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.
- 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
B - SPS
|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
|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 email@example.com 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.