Learning Materials

To successfully pass, an understanding of the expectations is key. To learn more about the topics assessed, be sure to review the Body of Knowledge, Skills Checklist, Sample Exams and Study Guide for each certification level.

Select Your Certification Level



Level 1: AFM


Level 2: CFM


Level 3: MFM
 
 

LEVEL 1: AFM

At the beginning of the Advanced Financial Modeler (AFM) exam, candidates will be given a case study of a company and an accompanying Excel file that contains 3 years of historical financial statements.

Candidates will have 4 hours to build a financial model of the company, including an inter-related:

  • Statement of Profit or Loss (Income Statement)
  • Statement of Cash Flows (Cash Flow Statement)
  • Statement of Financial Position (Balance Sheet)

There is no multiple choice; all exams closed-book, proctored, and hosted in a controlled environment without internet access.

 
 

Materials Available to the Public

 

Access to these resources is available to all:
The following materials are provided to set clear expectations about the topics assessed in the exam and to help candidates understand what is required to successfully pass. These materials also communicate to employers and the broader industry what each designation stands for and the skills that certification-holders have demonstrated.

 

Plan

AFM Skills checklist

Determine your AFM exam readiness with the AFM Skills Checklist
The average candidate studies for 25-100 hours to prepare for the AFM exam depending on their previous experience with financial modeling. View the AFM Skills Checklist to assess your proficiency and to decide if you should enroll in a Training Course from one of our Approved Training Providers (ATP).

Grading Policies and Procedures

Learn about the grading process and what is most important in your AFM exam.
The FMI prides itself on a thorough grading process that has been designed to elevate the discipline of financial modeling and to ensure that all candidates’ submissions are fairly assessed. View the Grading Policies and Procedures document to understand what the Grading Committee will be looking for in your financial model.
 

Prepare

AFM Body of Knowledge Summary

A summary of the financial modeling practices mandated by the FMI

The AFM Body of Knowledge contains the core knowledge, competencies and topics that form the basis of the grading rubric for the Level 1: AFM. This material represents FMI mandated best-practices and even contains our guidance on Excel shortcuts. A successful AFM exam will be built in accordance with this content.

 

The official Body of Knowledge is only available to registered candidates, register here.

AFM Selected Readings

Optional recommended readings for the AFM exam
The FMI provides a list of readings that may be used as additional reference material. These readings are not mandatory and instead represent supplemental resources to aid in exam preparation.

ATP Training Courses

An alternative to self-study
To increase your chances of success in the exam, you may want to take a financial modeling course from a reputable provider. The FMI provides a global network of Approved Training Providers (ATPs) that offer training courses.
 

The FMI partners with ATPs who possess:

  • Experienced trainers with a record of excellence in financial modeling and the ability to pass an FMI exam
  • An offering of well-regarded courses that would suitably prepare a candidate for a FMI exam
 

Practice

Sample AFM Solution Model

Review what you will need to build in 4 hours
 

We have prepared a Sample AFM Solutions model in vertical and horizontal formats to illustrate what candidates will need to build in 4 hours during the AFM exam.

While overwhelming at first, with diligent practice and efficient use of the FMI learning materials, AFM candidates can train themselves to build best practice corporate financial forecast models that incorporate the FMI’s best practice.

Once a candidate has registered for the AFM exam, they will be sent practice exams made up of sample and previous AFM exams. Each practice exam contains: an exam case, an exam worksheet with historical financial data, and a selection of example solutions. Register here to receive the AFM Practice Exams

 

Materials Available to Registered Candidates & Partners

 

Access to these resources is only available to registered candidates and partners:
The following materials are provided to registered candidates to guide them through the AFM exam successfully.  The materials include a step-by-step guide to self-studying, a “game plan” for exam day, an online support-community and practice exams.These materials (and more) are also provided to our partners to help them to assist AFM candidates.

 
 

Plan

AFM Study Guide with an exam day plan

Prepare for the AFM exam in 8 weeks or less using the Study Guide
The AFM Study Guide has been built as a guide to help candidates prepare for the exam. It contains 3 sections:
  • How to leverage all learning materials to prepare for the AFM exam
  • An eight-week (or less) study guide for the AFM
  • An exam day plan
 
 

Prepare

AFM Body of Knowledge

The financial modeling practices mandated by the FMI
The AFM Body of Knowledge contains the core knowledge, competencies and topics that form the basis of the grading rubric for the Level 1: AFM. This material represents FMI mandated best-practices and even contains our guidance on Excel shortcuts. A successful AFM exam will be built in accordance with this content.
 

Exam prep sessions

Attend a live webinar to ask your questions and learn more about the exam
We offer regular prep and info sessions, in different timezones, to registered candidates. Sign up for our mailing list to be informed of upcoming webinars
 
 

Practice

AFM Practice Exams

Hone your skills with the AFM practice exams
The FMI provides registered candidates with Practice Exams made up of industry-prepared sample exams and previously written exams. Each practice exam contains an exam case, an exam worksheet with historical financial data, and a selection of successful example solutions. We encourage candidates to set aside 4 hours to write these exams under simulated exam conditions.

Candidate Slack Group

Reach out for help in the candidate Slack Group
The FMI Slack Group is a resource to support your learning and preparation. Using the versatile Slack platform, you can chat in the various channels and share resources (via attachments) with fellow candidates – think of it as an online study group!

CFM Exam Overview

The Level 2 CFM builds on the concepts tested in the Level 1 AFM exam by introducing financial analysis and problem-solving skills that would be present in a leading Senior Analyst or Manager.

During this 4-hour exam, candidates will complete a selection of questions from a list of complex modeling topics identified in the CFM Body of Knowledge.

Learn More About the CFM Certification

What do I need to know?

The “CFM Body of Knowledge” contains the core knowledge, competencies, and topics that are the basis of the grading rubric for the Level 2: CFM. This material represents FMI mandated best-practices and is a worldwide benchmark for financial modeling aptitude. Candidates should refer to the Body of Knowledge frequently as they prepare for the CFM exam.

CFM BODY OF KNOWLEDGE

GRADING POLICIES AND PROCEDURES

Hear from previous graduates

Read about our proud candidates who have successfully passed the AFM Level 1, and CFM Level 2 to get a better insight on how they are using their skills in the field.

Read our success stories

How can I practice?

The FMI provides two CFM Sample Questions for public use. Each question contains a brief paragraph explaining a situation. Candidates are expected to model this situation and the corresponding schedules in a dynamic and automated manner.
Upon registration candidates will receive:

  • 3 historical CFM exams with exam instructions, questions, and solutions
  • Solutions to the two CFM Sample questions

Download CFM Sample Questions

 
 
 
 

MFM Coming Soon

The MFM is the highest level of accreditation achievable. It recognizes the Financial Modeling mastery of professionals who can support the increasingly complex forecasting and financial analysis needs of global organizations and effectively translate business strategies into analytical advantage.

Learn More About the MFM Certification

 
 

Training Partners and Courses

Candidates may wish to support or accelerate their exam preparations by taking a course with an Approved Training Provider. There are a variety of in-person and online training options from providers around the world for all levels of certification.

Not Sure Where to Start?

The certification overview will guide you through each level of our certifications from registering for an exam to using your designation.

Not Sure where to Start?

The candidate journey will guide you through each level of our certifications from registering for an exam to using your designation.

FMI Level Matrix

 

 

Level 1

Level 2

Level 3

Prerequisites  None Level 1: AFM Level 2: CFM
Who is it for? Analyst level or anyone who builds models of companies Senior Analyst level or anyone who builds models of companies Consultants, managers and other professional financial modelers
What skills are required? Proficiency in building integrated 3-statement models Demonstrated ability in advanced Excel and financial modeling topics Expert level skills in areas of accounting, finance, analysis, valuations and financial modeling
  > Learn More About Level 1 > Learn More About Level 2 > Learn More About Level 3

Register today for October 2020

Certification is ideal for all finance, accounting, investment, insurance, equities and business professionals.