The news is out. Starting in 2021 all CFA exams will be administered at testing centers and online. The move to online testing was in the works with LI planned for next year. The uncertainties about health risks and the seeming inability to control the pandemic accelerated the move to LII and LIII also being online.

Contents

• Exams shorter,

• Can plan a “program” of your own,

• Retakers have to wait 6 months not a full year — so material stays fresher

• Which is most beneficial to YOU? Leave your answer in Comments!

The suddenness of the move threw a lot of plans into chaos. The need to redo plans plus the possible resistance to taking exams online rank as big disadvantages for a number of candidates. But the move is final so new plans and gaining skills for online testing just have to be handled.

The new schedules can also be seen as opportunities. CFA exams are among the last professional exams to be fully online. The Uniform Exams for CPA qualifying have been online for more than 15 years for example. States moved the bar exams and medical board exams online in the post-COVID world as well.

Administered online and more frequently than the once-a-year, the three levels of CFA exams offer flexibility of timing that in turn offers CFA candidates unique opportunities to design their own programs. Which day you take the exam will be more your choice; this decreases anxiety because the day can fit into your schedule AND it’s not the last opportunity to sit for the exam within the year.

These are some of the biggest advantages now available to CFA candidates!

Exams will be shorter but more intense

Two sessions of 2.25 hours each makes for less of an endurance test. But answering fewer questions means each question is more important to get right.

CBT (computer-based testing) fits skills of computer-based generation

Younger candidates have been doing computer-based testing throughout their formal school years.

Improving exam will be easier – data collection and analysis from each test administration

Test administration generates valuable data on what’s working and what’s not; CFAI can rapidly improve the exams

Eventually – quicker results turnaround

Not this year. But eventually results will be generated in less than 60 days.

Ability to shut down some geographies if this happens again

This pandemic great uncertainty still about how when where and if we get it curtailed.

Can plan a “program” of your own.

Multiple offerings each year let each candidate structure a traditional graduate-school program time frame

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Gain the charter in shorter amount of time

11 months. There’s nothing more to be said about that.

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Shorter exam cycles to complete charter could aid study – retention

With less time between exams, candidates can more readily retain and apply knowledge from successful previous levels

Shorter exam cycles make it easier to plan life

This can be not one size fits all. You can plan exams around life rather than life around once a year first Saturday in June

Happier spouses, partners, and employers

Big beneficiaries are families. June cycle is start of summer vacations, graduations, wedding season. Flexibility of exam cycles means the people close to you sacrifice less. Plus, employers potentially get your upgraded skills in fewer than 3 years.

Alleviates the pressure of just one exam a year and wait between retakes if necessary

Part of the stress of the CFA exams before was the wait to have to retake if you didn’t pass. That is now gone.

10-day window lets life go on. Flexibility to choose a day.

Not only are there more events during the year, but you choose a day not show up on a single day chosen by CFAI.

Retakers have to wait 6 months not a full year — so material stays fresher

Retakers end up repeating 2-3-4 times on average. Why so many just give up. Being able to retake in 6 months allows for higher retention, boosting skills with other materials in weak areas, and higher chance of passing on second try.

More CFA charterholders will in work force in shorter amount of time

Whether your employer enjoys this benefit or you do – your compensation and promotions come much faster than on the 36-month cycle.

Still have flexibility to complete the exams on own schedule – for those working many hours per week can stretch out as needed, can plan seasonality of work

You like the 36-month cycle? You can choose to do that. Take one exam a year, take the summer off to start anew business or travel wit the family. The new CFA program fits your schedule however you wish to live it.

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