Key facts
- Level I of the CFA® Program costs US$1,140 (check the official website) with early registration for 2027 – about £856 at the ECB reference rate of 29 October 2026.
- Part I of the FRM® Exam with the one-time enrolment fee costs US$400 (check the official website) plus US$600 (check the official website) with early registration – about £751 at the same rate.
- The IMC, a UK exam in two units, costs £350 (check the official website) for Unit 1 and £375 (check the official website) for Unit 2.
- The FCA's appropriate-qualification table lists Level I of the CFA® Program plus the IMC for personal recommendations on securities and derivatives; the FRM® Exam is not listed.
- UK full-time finance and investment analysts and advisers: median £53,940 in the tax year to April 2026, £71,471 in London (ONS, provisional) – occupation data, not the effect of a qualification.
From the UK, Level I of the CFA® Program costs US$1,140 (check the official website) with early registration for 2027 – about £856 at the ECB reference rate of 29 October 2026 – and Part I of the FRM® Exam with the one-time enrolment fee about £751. The UK’s own entry exam for investment work, the IMC, costs £350 (check the official website) and £375 (check the official website) for its two units. (ECB, euro reference rates of 29 October 2026)
If you live in the UK, three questions usually come together: what the exams cost in pounds, whether the Investment Management Certificate (IMC) is the better first step, and what the work pays here. This page answers each with a dated source – the ECB for the rate, the Financial Conduct Authority (FCA) for the qualification rules and the Office for National Statistics (ONS) for pay – and says where the evidence stops.
What do the exams cost in pounds?
CFA Institute and GARP charge in US dollars, so what leaves your account depends on the rate your bank or card uses on the day, plus any foreign-transaction fee. The table converts the 2027 fees at the ECB reference rate of 29 October 2026, rounded to whole pounds. (ECB, euro reference rates of 29 October 2026)
| Exam and registration | Fees in US dollars | In pounds (estimate) |
|---|---|---|
| CFA® Program | ||
| Level I, early registration | US$1,140 (check the official website) | £856 |
| Level I, standard registration | US$1,490 (check the official website) | £1,119 |
| Level I, early registration, plus one retake | US$2,280 (check the official website) | £1,712 |
| FRM® Exam | ||
| Part I with the enrolment fee, early registration | US$1,000 (check the official website) | £751 |
| Part I with the enrolment fee, standard registration | US$1,200 (check the official website) | £901 |
| Parts I and II with the enrolment fee, both early | US$1,600 (check the official website) | £1,201 |
Read it as a budget, not a bill. A Level I retake costs the full registration fee again, with no discount for retakers (check the official website), which is why the table shows one. The enrolment fee for the FRM® Exam is paid once, with your first Part I registration. Study materials, a financial calculator, travel to the test centre and taxes are not in the table. For your own choices – a scholarship, a rescheduled appointment, a course you are considering – use the Level I cost calculator or the FRM® Exam cost calculator; both start in pounds at the same rate. Windows and deadlines are on the pages for Level I dates and fees 2027 and Part I dates and fees 2027.
What is the IMC, and how is it different?
The Investment Management Certificate is a UK exam awarded by the UK member society of CFA Institute. It has two computer-based exams: Unit 1, The Investment Environment (85 questions in 1 hour 40 minutes), and Unit 2, Investment Practice (105 questions in 2 hours 20 minutes) (check the official website); the unit names are those of the FCA’s table (FCA Handbook, TC App 4.1). You can sit it on most working days at Pearson VUE test centres, or online with a remote invigilator; you must sit the exam within 12 months of registering (check the official website) (300Hours, IMC summary (secondary source)). 300Hours describes the IMC as a common stepping stone to the CFA® Program and suggests about 240 study hours for both units together (300Hours, IMC summary (secondary source)).
| Question | IMC | CFA® Program Level I | FRM® Exam Part I |
|---|---|---|---|
| Who sets it | The UK member society of CFA Institute | CFA Institute | GARP |
| When you can sit it | Any working day, test centre or remote | In windows, e.g. 11–17 May 2027 (check the official website) | In windows, e.g. 8–13 May 2027 (check the official website) |
| Exam fees | Both units: £725 (check the official website) | US$1,140 (check the official website) (early) | US$1,000 (check the official website) (early, with enrolment) |
| Who may register | Anyone: no prior qualification or work experience is needed (check the official website) | a bachelor’s degree, being within 23 months of completing one, or 4,000 hours of work experience and/or higher education over at least 36 months (check the official website) | no formal educational or work-experience prerequisites – anyone may register for Part I (check the official website) |
| In the FCA’s qualification table | Yes, for managing investments on its own | Yes, together with the IMC or IMC Unit 1 | Not listed |
| What comes next | A UK credential in itself | Levels II and III; the charter also needs 4,000 hours of qualified work experience in investment decision-making over at least 36 months, gained before, during or after the exams (check the official website) | Part II; the certification also needs two years of full-time professional work experience in financial risk management (check the official website) |
What does the FCA’s qualification table say?
Some regulated roles in the UK need an “appropriate qualification” under the FCA’s Training and Competence sourcebook; your firm tells you whether yours is one of them. The FCA’s table in TC App 4.1, last updated on 3 October 2025, lists among many others: (FCA Handbook, TC App 4.1)
- Level I of the CFA® Program plus the IMC – fully meets the requirement for giving personal recommendations on securities and on derivatives, alone or together with dealing (activities 2, 3, 12 and 13, the FCA’s Retail Distribution Review activities).
- The full IMC – fully meets the requirement for managing investments (activity 14, with the broker fund adviser activity 10).
- Level I on its own – counts for managing investments only as the technical part. The FCA’s key asks for a second qualification covering regulation and ethics beside it, and IMC Unit 1 is one of those listed.
- The FRM® Exam – does not appear in the table at all. Where a risk role involves neither personal recommendations nor managing investments, the table does not apply to it.
So the IMC and Level I are not rivals in the FCA’s eyes: one covers UK regulation and practice, the other the technical depth, and the table combines them. The table is one part of the FCA’s competence rules, and your firm applies the rest.
IMC first, Level I first, or both?
- You need an appropriate qualification soon – for example in a new investment role. The IMC can be booked on any working day, while Level I has fixed windows, so the IMC is usually the quicker route to what the FCA table asks for.
- You aim for analysis or portfolio work beyond the UK, or for the charter. Start with Level I; if your role later needs the FCA table, IMC Unit 1 next to Level I covers managing investments.
- You work in or want to move into risk. The FRM® Exam fits the work; if your firm also needs an appropriate qualification from you, it will name one from the table.
- Your employer pays. Ask which exam the firm expects and whether it pays retakes too – that often settles the order.
- You are at university. Level I is open to final-year students under its education route; for the IMC, no prior qualification or work experience is needed (check the official website). Plan around your exams, not alongside them.
The weeks each order takes, and when the FCA requirement is met on the way, are worked through in IMC or CFA® Program first?
Still unsure whether investment or risk suits you? The CFA® Program or FRM® Exam comparison sets out the differences in the work itself.
What do finance jobs pay in the UK?
Full-time finance and investment analysts and advisers (SOC 2020 group 2422) earned a median of £53,940 in the tax year to 5 April 2026; the middle half earned between £39,666 and £75,790. The median of all full-time employee jobs was £40,911. Risk analysts are coded to group 2431 (median £56,203) and risk managers to group 2440 (median £63,046). (ONS, ASHE 2026 provisional, Table 14) (ONS, SOC 2020 coding index)
Where you work makes a large difference. The same analyst group by work region:
| Region | Median | Coefficient of variation |
|---|---|---|
| United Kingdom | £53,940 | 3.8% |
| London | £71,471 | 8.4% |
| Scotland | £54,349 | 11.6% |
| Yorkshire and The Humber | £53,891 | 12.9% |
| South East | £49,060 | 8.5% |
| East of England | £47,469 | 10.8% |
| South West | £46,753 | 14.6% |
| West Midlands | £45,072 | 8.3% |
| East Midlands | £42,408 | 18.5% |
| Wales | £37,503 | 10.6% |
London’s median of £71,471 is well above the rest. A coefficient of variation above 10% means the ONS estimate is less precise, so treat those regions as a rough guide. (ONS, ASHE 2026 provisional, Table 15) Occupation data, not the effect of a qualification: the ONS does not record who holds which exam, so none of these figures shows what Level I, the IMC or the FRM® Exam adds to pay. Source: Office for National Statistics, under the Open Government Licence v3.0. More detail is in what investment analysts earn, the risk manager salary page and the finance salary explorer.
What does this mean for you?
- Ask your manager or HR whether your role needs an FCA appropriate qualification, and which one they accept.
- Ask what the firm pays: exam fees, retakes, study materials and study leave.
- Budget with the table above, then check the fee on the exam body’s own page on the day you pay – the rate and the fee can both move.
- Choose a window that leaves you a quiet month before the exam, not one in your busiest season at work.
- Compare any offer with the regional median of your occupation, not with a headline figure, and remember the ONS numbers leave out where the job sits within the firm.
What are the common mistakes?
- Treating the IMC and Level I as an either-or: the FCA table often combines them.
- Budgeting the dollar fee at today’s rate and forgetting the bank’s margin and a possible retake.
- Expecting the FRM® Exam to meet an FCA qualification requirement – it is not in the table.
- Reading the London median as the pay of a first job: the survey covers every stage of a career.
- Paying for an exam your employer would have paid for, because nobody asked.
What does this page cover?
- Last updated
- Based on
- CFA Institute, GARP and IMC fees from our fact register, linked to their own pages for checking
- ECB euro reference rates of 29 October 2026
- FCA Handbook, TC App 4.1, last updated 3 October 2025
- ONS ASHE 2026 provisional, Tables 14.7a and 15.7a, and the SOC 2020 coding index (Open Government Licence v3.0)
- Includes
- Exam fees in pounds, the IMC compared with Level I and Part I, the FCA table, and UK pay by region
- Not included
- Taxes, bank charges, study materials and travel; how many candidates pass
- The full FCA competence rules for your role
- This is not financial or careers advice
The Investment Management Certificate (IMC) is named only to identify the qualification; its awarding body is not connected with this page.
Frequently asked questions
How much does Level I of the CFA® Program cost in pounds?
US$1,140 (check the official website) with early registration and US$1,490 (check the official website) with standard registration for 2027 – about £856 or £1,119 at the ECB reference rate of 29 October 2026. The fees are charged in US dollars, so your bank's rate and charges decide the final amount.
How much does the FRM® Exam cost in pounds?
Part I with the one-time enrolment fee costs US$400 (check the official website) plus US$600 (check the official website) with early registration – about £751 at the ECB reference rate of 29 October 2026; both parts with early registration come to about £1,201.
Should I take the IMC or Level I of the CFA® Program first?
If you need an FCA appropriate qualification soon, the IMC is usually quicker: it can be booked on any working day, and on its own it meets the requirement for managing investments. If you aim for the charter or work beyond the UK, start with Level I; the FCA table combines Level I with the IMC or with IMC Unit 1.
Does the FCA accept Level I of the CFA® Program?
The FCA's table in TC App 4.1 lists Level I plus the IMC as fully meeting the requirement for personal recommendations on securities and derivatives. For managing investments, Level I counts only as the technical part and needs a regulation and ethics qualification such as IMC Unit 1 beside it.
Is the FRM® Exam an FCA appropriate qualification?
The FRM® Exam does not appear in the FCA's appropriate-qualification table (TC App 4.1, last updated 3 October 2025).
What do finance and investment analysts earn in the UK?
Full-time finance and investment analysts and advisers earned a median of £53,940 in the tax year to 5 April 2026, and the middle half between £39,666 and £75,790 (ONS ASHE 2026, provisional). The figures describe the occupation, not the effect of any exam.
Related tools and pages
Sources
- European Central Bank: Euro foreign exchange reference rates – rates of 29 October 2026 (all currencies quoted against the euro) (29 October 2026). Accessed 30 October 2026.
- Financial Conduct Authority (FCA Handbook): FCA Handbook, Training and Competence sourcebook, TC App 4.1 Appropriate Qualification tables (last updated 3 October 2025) – rows “Level 1 of CFA Program plus Investment Management Certificate (Level 4)”, “CFA Program (Level 1)”, “Investment Management Certificate (Level 3 or 4)”, “Investment Management Certificate Unit 1” and “CIIA qualification”, with the keys in TC App 4.1.1A and 4.1.1B (3 October 2025). Accessed 30 October 2026.
- 300Hours (finance careers website, Sophie Macon, secondary source): Investment Management Certificate (IMC): a useful summary – units, questions and time, pass marks, fees and manuals, test centres and online exams, the 12-month rule, attempts, Unit 2 exemption for CFA Program candidates, study hours (28 June 2026). Accessed 30 October 2026.
- Office for National Statistics (Open Government Licence v3.0): Earnings and hours worked, occupation by four-digit SOC: ASHE Table 14 – 2026 provisional, Tables 14.7a (annual pay, gross), 14.7b (coefficients of variation) and 14.9a (paid hours worked, total), full-time employee jobs, United Kingdom (22 October 2026). Accessed 30 October 2026.
- Office for National Statistics (Open Government Licence v3.0): Earnings and hours worked, region by occupation by four-digit SOC: ASHE Table 15 – 2026 provisional, Tables 15.7a (annual pay, gross) and 15.7b (coefficients of variation), full-time employee jobs by work region. Accessed 30 October 2026.
- Office for National Statistics (Open Government Licence v3.0): SOC 2020 Volume 2: the coding index (Excel, version of 27 August 2026) – entries “Analyst, risk”, “Analyst, risk, financial”, “Analyst, risk, credit”, “Manager, risk”, “Manager, risk, credit”, “Manager, risk, operational”, “Officer, risk, chief”, “Officer, risk” (27 August 2026). Accessed 30 October 2026.
- UWorld Finance (exam prep provider, secondary source): CFA Exam Fees and Registration Guide for 2027. Accessed 30 October 2026.
- CFA Institute: CFA exam dates and fees. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): FRM Fees: What's The Total Cost? (4 June 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam information: format and exam topics. Accessed 26 October 2026.
- PrepProviders (comparison website, secondary source): FRM exam dates and fees, 2026 to 2027 (5 October 2026). Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): Level 1 CFA® Exam Retake: Cost and Conditions (1 August 2026). Accessed 30 October 2026.
- CFA Society of the United Kingdom: Investment Management Certificate (IMC).
- Omni Finance Academy (exam prep provider, secondary source): FRM® exam dates: which deadline should you act on now? (21 October 2026). Accessed 30 October 2026.
- Global Association of Risk Professionals (GARP): FRM Exam logistics and test dates. Accessed 26 October 2026.
- 300Hours (finance careers website, secondary source): CFA Requirements: How to Become A CFA Charterholder (15 September 2026). Accessed 30 October 2026.
- CFA Institute: CFA Program: eligibility, exams, work experience and membership.
- QuintEdge (exam prep provider, secondary source): FRM Eligibility 2026: Can You Apply? Qualification, Age & Work Experience (19 October 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): FRM Exam Guide 2026: Everything You Need to Know. Accessed 30 October 2026.
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