CFA UK Level 4 Certificate in Investment Management
Study for IMC Register for IMC

What is IMC?

The IMC is the benchmark entry-level qualification into the UK investment profession. It delivers the threshold competency knowledge required by investment professionals involved in portfolio management, research analysis, and other front office investment activities.  The examinations cover the key content areas appropriate for these roles including economics, accounting, investment practice, regulation, and ethics. The qualification is developed, delivered and awarded by CFA UK. 


WARNING – IMC exam registration and study materials

It has come to our attention that a number of recruitment firms are advertising jobs requiring IMC qualification / study. These recruitment firms have purported to offer applicants an IMC registration and study package, whereby the applicant makes an online payment through their website, or via a BACS payment to the company director, in order to obtain IMC study materials and be registered for the IMC exam.

In the instances reported to us, applicants were not in fact registered for the IMC exam, and the study materials which were supplied were not the prescribed materials (which are regularly updated).

The following companies have been reported to us:

  • Employer UK (www.employeruk.net)
  • OMI Jobs (www.omijobs.co.uk)
  • Financial Jobs UK (www.finance-jobsuk.co.uk)

Please note that the CFA UK has no agreements or arrangements with any providers of recruitment services. Candidates wishing to register for the IMC (and obtain the prescribed study materials) should do so directly with the CFA UK, or with one of the training providers that are recognised by CFA UK (https://www.cfauk.org/study/imc/studying-for-the-exam).

CFA UK will always follow up all such reports of companies purporting to offer such services. If you believe that you have had dealings with such a company, or have any concerns, please contact us at info@cfauk.org


Why should I take IMC?

If you are looking to develop your career in investment management then the IMC will be suitable for you. Over half of IMC candidates sitting the exam are actively involved in front office investment activities, including portfolio management, research, investment consulting, risk management and relationship management. Many candidates are wanting to develop their career and also looking to join the profession. Most investment firms ask their employees to take the IMC to demonstrate the competency of their front office staff to the regulator. The IMC is an FCA Appropriate Qualification for the activity of 'managing investments' and may be combined with CFA Level 1 to meet the exam standards required of Retail Investment Advisers.

 Level 4 IMC Overview
  Unit 1  Unit 2
Official Training Manual edition 16
£95.00 plus postage
£100 plus postage
IMC Exam fees  £260.00*  £280.00*

Unit name  

Level 4 IMC Investment Environment 

Level 4 IMC Investment Practice


Unit 1 syllabus version 16 (valid from 1 Dec 2018)   Unit 2 syllabus version 16 (valid from 1 Dec 2018) 
Syllabus valid dates Version 16: from 1/12/2018 to 30/11/2019

Number of questions 

Time limit

Qualification time


Pass mark

Pass rate


1 hour and 40 minutes

80 hours

8 credits

Between 65% and 75%

Between 65% and 80%


2 hours and 20 minutes

120 hours

12 credits

Between 60% and 70%

Between 65% and 80%

* From 1 September 2019:

Unit 1 will be increasing from £260 to £270
Unit 2 will be increasing from £280 to £290

"A concise and rigorous course, that establishes key fundamental learning outcomes in realm of finance, regulation and ethics."


Abdussamed Mohamoud Ismail Hir