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Modernizing the CFA Exam Experience

From 1963 to 2021, CFA Institute managed its gold-standard Chartered Financial Analyst® exams in-house using paper tests. As global demand and candidate needs evolved, the organization began shifting to a flexible, technology-driven model.

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Background

As the global association of investment professionals, CFA Institute sets the standard for ethics, education, and excellence in the industry. Its flagship CFA Program builds the knowledge, skills, and ethical foundation professionals need to manage portfolios responsibly.

By 2021, CFA Institute offered the CFA exam in 164 countries, maintaining its focus on exam security and professional integrity. Demand had grown to more than 350,000 candidates tested twice yearly, with some centers administering exams to 10,000 candidates in a single venue and shipping paper exams worldwide for scoring. The process was no longer sustainable for the organization’s global scale.

Eliminating paper-based testing was essential, but the goal extended beyond digitization. CFA Institute sought a modern, professional exam-day experience supported by a flexible, scalable platform that upheld the rigor of the CFA Program while enabling continued growth.

Challenge

CFA Institute needed a partner that shared its commitment to security, integrity, and global access while modernizing its testing program. The goals were clear:

  • Expand access for candidates worldwide
  • Build scalable infrastructure to support growth
  • Deliver a consistent, professional test-day experience

The transition became more urgent when the global pandemic disrupted travel and large in-person sessions. A three-year transition was condensed into just eight months, culminating in the first computer-based CFA exam in February 2021.

Strategy

Strategic Partnership

CFA Institute partnered with Prometric to modernize the development and delivery of its flagship exams. Using Prometric’s secure item bank, CFA Institute authored and managed exam content to ensure alignment with program standards.

Candidates scheduled exams through Prometric’s system, receiving ongoing communication and support. Exams were administered at Prometric-run centers by trained staff, and completed files were securely returned to CFA Institute for scoring.

This trusted partnership spans every stage of delivery—from item 
development to candidate experience.

Pop-Up Test Centers

Prometric’s global delivery model included several innovations designed to increase access and flexibility, including pop-up test centers and dedicated command-center support. To meet growing demand, Prometric deployed pop-up testing centers in established and emerging markets. This flexible model increased capacity and allowed smaller groups, giving candidates a more comfortable and personalized experience.

Command Center 

Prometric’s Command Center provides real-time support for exam-day issues, from technical challenges to weather disruptions. Staffed by experienced professionals, the team ensures minimal interruption and clear communication when issues arise.

The Command Center helps ensure:
• Immediate response to test-day issues
• Minimal interruption to candidate experience
• Consistent communication and resolution protocols

Candidates invest significant time and effort to prepare; the Command Center ensures every exam proceeds smoothly and without disruption.

“Partnering with Prometric allows us to deliver a seamless, secure, and reliable testing experience for our candidates around the world. Their expertise and global reach help us uphold the high standards our programs are known for, and that partnership is critical to our continued success.”

Aimee Hobby Rhodes

Head of Exam Management, CFA Institute

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Outcome

With the transition to computer-based testing complete, CFA Institute now offers CFA exams in 192 countries through Prometric’s global network of test centers, each staffed by trained professional proctors to ensure consistent and secure exam-day experiences. The shift to digital has enhanced the candidate experience, expanded access, and created a more scalable delivery model for the future. It has also positioned CFA Institute to advance the financial profession through continued credentialing innovation. Together, CFA Institute and Prometric are exploring new opportunities to expand credential offerings and support workforce readiness in an industry increasingly shaped by technology and AI.

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