Answer Sheet/Exam Book Policy

It is your responsibility to complete the answer sheet and/or complete the essay book in accordance with the instructions. You must bring appropriate pens or pencils on exam day.  

For the multiple-choice or item-set questions, your score is determined solely by how your marks are read by the scanning equipment. Marks made by a pen or pencil, other than a No. 2 or HB pencil, or that do not completely fill the oval may not be read by the scanning equipment. For the essay portion of the exam, it is strongly recommended that you use a blue or black ink pen.

For Level I, Level II, and the item-set portion of Level III, answers written in the exam book will not be graded. For the essay portion of Level III, answers written on the question pages of the essay book or on pages marked “This Page Intentionally Left Blank” will not be graded. You will be given new exam materials for each session; your morning exam material will not be returned to you in the afternoon.

You must not open, read, or work on the exam before being instructed to do so by testing personnel. You must not write or erase after being instructed to stop writing.

You are permitted to do scratch work only in the exam book. You may not remove any pages from the book, including pages marked “This Page Intentionally Left Blank.” You may not use your desk, table covering, hand, paper, admission ticket, or any other surface as scratch paper. 

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CFA Association Russia. Ассоциация CFA (Россия) не занимается вопросами приема документов и сдачи экзаменов - это исключительная сфера Института CFA. По всем вопросам, связанным со сдачей экзаменов CFA (Levels I, II, III) просьба обращаться по адресу

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