Anyone in the UK please give your opinon. Question is: Is there any specific reason or benefit to taking the IMC if you have already passed CFA-III? I realize that in terms of content that IMC is far subordinate to CFA but does it make it easier for your employer to apply for authorized person status from the FSA or is there any other reason to think it would benefit a CFA passer? Thank You!
It’s a question of knowledge of local regulations. http://www.cfauk.org/imc_exemptions.htm passing level 1 gets you an exemption from the investment practice unit. You still need some regulation exams, so taking Unit 1 of IMC might be useful. It’s questionable whether any employer would ever not hire you because you didn’t have IMC but did have CFA level 1. It’s really not that hard, you could study for it in a couple of weeks.
chrismaths Wrote: ------------------------------------------------------- > It’s a question of knowledge of local > regulations. > > http://www.cfauk.org/imc_exemptions.htm > > passing level 1 gets you an exemption from the > investment practice unit. You still need some > regulation exams, so taking Unit 1 of IMC might be > useful. > > It’s questionable whether any employer would ever > not hire you because you didn’t have IMC but did > have CFA level 1. It’s really not that hard, you > could study for it in a couple of weeks. yep it’s a very basic easy exam - i cleared it a while ago - 1-2 weeks max
I’ve done IMC and will take L3 in '09. The IMC is the “threshold competency” exam for holding FSA Controlled Function 30 (customer function) and carrying on the duties of an investment manager in the UK. Unit 1 is " UK regulation and markets" and has no counterpart in the CFA. It is therefore essential, but really, really, really easy. I mean a monkey could pass it.
Thanks guys. That’s basically what I’ve been hearing. I suppose the point I was really looking for info on was what marginal benefit adding the IMC would have from a regulatory (or permissions) point of view. I think I might go for it.
Actually, let me put a finer point on the question I was looking to answer. Would there ever be a situation where an IMC would qualify one in the eyes of the FSA as an ‘authorized person’ where a CFA charter would not? Thanks
Yes. Unit One of the IMC is essential to be authorised as an investment manager in the UK. No part of the CFA covers the same stuff.
IMC unit 1 or one of the equivalent qualifications - the SII do one, so do the CII and a few others. Go to http://www.fssc.org.uk/ for a list of approved qualifications.
Sounds like the IMC is similar to the Series 7 or 63 or whatever in the US - required to practice, but substantively not amounting to much.
The bottom line, I think it’s fair to say, is that you probably should not bother paying for it yourself in the hope that it makes you more employable.
In order to become an approved person, as I understand it, you need to write the IMC regs paper. If you’ve passed level I of the CFA you get a bye on the rest.