Frequently discussed

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 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.

If you build, review or audit financial models, an accreditation by The FMI will accelerate your abilities and career.

Each accreditation has been designed by leading financial modeling experts, who you can learn more about here.

To achieve the Advanced Financial Modeler (AFM) accreditation, you need to demonstrate your superior modeling skills by building an integrated 3-statement model from scratch, within a 4-hour time allotment.

To achieve the Chartered Financial Modeler (CFM) accreditation, you are an AFM accreditation holder, and need to demonstrate that you can solve sophisticated problems in Excel to further showcase your financial modeling acumen within a fixed time allotment.

To achieve the Master Financial Modeler (MFM) accreditation, you need to demonstrate that you can expand the global financial modeling knowledge base through your unique contributions to research and insights.

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; FMI accreditations can only be achieved by meeting the FMI’s requirements.

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.

For updated exam pricing information, 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.

When you register, you will be provided with the learning resources applicable to your exam level.

• Click here for an overview of AFM Learning Resources
• Click here for an overview of CFM Learning Resources

 For further training, you can undertake a course with an FMI Approved Training Provider.

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.

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.

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.

Successful scholarship awardees are entitled to a 50% discount on the standard exam fee. The scholarship award cannot be coupled with any additional discount.

You’ll need to submit your application at least three months prior to the exam date (i.e. if the exam date is February 12th, the cut-off date will be November 12th). 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.

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)

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.

We recommend a PC because Excel has limitations on macOS.

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.

You must use a version of Excel later than 2010. Please ensure that you use a licensed, activated version and not a trial version.

Yes.

All candidates must adhere to the following simple rules during all FMI exams:

• You must remain alone in your exam environment during the exam.
• You must have a clear workspace and surrounding area during the exam. Blank paper and writing implements are permitted.
• The exam is a closed-book exam. You may not refer to any study materials during, whether on paper or electronically.
• All applications other than Microsoft Excel and the FMI Exam Site must be closed, and cannot be accessed during the exam.
• Your webcam must be on and active, so that the Proctor is able to see you for the duration of the exam.
• You must allow access to screen sharing, so that the online proctoring software is able to monitor your screen for the duration of the exam.
• Your microphone must be on and active, so that the online proctoring software is able to hear you for the duration of the exam.
• You may not communicate with anyone during the exam (verbally or electronically). You may not use a phone during the exam.
• You must remain seated during the exam, however you may leave the exam room to get a drink or go to the toilet. You may not discuss the exam with anyone outside of the room.
• Laptops must be connected to an external power source.
• Use of dual monitors is not permitted.
• Throughout the exam, you should save your exam workbook locally. Do not save the workbook onto a cloud application (e.g. OneDrive, Google Drive or iCloud).
• Printing, saving or taking screenshots of the exam materials is strictly prohibited.
• The use of third-party Excel Add-Ins and pre-built VBA Macros to control formatting and/or formula auditing are allowed; all other uses of Add-Ins and pre-built Macros are prohibited.
• Before the exam, you will complete an identity check. Please make sure you have a valid piece of government-issued Photo ID nearby prior to beginning the exam.

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.

Yes. Please email all deferral requests to info@fminstitute.com.
The following Terms and Conditions apply:

• If notice is given more than 8 weeks prior to the exam, there is no administrative processing fee. Effective January 1, 2022, you can only defer two times for a free deferral. After which, an administrative processing fee of $50 USD (or equivalent) will apply per deferral.
• If notice is given between 4 and 8 weeks, an administrative processing fee of $50 USD will apply.
• If notice is given within 4 weeks of the exam, an administrative processing fee of $200 USD will apply.
• Deferral requests must be sent to info@fminstitute.com prior to the beginning of each respective exam.
• Please note that to maintain your active exam registration, the deferral payment must be made no later than 8 weeks after the exam date you have deferred from.

If you’d like to cancel an active exam registration, you may do so, as long as the request is made more than five weeks before the exam date. Refunds will only be granted up to 12 months from the date of original registration payment, and the amount refunded will be the registration fee less a $100 USD administration fee.

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.

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”.

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.

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.
• Your digital badge can be used to validate your achievement in social media and other online mediums.
• Your hard copy certificate can be proudly displayed in your office or home office.

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.

You can proudly display your new accreditation online by placing your digital badge on any professional or social networks, blogs or websites.

• You will receive an email from us with a link to your badge.
• Displaying this digital badge allows potential employers, recruiters, clients and other contacts to immediately recognize your financial modeling skills and achievement.

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.

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!