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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. The syllabus cycle runs from 1 December to the 30 November. For example, the version 14 syllabus is being   tested from 1 December 2016 to 30 November 2017. Within the unit 1 exam the tax rates tested for the version 14 syllabus are those for the 2016/17 Fiscal year which runs from 6 April 2016 to 5 April 2017.


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 200 hours to study for both units (unit 1: 80 hours / unit 2: 120 hours). The 200 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 online test delivery is used, it is standard practice for a small number of the test questions in an exam to be un-scored questions which do not contribute to the candidates end result. We use this approach in IMC exams. This is part of the process that enables us to ensure that the questions on which you are scored in your exam and which constitute your end result have gone through a robust review and validation. 


IMC example ques

Level 4 IMC Syllabus 

Unit 1

Unit 2

Unit 1 Syllabus version 15

Unit 1 Syllabus change from version 14 to version 15

Unit 2 Syllabus version 15

Unit 2 Syllabus change from version 14 to version 15

IMC tax table valid for exams from 01/12/2017
OTM Edition 15 Errata and Addendum

IMC testimonial

"The IMC is well composed, the syllabus covers the financial service sector comprehensively, the study material is well written and the support from the staff at CFA UK made gaining this qualification a really positive experience."

Michael Wills