The Level II and Level III CFA exams will shift from paper-based to computer-b ased testing starting in 2021. The June 2021 Level II and III paper-based admi nistration will not proceed. This change allows us to provide a smaller exam s etting, better social distancing, easier scheduling with more locations, and l ess uncertainty about planning. ‧ The Level I computer-based exam will be offered four times per year. T he vel II and Level III computer-based exam will be offered two times per year. ‧ All candidates who have registered for - what is now - the final paper -b d exam in December 2020 may stay with this option or switch to any of the avai lable 2021 computer based administrations. ‧ Candidates who have registered for June may revert to the December 202 0 er-based exam or select any of the available 2021 computer based options. ‧ In making your decision about an exam date, please consider government a health advisories in your test area. CFA Institute will adhere to the guidance of local governments. We plan to hold exams in any location where we can meet the applicable public health and safety requirements --

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