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Overview of The FMI
  • Q. What is The Financial Modeling Institute?
    Aug - 2021
    A: The FMI provides the world’s leading financial modeling accreditation program. Through our exams and accreditations we allow candidates, employers and the broader community to distinguish true ability in financial modeling.Our accreditations constitute internationally recognized credentials for advanced Microsoft Excel, financial analysis and financial modeling skills, ideal for finance, accounting, investment, insurance, and business students and professionals.Learn more on our About Us page.
    The FMI provides the world’s leading financial modeling accreditation program. Through our exams and accreditations we allow candidates, employers and the broader community to distinguish true ability in financial modeling.

    Our accreditations constitute internationally recognized credentials for advanced Microsoft Excel, financial analysis and financial modeling skills, ideal for finance, accounting, investment, insurance, and business students and professionals.

    Learn more on our About Us page.

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  • Q. What makes The FMI different?
    Sep - 2021
    A: • The FMI was established for the exclusive purpose of offering rigorous testing and validation for financial modeling ability.The FMI offers accreditations rather than training. Training is offered by external organizations and it is not mandatory to purchase a training course.To pass, you need to demonstrate mastery of Excel. Pass rates are 40-60%.All exams are supervised to maintain the highest level of integrity.All exams have a human grader involved.The FMI curriculum is practical and designed by leading financial modeling experts.
    • The FMI was established for the exclusive purpose of offering rigorous testing and validation for financial modeling ability.
    • The FMI offers accreditations rather than training. Training is offered by external organizations and it is not mandatory to purchase a training course.
    • To pass, you need to demonstrate mastery of Excel. Pass rates are 40-60%.
    • All exams are supervised to maintain the highest level of integrity.
    • All exams have a human grader involved.
    • The FMI curriculum is practical and designed by leading financial modeling experts.
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  • Q. Are there any prerequisites to sit an FMI exam?
    Aug - 2021
    A: Anyone can write an FMI exam. There are no educational or work experience requirements.The Chartered Financial Modeler and Master Financial Modeler accreditations can only be achieved if the previous level has been completed.
    Anyone can write an FMI exam. There are no educational or work experience requirements.

    The Chartered Financial Modeler and Master Financial Modeler accreditations can only be achieved if the previous level has been completed.

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Overview of the AFM, CFM & MFM
  • Q. What is the difference between the AFM, CFM and MFM accreditations?
    Sep - 2021
    A: Please view the FMI Program Overview for more information. 
    Please view the FMI Program Overview for more information. 
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  • Q. Do I have to complete all three levels?
    Sep - 2021
    A: No. Each level is recognised as its own standalone accreditation - although, you will need to complete the prior accreditation to achieve the next level.
    No. Each level is recognised as its own standalone accreditation - although, you will need to complete the prior accreditation to achieve the next level.

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  • Q. Am I eligible to skip a level or be awarded an FMI accreditation due to my other accolades?
    Aug - 2021
    A: No; FMI accreditations can only be achieved by meeting the FMI’s requirements.
    No; FMI accreditations can only be achieved by meeting the FMI’s requirements.

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Exam Sign-Up
  • Q. What languages can I take the FMI exams in?
    Aug - 2021
    A: The FMI exams are offered in English only. During the exam development process, The FMI makes every effort to ensure that questions are written in clear, concise form, which avoids the use of colloquialisms or other terms and phrases that may be more difficult for a non-native English speaker to fully understand.
    The FMI exams are offered in English only. During the exam development process, The FMI makes every effort to ensure that questions are written in clear, concise form, which avoids the use of colloquialisms or other terms and phrases that may be more difficult for a non-native English speaker to fully understand.
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  • Q. How much do the exams cost – what is the price?
    Sep - 2021
    A: For updated exam pricing information, please refer to our Registration page.
    For updated exam pricing information, please refer to our Registration page.

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  • Q. When and how are exams administered?
    Aug - 2021
    A: The FMI administers virtual exams several times per year. In the virtual format, you can register and write from anywhere in the world.In order to assess true financial modeling ability, we adhere to the strictest code of integrity. All exams are:Proctored: Candidates are supervised during exams.Closed-book: Candidates are not permitted access to external resources during the exam.Excel-based: All exams assess applied ability; there is no multiple-choice in an FMI exam.For upcoming exam dates, please refer to our Registration page.
    The FMI administers virtual exams several times per year. In the virtual format, you can register and write from anywhere in the world.

    In order to assess true financial modeling ability, we adhere to the strictest code of integrity. All exams are:

    • Proctored: Candidates are supervised during exams.
    • Closed-book: Candidates are not permitted access to external resources during the exam.
    • Excel-based: All exams assess applied ability; there is no multiple-choice in an FMI exam.

    For upcoming exam dates, please refer to our Registration page.

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Exam Preparation
  • Q. What type of study material does The FMI provide?
    Aug - 2021
    A: When you register, you will be provided with the learning resources applicable to your exam level.Click here for an overview of AFM Learning ResourcesClick here for an overview of CFM Learning Resources For further training, you can undertake a course with an FMI Approved Training Provider.
    When you register, you will be provided with the learning resources applicable to your exam level. For further training, you can undertake a course with an FMI Approved Training Provider.
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  • Q. How can I access my FMI Learning Resources?
    Sep - 2021
    A: Registered candidates will receive a login to the FMI Resource Portal, located here. If there are any issues with your access please contact us at info@fminstitute.com.
    Registered candidates will receive a login to the FMI Resource Portal, located here. If there are any issues with your access please contact us at info@fminstitute.com.

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  • Q. Will the exam be similar to the Practice and Sample Exams?
    Aug - 2021
    A: While we cannot provide any specific information about the exam itself, the provided materials are meant to closely resemble what you will receive on the day.
    While we cannot provide any specific information about the exam itself, the provided materials are meant to closely resemble what you will receive on the day.
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Exam Cost: Scholarships
  • Q. Are there scholarships available?
    Aug - 2021
    A: Absolutely! The FMI offers scholarships based on financial need, exclusively for first-time AFM candidates. Applications can be made for any open AFM exam up to three months before the exam date.
    Absolutely! The FMI offers scholarships based on financial need, exclusively for first-time AFM candidates. Applications can be made for any open AFM exam up to three months before the exam date.
    1 comments:
    • Mostafa abdulkhalek
      2 years

      I hope to get a financial aid
      How can i apply for it

  • Q. What does the scholarship cover?
    Sep - 2021
    A: Successful scholarship awardees are entitled to a 50% discount on the standard exam fee. The scholarship award cannot be coupled with any additional discount.
    Successful scholarship awardees are entitled to a 50% discount on the standard exam fee. The scholarship award cannot be coupled with any additional discount.

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  • Q. When do I apply?
    Aug - 2021
    A: You’ll need to submit your application at least 12 weeks prior to the exam date (i.e. if the exam date is July 30th, the cut-off date will be April 30th). Be sure to send your sponsorship application to us before you formally register for the AFM exam. Scholarship applications are available for all open AFM exam dates.
    You’ll need to submit your application at least 12 weeks prior to the exam date (i.e. if the exam date is July 30th, the cut-off date will be April 30th). Be sure to send your sponsorship application to us before you formally register for the AFM exam. Scholarship applications are available for all open AFM exam dates.

    4 comments:
    • Damilola Aremu
      2 years

      Dear FMI,

      I intend to take the July 2022 exam, how do I apply for the need-based scholarship?

      • FMI - Jordan MacIsaac (Operations Analyst)
        2 years

        Hello Damilola,
        Thank you for your interest in the FMI! If you are interested in applying for a scholarship, please submit your application to scholarships@fminstitute.com, including the following information:

        Personal & Professional details
        First and last name.
        Your proposed exam date.
        Employment status, employer, job title and employer address (if applicable).
        Your current city and country of residence.
        If you will be preparing with a specific training provider and, if so, their details.
        Personal Statement

        We’d love to hear your answers to the following two questions:
        How do you envision a financial modeling accreditation will impact your career and/or your life?
        Why should The FMI choose you as the scholarship recipient? Please include your basis for financial need.
        Please answer these questions either in written format (with a 1,000 word limit) or a 3-minute video.

        We are unable to consider supporting documents or other attachments at this stage. Please submit your application in English.

        If you have any other questions, please contact us at info@fminstitute.com

        Kind regards,
        Jordan

    • UDEME PROMISE AKWAOWO
      2 years

      Dear Team,

      Trust this meets you well,

      Please I write to apply for a Scholarship on the FMI AFM Examination scheduled for July 2022,

      Please kindly guide me on the procedure to aid my application,

      Thank You

      • FMI - Jordan MacIsaac (Operations Analyst)
        2 years

        Hello Udeme,
        Thank you for your interest in the FMI! If you are interested in applying for a scholarship, please submit your application to scholarships@fminstitute.com, including the following information:

        Personal & Professional details
        First and last name.
        Your proposed exam date.
        Employment status, employer, job title and employer address (if applicable).
        Your current city and country of residence.
        If you will be preparing with a specific training provider and, if so, their details.
        Personal Statement

        We’d love to hear your answers to the following two questions:
        How do you envision a financial modeling accreditation will impact your career and/or your life?
        Why should The FMI choose you as the scholarship recipient? Please include your basis for financial need.
        Please answer these questions either in written format (with a 1,000 word limit) or a 3-minute video.

        We are unable to consider supporting documents or other attachments at this stage. Please submit your application in English.

        If you have any other questions, please contact us at info@fminstitute.com

        Kind regards,
        Jordan

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Exam Day: Hardware
  • Q. What you will need to write the FMI’s Virtual Exam:
    Aug - 2021
    A: The FMI’s virtual exam format allows candidates to write from anywhere in the world provided they have:Access to a quiet, distraction-free space where you are able to write alone and uninterrupted A valid piece of government-issued photo ID A working desktop or laptop computer and charger. We strongly recommend that candidates use a PC, and NOT a Mac A working space clear of any study notes or other materials. Please note that blank paper and writing implements are permitted Screen dimension capable of 1280×768 (minimum) Web camera (internal or external) Microphone (internal or external) Speakers (internal or external)High speed Internet connection (20 Mbps download and 7 Mbps upload minimum)
    The FMI’s virtual exam format allows candidates to write from anywhere in the world provided they have:
    • Access to a quiet, distraction-free space where you are able to write alone and uninterrupted 
    • A valid piece of government-issued photo ID 
    • A working desktop or laptop computer and charger. We strongly recommend that candidates use a PC, and NOT a Mac 
    • A working space clear of any study notes or other materials. Please note that blank paper and writing implements are permitted 
    • Screen dimension capable of 1280×768 (minimum) 
    • Web camera (internal or external) 
    • Microphone (internal or external) 
    • Speakers (internal or external)
    • High speed Internet connection (20 Mbps download and 7 Mbps upload minimum)
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  • Q. What kind of computer can I use?
    Aug - 2021
    A: Any of the following are acceptable: laptop, desktop, PC, or Linux. Tablets and Chromebooks are not allowed.Macs can be used, however are not recommended.
    Any of the following are acceptable: laptop, desktop, PC, or Linux. Tablets and Chromebooks are not allowed.Macs can be used, however are not recommended.
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  • Q. Why does the FMI strongly recommend that candidates use a PC and not a Mac for the exam?
    Aug - 2021
    A: We recommend a PC because Excel has limitations on macOS.
    We recommend a PC because Excel has limitations on macOS.
    1 comments:
    • Quang Tran
      3 years

      Excel recently got an update with more ways to collaborate with other people, to make group projects for school or co-authoring reports in the office even easier.

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Exam Day: Software
  • Q. Does the process of connecting to the proctor cut into my exam time?
    Aug - 2021
    A: No, the timer on your exam does not start until you have completed the pre-exam process with the proctor and they make the exam available to you.
    No, the timer on your exam does not start until you have completed the pre-exam process with the proctor and they make the exam available to you.
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  • Q. What version of Excel should I have?
    Aug - 2021
    A: You must use a version of Excel later than 2010. Please ensure that you use a licensed, activated version and not a trial version.
    You must use a version of Excel later than 2010. Please ensure that you use a licensed, activated version and not a trial version.
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  • Q. Do I need to have Excel installed on my computer before the exam starts?
    Aug - 2021
    A: Yes.
    Yes.

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Virtual Exam Rules
  • Q. What are the virtual exam rules?
    Aug - 2021
    A: For information regarding virtual exam rules please refer to our FMI Policies and Guidelines.
    For information regarding virtual exam rules please refer to our FMI Policies and Guidelines.

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  • Q. How do I access the exam?
    Aug - 2021
    A: Exams are administered on an FMI Exam Site. The FMI will provide all registered candidates access to the Exam Site. A system test will be issued in advance to ensure candidates' computers are compatible with the exam site and online proctor.
    Exams are administered on an FMI Exam Site. The FMI will provide all registered candidates access to the Exam Site. A system test will be issued in advance to ensure candidates' computers are compatible with the exam site and online proctor.
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Deferrals & Cancellations
  • Q. Can I defer my exam?
    Aug - 2021
    A: For information regarding deferrals please refer to our FMI Policies and Guidelines.
    For information regarding deferrals please refer to our FMI Policies and Guidelines.
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  • Q. Can I get a refund?
    Aug - 2021
    A: For more information regarding exam cancellations and refunds, please visit FMI Policies and Guidelines.
    For more information regarding exam cancellations and refunds, please visit FMI Policies and Guidelines.
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Grading Policies
  • Q. How are the exams graded?
    Aug - 2021
    A: Exams are graded manually by members of the FMI Grading Team using a formal grading rubric. Each exam is anonymized prior to grading. The exams are subjected to a three step process involving multiple graders. Every effort is made to ensure a fair and appropriate evaluation.
    Exams are graded manually by members of the FMI Grading Team using a formal grading rubric. Each exam is anonymized prior to grading. The exams are subjected to a three step process involving multiple graders. Every effort is made to ensure a fair and appropriate evaluation.
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  • Q. When will I receive my exam results?
    Aug - 2021
    A: Exam results are released within 10 weeks of the date of the exam. The official results email provides an overall result of either “PASS” or “FAIL”.
    Exam results are released within 10 weeks of the date of the exam. The official results email provides an overall result of either “PASS” or “FAIL”.

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  • Q. How can I appeal my exam results?
    Aug - 2021
    A: The FMI’s three step grading process makes every effort to ensure accurate exam results. As such, it is our policy not to re-grade exams unless there is a special circumstance.Requests for re-grading may only be made after the candidate has reviewed their exam submission with a member of the Grading Committee through an Exam Review. Re-grading due to special circumstances is granted solely at The FMI’s discretion and at no cost to the candidate.
    The FMI’s three step grading process makes every effort to ensure accurate exam results. As such, it is our policy not to re-grade exams unless there is a special circumstance.
    • Requests for re-grading may only be made after the candidate has reviewed their exam submission with a member of the Grading Committee through an Exam Review. Re-grading due to special circumstances is granted solely at The FMI’s discretion and at no cost to the candidate.
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Alumni
  • Q. Where can I use my new FMI Accreditation?
    Aug - 2021
    A: You can use your designation in the following ways:After your full name in written correspondence and/or as part of your email signature.After your full name on business cards, letterheads and/or name plates.As an identifier on resumés, curriculum vitaes, biographies, personal statements and/or published articles.You will be optionally listed in the FMI Candidate Directory: a searchable registry and community of accredited financial modelers (A new FMI Candidate Directory is coming mid-2022).Your digital badge can be used to validate your achievement in social media and other online mediums.Through our digital badge platform, you can download a copy of your certificate, which you can print and proudly display your FMI accreditation in your office or home office.
    You can use your designation in the following ways:
    • After your full name in written correspondence and/or as part of your email signature.
    • After your full name on business cards, letterheads and/or name plates.
    • As an identifier on resumés, curriculum vitaes, biographies, personal statements and/or published articles.
    • You will be optionally listed in the FMI Candidate Directory: a searchable registry and community of accredited financial modelers (A new FMI Candidate Directory is coming mid-2022).
    • Your digital badge can be used to validate your achievement in social media and other online mediums.
    • Through our digital badge platform, you can download a copy of your certificate, which you can print and proudly display your FMI accreditation in your office or home office.
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  • Q. How do I write out my designation?
    Aug - 2021
    A: Designations can be written as follows, using AFM as an example:AFMCertified AFM.Certified Advanced Financial Modeler.AFM Holder. ExamplesJohn Doe, AFM.John Doe, Certified CFM.John Doe, MFM Holder.
    Designations can be written as follows, using AFM as an example:

    • AFM
    • Certified AFM.
    • Certified Advanced Financial Modeler.
    • AFM Holder.

     

    Examples

    • John Doe, AFM.
    • John Doe, Certified CFM.
    • John Doe, MFM Holder.
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  • Q. When will I receive my digital badge?
    Jan - 2022
    A: You will receive a digital badge upon completion of the AFM or CFM exam
    You will receive a digital badge upon completion of the AFM or CFM exam
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Other
  • Q. What organizations does The FMI partner with?
    Sep - 2021
    A: The FMI partners with many organizations including:Universities, colleges and other academic institutionsProfessional associations and societiesIndustry and corporate organizationsRecruiting firmsTraining providersFor more information about The FMI’s partnerships, visit our Partners page.
    The FMI partners with many organizations including:

    • Universities, colleges and other academic institutions
    • Professional associations and societies
    • Industry and corporate organizations
    • Recruiting firms
    • Training providers

    For more information about The FMI’s partnerships, visit our Partners page.

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  • Q. Can my organization help by contributing to the scholarships pool or by sponsoring scholarships?
    Aug - 2021
    A: Yes, absolutely. Our aim is to make The FMI’s accreditations accessible to anyone who wants to prove their skill in financial modeling. If your organization is willing to help, we would love to hear from you!
    Yes, absolutely. Our aim is to make The FMI’s accreditations accessible to anyone who wants to prove their skill in financial modeling. If your organization is willing to help, we would love to hear from you!
    0 comments:
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