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Determining IMC Results

The pass mark

All IMC questions are trialled and carefully calibrated before they are used and scored in a live test. This is done to confirm their reliability and to establish the difficulty of each individual question. When exams are constructed an average difficulty for the whole exam is established and this determines the correct pass mark. The average difficulty may vary slightly from one exam to the next but this is carefully balanced by slight variations in the pass mark using state-of-the-art psychometric analysis. In this way we are able to keep the pass challenge strictly consistent between exams and over time. Although we do not rigidly fix the pass mark (for the psychometric reasons stated) the pass mark seldom varies from between 65% and 75% of all scored questions. (Trial questions are not scored).

There are no test ‘hurdles’ in the IMC. To pass the exam, candidates need to achieve an overall pass score regardless of where the marks were distributed throughout the exam.

Areas of weakness

There are only two IMC results: pass or fail. Candidates who are not successful will receive a letter indicating their overall level of weakness and indications of which parts of the test were weaker. This is done purely to help the candidate with their revision. These areas of weakness are not part of the scoring process and do not form part of the exam result. The areas of weakness are calculated quite approximately, giving a rough indication of where the candidate lost marks:

Slight: 1-5% below the pass mark
Moderate: 6-15% below the pass mark
Severe: more than 15% below the pass mark

Please see our policy on Assessment enquiries and appeals if you are not satisfied with the outcome of your test.

Pass rates

The pass rates (percentage of candidates who pass) for the IMC varies according to the calibre of the candidates taking the exam in a particular period. There are no fixed quotas: the better the candidates are in a given period, the more who will pass. However we can confirm that the majority of candidates do pass first time. The pass rates for the Unit 1, Unit 2 and the full examination are generally between 65% and 80% in a particular year.

Certification and results letters

The IMC is an accredited qualification. Candidates either complete the qualification in one exam session (by taking the longer ‘Full IMC’) or by completing Unit 1 Regulations and Markets and Unit 2 Investment Practice separately. Some candidates may also be eligible to complete the qualification by combination of one IMC Unit and an exemption based on previous qualifications. Click here to learn more about IMC exemptions.

The table below summarises what evidence of results CFA UK can offer after an exam has been taken:

RESULT	CERTIFICATE /RESULT CONFIRMATION
All candidates	Online exam result checking within 3 days of testing.
Candidates who fail	Result letter including areas of weakness posted within 10 days of testing
Candidates who pass Unit 01 or Unit 02 but have not passed the other	Unit Certificate posted within 10 days of testing
Candidates who pass Full IMC (in one exam)	Qualification Certificate posted within 10 days of testing
Candidates who pass Unit 01 or Unit 02 having previously passed the other	Qualification Certificate posted within 10 days of testing. (No Unit Certificate)
Candidates who pass Unit 01 or Unit 02 and submit a successful exemption request for the other	Qualification Certificate posted within 10 days of testing. (No Unit certificate)
Candidates who submit a successful exemption request against one Unit but have not passed the other Unit	Letter of confirmation that the exemption request has been accepted, posted within 21 days