events include tech exhibitions like Google I/O and SXSW to tennis and World Cup qualifiers. All elite sporting seasons worldwide have been cancelled or postponed. Recent cultural events like Ireland’s St Patrick’s Day parades and Japan’s Cherry Blossom festivals have also been nixed.
This includes
They are also advising candidates to reschedule if they are unwell. To check which centres are suspended, you can check their Coronavirus Update page.
Other academic exams are also either being cancelled, postponed, or moved online.
Schools throughout Europe, Iran, mainland China, Hong Kong, Japan and elsewhere have been closed because of the outbreak. Many American educational institutions have also announced that they are cancelling classes.
In the United States, New York University, the University of Florida, Columbia University and Princeton University were among those that announced they would move to online instruction.
To keep candidates informed, CFA Institute has set up a Coronavirus Update page:
At CFA Institute, the health and safety of our employees, stakeholders, and affiliates around the globe is our top priority.
The Novel Coronavirus (COVID-19) outbreak remains a very fluid situation, and please be assured that we are monitoring the effects to health, safety, and travel mobility.
We seek to make decisions that: prioritize the health and safety of everyone involved; are informed by data; are fair and equitable in their treatment of all concerned parties; and that are viable and sustainable.
We understand that this remains a stressful and trying situation, and we ask for your understanding as we seek to make decisions in a timely and well-informed manner.
With respect to the June administration of the CFA Program exams, to date, we have not announced any change in plans.
We encourage June 2020 candidates to continue studying and check their email for updates; we will also communicate through social media. We will ensure that our partners, such as approved prep providers and local societies, are notified of any decisions as well.
Our goal is to ensure a fair and equitable exam administration for all candidates at every level and every locale. At this time, we do not have an exact date by which we will announce if there will be changes to the June administration. This is an evolving situation, and we are consulting with local, regional and global health advisors, governments, and employers to ensure we are considering global variances in the severity of and response to COVID-19. We request your patience as we diligently review information and will make decisions as quickly as possible.
For the latest official announcements, keep and eye on your email from CFA Institute or visit CFA Institute’s Coronavirus Update page.
In the meantime, I would focus on continuing your prep and check the CFA Institute Coronavirus Update page for updates. Contacting them directly is unlikely to yield any extra information.
CFA Institute delayed the CFA December 2019 exams in Hong Kong by 3 days due to pro-democracy protests. Under that plan, CFA Institute also offered the option to receive a full refund, sit for the test at another location or hold off until the next round in June.
For the March CIPM exams, CFA Institute are closing test centers depending on location and rescheduling tests for candidates. Candidates that are experiencing symptoms or have been diagnosed with COVID-19 are being advised not to appear at the test center but contact CFA Institute to make alternative arrangements for their exams.
Other current CFA Institute events such as conferences are being evaluated on a case-by-case basis based on the latest information. CFA Institute have indicated that they will cancel programs if necessary and have already done so in some cases. Options like holding virtual events are also being reviewed.
We have deduced the likely solutions below based on:
The CFA exams are conducted in 180+ cities globally – coordinating the postponement logistics of that magnitude may not be possible at such short notice.
Also, given the unpredictability and speed of how the coronavirus disruption evolves, it would be extremely difficult to decide what should be the new date for the June 2020 CFA exams.
This could logistically work for CFA Institute. CFA Level 1 candidates would have moved to computer testing by then, so the extra load on June 2021 would be reduced to just the Level 2 and Level 3 candidates, which is about 55-60% of the typical June exam.
If this becomes the case, CFA Institute might not change the curriculum between 2020 and 2021 so that current candidates don’t lose out on any studying they’ve done or provider materials they’ve invested in.
In this situation, although candidates would get back their exam fees, sunk costs would include the time invested in studying, as well as any cost spent on third-party providers.
There is currently no indication that plans for the CFA exams will be cancelled, so you should continue preparing for the exams as usual.
Preparing for the exam
Getting to and from the exam
Pre-exam and between sessions
During the exam
We will keep this page updated as the situation develops.
If you have any specific questions, or are worried about how the situation is evolving, please just drop a question or comment into the comments area below. We are here to help.
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It seems inconsistent for the CFAI to cancel the CFA annual conference and not the exam which is only 2.5 weeks after the conference was scheduled. It would be unethical of the CFAI to wait to see how the situation develops before making a decision as, even in the highly unlikely event the threat of COVID19 is reduced to a level that it would be safe to hold the exams as planned, candidates shouldn't be forced to chose between preparing for the exam now and caring for their families, ensuring they still have employment and looking out for their health. I'm in a fortunate position where I am now working from home and have no dependents so I can actually study more now than pre-COVID19 however I'm guessing I'm in the minority.
Do you know of any exception made to CFA passport policies? I live in Spain, where things are getting uggly at the moment, and my passport is due this month. What if I can't get an updated one before june?
I thought the FRM is administered like the CFA
Correct - CAIA exams are computer-administered, and both (to our understanding) are administered by Pearson VUE. Have modified to make this clearer. Thanks!