CFA Institute changed the format and dates of the Level I CFA exam effective in 2021. The exam moved from its traditional paper-based format to computer-based with exam windows in February, May, July August, and November. CFA Institute added an additional window in March to accomodate seating capacity issues for candidates sitting in February. The number of questions also reduced from 240 to 180 with a morning and afternoon session. Each session has 90 questions and is 2 hours and 15 minutes long.