Study with us - IMC

Boost your career with IMC 

The CFA UK Level 4 Certificate in Investment Management (IMC) is the most widely recognised qualification of its kind in the UK
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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. We are aware of the following specific firms:
Employer UK 
OMI Jobs
Financial Jobs UK

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).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 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


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. 

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.

‘I think the IMC provides an exceptional foundational understanding of the issues facing investment professionals in the UK, particularly relating to overviews of tax matters.’

Pierre Forde, 2021

Level 4 IMC Overview
  Unit 1 Unit 2 
Official Training Manual Cost £105.00 plus postage   £110.00 plus postage 

IMC Exam fees 

£300.00 £320.00
Unit name Level 4 IMC Investment Environment Level 4 IMC Investment Practice
Syllabus Unit 1 syllabus version 19 Unit 2 syllabus version 19
Syllabus valid dates From 01/12/2021 to 30/11/2022 From 01/12/2021 to 30/11/2022
Number of questions 85 105 
Time allowed for exam 1 hour and 40 minutes 2 hours and 20 minutes
Total qualification time  100 hours 120 hours
Pass mark Between 65% and 75%
Between 60% and 70%
Pass rate
Between 65% and 80%
Between 65% and 80%


Training providers 

A number of training providers offer tuition and study support on the IMC and are known to CFA UK. These are listed below.

Please note that CFA UK does not currently operate a formal endorsement process.