CFA Institute changed the format and dates of the Level I CFA exam effective in 2021. The exam moved from its traditional paper-based format to computer-based with quarterly exam windows in February, May, August, and November. Each exam window is open for no more than 7 days. The number of questions also reduced from 240 to 180 with a morning and afternoon session. Each session has 90 questions and is 2 hours and 15 minutes long.