FAQ

Section 1: About the Certifications


Do I have to compete all three levels?

No. Each level is recognised as its own standalone designation.

What does each FMI Level cover?

Details about what’s covered in each FMI Level can be found on the Learning Materials page. Here you will find the Body of Knowledge, Skills Checklist and Sample Exams for each level.

Are there any prerequisites required for an FMI Exam?

There are no educational or professional work prerequisites needed to register for Level 1. However, Level 2 and 3 can only be taken if the previous Level has been completed successfully.

How do I enrol in a Certification?

Candidates can register online for an exam at the nearest testing location on our Registration Page.

How much do the Certifications Cost?

For each FMI Certification Level, there is an exam fee. You can find out the cost to take the exam in your city on our Exam Locations page.

FMI Annual Dues also apply to candidates. Find out more about the FMI Annual Dues.

What is the Exam format?

The FMI administers in person proctored exams two times per year (from April 2018 onwards and October). These exams are 4 hours long and candidates are required to answer Multiple Choice Questions as well as demonstrate their ability to build an Excel based Financial Model. As such, each exam will include both paper based and computer based sections.
See Sample Exams here.

What languages can I take the FMI exams in?

The FMI exams are offered in English only. FMI is aware that not every candidate’s native language is English. In the exam development process, FMI makes every effort to ensure that questions are written in a clear, concise form and avoids the use of colloquialisms or other terms and phrases that might confuse a non-native English speaker.

How many hours are required to prepare for the FMI Exams?

Candidates’ preparation times will vary based on their professional experience, academic background, and familiarity with the concepts tested on the curriculum. Based on previous participant feedback, individuals typically devote between 25 and 100 hours (depending on modeling experience) preparing for the exam.

What is the CANDIDATE RESPONSIBILITY STATEMENT? 

The Candidate Responsibility Statement is an ethical oath required by all FMI Candidates.

What is the FMI Code of Ethics and Professional Conduct for Candidates and Certification Holders?

The FMI is a Professional Body and it expects that all FMI Candidates and Certification Holders maintain high standards of personal and professional ethics and conduct. Therefore, all FMI Candidates and Certification Holders must abide by the FMI Code of Ethics and Professional Conduct.

FAQ

Section 2: Payment

When is the deadline to register and pay for FMI Exam?

To take an FMI Exam, you must register and pay no later than 5 days before the exam. Late registrations will not be accepted.

What are the Payment Options?

You will be required to make a credit card payment during the Exam registration process. If you are unable to do this, please contact us at info@fminstitute.com

Can I get a refund?

Typically candidates will defer an exam rather than request a refund, see Exam Deferral under Section 3 of the FAQ. FMI will consider refunds in special circumstances as long as notification is given more than 3 weeks before an exam. Refunds and Deferrals cannot be processed after an Exam.

Can I transfer my FMI Exam registration to another candidate?

No. Candidates cannot transfer a registration to another candidate.

Do I need to pay an annual fee for each certification I've passed?

No. Only one fee is payable for each Certification Holder to FMI. For example, if you have obtained AFM and CFM certifications, you will only be required to pay one annual fee each anniversary year.

What happens if I do not pay my annual dues?

FMI Certification Holders must pay annual dues or risk having their membership suspended and subsequently revoked by the FMI.

FAQ

Section 3 – FMI Exam Policies

What type of computers are allowed to be used on Exam Day?

Computers will be provided in all Testing Centers. You will NOT be able to bring your own device. These PCs will be operating Microsoft Windows operating systems and include Microsoft Excel.

DO I NEED TO BRING IDENTIFICATION TO THE Exam?

Yes. You will need an original, non-expired form of government issued photo ID.

CAN I defer my Exam?

A candidate can defer their Exam once to the next enrolment cohort (next exam sitting, typically 6 months later). Deferrals need to be advised no later than 3 weeks prior to an Exam.

how do I DEFer my exam?

A deferral to the next Exam can be made to info@fminstitute.com no later than 3 weeks prior to an Exam. Please note that:

  • There is a $100 USD administrative processing fee to defer.
  • As a deferred candidate you will automatically be re-enrolled in the next Exam.
  • Candidates can only defer an exam once.

WHAT ARE considered EXAM VIOLATIONS?

FMI seriously reviews each and every Exam violation that is filed by a proctor. Below is a list of violations that will result in a candidate’s Exam not being graded.

  • Candidate arrived after the doors were closed.
  • Opened the Exam booklet early.
  • Began the Exam before “time to begin” was announced.
  • Was found with wearable technology devices such as Google glasses, smart-watches, a watch, a fit-bit, clocks, or portable clocks.
  • Candidate had in his/her possession a mobile/cell phone.
  • Candidate was caught cheating.
  • Candidate left with the Exam material(s) and/or admission ticket.
  • Continued to write after the proctor announced “stop writing”.
  • Communicating with another candidate during the Exam.

HOW CAN I REQUEST SPECIAL ACCOMMODATIONS?

To request special accommodations, please contact us here or email info@fminstitute.com. Requests must be made at least 6 weeks prior to an exam sitting and supporting documentation must be provided prior to special accommodations being granted. Although the FMI is committed to making its exams accessible to everyone, unfortunately we cannot guarantee that all requests for special accommodations will be granted.

FAQ

Section 4: Exam Day Experience

How should I prepare for Exam day?

  • As a candidate for the Exam you are expected to be familiar with the Exam site and arrive at least one hour before the Exam is set to begin. Candidates who arrive late will not be able to take the Exam.
  • Check what time your Exam starts.
  • Be prepared to present an original, non-expired form of government issued photo ID (Typically a driver’s license or a passport).
  • Ensure the name on your admission ticket matches the name on your ID.
  • You will need to bring a PRINTED copy of your exam registration ticket.

What should I bring on Exam Day?

A Candidate should bring the following items with them on exam day:

  • A PRINTED copy of your exam registration ticket.
  • An original, non-expired form of government issued photo ID. We recommend a driver’s license or a passport.
  • There is no need to bring any writing instruments. Pencils will be provided by FMI. These will be on your desk when you arrive.

What is a TYPICAL EXAM DAY SCHEDULE?

8:00 am Candidates arrive and check-in.
8:40 am Doors open and candidates are seated.
8:50 am Door are closed, the Exam is distributed and Exam instructions are read.
9:00 am Exam begins.
1:00 pm Exam is over, materials are collected and candidates are released.

Note: Some Exam sites may have a different start time. Please be sure to check your admission ticket.

Can I bring a calculator?

Calculators will not be allowed in the exam room. You will have access to Microsoft Excel during the exam and thus any calculations you need to do can be done in Excel.

CAN I BRING MY Cell/Mobile Phone?

No. Phones or any form of communication device are not permitted in the exam room.

When can I leave the testing room?

If you finish the Exam before the end of the allotted time, you may leave the testing room, but only after you have handed in all your Exam materials to the proctor. No one may leave during the last 30 minutes of the Exam session.  Once you leave the testing room after completing a session, you may not return.

Note: Should you leave the testing room and inadvertently take the Exam materials with you, your Exam will not be graded. This is a violation of FMI’s testing policies.

Can I keep my Exam booklet?

All Exam materials, including the Exam booklets, answer sheets, spreadsheets/workbooks and admission tickets are the sole property of FMI. Completed Exams will not be returned or shared partially or fully with candidates. Your Exam materials must be given to the Proctor prior to leaving the Exam room for any reason, including trips to the restroom.

What Items can be taken into the exam room?

  • Wallet or purse (any larger bags must be left at the front of the room).
  • Eye-glasses and earplugs.
  • Medicine, tissues and other medically necessary items.

FAQ

Section 5: FMI Certification Process

HOW Can I USE THE FINANCIAL MODELING CERTIFICATION DESIGNATIONS?

  • 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 in resumes, curriculum vitaes, biographies, personal statements and/or published articles.
  • Opt-in to the Qualified Directory; a searchable registry and community of only Certified Financial Modelers.

The FMI Designations should only be used as follows:

  • Certified AFM.
  • AFM.
  • Financial Modeling Qualified – Certified by the Financial Modeling Institute.

Examples

  • For the Advanced Financial Modeler – the following is recommended: John Doe, AFM.
  • For the Chartered Financial Modeler – the following is recommended: John Doe, CFM.
  • For the Master Financial Modeler – the following is recommended: John Doe, MFM.

How do i display my digital badge

As a Certified Financial Modeler of FMI, you can increase the visibility of your Financial Modeling Certification by placing the digital badge on your favorite professional or social networks, a blog, or website. Wherever you choose to place your badge, the information (image as shown below) will be displayed to validate your achievement. By displaying this digital badge, potential employers, recruiters, and other contacts will immediately recognise your skills and achievement.

Level 1

Advanced Financial Modeler (AFM)

Level 2

Chartered Financial Modeler (CFM)

Level 3

Master Financial Modeler (MFM)