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Level II and Level III CFA® Exam Changes in 2022

By: Kaplan Schweser
December 10, 2020
CFA Exam Level 2 and 3 Changes


Level II and Level III of the CFA® exam are offered in a computer-based testing format, ending 60 years of paper-based testing. What does that mean for candidates? Read on to find out.

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 at any level.
  • The Level II exam will be offered three times in 2022.
  • The Level III exam will be offered twice a year in 2022.
  • 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?

The CFA exam schedules have been updated and CFA exam dates for 2022 are now available.

Before you choose your CFA exam date, download this free Before You Decide to Sit for the CFA Exam eBook.

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?

If you are trying to make a decision about when to take the CFA exam, be sure to check the government and health advisories in your test area. CFA Institute follows the guidance of local governments. The plan is to hold exams in any location where CFA Institute can meet public health and safety requirements.

There are rules for CFA exam postponements that you should be aware of, especially if the CFA Insitute does not announce a postponement for all candidates.

Ready to Start Preparing for the CFA Exam?

Our CFA study materials offer live instruction, practice questions, and more. They can help you stick to your study plan and show up on your scheduled exam day, feeling confident about your odds of passing.

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