We wanted to let you know of a few changes to the CFA exam format that will begin with the February administration and aim to improve candidates' test-taking experience.

At all levels:

• All test centers will provide scratch paper in place of whiteboards to all candidates, at all levels.
• We have placed curriculum topic areas randomly throughout the exam. All topics will be covered in either the first or second sessions, and possibly both sessions.
• Candidates will be able to highlight within the vignette as well as within the questions themselves.

For Level III:

• We noticed that candidates have consistently utilized every minute of the essay session but often finished the item set session early. For that reason, we have changed the order of questions so that item sets and constructed-response (essay) sets will be mixed within each of the two exam sessions. Each session will have either 6 item sets and 5 essay sets or 5 item sets and 6 essay sets.
• We have removed access to the math editor function for essay questions. An essay text box will accept typed words and numbers. A correct numerical value typed in the essay box by itself receives full credit—formulas and explanations are not required. If candidates choose to do so, they may describe steps used in the calculation by typing out variables in an equation using normal keyboard strokes.

Registered candidates were alerted of these changes via email in November.

Visit our website for detailed information on the Level III exam format and tips for taking the exam.