Investment Management Certificate (IMC)

About CFA UK

CFA UK is part of the worldwide network of member societies of CFA Institute, the global association of investment professionals that awards the CFA and CIPM designations. CFA UK is a professional membership body representing more than 12,000 investment professionals in the UK that promotes the highest standards of ethics, education and professional excellence in the investment profession.

CFA UK website

The CFA UK Level 4 Certificate in Investment Management (IMC)

The CFA UK Level 4 Certificate in Investment Management (IMC) is the most widely recognised entry-level qualification for investment managers in the UK, delivering the threshold competency knowledge in portfolio management, research analysis, investment consulting, risk management and relationship management. The examinations cover the key content areas appropriate for these roles including economics, accounting, investment practice, regulation and ethics.

Developed by CFA UK, the IMC is a Financial Conduct Authority (FCA) Appropriate Qualification for the activity of “managing investments” and may be combined with CFA Level 1 to meet the exam standards required of Retail Investment Advisers. On a standalone basis, the IMC qualification is recognised by the FCA as an appropriate qualification for the following non-RDR activities:

(8) Giving personal recommendations on investments in the course of corporate finance business;

(10) (14) Managing investments and/or undertaking the activity of a broker fund adviser;

(15) Overseeing on a day to day basis operating a collective investment scheme or undertaking activities of a trustee or depositary of a collective investment scheme;

(16) Overseeing on a day to day basis safeguarding and administering investments or holding client money;

(17) Overseeing on a day to day basis administrative functions in relation to managing investments;

(18) Overseeing on a day to day basis administrative functions in relation to effecting or carrying out contracts of insurance which are life policies; and

(19) Overseeing on a day to day basis administrative functions in relation to the operation of stakeholder pension schemes.

Source: Appropriate Qualifications in FCA Handbook

Combined with CFA Level I, IMC meets the FCA Exam Standards required of wealth managers and financial advisers – read more about it on the CFA UK website here. Our School offers CFA exam preparation courses as well – more information about the CFA qualification can be viewed here.

IMC Training at London School of Finance and Law

London School of Finance and Law offers a wide range of courses in finance and tax law that can be taken alongside your professional qualification studies elsewhere. A UK investment qualification, together with a national qualification you may be pursuing, will increase your chances to work in a UK-based international investment company.

As a student of London School of Finance and Law, you can enrol in our IMC exam preparation programme which runs for 8 months (2 terms) in total. 

Term 1:

Unit 1: Investment Environment

    1. Financial markets and institutions
    2. Ethics and investment professionalism
    3. The regulation of financial markets
    4. Legal concepts
    5. Client advice
    6. Taxation in the UK

Term 2:

Unit 2: Investment Practice

    1. Quantitative methods
    2. Micro-economics
    3. Macro-economics
    4. Accounting
    5. Equity
    6. Fixed income
    7. Derivatives
    8. Alternative investments
    9. Portfolio management
    10. Investment products
    11. Investment performance measurement

You can join the programme at any level, depending on the IMC exam you have already passed. 

Please note that our tuition includes access to study materials, online practice tests, tutor-marked assignments and mock exams via a dedicated virtual learning environment (VLE), but it is up to you to pay additional fees to book your exams at CFA UK.

Study method

Online learning with tutor guidance and support

How long it takes

The programme starts three times a year – in January, May and September.

You need to be able to spend approximately 8 hours per week on studying each programme module.

Teaching and assessment

A tutor will guide you throughout the study process and mark and comment on your written work. You and your tutor will primarily communicate with each other through email.

The course work includes online practice tests, tutor-marked assignments and end-of-module assessment. You must use the online VLE-system to submit your end-of-module assessment.

The Pass mark for each module is 50%. Upon successful completion, students are issued a certificate of completion from London School of Finance and Law.

Please note that it is your responsibility to take IMC exams after completing each module with us.

Study materials

All study materials (including Microsoft Office presentations and Adobe Portable Document Format (PDF) versions of selected study materials) are provided on the module website. You can purchase study materials directly from CFA UK to revise for your exams.

Technical requirements

A computer with a browser and broadband internet access is required for this module. Functionality may be limited on mobile or tablet devices.

If you have a disability or particular study requirements, please tell us as soon as possible.

English language requirements

The language of instruction is English. There is no formal requirement to prove your English language proficiency to study our courses, but you are expected to have English reading and writing skills equivalent to B2+ CEFR level to pass IMC exams.

Fees and funding

Course fees for the 2024/2025 academic year: £1,010 per term

Course fees cover registration, course materials, tuition and assessment. Please note that it is your responsibility to pay for student membership and exams at CFA UK.

LSFL course fees depend on the level and duration of courses: check all tuition fee rates for the current academic year here.

You may be eligible for tuition funding.


Next term start date: 20 September 2024

The module website will be available to registered students three days in advance of the module start. Module sessions will be opened every week or every two weeks to enable tutor-led, gradual progression through the study materials and continuous assessment.

Course registration is open, but please be aware that due to the increased demand it may take us longer to respond than usual.

Registration closes 10 September 2024 (places subject to availability)

Registration for current students:


Registration for new students:

You have to register as an LSFL student to enrol in this programme.


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