This edition highlights several actions we are pursuing to enhance the candidate experience for future CFA® Program computer-based testing (CBT) administrations and provides Society Leaders with important information on this topic.
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At CFA Institute, this time of year is often a bright spot—it’s when we have both the pleasure and challenge of reviewing all the annual society award applications and selecting the winners. Given last year’s hardships, we’re thrilled to have received nearly 100 completed applications this year—three times more than in 2020. These applications showcase the invaluable work happening across our global network. We look forward to announcing the finalists later this month. Thank you and good luck to all the applicants and nominees!
Thanks, too, to all the Society Leaders and staff working with candidates to help navigate the scheduling and rescheduling process following the February exam. Since societies are often the front lines for candidates, this Executive Update highlights the latest information Society Leaders need to know to better guide and support candidates through this process.
Learnings from February’s Computer-Based Testing
Last month, I highlighted several achievements from our first-ever CBT Level I exam administration in February—results were released to candidates today, 13 April ET. Though we successfully delivered over 28,000 exams in testing centers across the world, this milestone was not without its setbacks. In February, the central challenge candidates experienced was the involuntary rescheduling of exams by Prometric due to COVID-19 restrictions.
Though we alerted candidates in advance that this was a possibility, when it happened, it created immense stress for candidates during an already stressful time. As a result, Prometric and CFA Institute were flooded with candidate inquiries and concerns and could not respond fast enough. As we prepare for May, we’re taking several steps to improve, including educating candidates about the rescheduling process, so if their appointment is rescheduled, they understand the best steps to take and what options they have.
Improving the Candidate Experience
Over the past six weeks, we have worked closely with Prometric to help mitigate candidate frustrations. Below are several key actions we’re taking to improve the candidate experience:
- Updating and enhancing the CBT Guide (on Society Center) and CFA Exam Updates & Changes webpage to answer key questions concerning Prometric’s exam rescheduling process. Based on requests from many of you, within the CBT Guide, we've added examples of Prometric's candidate email communications.
- Revising Prometric’s candidate rescheduling emails to ensure every communication is clear and proactively addresses key candidate questions regarding the rescheduling process.
- Offered an additional exam window (21-23 March). Approximately 1,000 candidates completed the exam. We expect to release results from the March administration in mid-May.
- Offered Online Proctored Testing (OPT) in limited capacity for candidates whose February exam appointments were cancelled more than once and could not be rescheduled. The first OPT begins today, 13 April and concludes on 15 April. Approximately 100 candidates are registered for OPT. We expect to release OPT results in June. We have not yet determined if we will offer additional OPT in the future.
- Offered complimentary registration or a refund for eligible candidates whose CFA exam was cancelled because of test center closures due to COVID-19—these candidates were notified by email on 29 March. The window to apply for a refund for February closed on 12 April.
- Offering exam registration deferrals to August or November 2021 for eligible candidates, if they cannot find an exam date/time that works for them during the May or July testing windows.
- Holding a scheduling webinar for candidates in partnership with Prometric ahead of the May exam to help candidates better understand the rescheduling process. Though we are still in the planning process, we expect to share a recording of the webinar once it is available.
- Reimbursing candidates for rescheduling fees due to involuntary rescheduling by Prometric.
- Conducting a testing feasibility review of all cities ahead of the May 2021 exam to identify locations where pandemic restrictions have been particularly stringent and could, therefore, make sitting for exams more difficult, even though the testing center is open. Candidates in these locations will be notified and given the opportunity to 1) keep their scheduled appointment or 2) move to the November administration at no additional cost.
Upcoming Exams
For May, over 150,000 candidates have registered for the exams. Level I is scheduled for 18-25 May, and Levels II and III will take place from 25 May to 1 June. We’ve already reached capacity for May’s exam window—approximately 1,200 candidates will be offered a deferral registration for a future 2021 exam window due to COVID-19 restrictions, which limited appointments in their area.
For July, as of early April, nearly 50,000 candidates have registered. In February, tens of thousands of candidates accepted the offer to defer their exam to a future date, filling the July test window. We’re actively working with Prometric and British Council to secure more space for July and expect most cities to have more appointments available in the coming days. Please encourage candidates who have yet to schedule for July to check the scheduling tool on 16 April for more options.
How You Can Help
In the past, with paper-based testing, if a test center closed or an exam was rescheduled, all candidates were impacted in the same way because they were treated as one cohort. Today, with CBT, candidates receive individualized communications from Prometric based on their test center, appointment time, and local pandemic restrictions. This precise level of individualization is critical but can be concerning for candidates who hear of changes to their colleagues' exam schedules, but not their own. Please help us spread the word to candidates, so they understand this difference is intentional and no cause for alarm.
We’re deeply committed to improving the candidate exam experience and will continue to make enhancements as we prepare for May. Though we’re taking critical steps to refine the process for next time, we don’t expect everything to go exactly as planned as the prolonged uncertainty of the pandemic continues. Cities around the world continue to introduce and lift pandemic restrictions every day and we, in partnership with Prometric and British Council, are working quickly to accommodate those restrictions and address any resulting impact to candidates.
For now, please review the resources linked above and continue to surface feedback and issues directly to your Society Relations Managers. We are committed to keeping candidates and this global network informed as we know more. We are grateful for your support, patience, and understanding as we work together to support candidates through this transition.
Best,
Randi
ADVOCACY
Future of Sustainability in Investment Management Resources
We have developed additional resources around the latest Future of Finance Report, Future of Sustainability in Investment Management. Explore the assets, including new webinar clips, programming and social media resources, and more. In addition to the report, we have also developed two Rubric Assessment Tools that provide a framework for investment organizations and investment professionals to do a candid self-assessment of areas needed for future sustainability effectiveness. The rubrics will help you recognize your strengths and develop plans for building your capabilities where gaps exist.
Enhancing the Disciplinary Process
The mission of CFA Institute is to lead the investment profession globally by promoting the highest standards of ethics, education, and professional excellence for the ultimate benefit of society. A robust disciplinary process both supports and advances this important mission. The disciplinary process is governed by the CFA Institute Bylaws, as well as the Rules of Procedure: For Conduct Related to the Profession and the Rules of Procedure: Exam-Related Conduct (collectively, “the Rules”), which may be amended from time to time. Recently, the Rules underwent a comprehensive review and proposed changes are issued for public comment. CFA Institute encourages you to review the changes and provide your comments on the amendments to the Rules, which can be found here. Comments should be submitted to rules.procedure@cfainstitute.org. The public comment period is open until 5 June 2021.
SOCIETY MANAGEMENT
Business Planning & Operating Standards for FY22
In May, we will kick off the FY22 Business Planning cycle with the CFA Society® community. This year you can expect an updated Business Plan and Year-End Report template, an updated MSLA, and a review of your society policies that were submitted in 2019. We will communicate updates in the coming weeks so please be on the lookout.
CFA Institute Annual Report
The CFA Institute Annual Report will be released at the end of April. Be on the lookout for our 27 April Tuesday Update email to societies with the link to access it.
June Regional Society Town Halls
Mark your calendar for the week of 7 June for our next series of regional society town halls, this time featuring Barbara Petitt, MD Professional Learning, and Paul Andrews, MD Research, Advocacy, & Standards.
Get to know Randi
Randi Tolber, CFA, is Head of Global Society Relations at CFA Institute. Her team manages relationships with 158 CFA Societies located in more than 90 countries around the world.
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