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IMC exemption arrangements from 1st July 2008

16/05/08

From 1st July 2008, there are new exemption arrangements in place for the investment management certificate (IMC) - please see the notification notice below issued by CFA UK:

The following arrangements allow for candidates with other relevant qualifications to apply for exemption against IMC Unit 1 Regulations and Markets or Unit 2 Investment Practice.

Rationale

From June 2004 the Financial Service Skills Council has managed the list of Appropriate Examinations for particular job activities in the industry. This listing of qualifications (and the Exam Standards to which they have been aligned) offers a framework from which broad equivalence can be recognised. The Government’s qualifications strategy is to recognise credit for prior exam achievement and to enable learners to move more easily from one qualification pathway to another.

CFA Society of the UK is willing to consider arrangements which help candidates avoid unnecessary repetition of their previous studies and which encourage them to progress along appropriate career paths – particularly into investment management and financial analysis. In the financial services sector there are several qualifications, including the IMC, giving a broad coverage of the industry, regulation and consumer risk as a foundation for more technically specialised content.  Candidates who have successfully completed FSSC listed qualifications with an equivalent foundation of this kind may now apply for exemption against IMC Unit 1 Regulations and Markets, allowing them to move straight to Unit 2 Investment Practice but achieve the IMC qualification when they complete. Such exemptions are at the discretion of the CFA Society of the UK and are restricted to the FSSC listed qualifications detailed in the table below.

IMC Unit 2 is considered central to the qualification because of its unique technical focus. As a result, other qualifications will not be considered for exemption against Unit 2. The only exception to this rule will be Level One of the CFA Program. On account of the breadth, depth and complexity of the Level One examination, CFA UK believes it is appropriate to allow exemptions for successful Level One CFA Program candidates. The exemption also reflects the strong links and established pathway between the IMC and the CFA.

AWARDING BODY	QUALIFICATION	EXEMPTION AGAINST	RESTRICTIONS
Securities & Investment Institute (SII)	Certificate in Securities	IMC Unit 1: Regulations and Markets	Passed from 1 June 2004 and before 19 November 2007 Copy of certificate required	No qualifications passed more than 5 years before the exemption request may be considered against IMC Unit 1
	Certificate in Securities and Financial Derivatives
	Certificate in Securities - Retail	IMC Unit 1: Regulations and Markets	Passed from 19 November 2007 Copy of certificate required
	Certificate in Securities and Financial Derivatives - Retail
ifs School of Finance (IFS)	Certificate for Financial Advisors (CeFA)	IMC Unit 1: Regulations and Markets	Passed from 1 November 2004 Copy of certificate required
Chartered Insurance Institute (CII)	Certificate in Financial Planning	IMC Unit 1: Regulations andMarkets	Passed from 1 June 2004 Copy of certificate required
	Financial Planning Certificate + CF2 Investment and Risk	IMC Unit 1: Regulations and Markets	Completed within 5 years of the exemption request
Chartered Institute of Bankers in Scotland (CIOBS)	Certificate in Investment Planning	IMC Unit 1: Regulations and Markets	Passed from 17 September 2004 Copy of certificate required
Chartered Financial Analyst Institute (CFA)	Chartered Financial Analyst (CFA)	IMC Unit 2: Investment Practice	Not available in combination with Unit 1 exemption

Rules of exemption

1. Exemptions may be requested but are given entirely at the discretion of the CFA Society of the UK. The Society reserves the right to deny individual exemption requests or to discontinue exemptions based on a particular examination at any time.
2. Only qualifications listed by the FSSC since it took over supervision of Appropriate and Recommended qualifications from 1 June 2004 will be considered for exemption.  (see table below for exact dates of valid exemptions).
3. Due to the fast changing nature of the regulatory environment, CFA UK will not accept exemptions against IMC Unit 1 for qualifications passed more than 5 years before the date of the exemption request.
4. The IMC comprises two Units. Exemption will only be considered for one of the two Units and not both.
5. Exemptions against IMC Unit 1 may only be requested on the strength of full, completed, qualifications and not for individual examinations.
6. With the exception of CFA Level One, no other exemptions will be considered against IMC Unit 2
7. Exemptions must be requested via the online Exemption Request form at www.cfauk.org  Applicants must submit a copy of the qualification certificate from the other Awarding Body, verified by the candidate’s current employer. (For CFA Level One no certificate copy is required).
8. An exemption fee equalling the current cost of the related IMC examination is applicable.