Level II and Level III CFA® Exam Changes in 2021 and 2022
What Is Changing?
Here is a summary of the changes:
- All levels of the CFA exam will be computer-based.
- There will be no more June exams for any level.
- The Level II and Level III exams will be offered twice a year in 2022. In 2021, they will be offered three times.
- There will be exam windows instead of one uniform date.
- The total testing time is 4.5 hours.
- Level II and Level III will use the same item set (vignettes) and essay format (Level III) used for the paper-based exams. The total number of item sets on the exam might vary slightly.
What Are the New Schedules for Level II and Level III?
There will be a special exam schedule for Levels II and III in 2021 and then a regular cadence will begin in 2022. The exam windows for Level II and III in 2021 are:
- May, August, and November for Level II
- May, August, and November for Level III
Beginning in 2022, the schedule for the Level II and Level III exams will be:
- February and August for Level II
- May and November for Level III
Why Is CFA Institute Making These Changes?
The world that investment professionals experience today is increasingly digital. For that reason, CFA Institute has been working on the transition of its exam from paper-based to computer-based for several years. The COVID-19 global pandemic was the impetus for CFA Institute’s decision to accelerate the move from paper- to computer-based testing. The computer-based testing environment and additional dates and times available means that fewer candidates will sit for the exam at the same time, which reduces personal risk compared to the high-capacity venues used for the paper-based test.
What About Future Postponements?
Free eBook: Before You Decide to Sit for the CFA® Program Exam
Free eBook: CFA® Program Fundamentals, 2nd Edition
Ready to Pass the CFA® Exam?