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 will apply to all FMI Certification Holders in the future. Find out more about the FMI Annual Dues.

What is the Exam format FOR IN PERSON EXAMS? (N/A FOR OCT 2020 EXAMS)

The FMI administers in person proctored exams two times per year (April and October). These exams are 4 hours long and candidates are required to demonstrate their ability to build an Excel based Financial Model. As such, candidates will be supplied with a computer with Microsoft Excel during the exam.
See Sample Exams here.


Many aspects of the FMI’s Virtual exam are similar to the In Person exam – the exam is 4-hours in length and is a rigorous test of your financial modeling proficiency, done in Microsoft Excel. It is a closed book exam and no external resources are allowed. The benefit of the Virtual exam is its convenience and the fact that candidates are not limited to locations near a physical testing centre. The exam can be attempted in the candidates’ home or office with their own equipment. Candidates are required to provide their own internet connection, webcam, speakers, and microphone in addition to a computer, keyboard and Microsoft Excel. The online proctoring platform ensures exam integrity by flagging any unusual behaviour or violation of exam rules. Candidates will be monitored by a live proctor at all times during the exam. Candidates must be alone in the room and have a quiet, distraction-free space. For more information about the Virtual exam, please see Virtual Exam Guidelines and FAQs.

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.


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.


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 15 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?

If a candidate wishes to cancel their registration they may do so as long at they request this more than 5 weeks before the exam. The registration fee will be refunded less a $100 USD administration fee. Refunds are not permitted within 5 weeks of an exam. Information about Deferrals can be found under Section 3 of the FAQ.

Student discounts do not apply to Refunds and Deferrals. Requests for 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, once implemented, or risk having their membership suspended and subsequently revoked by the FMI.


Section 3 – FMI Exam Policies

FOR IN PERSON EXAMS, What type of computers are allowed to be used on Exam Day?

For FMI’s In Person exams, 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 (not Mac / MacBook) and include Microsoft Excel. For information specific to the FMI’s Virtual exam, please see Virtual Exam Guidelines and FAQs.


For FMI’s In Person exams, participants will be provided with a proper full keyboard and mouse. The keyboard and mouse will be the standard found in the country where their exam takes place. If participants like, they can bring their own keyboard and mouse. The keyboard must be a soft-touch keyboard with no lights. The exam proctor will have the right at any time to ask a participant to stop using their own keyboard and/or mouse if it is distracting to other writers. For information specific to the FMI’s Virtual exam, please see Virtual Exam Guidelines and FAQs.


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

how do I DEFer my exam?

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.
  • 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 24 hours prior to the beginning of its respective exam.


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.


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.


Click here for the FMI’s Grading Policies and Procedures.


Section 4: Exam Day Experience

All of this section applies to the FMI’s In Person exams.

For information specific to the FMI’s Virtual exam, please see Virtual Exam Guidelines and FAQs. 

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.


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.


Section 5: FMI Certification Process


  • 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 be used as follows:

  • Certified AFM.
  • Certified Advanced Financial Modeler.
  • AFM Holder.
  • Qualified Financial Modeler – Certified by the Financial Modeling Institute.


  • 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)

** AFM & CFM EXAM UPDATE ** Exam registrations for the April 24, 2021 virtual exams are now open.Register Today