ComputerBased Exam CBT Information Exam Comparison Exam Format
Computer-Based Exam (CBT) Information • Exam Comparison • Exam Format • Exam Delivery • Enrolment Details • Learning Eco. System
Computer-Based Exam (CBT) Information CFA Institute is Transitioning to Computer-based Exams CFA Institute is transitioning all Level I CFA exams to computer-based testing. Registration for the first computer-based test in February 2021 opens 16 June 2020. The December 2020 exam is the last paper-based exam for Level I candidates. • Level I CFA Program CBT in four windows each year (February, May, August, and November) held in 400+ locations globally. • The first computer-based exam will be offered in February 2021. • Candidates self-schedule exam appointments. The length of each exam window will be up to seven days, but will vary from city to city depending on demand. We are committed to maintaining the rigor of the exam and the candidate experience. Every candidate who does not pass Level I will have to wait a minimum of six months to retake the exam. Candidates who pass Level I exams in 2021 can take their Level II exam in 2022. 2
EXAM COMPARSIONS: Last paper-based vs first computer-based exam December 2020 exam (last paper-based test) February 2021 exam (first computer-based test) Scheduling One exam day/time offered Self-schedule in exam window (up to a 7 -day period) Exam Details 240 questions (see next page) 180 questions (see next page) Locations Proctored exam in 192 locations globally Proctored exam in 400+ locations globally, to include all locations currently offered in June. Exam length Two 3 -hour sessions with break in between; 120 questions per session Two 2. 25 -hour sessions with break in between; 90 questions per session Question format Multiple choice questions Pass Level I in December 2020, register for the Level II Pass Level I in February 2021, register for the Level II June 2021 exam June 2022 exam Fail Level I in December 2020, retake the Level I exam Fail Level I in February 2021, retake the Level I exam in in May 2021 August 2021 3
EXAM FORMAT CHANGE In February 2021, we will reduce the Level I CFA Program exam to 180 questions resulting in a proportional reduction in testing time. CFA Institute invested in independent psychometric research which clearly showed that a shorter exam would not affect our ability to reliably determine who has demonstrated the required competency to pass the exam. Just as a thermometer does not provide more accurate readings with longer measurements, the longer exam is not providing sufficient additional insights to warrant remaining at 240 questions. Each exam appointment will include: • 30 minutes allotted to pledge, tutorial, and survey • 135 minutes for session 1 • 30 minutes for optional break • 135 minutes for session 2 • Total testing time is 4. 5 hours • Total appointment time is 5. 5 hours 4
EXAM DELIVERY Exams will be delivered in proctored exam centers with robust security measures in place. Testing at home will not be an option. Each test center will closely monitor candidates for cheating in any form. Finally, the passing score calculations and standards will remain unchanged so candidates who complete the exam in CBT will be held to the same standard as those who completed a paper-based exam. Test Centers; we will test in all locations currently offered in June, but also expand into additional cities. At this time, we're only focused on delivering computer-based testing for Level I. 5
ENROLLMENT DETAILS The Cost of Dec 2020 CFA Program exams for Level I only One-Time Initial Program Enrollment Fee (Level I only) Early Registration Fee (ended 25 March 2020) Standard Registration Fee (ends 19 August 2020) US$ 450 US$ 700 US$ 1, 000 Late Registration Fee US$ 1, 450 (ends 9 September 2020) *Fees vary depending on the deadline by which enrollment and/or registration is completed and by the curriculum format that is chosen.
ENROLLMENT DETAILS CHANGES The Cost of Feb 2021 CFA Program exams for Level I only will now have only two deadlines compared to previously having three One-Time Initial Program Enrollment Fee (Level I only) US$ 450 Early Registration Fee (ends 13 August 2020) US$ 700 Standard Registration Fee (ends 3 November 2020) US$ 1, 000 *Fees vary depending on the deadline by which enrollment and/or registration is completed and by the curriculum format that is chosen.
STUDENT SCHOLARSHIPS CHANGES FROM 1 ST SEPTEMBER 2020 From 1 st September 2020 we will be using our new scholarship platform with some changes to the processing. • Scholarships can be awarded at anytime for any level of the CFA Program. • Scholarship award decisions are instant. As soon as you decide on an application, the student is notified via email immediately. • If a student has already registered for the exam they can not apply for a scholarship. We are unable to process refunds for any exam registrations. • Students will have seven months to register for an exam and redeem their scholarship award. More information on next slide. 8
SCHOLARSHIP EXAM REGISTRATION AND AWARD DATES Students have 7 months to register for the exam using the scholarship from the ‘available for use’ date in the table below. It is the student's responsibility to be aware of and abide by the important exam dates and register for the exam of your choice prior to this expiration date. Scholarship award received Available for use Available exam offerings 1 January – 31 March by 1 April Level I: Aug, Nov, Feb, or May Level II or III: June 1 April – 30 June by 1 July Level I: Feb, May, Aug, or Nov Level II or III: June 1 July – 30 September by 1 October Level I: Feb, May, Aug, or Nov Level II or III: June 1 October – 31 December by 1 January Level I: May, Aug, Nov, or Feb Level II or III: June The scholarship will reduce the exam registration cost to USD 350. If the student has not already taken any of the levels the one-time initial program enrollment fee USD 450 is also waved. 9
SCHOLARSHIP ALLOTMENT Scholarship allotments for 2021 program year must be awarded by 31 August 2021 and any remaining allotments will be forfeited. Participation in the Professor Scholarship program is no longer awarded an additional scholarship. Please see table below for scholarship allotment criteria. UAP Activity Number of scholarships Base allotment Amount that each university receives for being a participant in the UAP. Each additional affiliated degree program – Each additional degree program mapped to the CFA Program curriculum earns one additional student scholarship per year (not capped). Recognition of the CFA program as admission scriteria Earns one additional student scholarship per year (capped). Recognition of the CFA Program for a course waiver Earns one additional student scholarship per year (capped). Requiring students to sit a CFA Program exams a mandatory element of a course contained within the affiliated degree program. Earns one additional scholarship per year (capped). Offers a credit-earning stand-alone ethics course Earns three additional student scholarships per year (capped). Each Full-time CFA charterholder Earns three additional student scholarships per charterholder, per year (not capped). Each Part-time CFA charterholder Earns one additional student scholarship per charterholder, per year (not capped). 10
CFA INSTITUTE LEARNING ECOSYSTEM The Learning Ecosystem (LES), which is included in your registration fee, provides the complete Level I CFA Program curriculum in a digital format. The LES delivers to candidates a more engaging, efficient, and effective method of study for the CFA Program. HOW WILL I BENEFIT? With the CFA Institute Learning Ecosystem, you will get: A PERSONALIZED LEARNING PATH A process tracker and study planner let you monitor your performance understand your strength and weaknesses, and prepare for your exams effectively. You will receive recommended resources and suggested activities, based on how you’re doing along the way. ACCELERATED LEARNING All of the content is broken down into userfriendly, easy to understand lessons, so it is more convenient than ever to make time to study. 11
CFA INSTITUTE LEARNING ECOSYSTEM A MORE ENGAGING EXPERIENCE Practice questions, mock exams and learning games help to keep you motived, and a handy flashcard tool lets you review key concepts. FULL ACCESS WHENEVER AND WHEREVER YOU NEED IT No wasting time looking for extra study materials and tools; content is available on demand, on any device all in one place. IMPROVED KNOWLEDGE RETENTION You will remember more information for a longer period of time. Our tailored learning tool is designed to enhance knowledge retention up to and beyond your exams. 12
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