Second Administration Announcement

Where are the 26 test centers for the December 2003 Level I CFA Examination?

NORTH AMERICA
Atlanta, GA
Boston, MA
Chicago, IL
Houston, TX
Los Angeles, CA
Montreal, QC
New York, NY
Philadelphia, PA
San Francisco, CA
Toronto, ON
Vancouver, BC
Washington, DC

SOUTH AMERICA
Sao Paulo, Brazil

EUROPE

Frankfurt, Germany
London, UK

ASIA/OCEANIA

Beijing, PRC
Hong Kong
Kuala Lumpur, Malaysia
Seoul, Korea
Shanghai, PRC
Singapore
Sydney, Australia
Taipei, ROC
Tokyo, Japan

AFRICA/MIDDLE EAST

Abu Dhabi, UAE
Johannesburg, South Africa

Why has AIMR decided to offer the Level I examination twice each year?

There are three main reasons. First, the CFA designation has become a de facto requirement for many employers in the investment industry. For that reason, many investment professionals must complete the CFA Program as a condition of employment. Providing a second administration of the Level I examination means those who cannot sit for the June examination or those who fail it—as many do—will not necessarily have to wait two full years to sit for Level II. Second, many regulators—particularly in the United Kingdom—use the Level I examination as a substitute for regulatory examinations. These regulators have encouraged AIMR to offer the Level I examination on multiple dates. Third—and most importantly—the Level I examination is multiple choice and machine graded, which makes it possible to administer the examination in December, grade it, and distribute results to candidates so that they have adequate time to prepare for the following June’s Level II examination.

Why isn't AIMR offering the Level II and III CFA examinations in December? Are there any plans to do so after 2003?

Half of the Level II and III CFA examinations have an essay format. Grading these essay sections is an intensive process that takes many months of coordination and requires in-person participation from hundreds of CFA charterholders. Duplicating this process each year is not possible. AIMR, therefore, has no current plans to offer Levels II and III of the CFA examination twice in 2003 or at any time in the future.

Can candidates sit for the Level I examination twice each year? That is, can a candidate sit for the December examination after failing it in June?

Yes, and that is one of the biggest benefits of offering the Level I examination twice each year.  Candidates who fail Level I in June can sit for Level I six months later instead of waiting a full year to re-take Level I, meaning they still can get through the program in a total of three years. While the questions on the December examination will be different, they will be based upon the same curriculum and Learning Outcome Statements.

What are the other benefits of offering the Level I examination twice each year for candidates?

There are many benefits; here are just two. First, candidates who for one reason or another can’t adequately prepare for the June examination still will have an opportunity to sit for the examination without adding a full year to the time it takes to complete the program. Second, it will be easier for candidates who fail the June examination to prepare for their next sitting six months later (rather than 12 months later) when the material is fresher in their minds. This is particularly true because the curriculum will not change between June and December.

How were the 26 test centers for the December 2003 Level I examination  selected?

A number of criteria were used in selecting the December test centers, with preference provided to cities with high concentrations of CFA candidates and cities, that are strategically located geographically. For instance, AIMR selected test centers in New York and Seoul, Korea to accommodate large populations of CFA candidates. Sao Paolo, Brazil and Abu Dhabi, United Arab Emirates do not have as large populations of candidates; however, these cities provide at least one test center for candidates in South America and the Middle East.  

Will the registration and enrollment deadlines for the December examination differ from the June examination?

Yes, click here to see the deadlines.

AIMR offers special test centers in June for candidates who do not have access to a test center  within reasonable distance of their home cities. Will special test centers be available for the December examination?

No, AIMR will not be offering special test centers in December. Each center will be equipped, however, to accommodate the special needs of candidates with disabilities. Candidates whose religious obligations prohibit them from taking the examination on the scheduled date may request an alternative test date, but it must be at one of the 25 established test centers.

Must a candidate enroll for the June 2003 Level I CFA examination in order to be eligible to sit for the December 2003 examination?

No, candidates may enroll for either of the June and December Level I examination(s). Of course, candidates who sit for the June exam must wait until they receive their exam results before re-enrolling for the December exam.