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IMC Syllabus / Exam

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Overview of IMC syllabus

The IMC syllabus is developed by the IMC Panel with a wide range of practitioner input. It is refreshed and revised annually to reflect market and regulatory developments.

Please note: The syllabus cycle runs from 1 December to the 30 November. Each syllabus version has a corresponding OTM version. Candidates should ensure that they are studying from the correct syllabus and OTM version. 

• Syllabus version 20 is tested from 1 December 2022 to 30 November 2023.

• Within the unit 1 exam the tax rates tested for the version 20 syllabus are those for the 2022/23 Fiscal year which runs from 6 April 2022 to 5 April 2023.

• OTM edition 20 should be used when studying for exams sat taken between 1 December 2022 to 30 November 2023.


Exam structure

The IMC is a level 4 examination, meaning it broadly equates to the difficulty level of the first year of an undergraduate degree. We estimate it will take an average candidate in the region of 220 hours to study for both units (unit 1: 100 hours / unit 2: 120 hours). The 220 hours includes attendance at any training courses you may be taking.


Question types

IMC syllabus is assessed by testing candidates on different question types. These include standard multiple choice questions, where the candidate selects one of four options; item set questions where candidates  are given a short scenario with several questions associated with it; and gap fill questions where the candidate must enter a value into the answer field. There are specific formatting requirements and these formatting requirements are always given in the question.

Where computer based test delivery is used, it is standard practice for ‘pre-test’ questions to be used. These are a small number of the questions in an exam which do not contribute to a candidate’s end result. Pre-test questions are not identified within an exam to ensure that candidate approach these questions in the same was as scored questions. Pre-testing allows the performance of exam questions to be monitored and evaluated in a way that does not disadvantage candidates. Only questions which have been proven to assess in a valid and reliable way are used as scored exam questions. CFA UK candidates can be assured that scored exam questions, which contribute towards your end result, have gone through a thorough and robust process of review and validation.


IMC example ques

Level 4 IMC Syllabus 

Unit 1

Unit 2

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