Latest news from the CFA on 2020-2021 Test Dates



  • The December 2020 exam is happening, the date is Saturday, December 5th. Sunday, December 6th if you are in APAC and writing Level II and III. The CFAI plans to do the exam everywhere but mentions that cities/areas that the government has banned large gatherings, will not happen. The local authority has jurisdiction.
  • If you don’t want to write in December 2020, you will have to write either Level I, II or III as a computer-based exam - no more paper exams will be offered.
  • The December 2020 paper-based exam is still 6 hours long.
  • Computer-based exams will be 4.5 hours long. You have the flexibility to leave when you’ve finished the exam, and not wait until the time is up.
  • Computer-based exams will have a 10-day window to schedule the exam. No more showing up all at once in one big hall!
  • The Computer-based exams are not easier. They will establish a minimum passing score just like the paper-based exam.
  • Level I will be offered in 4 different months in 2021 - February, May, August, November
  • Level II will be offered in 2 different months in 2021 - May & August
  • Level III will be offered in 2 different months in 2021 - May & November
    • All these dates are going to be the normal course past 2021 except for Level II it changes from May and August to February and August. The Level II May exam option changes to February in 2022.
  • If you pass/fail an exam, you can’t assume you can write on the next available time.
    • The window they refer to is February, May, August, November (the Level I available months). You cannot write in adjacent windows. Some examples below:
      • If I fail Level I in February I cannot retake in May, but in August.
      • If I pass Level I in May, I cannot write Level II in August, only in May the following year. Note: 2022 Level II are offered in February & August, not May & August
      • If I fail Level II in February I can retake in August - since the next “window” is May (yes even though in 2021 the level II exam isn’t offered in May)
      • If I pass Level II in August I cannot write Level III in November, since I cannot write exams in the adjacent window
      • If I write Level I in February I cannot write in May, but in August.
      • Depending on if you’re already registered, haven’t registered, been postponed from June 2020 etc… there are various cut-off dates.

Is this a one-time thing for 2020-2021 or will it stay the same from this year on?