OK, so I was looking at the personal belongings policy on the institute’s website. It says level 3 candidates can bring pens and pencils. Are we forced to use one on the morning session? It doesn’t say explicitly. I would prefer to use pencil and have been using pencil for all of my practice tests. I looked at the previous exams that are available for download. On the last page of the 2005 exam it to only write answers in black or blue ink. So we are forced to use pen? Argh. I’d prefer to be able to erase something instead of scratching it out and drawing arrows all over the place.
You can write an email to the CFA insitute. (which is actually what I did.) Their answer is “Yes”. I will use pencil this time.