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

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

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 centres in 400 cities in 91 countries worldwide. In the UK, 1,602 professionals sat for the examinations, making up 6 percent of the global total. 

Computer-based testing in test centres proved to be more resistant to pandemic-related cancellations due to increased testing days and smaller test centres. 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. 

Margaret Franklin, CFA, President and CEO at CFA Institute, comments: “The past year has been an extraordinary year of transition as we accelerated our shift to computer-based testing while the pandemic took hold, and we are very pleased to report this first administration of computer-based testing. We warmly congratulate candidates who have successfully passed the exam and extend our thanks to all the candidates who have been so patient as we worked tirelessly to ensure we delivered the examinations in as many locations as possible. Their commitment 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 utilises test centres 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. 

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