Exams postponed globally

CFA General
#21

Totally disagree with this decision. At the very least, there should be an option for candidates to take this exam earlier so we are not screwed in 2021 and have no time to prepare for the following level. I’ve sacrificed my entire life outside of work studying for this. So many variables for so many individuals in the middle of this process… What is the point in announcing a cancellation now? Just wait and have more optionality/flexibility?

People doing this all over the place, living in total fear, and making knee jerk reactions and decisions.

#22

They should have given the option to cancel and get a refund. I simply cannot commit another 6-12 months for this exam.

#23

even if L2 is December, as long as they get it graded super quick, you’ll still have plenty of time to study form L3 in June.
In the olden days, the updated Schweser notes didn’t even come out until what, February or March each year

#25

Does anyone know if they will be refunding the fees for June?

Will that give us all a chance to get the “Early registration” fee for whenever the next date is announced?

Thanks

#27

They are not sure yet. I emailed them about a refund but said they would follow the CFAI refund policy for now. However, they may change their minds if many candidates ask for refunds. On my end, I simply cannot dedicate additional time for this exam after June so I emailed. They told me that they will forward all messages from candidates to the management team. Hopefully, they will change their minds about the policy due to current circumstances.

#28

I contacted CFA as well regarding refunds and was essentially told to pound sand.

I am starting law school in September, I simply do not have the time to prepare and study for an exam in December or spring 2021, period, end of story. The only reason for the refusal of any and all refunds that I can think of is sheer, inexcusable greed. So disappointed, coming from an organization that supposedly prides itself on its code of ethics.

#29

At this point it is even difficult to envision that exams will take place in December. If vaccine are not available by then, no one will want to cram themselves in a room with thousands of other people. Does not make sense to me.

#30

I was happy with the postponement decision as it will give me more time to study, but now I am wondering if the exam will take place in December!

#31

Completely agreed there. It’s unimaginable at this point. Some are suggesting wearing masks and gloves too, that would be completely ridiculous.

#32

Exams in December won’t happen. Infections in the US are 2x - 3x the level they were at when the June 2020 exams were cancelled.

If CFAI tried to hold them, it would (quite rightly) face a class action lawsuit for reckless endangerment of its candidates.

The question is not whether there will be exams in December 2020 (they won’t happen), but whether or not they will happen in June 2021. Which is probably 50/50 at best.

I’d keep your books closed. And enjoy Christmas!

#33

I wish I had this confidence. They are going to string us along until October or November.

#34

@Lateral, the USA is not the only country in the world where people take the exam. Infections are down in most other places in the world vs where they were during the peak.

I hope the CFAI is monitoring this thread…I know that several financial news agencies are, since there have been quotations taken directly from this forum in recent days concerning the status of the CFA exams in relation to COVID-19.

Please, do not cancel or postpone the December exams on a global basis. Many jurisdictions around the world have gotten the virus under control (Canada, China, S. Korea…), while others have not (Sunbelt USA, Brazil).

CFAI should allow administration of the exams to continue in the least infected areas where local conditions permit large enough gatherings to accommodate examinations of this sort. However, I think the institute should definitely cancel the exams in any areas where the virus is still prevalent. Additionally, students should be given the option to defer to a later date or cancel their December registration with a full refund, if they do not feel comfortable writing the exam at that time due to the virus - even if local conditions in their city/country would permit the exams to be held and the CFAI plans to do so.

ROA

1 Like
#35

Agreed, just hoping they announce some sort of option soon. If they don’t let us defer they are either forcing us to put ourselves at risk or keeping the fee if we don’t show up. Even in some areas where “it’s not that bad” some may still feel at risk, how can they not give us some options?

#36

Well, I think in the US offering exams on a state-by-state basis would be morally (and legally) indefensible. Because people will just change their exam location from a highly infected state to a less infected state and travel, thereby spreading the virus across state lines. That can’t (and won’t) be allowed to happen.

For this reason I think the exams in the US have to go ahead on a national basis or not at all. Most likely the latter.

Having exams operate just in Europe, say, might be more viable, because the US rapidly became the global virus epicentre and, as Americans are now persona non grata all over the world, it’s almost impossible to leave the US to travel anywhere. In short, very few places now countenance letting Americans in (one notable exception being the UK, post-Brexit, which, unlike EU27 nations, allows Americans in subject to two weeks quarantine). So, CFAI could allow the exams to proceed in Germany, say, because Americans can’t get into Germany to write the exams and there is, consequently, no risk of Americans spreading the virus into Germany.

The question of fairness remains. But it would be harder to sue the CFAI for unfairness than suing for spreading the virus and causing illness and death.

Projections are for 30,000 Covid deaths in America this month. Half the number of Americans killed in Vietnam or ten 9/11s. I just don’t see the exams happening.

Increasingly, it also looks like we will never eradicate this clever and efficient little virus. Or it may take decades, as with polio. It seems any vaccine will only mitigate the effects of this and reduce its spread. We may be seeing a seminal dividing line in human history. Pre-Covid and post-Covid. In the same way we have the pre-internet and post-internet eras. This may not be just a blip. It may be the future.

CFAI should, if they are going to cancel the exams, do so sooner rather than later. And not allowing people to switch to June 2021, right now, is reprehensible. My guess, though, is that candidates will be strung along for some time yet. There is money at stake.

More fundamentally, CFAI needs to develop a strategy for what happens if Covid endures for many years hence. Whether that is online exams, like the UK’s IFoA, or continuous testing, as with the uniform CPA. The current CFAI exam model doesn’t work if, as seems likely, this thing is not going away.

#37

Regarding not allowing people to switch, I agree and know others think the same. How is this not an option? Quite reprehensible. If some people can take the exam that doesn’t bother me at all, what bothers me is how they are not allowing us to postpone/switch to June or whenever the next test date might be. The exam is stressful enough, I dont want to have to worry about the person next to me sneezing and coughing all over the place for 8 hours, even if we have to wear masks. You’d think at a time like this they would show the slightest bit of transparency or leniency.

#38

dumb question, but any reason why the 2nd and the last exam can’t be administered via CBT just like the first exam? Unless there is something in the exam that is exceedingly difficult or impossible to replicate via CBT, that would seem like a reasonable way to go. Or maybe they are already exploring this option and ironing out all the details before making any public announcements.

#39

@lateral, the CFAI could just restrict candidates to writing the exam only in the city they were originally registered - with only certain exceptions, such as the candidate moving somewhere else in the interim due to job losses, work from home, etc. Allowing candidates to fly from Florida to Connecticut, due to the exam being offered in CT, but not TX, should be forbidden. This approach is not “legally indefensible” as you write. CFAI (and GARP for FRM exams…) have cancelled exam sittings regionally in the past due to unfavorable local conditions such as SARs in 2003 and Hong Kong Protests (FRM exams in HK during November 2019).

It would be legally indefensible to cancel the exams worldwide for a quarter of a million people (all three levels) due to the inability of certain politicians and populations to curb the spread of the virus in their local jurisdictions in (mostly and at the time of this writing) certain US states. The United States makes up 5-10% of all CFA candidates worldwide. Candidates in Canada, Korea, Germany, etc. should not be punished for the minority refusing to follow proper physical distancing guidelines and failing the basics of the Stanford Marshmallow experiment.

ROA

1 Like
#40

5-10% seems pretty low. According to these, Americas makes up about 28% of candidates and the US was 21% of L1 candidates.

But yea I agree, probably don’t need to cancel on a global level. This isn’t going away in the US any time soon though, half the country won’t wear masks and thinks it’s fake news.

https://www.cfasociety.org/madison/Pages/Member%20Demographics.aspx

#41

I read that China increased its share significantly in recent years. Perhaps I was wrong.

On another note, is Art Vandelay (your screen-name) from that Seinfeld episode where Jerry and George wait for the lawyer girl in the lobby of the building?

#42

Haha it is. From a bunch of episodes but that’s one of them. Hoping Vandalay Industries hires me after I fail this exam.