CFA Institute successfully administers first-ever computer-based testing of Level I of the CFA Program®


Mumbai: CFA Institute, the global association of investment professionals, announces the results for the first administration of Level I of the CFA Program ® under its new computer-based testing approach.


CFA Program Level I candidates receive their results today. Of the 28,651 Level I candidates who sat for the examinations, 44 percent passed. The February 2021 Level I exam was administered in 850 test centers in 400 cities in 91 countries worldwide. Computer-based testing in test centers proved to be more resistant to pandemic-related cancellations due to increased testing days and smaller test centers. Overall, about 700 candidates experienced an exam cancellation due to COVID restrictions. Candidates were provided with multiple options to reschedule their exam in the upcoming months. Candidates also had the option to defer to a future testing date if they felt uneasy due to the pandemic conditions.


Vidhu Shekhar, CFA, CIPM, Country Head – India, CFA Institute commented, “Our transition to computer-based testing in this period of pandemic uncertainty has not affected the CFA Program’s high standards, and demand remains high in India where local candidates accounted for nearly one-fifth of the total number of global candidates. Earning the CFA professional designation is an excellent career-enhancing way for candidates to distinguish themselves. We worked tirelessly to ensure the examinations could be delivered in as many locations as possible and we warmly congratulate candidates who have successfully passed the exam. Their dedication to sitting these exams in the ever-changing circumstances of the pandemic is a testament to their perseverance and their commitment to the future of the investment profession”.


Candidates reported positive experiences with the new testing approach, which utilizes test centers over a multi-day window and via computer vs. the previous approach of giving the exam on paper in large-capacity locations on one day. The vast majority of candidates who completed a post-exam survey expressed positive views of their experience.


Currently, more than 170,000 professionals worldwide hold the CFA® charter. View historical pass rates. The CFA Program curriculum constantly evolves to current investment practice and ensures that candidates who complete the program are equipped with relevant and current knowledge and skills.


Further information on registration, scheduling and deadlines for each level can be found here: The exam testing windows for the remainder of 2021 are:


Level I

18 – 24 May
18 – 26 July
13-30 August
16 – 22 November

Level II

25 May – 1 June
31 August – 4 September
26 – 30 November

Level III

25 May – 1 June
1-8 September
23-25 November

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