In 1963, CFA Institute administered the CFA® Program exam to 284 candidates. In the years since, exam registrations have skyrocketed, reaching 319,000 in FY2018. Our teams have successfully adapted as volumes increased, knowing that a more sustainable way to deliver the exam would one day be necessary. That day is dawning at CFA Institute.
The organization has decided it will transition CFA Program Level I to computer-based testing (CBT), targeted for 2021. This is a natural evolution in response to how global testing and credentialing practices have changed and the recognition that the investment profession operates in a digital world. Offering the exams in a digital environment will allow us to better model the tasks and work experience of investment professionals today. The resulting elimination of paper and shipping also aligns with our sustainability vision.
“Our highest priority is to uphold the standard of the CFA charter. Maintaining the security of the exam and the rigor of what is expected of candidates is critical to that process,” said Paul Smith, CFA, president and CEO.
CFA Institute is working with Prometric® as our primary vendor, a global leader in the testing and assessment industry, who will support our transition to CBT in 2021. CBT has existed for nearly 35 years and has been broadly accepted as an exam solution for more than two decades. CFA Institute has already transitioned the CIPM Program to CBT.
With the launch of CBT just two years away, there are many details to work out to make a change of this significance. We will announce changes to exam delivery as necessary to keep our candidates and stakeholders informed. No decisions have yet been made to transition Levels II and III.
For more information please visit our FAQs and feel free send us your feedback at fed@cfainstitute.org.
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