The short answer
- Choose the IMC first if your firm needs you qualified for managing investments by a set date, you want a shorter first step to test whether investment work suits you or you need to book exams on days that fit your work.
- Choose Level I of the CFA® Program first if you are set on the charter and your role has no FCA deadline yet, you may work outside the UK later or you are happy to add IMC Unit 1 afterwards and apply for the Unit 2 exemption.
Key facts
- The IMC is an appropriate qualification on its own for managing investments under the FCA’s Training and Competence rules (check the official website). Level I of the CFA® Program counts for managing investments only together with a regulation and ethics qualification such as IMC Unit 1 (FCA TC App 4).
- IMC Unit 2 exemption: once you have passed Unit 1, you can apply for an exemption from Unit 2 if you have passed Level I or Level II of the CFA Program and give no advice to retail clients, or if you have passed Level III (check the official website).
- Exam fees: IMC Unit 1 £350 (check the official website) and Unit 2 £375 (check the official website); Level I of the CFA Program US$1,140 (check the official website) with early registration for 2027.
- UK median full-time pay of finance and investment analysts and advisers, ASHE 2026 (provisional): £53,940 – occupation data, not the effect of a qualification.
How do they compare?
| Criterion | the IMC first | Level I of the CFA® Program first |
|---|---|---|
| Awarded by | CFA Society of the UK | CFA Institute |
| Exams | 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) | Level I: 180 questions in two sessions; then Level II and Level III |
| When | 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) | Level I in four windows a year |
| Entry | no formal prerequisites (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) |
| FCA appropriate qualification for managing investments | an appropriate qualification on its own for managing investments under the FCA’s Training and Competence rules (check the official website) | Only together with a regulation and ethics qualification such as IMC Unit 1 |
| Exemptions | once you have passed Unit 1, you can apply for an exemption from Unit 2 if you have passed Level I or Level II of the CFA Program and give no advice to retail clients, or if you have passed Level III (check the official website) | None from Level I described in our sources |
| Exam fees | Unit 1 £350 (check the official website); Unit 2 £375 (check the official website) | Level I US$1,140 (check the official website) early or US$1,490 (check the official website) standard |
| Study time (estimates) | about 240 hours for both units | at least 300 hours for Level I |
| Where it leads | A finished qualification after two exams | Level II, Level III, work experience and the charter |
Take the IMC first if your UK job needs an FCA appropriate qualification soon or you want a shorter first step; start with Level I of the CFA® Program if you are set on the charter. Level I with IMC Unit 1 then meets the FCA requirement for managing investments, and Unit 2 can be exempted. (FCA Handbook, TC App 4) (300Hours, IMC summary (secondary source))
If you have joined, or want to join, a UK investment firm, you may hear both names in your first weeks. One is a UK qualification of two exams; the other an international programme of three exams that ends in the charter. They are steps you can take in either order – and the order changes your workload, your costs and when you count as qualified for regulated work.
What is the IMC?
The Investment Management Certificate is awarded by CFA Society of the UK. 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), and there are no formal prerequisites (check the official website). 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). Prep providers estimate about 100 hours of study for Unit 1 and 140 for Unit 2 (300Hours, IMC summary (secondary source)) (Quartic, IMC training (secondary source)).
Level I of the CFA Program is one exam of 180 multiple-choice questions in two sessions, sat in fixed windows, and needs 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) to register. Prep websites suggest planning at least 300 hours for it (Soleadea, study hours (secondary source)) (300Hours, preparing for Level I (secondary source)). Level II, Level III and work experience follow before the charter.
Which one does an FCA role need?
The FCA’s Training and Competence rules ask for an appropriate qualification before you carry out certain activities for retail clients – managing investments is one of them (FCA Handbook, TC App 1). Whether your role is covered is your firm’s decision, so ask its compliance team first. The tables then say:
- The IMC is an appropriate qualification on its own for managing investments under the FCA’s Training and Competence rules (check the official website).
- Level I of the CFA Program is listed for managing investments only as the technical half: it meets the requirement together with a qualification on regulation and ethics, such as IMC Unit 1 (FCA Handbook, TC App 4).
- For advising retail clients on securities or derivatives, the tables list Level I of the CFA Program together with the full IMC (FCA Handbook, TC App 4). Retail advice can bring further FCA requirements beyond the qualification; your compliance team will tell you which apply.
That is why the order matters. If you start with Level I, you can add Unit 1 later – and once you have passed Unit 1, you can apply for an exemption from Unit 2 if you have passed Level I or Level II of the CFA Program and give no advice to retail clients, or if you have passed Level III (check the official website).
Which order costs less time?
Four common routes, with the study hours above. Weeks are study weeks at a steady pace, each exam rounded up; exam windows, results and retakes come on top.
| Route | Hours | Weeks at 8 a week | Weeks at 12 a week | Meets the requirement for managing investments | Exam fees |
|---|---|---|---|---|---|
| IMC (both units), then Level I | 540 | 69 | 46 | After week 31 at 8 hours, week 21 at 12 | about £1,581 |
| Level I, then IMC Unit 1 and the Unit 2 exemption | 400 | 51 | 34 | After week 51 at 8 hours, week 34 at 12 | about £1,206 |
| IMC only | 240 | 31 | 21 | After week 31 at 8 hours, week 21 at 12 | about £725 |
| Level I only | 300 | 38 | 25 | No – Level I alone is only the technical half | about £856 |
Starting with the IMC reaches the requirement soonest; Level I followed by Unit 1 needs fewer hours than doing everything, because the exemption replaces Unit 2 (any exemption fee is not included). To fit the hours into your week, use the study-time calculator.
What does each cost?
IMC exam registration costs £350 (check the official website) for Unit 1 and £375 (check the official website) for Unit 2, and a retake costs the same again. The training manuals sold for each unit cost £135 (check the official website) and £145 (check the official website) plus postage (300Hours, IMC summary (secondary source)). Level I of the CFA Program costs US$1,140 (check the official website) with early registration or US$1,490 (check the official website) standard for 2027, charged in US dollars, so the pound amount moves with the exchange rate (ECB, euro reference rates of 29 October 2026). The Level I cost calculator converts it at your own rate. Ask your employer early whether it pays for either. The exam costs in pounds side by side are on our UK country page.
What do investment analysts earn in the UK?
Occupation data, not the effect of a qualification. The ONS survey records jobs, not qualifications, so the figures include people with the IMC, the charter, both or neither (ONS, ASHE 2026 provisional, Table 14).
| Measure | Finance and investment analysts and advisers (2422) | All full-time jobs |
|---|---|---|
| 25th percentile, UK | £39,666 | £30,600 |
| Median, UK | £53,940 | £40,911 |
| 75th percentile, UK | £75,790 | £56,842 |
| Median, jobs in London | £71,471 | – |
London jobs in this group have a higher median than the UK as a whole (ONS, ASHE 2026 provisional, Table 15). ONS data are used under the Open Government Licence v3.0. More detail is on what investment analysts earn.
What is the bigger decision?
- Time. The IMC fits around work because you book a day that suits you; Level I is sat in fixed windows and asks for a longer run of evenings. Look at your next six months before you choose.
- Your employer. If your firm needs you qualified by a set date, that date decides the order for you.
- Family and health. Either route takes evenings and weekends. Agree the plan at home and keep one evening a week free.
- Risk. The IMC is finished in two exams; Level I is the first of three. If you are unsure investment work suits you, the shorter step tests that more cheaply.
What does this mean for you?
- Ask your compliance team whether your role needs an appropriate qualification, for which activity and by when.
- If it does and the date is close, start with the IMC.
- If you are set on the charter and have no deadline, start with Level I, then sit Unit 1 and apply for the Unit 2 exemption.
- Check the exemption conditions and any fee with CFA Society of the UK before you skip Unit 2.
- Put your hours into the study-time calculator and pick the route your weeks can carry.
What are the common mistakes in this decision?
- Assuming Level I on its own counts for managing investments.
- Sitting Unit 2 after Level I without checking the exemption.
- Letting an IMC registration run past its 12 months.
- Studying from an old manual: the IMC syllabus year runs from 1 December to 30 November (Quartic, IMC training (secondary source)).
- Starting both at once and progressing in neither.
For the whole path after Level I, see from Level I to the charter; for an accounting route instead, the CFA Program against ACCA; for alternatives or risk, the CFA Program and two other finance certifications by role. Our questions complement CFA Institute’s own curriculum; they do not replace it.
What does this page cover?
- Last updated
- Based on
- Fees and rules from our fact register, linked to the pages of CFA Society of the UK and CFA Institute
- The FCA Handbook (TC App 1 and 4), read on 30 October 2026; prep providers’ study hours; ONS ASHE 2026; ECB rates
- Includes
- A side-by-side table, the FCA tables, the Unit 2 exemption, four routes with weeks and fees, UK pay
- Not included
- Other FCA requirements for retail advisers, exemption fees, IMC prices after November 2026, how many candidates pass
- This is not careers or regulatory advice
The Investment Management Certificate (IMC) is a qualification of CFA Society of the United Kingdom. It is named only to identify the qualification; CFA Society of the UK is not connected with this page.
Who should choose which?
| If you … | Usually fits |
|---|---|
| need to be qualified for managing investments soon | the IMC first |
| are set on the charter and have no FCA deadline | Level I of the CFA® Program, then IMC Unit 1 |
| have already passed Level I | IMC Unit 1 and the Unit 2 exemption |
| advise retail clients | ask your compliance team; the FCA tables list Level I with the full IMC |
| are a graduate without a finance job yet | the IMC, as a shorter first test |
| plan to work outside the UK | Level I of the CFA® Program |
Frequently asked questions
Should I do the IMC if I plan to do the CFA® Program?
Often Unit 1 is enough: once you have passed Unit 1, you can apply for an exemption from Unit 2 if you have passed Level I or Level II of the CFA Program and give no advice to retail clients, or if you have passed Level III (check the official website). Level I with IMC Unit 1 meets the FCA requirement for managing investments.
Is the IMC easier than Level I of the CFA Program?
Our sources compare them only by study time: prep providers estimate about 240 hours for both IMC units and at least 300 for Level I.
Do I need the IMC to work in investment management in the UK?
The FCA rules ask for an appropriate qualification only for certain activities, such as managing investments for retail clients; your firm’s compliance team decides whether your role is covered. For managing investments, the IMC on its own is enough; Level I counts only together with a regulation and ethics qualification such as IMC Unit 1.
How much does the IMC cost?
Exam registration costs £350 (check the official website) for Unit 1 and £375 (check the official website) for Unit 2; a retake costs the same. Manuals cost extra.
When can I sit the IMC?
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).
Related tools and pages
Sources
- Financial Conduct Authority (FCA Handbook): Training and Competence sourcebook, TC App 4.1 – appropriate qualification tables (4.1.1B: a key-1 qualification alone meets the requirement, for keys 2 and 3 one qualification from each; 4.1.1D: the IMC and CFA Program entries for activities 2, 3, 10, 12, 13 and 14), version of 3 October 2025 (3 October 2025). Accessed 30 October 2026.
- Financial Conduct Authority (FCA Handbook): Training and Competence sourcebook, TC App 1.1.1R – activities with an appropriate qualification requirement: designated investment business carried on for a retail client, including activity 14, managing investments (6 April 2026). 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.
- Quartic Training (training provider, secondary source): Investment Management Certificate (IMC) training – no formal prerequisites, units, questions and time, exam registration and manual prices for syllabus version 23 (exams from 1 December 2025 to 30 November 2026), study hours. Accessed 30 October 2026.
- Soleadea (exam prep provider, secondary source): How Many Study Hours Does the CFA® Exam Really Take? (3 August 2026). Accessed 30 October 2026.
- 300Hours (finance careers website, secondary source): CFA Level 1: How to Prepare & Pass CFA in 18 Months (9 September 2026). Accessed 30 October 2026.
- 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.
- 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.
- CFA Society of the United Kingdom: Investment Management Certificate (IMC).
- 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): 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.
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