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Computer-based Testing

CFA Institute has transitioning all Level I, II and III CFA exams to computer-based testing.

Find out more about the exam transition.  

 
Paper-based testComputer-based test
Exam Details240 questions*180 questions*
SchedulingOne exam day/time offeredSelf-schedule in exam window (up to a 7-day period). Rescheduling after initial appointment incurs USD 250 fee.
LocationsProctored exam in 192 locations globallyProctored exam in 400+ locations globally, to include all locations currently offered in June.
Exam lengthTwo 3-hour sessions with break in between; 120 questions per sessionTwo 2.25-hour sessions with break in between; 90 questions per session
Question formatMultiple choice questionsMultiple choice questions
PassPass Level I in December 2020, register for the Level II June 2021 examPass Level I in February 2021, register for the Level II June 2022 exam
FailFail Level I in December 2020, retake the Level I exam in May 2021Fail Level I in February 2021, retake the Level I exam in August 2021