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梐s many do梬ill not necessarily have to wait two full years to sit for Level II. Second, many regulators particularly in the United Kingdom梪se 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.

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 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.

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. Candidateswhose 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.