FMI POLICY: EXAM TERMS AND CONDITIONS
Payment:
Credit card payment is required to register for an FMI exam. Appropriate local tax rates may apply. If candidates are unable to pay via FMI’s website, they can contact Financial Modeling Institute at info@fminstitute.com
Discounts:
Candidates may use only one discount per registration (if applicable) prior to the listed code expiry deadline. Expired and/or outdated codes cannot be reactivated by FMI.
Registration:
Candidates must register using their legal name and a valid email address.
Transfers:
Candidates are not permitted to transfer their exam registration to another candidate.
Re-enrollment: (AFM & CFM)
Candidates who are unable to attend their scheduled exam, fail to schedule their exam within their active registration period, or are unsuccessful in their AFM or CFM exam, may opt for re-enrollment that is subject to a re-enrollment fee.
Foundations in Financial Modeling:
Upon registration: Candidates will receive 12 months access to the learning materials. Candidates will also have access to unlimited exam attempts. If a candidate passes, they will receive a digital verification badge. If they have not successfully passed their exam within 12 months from date of purchase, candidates may re-register and be subject to a re-enrollment fee.
Foundations in Financial Modeling Refund Policy – Candidates are eligible for a full refund if, within 48 hours of purchase, they have not attempted the Foundations exam. There are no refunds available for a Foundations registration after 48 hours from time of purchase. For refund inquiries please contact info@fminstitute.com.
Registration – Accreditation Exams:
AFM Accreditation Exam:
Upon registration candidates will receive 12 months access to the learning materials and one exam attempt. A candidate’s exam date must be scheduled within 12 months from the date of purchase. AFM results will be released within 10 weeks of writing the exam. If a candidate passes, they will receive a digital verification badge and be listed with their AFM designation on the FMI Directory of Accreditation Holders. If a candidate fails, they will be able to re-enroll in the program, subject to a re-enrollment fee.
CFM Accreditation Exam:
Upon registration, candidates will receive access to the learning materials and be enrolled into the annual CFM exam. Candidates are eligible to sit the CFM accreditation exam in the year that they register or the following calendar year. CFM exam deferrals will be subject to a re-enrollment fee. CFM results will be released within 10 weeks of writing the exam. If a candidate passes, they will receive a digital verification badge and be listed with their CFM designation in the FMI Directory of Accreditation Holders. If a candidate fails, they will be able to re-enroll in the program, subject to a re-enrollment fee.
AFM & CFM Exam Rescheduling: If necessary, an exam may be rescheduled to a future date or time provided a candidate’s request to reschedule is made at least 48 hours prior to their scheduled exam start time. Reminder: Scheduling of a candidate’s exam date must be made within 12 months from the date of purchase. Exams that are rescheduled within 48 hours of the scheduled exam appointment are subject to a re-enrollment fee.
Refund Policy: Candidates are eligible for a full refund if, within 14 days of purchase, a candidate has not attempted the AFM or CFM exam. There are no refunds available for AFM or CFM registrations after 14 days from date of purchase. Registration fees will become nonrefundable, regardless of medical emergencies or extraordinary circumstances listed by candidates. For refund inquiries please contact info@fminstitute.com.
No-Shows: If a candidate does not show up at their scheduled exam sitting, they will be considered a “No-Show” and their exam fee will be immediately forfeited. A re-enrollment fee will be required to reschedule a candidate’s exam.
Identity and Physical Environment Verification:
Before the exam, candidates will need to complete an identity check. To complete the identity check, candidates will need to present a valid piece of government-issued Photo ID prior to beginning their exam. If a valid and clear ID is not presented at the time of the exam, a candidate’s results will be withheld until identification can be verified. A visual check of the candidate’s physical environment must also be completed. A visual check entails rotating the webcam/camera so as to provide the examination team a clear view of the entire room. This includes the candidates’ work space as well as the entirety of the room.
Exam Requirements and Expectations
All candidates must adhere to the following during all FMI exams:
Technical Requirements
- Reliable internet access throughout exam period:
- Webcam, Speakers, Microphone, and ScreenShare must remain on and active throughout the duration of the exam so that the online proctoring software is able to hear candidates and monitor their screen for the duration of the exam.
- Laptops must be connected to an external power source. If, for any reason a candidate’s exam session is disconnected, they must attempt to reconnect as soon as possible. Candidates must not continue working on their exam until they have reconnected. Candidates may reach out to the FMI team at info@fminstitute.com if they are not able to reconnect and recommence their exam session within 10 minutes.
- Candidates are only allowed use of a single monitor during the exam. If an external monitor must be used, only a duplicated display will be allowed.
- Throughout the exam, candidates need to be able to save their exam workbook locally (e.g. to their desktop). Candidates are not permitted to save the workbook onto a cloud application (e.g. OneDrive, Google Drive or iCloud).
Expectations
- Candidates must remain alone in the exam environment during the entire duration of the exam. Candidates must not be in digital or verbal communication with anyone during the exam, apart from an FMI Exam Day Team Member.
- Candidates must have a clear desk and area during the exam. Candidates may not refer to any materials (on paper or electronically). Permitted items include a blank piece of paper, calculator and a pen.
- The exam is a closed-book exam. All applications other than Microsoft Excel and the FMI Exam Platform must be closed. The candidate’s computer is the only electronic device permitted to be used throughout the duration of the exam without a previous authorization from Financial Modeling Institute.
- With the exception of FMI’s Exam Day Team, candidates are not permitted to communicate with anyone during the exam (verbally or electronically). Candidates are not permitted to use their phones or access other applications during the exam.
- Candidates must remain in the same location during the exam, however, they may leave the exam room to get a drink or go to the toilet. No extra time will be given for these absences once the exam has started. Candidates may not discuss the exam with anyone outside the exam environment.
- Printing, saving or taking screenshots of the exam materials is strictly prohibited.
- The use of third-party Excel Add-Ins and/or pre-built VBA Macros to apply formatting and/or to audit formulas is allowed; All other uses of Add-Ins and pre-built Macros are prohibited.
FMI’s online proctoring software, Proctorio, will monitor a candidate’s exam to detect any suspicious activity or cheating. All suspicious activity will be flagged and investigated after the exam has been completed to allow candidates time to complete the exam without interruption.
During the exam candidates may open their email to contact info@fminstitute.com without penalty. Please note a candidate’s screen will be monitored during this time. If a candidate happens to disconnect from the FMI Exam Platform, they can contact info@fminstitute.com as soon as possible for further instructions.
Invalid Exams: If a candidate does not submit their exam file by the 4-hour mark, either by uploading the file through the FMI Exam Platform or by email to FMI, their exam will be considered invalid and may not be graded, unless a candidate has communicated with FMI during the exam and attached a screenshot of the issues encountered. Absolutely no changes are allowed to exam files after the 4-hr 5-min mark passes. The inability to adhere to FMI’s Exam Rules and expectations will result in an Invalid Exam result. Testing accommodations candidates who are allotted alternative time must also adhere to the requirements outlined by FMI staff.
FMI Code of Conduct
FMI is a Professional Body and it expects that all FMI Candidates, Foundations Graduates and Accreditation Holders maintain high standards of personal and professional ethics and conduct. Therefore, all FMI Candidates, Foundations Graduates and Accreditation Holders must abide by the FMI Code of Ethics and Professional Conduct.
Candidate Responsibility Statement:
I understand and agree to comply with all conditions, requirements, policies, and procedures for the online exams established and administered by FMI, and as amended periodically.
I understand that FMI’s exams are administered online and that it is my responsibility to meet the technology and connectivity requirements in order to participate in the online exams.
I understand that such conditions, requirements, policies, and procedures include all material set forth on the FMI website for the Exam, as well as policies and procedures that may be established and amended periodically. I understand information is available by contacting FMI on the FMI website or through FMI communications with candidates via its associated channels.
I understand that FMI has the authority to enforce its conditions, requirements, policies, and procedures against me by rejecting, suspending, or terminating my candidacy at any time or, following due process, declining to award me the right to use the designation, for my failure to satisfactorily adhere to the conditions, requirements, policies, and procedures or to comply with the FMI Code of Conduct.
Candidate Declaration:
I represent that the information I have stated in my registration is true, complete and correct. I agree to notify FMI of any material changes to my responses to any of the questions on my registration, including my current address by contacting info@fminstitute.com.
By electronically transmitting the registration, I indicate my agreement with each of the terms and conditions. I understand that I will be bound by the Candidate Responsibility Statement and FMI’s Code of Ethics and Professional Conduct.
