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Novel Coronavirus (COVID-19)

At CFA Institute, the health and safety of our employees, stakeholders, and affiliates around the globe is our top priority.

The novel coronavirus (COVID-19) outbreak remains a very fluid situation, and please be assured that we are monitoring the effects to health, safety, and travel mobility.

We seek to make decisions that: prioritize the health and safety of everyone involved; are informed by data; are fair and equitable in their treatment of all concerned parties; and that are viable and sustainable.

We understand that this remains a stressful and trying situation, and we ask for your understanding as we seek to make decisions in a timely and well-informed manner.

June CFA Program Exams

For the safety of our global community, CFA Institute has made the decision to postpone the June 2020 CFA Exam.

Knowing that candidates have spent hours studying and preparing for the June exam, we want to provide the opportunity to test as soon as possible. Emails have been sent informing candidates of new exam dates and instructing them on how to re-register. See the FAQs below for more information.

June CFA Program Exam Frequently Asked Questions

When can June 2020 candidates take their exam?

June 2020 Level I candidates have the option of registering for one of the next two exam administrations: December 2020 or February 2021.

June 2020 Level II and Level III candidates have the option of registering for the December 2020 or June 2021 exam administrations.

Candidates will receive an invitation to re-register by mid-May.

Is there any chance the exam could be back on for June 2020 or earlier than December?

No, the logistics of scheduling the exam are too significant to arrange for any date earlier than December 2020.

What if I opt for the December exam and you are unable to hold the exam on 5 December due to public health policy in my local area?

We are carefully tracking pandemic-related restrictions around the globe. We hope that there will be no need for further postponements. If local situations require a change in plans we will adapt as needed. We are developing contingency plans for December. These contingency plans include: allowing test center changes to other locations, issuing an additional postponement, or deferring to a computer-based administration. As the December exam date gets closer we will react to the specific challenges of the pandemic and inform you of our plans.

How long do I have to choose my new exam date?

We will accept re-registrations through the published final registration deadlines for each exam date. Postponed candidates are encouraged to take action quickly to secure a seat in your preferred test area. 

 Exam Offering Final Registration Deadline
December 2020 9 September 2020
 February 2021 3 November 2020
 June 2021 17 March 2021

If I select the February Level I exam, why do I have to wait until June to register?

Integration with our computer-based testing partners is scheduled to open in June. We need to ensure all processes are ready thus we are unable to accelerate this date.

How are you ensuring fairness in the re-registration process?

We will release registration email invitations beginning with Level III candidates, followed by Level II, and then Level I candidates. Within each level we will release invitations by test area/city. Everyone who wishes to register for an exam will be accommodated and we will do our best to accommodate location preferences.

I am a Level III candidate, shouldn’t I get priority?

Yes. Thank you for the dedication you have shown to the CFA Program. Level III candidates will be the first to receive registration invitations.

Registration for the December Level I exam is still open. How are you going to ensure that re-scheduled candidates are accommodated?

Everyone who registers for the December exam will be accommodated.

I’m a Level II candidate and did not register for the June 2020 exam. Will you allow new LII/LIII registrations for December now that its postponed?

No, due to test center capacity constraints for LII and LIII candidates, only those who were postponed from June 2020 will be allowed to take the exam in December. We will accept no new registrations for LII and LIII December 2020.

How many test centers will there be?

We plan to offer the December 2020 and June 2021 exams in the same cities that we traditionally offer in June—approximately 193 locations in 95 countries throughout the world. You can see these exam centers here.

The February Level I computer-based exam will be offered in 400+ test centers globally—to include all locations currently offered in June. You will be able to access a complete list of test centers when registration opens on 16 June 2020.

What will the protocol be for safe testing? Will our temperatures be checked? Will they provide for safe distancing?

We will comply with all local restrictions and requirements on exam day. We are carefully tracking required security measures around the globe. The requirements change daily so we are not able to confirm them today.

I am Level I (not postponed) who registered for December 2020. Can I sit in any of the test centers? Can I change my test center to those now open because of the June postponement?

Yes, you will have the choice of all available test areas for December. To request a different test center location, you will need to login to your CFA Institute account and select Change Test Area.

Will the minimum passing score (MPS) be higher? Will the pass rate be higher?

The CFA Institute Board of Governors will adhere to the same process in setting the MPS for the December exams, considering the examinations’ difficulty and the candidates’ demonstrated competency. Although pass rates may fluctuate, as they do with each administration, the board’s objective is to require a consistent standard competency level across years.

Will the exam be harder?

Exam questions have always been designed to measure mastery of the topics. There will be no difference in that goal.

What will the registration windows and fees for 2021 exams be?

Level II and Level III exams are only offered in June. Registration windows and deadlines have not yet been announced, but will be similar to other years, closing in early March.

Level I exams are moving to a four-times-per-year administration. Exam registration deadlines and dates for 2021 exams will be announced starting in June 2020.

Can I take my next level in June 2021 if I sit in December?

Yes, candidates eligible to sit for the Level II and Level III exams in June 2021 will have the opportunity to register for the June 2021 exam.

If I take my Level I exam in February, can I sit for Level II in June?

No. Registration for the June 2021 exam will be closed before results from the February 2021 exam are released.

If I take my Level I exam in February, when can I take it again if I do not pass?

Computer-based tests for Level I will be administered four times a year, and you must wait six months before sitting for your exam again. If you test in February, your next opportunity to test will be in August 2021.

Will you offer paper-based exams for Level I in 2021 or will I have to take CBT?

Computer-based testing will be the only type of exam administered for Level I beginning in 2021. If you wish to take your Level I exam on paper, please register for the December 2020 exam.

Will there be a Level II or III exam December 2021?

No. As of now, Level II and Level III will be held in June 2021 as scheduled.

Is the curriculum staying the same?

All exams administered in 2020 and 2021 will be based on the current 2020 curriculum.

Why did you decide to keep the curriculum the same? 

We put our candidates’ interest first and decided to minimize the impact of the postponement of the June 2020 exams by freezing the curriculum for two exam cycles.

Although the 2021 curriculum topics have continued to evolve, we felt that to transition candidates who have been postponed and ensure they accurately understand changes to the curriculum places an unfair burden on them at this time.

Registered candidates already invested a great deal of time in their studies, and we do not want to disrupt their learning or add further confusion to the re-scheduling of exam dates.

When will a new version of the curriculum be released? 

The 2022 Candidate Body of Knowledge (CBOK) and 2022 curriculum will be released when we open registration for the 2022 exam. For Level I, the curriculum and CBOK should be released in May 2021 when the first 2022 exam window is expected to open. The Level II and III curricula will be released when we open registration for the June 2022 exams.

Will the curriculum-related Refresher Readings for members remain the same?

The curriculum continues to evolve to ensure it remains relevant. We decided not to release the 2021 curriculum to help 2020 candidates affected by COVID-19. However, we will provide 2021 curriculum readings to our members in the traditional form of Refresher Readings.

Will there be any changes on the Learning Ecosystem? 

Testable content will not change. However, during this interim period, CFA Institute will continue to evolve the learning experience, adding functionality to help candidates study more effectively. We will also be adding the 2020 Level III curriculum into the Learning Ecosystem in time for the opening of registration for the June 2021 Level III exam. Level III candidates registered for June 2020 will continue to have access to the VitalSource e-book only.

Can I request a refund for my June 2020 registration?

CFA Institute is providing registered candidates a deferral to a future exam date. Because all candidates will be rescheduled, refunds are not being offered.

What will the rate/fee be for registering after results are out?

We are finalizing the registration details now. More details will be shared in the coming weeks.

I paid the highest registration fee. I could have just registered for December at the lower rate. Why can’t I get a refund on the difference?

All candidates will have the opportunity to re-schedule, thus, no refunds will be offered. We hope that the extra time provided by the postponement can be of use in preparing your studies.

How can I make sure I don’t miss a communication?

We will communicate with everyone through a variety of channels including email, social media, our website, and candidate resources portal. We encourage you to verify your email address on record by logging in to your CFA Candidate account and to follow our CFA Program social channels on LinkedIn, Facebook, Instagram, Twitter, WeChat and Weibo. We will also communicate directly with all Approved Prep Providers and local CFA Societies around the globe as details are available.

Membership Renewal and Professional Leave Requirements

To support our members in this time, we have made the following adjustments to the renewal process for the 2020–2021 membership year.

  • We are waiving the five-year membership requirement of our professional leave policy so that all members not currently working full time in the industry as a result of the pandemic are eligible for reduced membership fees.
  • We have extended the deadline to renew to 31 August. Although the membership year ends on 30 June, members will still be able to access member benefits through 31 August.

Please visit our Membership Renewal page for more information.

CFA Institute Events

We are evaluating our conference calendar on a case-by-case basis using the most current and reliable information available from health and travel authorities. We will cancel programs if necessary — and have done so already in certain instances. We are monitoring unfolding events closely and reviewing all available options — including holding virtual events — on an ongoing basis.

Please visit the Annual Conference website for an important update on the 73rd CFA Institute Annual Conference.

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