Hello, Has anyone here taken the IMC (Investment Management Certificate)? I would like to hear your experience with preparing the exam, especially how many hours/days it took to pass each half. Similarly, how big is the Level 1 CAIA curriculum? I remember that seeing a 120h hours figure. Can I assume, given the CFA L1 250h figure, that it is approximately half the volume? And how much overlap will I see (is Ethic the only one)? I am going to order some study material this week (not decided between Schweser and Uppermark yet) with the goal of passing the L1 CAIA exam in September. What I am wondering is whether I will have the time to do the first half of the IMC and travel for 7-10 days in August, without wrecking my chances with the CAIA if I start next week. I suppose that there is no reason why I can’t just leave the IMC until after September, but I want to make sure that I don’t end up doing ‘too little’. Thanks.
I got the IMC in 2004. I don’t know how much it has changed since then, but the main PITA was the regulation stuff - the actual finance/PM/econ stuff wasn’t too hard. But if you are going to do the CFA, there isn’t much point in doing the IMC - unless you need a quick exam to become authorised. From scratch, I reckon it would take about 2-3 months of evening study to pass the IMC. If you already work in finance, then you may be able to get away with less. It was a good baseline of knowledge. CAIA - no idea.
Thanks. Given that I do not have any experience, it will be many years before I earn the use of the CFA/CAIA designation even under the best circumstance. That’s why I am thinking of studying for the IMC, so that I can have something in between. I’ve been hearing very mixed things about the IMC difficulty. Some people have been telling me that it can be done in two weeks, yet others saying that it would take about 100 hours, which I translate it as a solid month to month and a half of studying. I will probably only take the first half (Regulations, Markets, Taxation) as it is now possible to get an exemption for the 2nd half (Finance, PM, Econ, Stats, Account) for people who passed the first level of the CFA examination (not a given but that’s the eventual goal). Or do you think there are enough differences in the second half (compared to the L1 CFA examination) to study for it?
100-120 hours is fair if you have no preexisting knowledge. If you can find this time in a 6 week period, then crack on. Personally, I don’t have that kind of time so I’d say 2-3 months. If you just want to take the regulation bit, then crack on. It’s really tedious. But I’d say do CFA level 1 and get the exemption - IMC won’t take you very far these days
Thanks. Going by what you’ve said, I think I will postpone the IMC until after the CAIA. I want to be relatively fresh when I start on the CAIA so that I have the best chance in September. Plus I can take the IMC almost anytime during the year. And thanks on the warning regarding to the regulation section. Would you say that it’s more ‘dry’ than Ethics in the CFA L1 curriculum (which I liked)? I recall finding Property Law and Taxes to be quite painful in my MSc so I have to be mentally prepared if it’s anything like it.
No, because at least it is relevant. You may as well take the regulatory paper (unit 1?), It’s not too much work - just boring. edit: Why are you doing the CAIA before the CFA?
I have already sat for the CFA L1 exam last Saturday. My plan was to take the CFA L1 examination in June, Unit 1 of the IMC in July, then the L1 CAIA exam in September. I’ll would do job applications afterward, and if I need to resit CFA L1, I’ll prepare for that too. And if I did manage to pass the CFA L1 exam, I would apply for the exemption for Unit 2 in time for those job applications. Right now I am tempted to start with the CAIA as soon as I get the materials, and save the IMC until after. I should still be able to get it done in time for my job applications. Strictly speaking, becoming a CAIA charter member would be more relevant for my current plans. I would like to work for a property consultancy firm for at least two years, qualify as a Chartered Surveyor (RICS), gain some experience in the property industry before moving into property finance/investment and property funds. I am taking the CFA in case I find myself wanting to branch out, but to tell the truth, I also wanted I fancied the challenge. Plus, I recently found out that one of the property firm I’d like to work for are looking will be training some graduate financial analysts this year.
Fair enough. If you aren’t in work, then you can knock out Unit 1 in a couple of weeks no worries.
I’ve considered the CAIA, but after searching monster.com in my location, only one job popped up with CAIA as a keyword. It would be interesting/fun to learn, but the cost to earn it is just too much right now with the amount of job leverage it has.
That’s true, I’ve actually not seen property firms use ‘CAIA’ as keyword. Then again, I only got one match for ‘CFA’ too. However, it seems like a relevant qualification for my long term plans, and given that I can afford the time to study, and I should make the most of it. Plus, I don’t spend on ‘entertainment’ when I am studying, so it balances out if a little. I also expect the CAIA designation to grow in recognition, so it’s kind of a speculative investment… and an example of overconfidence bias? 