CFA® Program Computer-Based Testing (CBT) and Exam Updates

The COVID-19 pandemic has created challenges and uncertainty for CFA Program candidates and exam administrators. CFA Institute has made a number of changes to turn these challenges into positive opportunities.

CFA Institute is modernizing the exam to a computer-based testing (CBT) format to make it more accessible and convenient for candidates around the world. All Level [I/II/III] CFA Exam will shift from paper-based (PBT) to computer-based testing (CBT) starting in 2021.

As the local society of CFA Institute in Hong Kong, we are pleased to share the updates on this important transition and will continue to provide full support to our candidates. We also understand you may have concerns about the upcoming exam arrangement with regards to COVID-19, and the options you have. Please find more information below.

Key changes are as below (Source: CFA Institute, update as of 3 September 2024):

CFA Level I exam

The first computer-based CFA level I exam took place in February 2021.
CBT is offered for four windows each year in more locations around the world.

For 2023 exam
Level I: February, May, August and November

For 2024 exam
Level I: February, May, August and November

For 2025 exam
Level I: February, May, August and November

CBT will comprise of 180 multiple choice questions (MCQ), compared with 240 MCQs for the paper-based testing.
Candidates who pass the Level I CBT exam will have to wait a minimum of six months before the Level II exam is opened for registration, i.e. candidates who pass the Level I CBT exam in Feb 2025 can register for the Level II exam held in Aug 2025 at the earliest. [click here for details]
Candidates who do not pass Level I will have to wait for a minimum of 6 months to retake the exam.
Practical Skills Modules (PSM) is required at each level before the CFA exam result is released
Quick Start Guide (Level I)

CFA Level II & III exam

The first computer-based CFA level II and III exam took place in May 2021.
CBT is offered for two windows each year in more locations around the world.

For the 2023 exam
Level II: May, August and November
Level III: February and August

For the 2024 exam
Level II: May, August and November
Level III: February and August

For the 2025 exam
Level II: May, August and November
Level III: February and August

Each exam window is up to ten days long, depending on the location
Candidates cannot register for adjacent exam windows, i.e. candidates who pass the Level II CBT exam held in Nov 2024 can only register for the Level III exam held in Aug 2025 at the earliest. [click here for details]
Practical Skills Modules (PSM) is required at each level before the CFA exam result is released.
Specialized pathways for Level III in 2025. 3 paths to choose: Portfolio Management, Private Wealth and Private Markets
Quick Start Guide (Level II and Level III)

Useful resources about the CBT

Before Registering:

Exam Registration:

Exam Day:

Test Centre Updates

Exam Curriculum Updates

Learning Resources

If you have any questions about CBT, please email the Future of Exam Delivery team at fed@cfainstitute.org for information.