The governing body for the CFA Program Review declared on 4 August 2020 that the 2021 exams will move to Computer-Based Testing (CBT) for all three levels. This move enables several advantages, such as social distancing, more places for testing, and more clarity about preparing for your exam. There have been 192 research locations globally in the past, for example, but with computer-based testing, the number leaps to over 400. The computer-based Level I test will be conducted four times a year, and two times a year will be conducted for Level II and Level III exams.
Changes to the CFA Exam: Format and Results
There have a few changes to the exam format worth mentioning, as they will affect your experience of the exam day, particularly if you have taken a paper-based CFA Program exam in the past.
1. Can under computer-based research, the structure of the CFA level 1 computer-based exam change?
Two three-hour sessions, including a break in between, were made up of paper-based assessments. The new computer-based CFA exam format will consist of two Level I 2.25-hour segments and approximately Level II and III 2.25-hour segments. The number of questions will also be decreased, so applicants will average the same number of questions as those who have taken the paper-based version.
2. Would the format of questions for research change?
The Level I exam will consist of multiple-choice questions as before, and the examination will use the same item collection and essay format (Level III) from previous years for Level II and Level III.
It is also worth mentioning that at both Level II and the item set section of Level III, the length of item set questions was standardized to six multiple-choice questions per vignette until last year. However, the CFA Institute started implementing item sets with four multiple-choice questions per set in the last year, and now the mixed length of four and six-question item sets will continue, so the t t
3. Would topics in computer-based examinations be weighted differently?
No, the weight of the subject remains the same.
4. How will the passing score and scoring system of the CFA test be affected?
All item sets and essays are graded in proportion to their length, according to the CFA Institute, and each question has a fixed number of points within an item set, so a four-question item set has two-thirds of the number of points as a set of six-question items. They will be graded on complexity and longitude for the essay questions. And, as before, incorrect responses do not count against you. However, one change to remember is that computer-based test exams now contain some test questions that do not relate to an applicant's score. During the test, these questions will appear at random, and there will be no hint of which questions are questions from the trial.
5. Will I get my findings more quickly?
The short reply is no. The CFA Institute is also working on setting minimum passing scores of CFA level 2 computer-based exams because computer testing can be more effective. Also, Level III tests are still being graded by a select team as before.
6. Would the strategy for calculators be the same?
Yeah, there is the same policy. You are also permitted to carry to the testing site a calculator. But it must be either Texas Instruments BA II Plus or Hewlett Packard 12C to be sure of the measurement.
7. When will the new curriculum be published?
The CFA Institute states that the curriculum will remain the 2020 edition for all exams for all levels in 2021. Still, when those registration windows open, new curriculums will be published for 2022 exams.
CFA level 3 computer-based exam Experience assessment
You should expect exam day to look a little different than it did before with this turn to computer-based CFA Software exam testing. Read on to get answers to some of the most commonly asked questions about what the latest examination day would look like.
1. How will the experience of the CFA computer-based exam day vary under computer-based testing?
In proctored testing centers with stringent security measures and space for social distance, exams will be conducted, not to mention more relaxed lunch breaks and completion times.
2. Are you worried about computer-based research for cyber-security?
There will be procedures in place for each testing center and the exam proctors to track applicants for any ways of cheating. And while the potential for computer-based examination cheating is on par with paper-based tests, the CFA Institute has stringent cybersecurity measures in place. It works with IT experts on an ongoing basis to thoroughly identify any potential threats and solutions.
3. Can candidates use paper during computer-based examinations to find out test answers?
The CFA Institute offers writing tools for applicants to use during CBT tests.
Scheduling The CFA ® CBT Test
And instead of one fixed date, there is an exam window; you will have to schedule your exam with Prometric. Via the CFA Institute, you can arrange or reschedule your exam appointment online or by phone:
• USA: 1.800.310.6402 with 443.751.48333 local number.
•The EMEA: +31320239580
Before you attempt to make an appointment, make sure you enroll in the CFA Program. The times and locations of testing are dependent on availability. Prometric will confirm it in an email after you arrange your appointment.
Before Exam Day: Study guidelines for the CFA cbt exam on computer-based testing.
Before the exam day, you should familiarise yourself with how a CBT exam works and the test tool features. With helpful information, Prometric has created a CFA exam tutorial that you can preview at any time before you take the exam. On exam day, it will also be given as a refresher. This clarifies stuff like:
- What the mouse pointer looks like will
- How to use the test screens
- How to track your progress through questions from the exam
- What "Remaining Time" means and how it works
- How to respond to the numerous questions
- How to use flagging, highlighting, and strikethroughs
- When to arrive at the testing center based on computers
For your examination time, be sure to turn up about 30 minutes early. Mapping out where the testing center is and finding out how long it would take you to get there is a smart idea. You may not be permitted to take the test if you arrive late. If this situation occurs, you will not get any refund of the review fee, nor will you move the fee to another appointment.
You will be obligated to display your passport at all testing centers. The CFA Institute requires a valid international travel passport for each CFA Program applicant to register and sit for the exam. You can only carry those things with you into the testing center room; all other personal belongings are best stored in your locked vehicle. So, you will have to go through a metal detector wand test or turn your pockets entirely inside out to ensure that all personal items have been cleared.
It is forbidden to carry mobile phones, portable computers, and other communication devices or electronics into a testing room or use them during bathroom breaks. You are likely to be given a locker if you have many things that you don't want to leave in your car. You will then be escorted into the testing room with only your picture ID, locker key, approved calculator, and other allowed things until your belongings are stored away.
Taking the CFA Exam at CBT Stage I
There will be a device ready for you at the testing center. You will go through the Prometric tutorial again before you start taking the exam. The exam will begin then. It would help if you were mindful that in the testing room, there might be cameras present. You are supposed to be quiet; you will be excluded from the exam for any suspected signs of cheating. Violation of any CFA Institute Code of Conduct could lead to disciplinary action.
You can collect any belongings from your test area and the locker and leave once you finish the study. With your exam results, the CFA Institute will contact you. At this point, the CFA Institute notes that you will obtain the results no later than 7.5 weeks after taking the test.
Interestingly, a few 'trial questions' are now included in the CFA CBT format that does not add to your ranking. These will be random and blind to applicants, i.e., you won't know which trial questions are. This is a standard practice among research organizations and is often referred to as pretesting. It is an opportunity to evaluate the performance of newly written or updated individual test questions before they are used as scored test questions. Ultimately, this lets the CFA Institute evaluate new questions to ensure that they follow quality research requirements. The time to complete experimental questions is included within the overall testing time. The test questions do not affect the average time candidates have available to complete the scored questions.