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:
There is no multiple choice; all exams closed-book, proctored, and hosted in a controlled environment without internet access.
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.
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.
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.
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.
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:
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.
Level 1
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Level 2
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Level 3
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| 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 |
