- 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
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 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 email@example.com 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|