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Exemptions policy

Register for IMC IMC FAQs

Important Information

  • 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.
  • Exemptions are not automatically assigned, candidates are required to apply and pay for the exemption.
  • The cost of an exemption is the same cost as the exam fee.
  • Exemptions may be requested but are given entirely at the discretion of the CFA Society of the UK. 
  • It is a candidates responsibility to check that by applying for an exemptions they meet regulatory requirements.

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 (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)


 
     
B - SPS
A statement of Professional Standing from another Awarding Body        
  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
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 results page, where 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 scan of your qualification or Statement of Professional Standing to exemptions@cfauk.org within ten working days of your online application    
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