FMI Exam Terms and Conditions

1. Registration & Payment

Candidates must register using their legal name and a valid email address. Payment is required via credit card at the time of registration; applicable local taxes may apply. Candidates are NOT permitted to transfer their exam registration to another candidate. If unable to complete payment online, please contact info@fminstitute.com.

2. Refund Policy

Foundations in Financial Modeling Exam 

  • A full refund is available within 48 hours of purchase, if the exam has not been attempted.
  • No refunds are available beyond this period.
  • For refund inquiries please contact info@fminstitute.com

AFM & CFM Accreditation Exams 

  • A full refund is available within 14 days of purchase, provided no exam has been attempted.
  • After 14 days, no refunds will be issued under any circumstances, including medical emergencies. For refund inquiries please contact info@fminstitute.com
  • 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.

3. Discounts

If applicable, only ONE discount code may be applied per registration. Discount codes must be valid and used prior to expiry; expired codes cannot be reactivated.

4. Exam Access & Re-enrollment

Foundations in Financial Modeling Exam

  • Access to learning materials is granted for 12 months from registration.
  • Unlimited exam attempts are included within this access period.
  • A digital verification badge is awarded upon passing the exam.
  • Candidates who do not pass the exam within 12 months and wish to remain in the program must re-register and pay a re-enrollment fee.

AFM Accreditation Exam

  • Access to learning materials is granted for 12 months from registration.
  • Access to one exam sitting is granted upon registration which must be scheduled and completed within 12 months of purchase.
  • A digital badge, certificate, and listing in the FMI Directory will be granted upon successful completion.
  • Results are released within 8 weeks of the exam date.
  • Candidates who do not pass and wish to re-attempt the exam must re-enroll with a fee (Section 2).

CFM Accreditation Exam

  • Registration includes learning materials and enrollment in the annual CFM exam.
  • Candidates may sit the exam in the year of registration or the following calendar year.
  • A digital badge, certificate, and listing in the FMI Directory will be granted upon successful completion.
  • Results are released within 8 weeks of the exam.
  • Candidates who do not pass and wish to re-attempt the exam must re-enroll with a fee (Section 2).

5. Exam Rescheduling & No-Shows

AFM & CFM Accreditation Exams

  • Exams may be rescheduled at least 48 hours prior to the scheduled start time.
  • Rescheduling within 48 hours is not permitted and will require a re-enrollment fee.
  • Failure to attend a scheduled exam without prior notice constitutes a "No-Show"; the exam fee will be forfeited. A re-enrollment fee will be required to reschedule a candidate’s exam.
  • AFM exams must be completed within 12 months of purchase.
  • CFM exams must be completed in the year of registration or the following calendar year.

6. Exam Day Procedures

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 the 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.

Technical Requirements

  1. Reliable internet access is required throughout the exam period. FMI recommends ensuring that no other household members are streaming videos, downloading large files, or using applications that could affect internet bandwidth during the exam.
  2. 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.
  3. The webcam must face the candidates, and the speakers, microphone, and ScreenShare must remain on and active for the entire duration of the exam. This ensures that the online proctoring software can hear the candidates, see the candidates, and monitor their screens continuously.
  4. 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.
  5. 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

  1. 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 are not permitted to use their phones or access other applications during the exam.
  2. 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.
  3. 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 the Financial Modeling Institute.
  4. Candidates 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.
  5. Printing, saving or taking screenshots of the exam materials is strictly prohibited.
  6. 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.

Proctorio (Required Browser Plug-in)

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 must 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 by uploading the file through the FMI Exam Platform, the 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 hour and 5 minute 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 expects that all 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 & Professional Conduct and Academic Dishonesty and Disciplinary Appeals Process.

7. Candidate Responsibility Statement & Declaration

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 information, including names and exam results, may be shared with academic institutions, professors, instructors, or third-party entities if the candidate participated in the FMI program through an academic program or a third-party arrangement. Candidates may request that their information not be shared by contacting info@fminstitute.com within 30 days of writing your exam.

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.