CFA is transitioning to computer-based testing instead of paper-based exams for all levels from 2021. Here is a summary of the major changes for the 2021 exams. Study Sessions & Weights Portfolio Management weight has been reduced since 2019 from 40-55% to 35-40%, and the weights for Fixed Income and Equity have increased. There are no changes in Study Sessions’ weights relative to 2020. Notice that the weights are given in ranges so that CFA Institute is not committing to a specified number of questions. For example, Fixed Income has a range of 15 – 20%. This means that Fixed… Read More