studying

Exemptions policy

Unit 1 exemptions

Candidates will find the exemption application form on the 'How to apply' tab - please only apply once you have successfully passed the IMC Unit 2 exam. The exemption fee is £240.
 
It is a general policy that the IMC qualification cannot be achieved by exemption alone; all candidates must sit and pass one unit at the same level of the exemption requested. 
 
Candidates cannot apply for an exemption using a qualification which itself was gained by exemption.
 
Owing to significant changes in regulatory requirements relating to Appropriate Qualifications (notably those falling under the FCA’s Retail Distribution Review 2010) exemption arrangements for Unit 1 The Investment Environment of the IMC can now be made using either:
 
  1. A Statement of Professional Standing from another Awarding Body OR
  2. A qualification from the FCA’s Appropriate Exams list which would entitle a candidate to hold a Statement of Professional Standing 

Using a Statement of Professional Standing

A Statement of Professional Standing from other awarding bodies are accepted to recognise the transitional qualifications and subsequent gap-fill activities candidates have undertaken in order to achieve the QCF Level 4 exam standards set out by the FCA.

Using another qualification from the FCA’s Appropriate Exams list

Most of CFA UK’s candidature will not require a Statement of Professional Standing, but may potentially hold other qualifications which we wish to recognise. The qualifications listed below are taken from the FCA’s Appropriate Exams list. These qualifications all meet the Core Standards covering Regulations, Ethics, Taxation and Private Advice at QCF Level 4, and therefore cover the material in Unit 1.

ACI  ACI Diploma (provided it is accompanied with appropriate qualification modules covering regulation & ethics, investment principles & risk, and personal taxation)
 
Association of Certified International Investment Analysts (ACIIA) CIIA qualification (provided it is accompanied with appropriate qualification modules covering regulation & ethics, investment principles & risk, and personal taxation)
 
 Association of International Wealth Managers  Certified International Wealth Manager
Blackburn College - University Centre  Foundation Degree Award in Financial Services
Calibrand / Scottish Qualifications Authority  Diploma in Professional Financial Advice (Pre 1/8/18)
 
Calibrand / Scottish Qualifications Authority  Diploma in Professional Financial Advice (NMBA - Alternative Assessment method)
 
CASS Business School  MSc in Banking and International Finance (provided it is accompanied with appropriate qualification modules covering regulation & ethics, investment principles & risk, and personal taxation)
 
Chartered Institute of Bankers in Scotland Diploma in Investment Planning (Existing Adviser) Post-2010 examination standards and Pre 1/6/15)
 
Chartered Institute of Bankers in Scotland Diploma in Investment Planning (New Adviser) Post-2010 examination standards and Pre 1/6/15
Chartered Institute of Bankers in Scotland Diploma in Investment Planning (Retail Banking) (Existing Adviser) Post-2010 examination standards and Pre 1/6/15
Chartered Institute of Bankers in Scotland Diploma in Investment Planning (Retail Banking) (New Adviser) Post-2010 examination standards and Pre 1/6/15
 
Chartered Insurance Institute Diploma in Regulated Financial Planning
Chartered Insurance Institute  Diploma in Regulated Financial Planning (attained through a CII alternative assessment day)
Faculty or Institute of Actuaries  Fellow or Associate or where the individual has passed all of the following modules CT1, CT2, CT4, CT5, CT6, CT7 and CT8
ifs School of Finance (now known as The London Institute of Banking & Finance)  Diploma for Financial Advisers (Post-2010 examination standards)
ifs School of Finance (now known as The London Institute of Banking & Finance)  Professional Certificate in Banking (PCertB) (where candidate has passed the Practice of Financial Advice module)
 
Manchester Metropolitan University  BA (Hons) Financial Services, Planning and Management
 
Pensions Management Institute  Diploma in Regulated Retirement Advice
The Chartered Institute for Securities & Investment  Investment Advice Diploma (where candidate holds 3 modules including the Private Client Advice module)
 
The Chartered Institute for Securities & Investment  Investment Advice Diploma (where candidate holds 3 modules including the Securities module)
 
The Chartered Institute for Securities & Investment  Investment Advice Diploma (where candidate holds 3 modules including the Derivatives module)
 
The Chartered Institute for Securities & Investment  Masters in Wealth Management (Post 2010)
 



You will be notified of the results of your exemption application within ten working days of our receipt of your qualification or SPS scan. If successful, you will be awarded the full IMC qualification at Level 4 (on the basis that you have passed Unit 2 at Level 4), and can become an IMC member of the CFA Society of the UK. Normal certification rules apply.

Unit 2 exemptions

Candidates will find the exemption application form on the 'How to apply' tab - please only apply once you have successfully passed the IMC Unit 1 exam. The exemption fee is £255.

Candidates who hold CFA Level I and above are eligible to apply for exemption against IMC Unit 2: Investment practice. The application process is available once a candidate has passed IMC Unit 1: The investment environment. 

The FCA does not require those who have passed all three Levels of the CFA Program to pass Unit 2 of the new (level 4) IMC to become RDR compliant; IMC Unit 1 + CFA Level III is sufficient. If people in this position do wish to gain the complete IMC qualification and certification (in addition to their CFA achievement) they must submit an application and payment to CFA UK for an IMC exemption. 

Please ensure that you will meet your regulatory requirements before applying for an exemption.
  • CFA Level I or II: Exempted from IMC Unit 2 providing no advice to retail (private) investors is undertaken
  • CFA Level III: Exempted from IMC Unit 2 (including those who advise retail (private) investors)

Please note that holders of Unit 1 of the IMC + CFA Level III are not automatically awarded the IMC qualification; the exemption is only available to those who submit a successful application.

How to apply

Candidates will find the application form by logging in to the results page having passed the IMC Unit 2 exam.

The process for applying for exemption against Unit 1 The Investment Environment

  • Sit and pass Unit 2 (Investment Practice)
  • Log in to the results page, where you will be given the option to apply for exemption for Unit 1
  • Pay online
  • Send a scan of your qualification or Statement of Professional Standing to exemptions@cfauk.org within ten working days of your application
  • You will be notified of the results of your exemption application within ten working days of our receipt of your SPS scan
  • Normal certification rules apply

For further information please click here to see our full exemptions policy page.

The process for applying for exemption against Unit 2 Investment Practice 

  • Sit and pass Unit 1 (The Investment Environment)
  • Sit and pass CFA Level I
  • Log in to the IMC results page, where you will be given the option to apply for exemption for Unit 1
  • Pay online
  • You will be notified of the results of your exemption application within ten working days of our receipt of your application
  • Normal certification rules apply

For further information please click here to see our full exemptions policy page.

 

 

 

The process for applying for exemption against Unit 1 The Investment Environment

 Candidates will find the application form by logging in to the results page having passed the IMC Unit 2 exam.

 The process for applying for exemption against Unit 1 The Investment Environment

  • Sit and pass Unit 2 (Investment Practice)
  • Log in to the results page, where you will be given the option to apply for exemption for Unit 1
  • Pay online
  • Send a scan of your qualification or Statement of Professional Standing to exemptions@cfauk.org within ten working days of your application
  • You will be notified of the results of your exemption application within ten working days of our receipt of your SPS scan
  • Normal certification rules apply

The process for applying for exemption against Unit 2 Investment Practice

 Candidates will find the application form by logging in to the results page having passed the IMC Unit 1 (The Investment Environment) exam. 

The process for applying for exemption against Unit 2 Investment Practice 

  • Sit and pass Unit 1 (The Investment Environment)
  • Sit and pass CFA Level I
  • Log in to the IMC results page, where you will be given the option to apply for exemption for Unit 1
  • Pay online
  • You will be notified of the results of your exemption application within ten working days of our receipt of your application
  • Normal certification rules apply

Rules of exemption

  1. Exemptions may be requested but are given entirely at the discretion of the CFA Society of the UK. The society reserves the right to deny individual exemption requests or to discontinue exemptions based on a particular examination at any time.
  2. By applying for exemption, applicants give express permission to the Society to confirm their qualification with CFA Institute or other awarding body.
  3. Exemption may be awarded to any application who holds the relevant qualification for the unit they would like exemption. The details of acceptable qualifications are as follows:

Unit 1:

A Statement of Professional Standing from another Awarding Body OR
A qualification from the FCA’s Appropriate Exams list which would entitle a candidate to hold a Statement of Professional Standing

Unit 2:


CFA UK provides the following exemptions against Unit 2 (Investment Practice)
CFA Level I or II: Exempted from IMC Unit 2 providing no advice to retail (private) investors is undertaken
CFA Level III: Exempted from IMC Unit 2 (including those who advise retail (private) investors) 


The IMC qualification cannot be achieved by exemption alone. Candidates must sit and pass one unit within the IMC.