Last updated: 3rd December 2025

Introduction

Professional qualifications can offer a solid route to improving your career prospects. Within the asset management industry, the Investment Management Certificate (IMC) is seen as the benchmark entry-level qualification.

But what’s involved and is it worth doing?

In this article we look at the pros (there are lots) and cons (not many, really) of undertaking the IMC.

What is the IMC?

The Investment Management Certificate (IMC), developed and awarded by CFA UK, is one of the most widely recognised entry-level qualifications in the UK investment industry. It demonstrates a strong understanding of investment fundamentals as well as the regulatory and ethical environment in which investment professionals operate.

The IMC is a Level 4 Certificate in Investment Management. There is no need to take earlier levels to take the IMC, and for 60-80% of candidates the IMC is their first professional qualification. While it is considered an entry-level qualification for people starting a career in financial services, the IMC is also a good certificate for experienced professionals looking to progress their career.

IMC Syllabus

The IMC consists of two units. The syllabus is updated annually and runs from 1 December to 30 November.

Unit 1: The Investment Environment

• Financial markets and institutions
• Ethics
• Regulation and legal concepts
• Clients
• Taxation

Recommended study hours: 100

Unit 2: Investment Practice

• Quantitative methods
• Economics (Micro-economics and Macro-economics)
• Accounting
• Asset classes (Equities, Fixed Income, Derivatives, Alternative investments and private markets)
• Investment theory, management and measurement (Portfolio management, Investment products, Investment performance measurement)

Recommended study hours: 140

CFA UK provides official training manuals and mock exams for both units, available via its website.
You do not need to take these exams in numerical order - some people prefer to learn about the mechanics before learning about the environment and regulations.

How the Exams Work

For Unit 1, the exam takes 1 hour and 40 minutes. The Unit 2 exam takes 2 hours and 20 minutes. Both exams use a mix of multiple-choice questions and item sets, and each is graded on a pass/fail basis.

Candidates are not allowed to bring formulas into IMC exams, so you will need to memorise this information.

Exams can be completed in person or online. They are available in person every working day at Pearson VUE test centres, and remotely, 24 hours a day, every day through the Pearson VUE online examination platform, OnVUE.

How much does the IMC cost?

Exams

• Unit 1: £350
• Unit 2: £375
  Total exam fees: £725

Training manuals

• Unit 1: £135
• Unit 2: £145
  Total: £280

Many employers in the asset management and investment industries will pay these fees for you if they are relevant to your role.

Training courses are available from Kaplan, BPP, Fitch Learning and Quartic. Some of these even offer a ‘pass guarantee’ or ‘pass protection’, allowing you to resit the exam if you don’t pass.

What are my chances of passing the IMC?

The pass rate for each Unit is between 65 and 80% and is distributed throughout the entire exam – so you don’t need to pass every section as long as you pass overall.

Each exam registration pays for a single attempt. Candidates who fail must purchase a new registration to re-sit, and may sit an exam a maximum of 3 times per annual quarter.

Is the IMC right for me?

If you work within the investment sector obtaining the IMC can only be viewed positively. Within a front office or investment operations role its benefits should be pretty clear. It is also a great foundation stone if you wish to pursue the higher qualification of a Chartered Financial Analyst (CFA).

But even within a supporting function - marketing, IT, client servicing, communications, etc. - the IMC brings several advantages.

(a) IMC Knowledge

The IMC builds a strong foundation in investment concepts, products, markets, and regulation. A sound understanding of the regulatory environment will help you navigate areas such as Consumer Duty, post-Brexit FCA changes and product governance.

Over and above this, however, the IMC will arm you with the language and vocabulary of the investment industry. This improves your personal effectiveness, especially when collaborating with other parts of the business.

Also, while the use of jargon and acronyms is often criticised, in a situation where all parties share this knowledge it can speed up and make communication much more effective.

More importantly, miscommunication can carry real risks in a regulated environment. Greater understanding between colleagues goes some way to mitigating these.

(b) IMC Credibility

By completing the IMC you will be demonstrating to your peers and manager ambition, commitment and an intellectual curiosity towards the industry in which you work.

Whether you are in a marketing, project management, business analysis or IT role, having a better understanding of the funds your company manages will ultimately increase your credibility and with it your effectiveness in doing your job.

(c) IMC Career prospects

The IMC can strengthen your position in a competitive job market. Many firms use automated screening tools and may filter applicants by qualifications, making the IMC a useful differentiator. The qualification is increasingly listed as a requirement or strong preference for roles across asset management, investment operations, analytics, and related areas.

Is the IMC worth it?

For most people in the investment industry, the IMC is a worthwhile investment. It deepens your knowledge, strengthens your credibility and improves your career prospects. It also provides a useful grounding for managing your own finances and understanding investments.

IMC vs CFA vs CISI - Which Should You Choose?

The CFA (Chartered Financial Analyst) certificate is a significantly more advanced qualification than the IMC, and should only be considered after it.

While some CISI pathways overlap with IMC content, CISI qualifications tend to be broader and more focused on areas such as wealth management, compliance and financial planning. The IMC remains the most direct route into investment roles and progression towards the CFA.

FAQs

Q: Is the IMC hard?
A: Candidates in full time employment typically complete the programme in three to six months. The pass rate is between 65 and 80%

Q: Should I take Unit 1 or Unit 2 first?
A: It doesn’t matter which order you complete the Units in. For some people it might make more sense to do them in numerical order because knowledge about the investment environment can then form the basis for learning about investment practice.

Q: Is the IMC recognised internationally?
A: Yes, although it’s primarily known as a UK-based qualification, it is recognised internationally.

Q: How long does the IMC last?
A: The IMC does not expire. Once achieved, it is valid indefinitely.

Q: Is the IMC equivalent to a degree module?
A: While it’s not a degree, as a Level 4 qualification the IMC’s level of difficulty broadly equates to the first-year of an undergraduate degree.

Q: Do employers value the IMC?
A: The IMC is an essential requirement for a lot of investment roles and is probably the most widely demanded foundational qualification across the UK finance industry.

Q: What happens if I fail the IMC?
A: You can retake the exams, but each exam registration pays for a single sitting of the exam. Candidates who fail must purchase a new registration to re-sit, and are able to sit an exam a maximum of 3 times per annual quarter.