We’re using cookies, but you can turn them off in Privacy Settings. If you use the site without changing settings, you are agreeing to our use of cookies. Learn more in our Privacy Policy.


CFA Exam Answer Sheet and Exam Book Policy (Paper-Based Exam)

Learn what you need to know about correctly completing your answer sheet and essay book for our paper-based exams.

It is your responsibility to complete the answer sheet and/or complete the essay book in accordance with the instructions. You must bring appropriate pens or pencils on exam day.

For the multiple-choice or item-set questions, your score is determined solely by how your marks are read by the scanning equipment. Marks made by a writing instrument other than a No. 2 or HB, or marks that do not completely fill the oval may not be read by the scanning equipment. For the essay portion of the exam, it is strongly recommended that you use a No. 2 or HB pencil or a blue or black ink pen. 

For Level I, Level II, and the item-set portion of Level III, answers written in the exam book are not graded. For the essay portion of Level III, only answers written on the designated answer page for each question part are graded. Answers written on answer pages designated for other question parts, question pages, or pages marked “This Page Intentionally Left Blank,” are not graded. 

You must not open, read, or work on the exam before being instructed to do so by testing personnel. You must not write or erase after being instructed to stop writing. You will be given new exam materials for each session; your morning exam material will not be returned to you in the afternoon.

You are permitted to do scratch work only in the exam book. You may not remove any pages from the book, including pages marked “This Page Intentionally Left Blank.” You may not use your desk, table covering, hand, paper, admission ticket, or any other surface as scratch paper.