The CFA Society of the UK, supporting ASIP, CFA and IMC professionals.

 Thu 20 Nov 2008

UK Society of Investment Professionals - CFA Institute

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Rules of exemption

  1. The IMC comprises two Units. Exemption will only be considered for one of the two Units, not both.
  2. An exemption fee equalling the cost of the related IMC examination is applicable (against Unit 1 = £115, against Unit 2 = £135)
  3. Exemptions against IMC Unit 1 are only on the strength of full, completed qualifications and not for individual examinations.
  4. With the exception of CFA Level I, no other exemptions will be considered against IMC Unit 2.
  5. For IMC Unit 1, CFA UK will not accept exemptions for qualifications passed more than 5 years before the date of the exemption request.
  6. Exemptions must be requested via the downloadable Exemption Request form. Applicants must submit a copy of the qualification certificate from the other Awarding Body, verified by the candidate’s current employer. (For CFA Level I no certificate copy is required).
  7. Only qualifications listed by the FSSC from 1 June 2004 will be considered for exemption.
  8. Exemptions are at the discretion of the CFA Society of the UK. The Society reserves the right to deny exemption requests or to discontinue exemptions at any time.
Please noted that only those qualifications listed on the table of examinations will be considered. If you have any queries relating to these listed qualifications, please contact Peter Watkins, Director of Education, by email.

About exemptions

From June 2004 the Financial Service Skills Council has managed the list of Appropriate Examinations for particular job activities in the industry. This listing of qualifications (and the Exam Standards to which they have been aligned) offers a framework from which broad equivalence can be recognised. The Government’s qualifications strategy is to recognise credit for prior exam achievement and to enable learners to move more easily from one qualification pathway to another.

Candidates who have successfully completed FSSC listed qualifications with an equivalent foundation of this kind may now apply for exemption against IMC Unit 1 Regulations and Markets, allowing them to move straight to Unit 2 Investment Practice, but achieve the IMC qualification when they complete. Such exemptions are at the discretion of the CFA Society of the UK and are restricted to the FSSC listed qualifications detailed in the table below.

IMC Unit 2 is considered central to the qualification because of its unique technical focus. As a result, other qualifications will not be considered for exemption against Unit 2. The only exception to this rule will be Level I of the CFA Program. On account of the breadth, depth and complexity of the Level I examination, CFA UK believes it is appropriate to allow exemptions for successful Level I CFA Program candidates. The exemption also reflects the strong links and established pathway between the IMC and the CFA Program.

If you have any further questions regarding the Society's exemption policy, please email.

How do I apply? >>

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