Is the CFA ethic the same for all years

CFA exams will be completely digital from 2021

Frankfurt am Main, August 4, 2020 - The CFA Institute, the leading global professional association for the investment industry, will conduct the exams of all three levels of the qualification program for Chartered Financial Analyst (CFA) computer-assisted from 2021. The CFA Institute is thus accelerating the changeover for tests of Level II and III. The changeover of the Level I exams had already been announced last year for 2021. The December 2020 exams will be the last on paper for all three levels of the CFA® program.

With the accelerated switch to Computer-Based Testing (CBT) for Levels II and III, the CFA Institute is responding to the effects of COVID-19. The aim is to conduct all exams in the CFA program on a computer-based basis in secure test centers, rather than on paper in large halls. This change is already underway for the Level-I exams and allows smaller examination centers, more examination dates and easier scheduling with more locations.

The development towards computer-aided audits is also the result of global change in how tests are carried out today and evidence of ability is collected, and also takes into account the fact that investment management operates in a digital world. The computer-aided tests allow the CFA Institute to realistically map the tasks of today's investment professionals in exams and learning experiences. For the handling of the computer-aided exams, the CFA Institute will work primarily with Prometric, as it has done so far for the Level ITests. The British Council is a cooperation partner in India and Africa.

Margaret Franklin, CFA, President and CEO of the CFA Institute, commented, “The final CFA paper exams mark the end of an era. But technological advances in computer-based testing enable us to meet the growing demands of our candidates around the globe with a wider choice of exam centers and more flexible scheduling options. We are proceeding carefully to ensure a seamless transition and to give candidates an even better exam experience. It goes without saying that we will maintain the very high requirements for passing the CFA exams. "

Registration for all computer-based exams in 2021 will be possible from August 20, 2020. There are several key changes that will give candidates greater flexibility and an improved exam experience:

• The computer-based exams for Level I of the CFA program will be offered four times a year from 2021.

• The computer-based exams for Level II and Level III will be offered twice a year from 2021 onwards. • To receive the CFA charter, a candidate must pass all three levels in sequential order.

• As part of the switch to computer-assisted exams in 2021, candidates will be offered time windows of up to 10 days to schedule their exams in a secure test center. This is in contrast to the exams taking place on one day today. The exams can only be taken personally on site.


The schedule for 2021 is as follows:

• February: Level I

• May: Level I, Level II and Level III

• August: Level I and Level II

• November: Level I and Level III


Due to COVID-19, the CFA Institute offers all candidates currently registered in December 2020 the opportunity to keep their exam date or to postpone it to a CBT appointment in 2021. For more details on changes to the exam cycle, information on computer-based exams and the exam guidelines, please see our FAQs.

The CFA Institute intends to carry out all tests planned for all levels worldwide in December 2020, provided this is compatible with the health measures applicable there and possible within the framework of local regulations. The CFA Institute closely follows local health regulations and developments around the world. If necessary, the implementation will be adjusted.

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CFA Society Germany

The CFA Society Germany is the leading professional association with the largest number of members for professional investors and investment managers in Germany. With more than 2,800 members, the CFA Society Germany represents a cross-section of ... more