We are excited to announce that CFA Institute will transition Level I of the CFA Program to computer-based testing in 2021. This capability enables CFA Institute to keep pace with the evolution of global testing and credentialing practices and will enhance the overall candidate experience. We expect to off a wider selection of test venues, more flexible scheduling, and expedited exam results delivery. The exam will be offered in proctored test centers around the world.
Computer-based testing! We've heard that CFA Institute has been progressing in this direction for some time, but this is the first time a definitive date has been announced.
We obviously want more details. We reached out to CFA Institute with a list of questions - their answers are below. If you have any questions that aren't covered, let us know in the comments!
We obviously want more details. We reached out to CFA Institute with a list of questions - their answers are below. If you have any questions that aren't covered, let us know in the comments!
Does this mean that the last 'traditional' CFA exam Level I would be December 2020?
That’s correct. We anticipate administering the first computer-based Level I exams in 2021. There are many details to work out to make a change of this significance, and we want to ensure we maintain exam quality and the rigour of the candidate experience. As such, we’re taking a thoughtful and methodical approach, working in stages.
Will results be instant? If not, when could candidates now expect to receive their results?
Candidates will not receive their final results instantly, but candidates can expect to receive results more quickly than is possible under the current examination format.
Will candidates have more test dates, and be able to reattempt more often than the current 6-month cycle? For example, the Investment Foundations Program currently allows candidates to register and take exams at any time.
The CBT model is more flexible than today’s paper-based CFA Program Level I exam but not quite so flexible as CFA Institute Investment Foundations. We expect that candidates will be limited in the number of exam attempts they are allowed in a given year or how quickly they can re-attempt. CBT allows flexible windows of test taking, and we will therefore be able to offer candidates a greater selection of test dates. During exam windows, candidates will take exams on different days and all exams will be completed at the end of an exam cycle rather than on one exam day. We have not yet determined what the final offering would look like, but we anticipate offering the Level I CFA exam annually around the world in four one-week windows.
How will the exam vary across different exam dates? Will it be a separate exam for every available date, or a randomly generated mix of questions every time (i.e. like a question bank)
We are committed to maintain the integrity of the CFA Program, including protecting exam content. On all testing dates, candidates will continue to share a common testing experience. Building an item bank is central to that endeavor and creates a level playing field for all candidates whether they test at the beginning or end of a testing window. We cannot share the specifics of the exam construction techniques without compromising the security of the exam, but questions will be generated according to psychometrically sounds principles that provides a consistent standard across candidates and across time.
As we understand it, the Minimum Passing Score is previously determined for each exam cycle (every 6 months). How will the MPS be determined now that the exam cycles are changing, presumably quite significantly?
Currently, the CFA Institute Board of Governors determines the minimum passing score for each exam administration based on guidance from approximately 30 CFA charterholders who review each exam question-by-question in a process, known as standard setting. This process is described in detail in The CFA Program: Where Theory Meets Practice. Under computer-based testing, we will follow industry convention and continue standard setting on a periodic basis while using statistical techniques to assure a consistent difficulty level across exam windows.
Will the exam fee be lowered/changed to reflect the new logistics (and costs) of administering the exam?
Computer-based testing is a more expensive exam delivery model for an organization operating on the scale of CFA Institute. That said, we do not anticipate significant changes to examination fees as a result of computer-based testing. Much work needs to be done before we can say this with confidence, however.
Are there any plans to move Levels 2 and 3 to computer testing as well?
At this time, we’re focused on delivering computer-based testing for Level I. No decision has yet been made to transition CFA exam Levels II and III to CBT.
Have a question that's not covered? Let us know in the comments and we'll try to get a response from CFA Institute!
That’s correct. We anticipate administering the first computer-based Level I exams in 2021. There are many details to work out to make a change of this significance, and we want to ensure we maintain exam quality and the rigour of the candidate experience. As such, we’re taking a thoughtful and methodical approach, working in stages.
Will results be instant? If not, when could candidates now expect to receive their results?
Candidates will not receive their final results instantly, but candidates can expect to receive results more quickly than is possible under the current examination format.
Will candidates have more test dates, and be able to reattempt more often than the current 6-month cycle? For example, the Investment Foundations Program currently allows candidates to register and take exams at any time.
The CBT model is more flexible than today’s paper-based CFA Program Level I exam but not quite so flexible as CFA Institute Investment Foundations. We expect that candidates will be limited in the number of exam attempts they are allowed in a given year or how quickly they can re-attempt. CBT allows flexible windows of test taking, and we will therefore be able to offer candidates a greater selection of test dates. During exam windows, candidates will take exams on different days and all exams will be completed at the end of an exam cycle rather than on one exam day. We have not yet determined what the final offering would look like, but we anticipate offering the Level I CFA exam annually around the world in four one-week windows.
How will the exam vary across different exam dates? Will it be a separate exam for every available date, or a randomly generated mix of questions every time (i.e. like a question bank)
We are committed to maintain the integrity of the CFA Program, including protecting exam content. On all testing dates, candidates will continue to share a common testing experience. Building an item bank is central to that endeavor and creates a level playing field for all candidates whether they test at the beginning or end of a testing window. We cannot share the specifics of the exam construction techniques without compromising the security of the exam, but questions will be generated according to psychometrically sounds principles that provides a consistent standard across candidates and across time.
As we understand it, the Minimum Passing Score is previously determined for each exam cycle (every 6 months). How will the MPS be determined now that the exam cycles are changing, presumably quite significantly?
Currently, the CFA Institute Board of Governors determines the minimum passing score for each exam administration based on guidance from approximately 30 CFA charterholders who review each exam question-by-question in a process, known as standard setting. This process is described in detail in The CFA Program: Where Theory Meets Practice. Under computer-based testing, we will follow industry convention and continue standard setting on a periodic basis while using statistical techniques to assure a consistent difficulty level across exam windows.
Will the exam fee be lowered/changed to reflect the new logistics (and costs) of administering the exam?
Computer-based testing is a more expensive exam delivery model for an organization operating on the scale of CFA Institute. That said, we do not anticipate significant changes to examination fees as a result of computer-based testing. Much work needs to be done before we can say this with confidence, however.
Are there any plans to move Levels 2 and 3 to computer testing as well?
At this time, we’re focused on delivering computer-based testing for Level I. No decision has yet been made to transition CFA exam Levels II and III to CBT.
Have a question that's not covered? Let us know in the comments and we'll try to get a response from CFA Institute!