ESSENTIAL INFORMATION

EXEMPTIONS POLICY

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CFA UK offers an exemption scheme for our qualifications. You may be able to claim exemption from a unit of the Investment Management Certificate (IMC) if you have qualifications from other professional bodies or universities. If this applies to you, then you could be entitled to an exemption. Explore our exemption policy or apply for an exemption today. 

Important information: 

  • Exemptions may be requested but are granted entirely at the discretion of CFA UK 
  • Exemptions will not be granted for standalone qualifications (ie those qualifications consisting of a single unit) 
  • Exemptions will be granted for one unit only of a qualification 
  • Exemptions cannot be granted retrospectively for any CFA UK examination that a candidate has previously sat 
  • Candidates cannot apply for an exemption using a qualification which itself was gained by exemption
  • Exemptions are not automatically applied – candidates are required to apply and pay for an exemption 
  • The cost of an exemption is the same as that of the exam registration fee 

Level 4 IMC List of qualifications we accept for exemptions

Unit 1  Unit 2

 A - Qualifications

Awarding Body  Unit  
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 (Any pathway: Securities, Derivatives, or Financial Planning & Advice (Previously known as Retail Advice & Planning))
The Chartered Institute for Securities & Investment  Masters in Wealth Management (Post 2010)


                          

B - SPS

(i) A Statement of Professional Standing from another FCA Accredited Body, or 
(ii) A statement from an FCA Accredited Body clearly stating that the individual concerned has met the FCA exam standards required of those acting as a Retail Investment Adviser, and would be entitled to obtain an SPS were they to apply for one.

 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
   Unit 1                   Unit 2

Sit and pass Level 4 Unit 2 (Investment Practice)
 

Sit and pass Level 4 Unit 1 (The Investment Environment) and
Sit and pass CFA Program Level I
 Log in to the Candidate Area. On the results page, you will be given the option to apply for exemption
Pay online - cost same as Unit 1 exam fee Pay online - cost same as Unit 2 exam fee 
Send a scanned copy of your qualification certificate or Statement of Professional standing to exemptions@cfauk.org within ten working days of your online application  

CFA Society of the UK can accept a range of qualifications for the purpose of exemption against IMC Unit 1, provided that the qualifications have been recognised by the FCA as meeting RDR exam standards covering regulation & ethics, investment principles & risk, and personal taxation.

You will be notified of the results of your exemption application within ten working days of our receipt of your application

Level 4 Full IMC certificate will be posted to you within 10 working days
 Become an IMC member with CFA UK

If you are dissatisfied with the way that your application for exemption has been processed, please refer to our Complaints policy.