If you've completed the Investment Management Certificate (IMC) and are considering progressing to the CFA Program, you may be wondering whether it's the right next step, how much it costs and how long it will take.

The CFA Program is a globally recognised qualification for investment professionals and can help you develop your knowledge across investment analysis, portfolio management, ethics and financial markets. For IMC holders, it can build on knowledge you've already developed while taking your studies to a more advanced level.

Here's what you need to know about moving from IMC to CFA.

Moving from IMC to CFA: at a glance

Who is it for? Investment professionals who want to deepen their investment knowledge and develop their career internationally.

Can I study CFA after IMC? Yes. You'll still need to meet CFA Institute's entry requirements, as the IMC does not provide an exemption from the CFA exams.

How much study is required? Successful candidates report studying more than 300 hours per level on average.

How long does CFA take? CFA Institute says it typically takes three to four years to complete all three levels. Becoming a CFA charterholder also requires at least 4,000 hours of relevant professional experience over a minimum of 36 months.

How much does it cost? For 2026 exams, CFA Institute estimates USD 3,520–4,570 in exam fees across all three levels, depending on when you register. Kaplan UK Level I study packages currently range from £939 to £2,751, including VAT where applicable.

How much does IMC overlap with CFA Level I? Kaplan has previously stated that around 30% of the CFA Level I curriculum overlaps with the IMC syllabus, giving IMC holders a useful foundation for further study.

Can my employer pay? Potentially. Many employers offer support for professional qualifications, and Kaplan also offers interest-free payment plans on eligible courses.

What's the difference between IMC and CFA?

The IMC and CFA are both respected investment qualifications, but they serve different purposes.

The IMC is a UK-focused qualification that provides a foundation in investment management. The CFA Program is an advanced, globally recognised qualification covering investment analysis, portfolio management and related areas.

The CFA Program has three exam levels. CFA Institute currently requires candidates to meet specific education or professional experience requirements before registering for Level I. You can qualify with a bachelor's degree, as an undergraduate within the specified timeframe before graduation, or through a combination of professional work experience and higher education.

Can I do CFA after IMC?

Yes. Completing the IMC can give you useful background knowledge for the CFA Program, but it does not provide an exemption from any CFA exam level.

Kaplan has previously stated that around 30% of the CFA Level I curriculum is covered by the IMC syllabus. Areas of overlap include ethics, quantitative methods, economics, financial statement analysis and portfolio management.

That means you'll already have encountered some of the concepts covered in CFA Level I, although the CFA Program goes into considerably greater depth.

Before registering, check that you meet CFA Institute's current eligibility requirements. Your IMC qualification alone does not determine your eligibility for the CFA Program.

How long does CFA take after IMC?

The CFA Program consists of three exam levels, and successful candidates report studying more than 300 hours for each level on average.

CFA Institute says it typically takes three to four years to complete all three levels. You can gain relevant work experience before, during or after studying.

To become a CFA charterholder, you also need at least 4,000 hours of qualifying professional experience over a minimum of 36 months, as well as CFA Institute membership. Your experience needs to be directly involved in the investment decision-making process or produce work that informs or adds value to it.

So, while your IMC can provide a useful starting point, CFA is a significant commitment. It's worth considering how much time you can realistically dedicate to studying alongside your work and other commitments.

How much does CFA cost in the UK?

The cost of moving from IMC to CFA depends on two main things: your CFA Institute exam fees and the cost of your CFA study package.

CFA Institute fees

CFA Institute charges its exam fees in US dollars, so the amount you pay in pounds will vary depending on the exchange rate at the time you register.

For the 2026 exam cycle, the CFA Institute fees work out at approximately £2,600–£3,400 for all three levels, based on the published registration fees and an indicative exchange rate at the time of writing.

Registering early can reduce the overall cost, so it's worth checking the current fees and registering before the early-registration deadline where possible.

You may also need to pay a £200–£220 rescheduling fee if you need to change your exam appointment within your exam window. The exact GBP amount will depend on the exchange rate when the fee is charged.

CFA Institute fees are paid in US dollars. The GBP figures above are indicative and will vary with exchange rates.

Kaplan CFA study packages

You'll also need to budget for your exam preparation. Kaplan offers a range of study packages, so you can choose the level of support that suits your learning style and budget.

Current Kaplan UK Level I package prices are:

*Prices shown are correct at the time of publication and may change. CFA Institute exam fees are separate and paid in US dollars.

This means that, as a UK candidate, you could expect to budget from around £3,500 upwards for Level I, including CFA Institute registration and a Kaplan Distance Learning package. The total cost of completing all three levels will depend on the study package you choose at each level, when you register and changes in the exchange rate.

You should also allow for additional costs such as an approved calculator, travel to an exam centre, and any optional study resources.

Can I spread the cost?

Yes. Kaplan offers interest-free payment plans on eligible courses costing more than £500, allowing you to spread the cost of your study package over monthly payments.

CFA Institute also offers scholarships for eligible candidates, which can reduce the cost of exam registration.

Can my employer fund CFA?

It's worth asking your employer before paying for the qualification yourself.

Many employers provide financial support for professional qualifications as part of their learning and development or professional development programmes. Depending on your employer, this could include:

• Full or partial payment of your Kaplan course
• CFA Institute exam fees
• Study leave
• Paid time to attend revision sessions
• Reimbursement after successfully completing an exam

Your employer may also have a professional development budget that you can use towards your CFA studies.

If your employer doesn't cover the cost, Kaplan's interest-free payment plan can help you spread the cost of your preparation over monthly payments.

How do I move from IMC to CFA?

If you've decided that CFA is the right next step, breaking the process into manageable stages can make it easier to get started.

1. Confirm your eligibility

Check the current CFA Institute entry requirements before registering. Your IMC qualification doesn't automatically make you eligible, so make sure you meet the relevant education or professional experience criteria.

2. Choose your CFA Level I exam window

CFA exams are held throughout the year. Level I is currently offered four times a year, in February, May, August and November. Level II and Level III have fewer exam windows.

Think about your work commitments, holidays and other responsibilities before choosing your exam window.

3. Register with CFA Institute

Create or log into your CFA Institute account and register for Level I. You'll then schedule your exam appointment separately.

4. Choose your Kaplan study package

Choose the study method that works best for you, from Distance Learning through to Classroom. Kaplan's packages include different combinations of tuition, revision and Schweser study materials.

5. Build your study plan

Successful candidates report studying more than 300 hours per level on average. Start by working backwards from your exam date and set realistic weekly targets.

For example, if you have 20 weeks until your exam, 300 hours would mean an average of around 15 hours of study per week.

6. Study, practise, and review

Don't rely solely on reading the syllabus. Build time into your plan for practice questions, mock exams and revisiting areas where you're less confident.

7. Complete your Practical Skills Module

Each CFA exam level also has a Practical Skills Module that must be completed to receive your exam result.

8. Sit your exam and progress to the next level

Once you've passed Level I, you can progress to Level II, followed by Level III. You can build relevant professional experience alongside your studies.

9. Apply for the CFA charter

Passing all three exams isn't the final step. You'll also need the required qualifying work experience and CFA Institute membership before you can use the CFA designation.

What jobs can I do with IMC and CFA?

The CFA Program is particularly relevant to careers where investment analysis, research, portfolio construction and financial decision-making are important.

Roles that may value CFA knowledge or the CFA charter include:

1. Investment Analyst
2. Portfolio Analyst
3. Research Analyst
4. Portfolio Manager
5. Risk Analyst
6. Wealth Manager
7. Investment Manager

CFA Institute identifies careers including Investment Analyst, Portfolio Manager, Strategist, Consultant and Wealth Manager as potential career paths for CFA charterholders.

The qualification can be particularly relevant in asset management, investment management, investment research, wealth management, banking and risk.

What could I earn with CFA?

A CFA qualification doesn't guarantee a particular salary, and your earnings will depend on your role, experience, location, employer and performance.

For example, current UK salary data puts London Investment Analyst salaries at around £49,000 on average, while Morgan McKinley's 2026 salary guide gives a range of £45,000–£55,000 for Portfolio Analysts with 0–3 years' experience, rising to £75,000–£95,000 for those with five or more years' experience.

For more experienced investment professionals, salaries can be considerably higher. A 2026–27 asset management salary guide puts London Investment/Research Analysts at around £45,000–£65,000 at early career level, rising to £95,000–£130,000 at senior level.

These figures are indicative rather than a promise of what you could earn after completing the CFA Program. Bonuses can also form a significant part of total remuneration in investment roles.

What are the CFA pass rates?

The CFA exams are demanding, and passing them requires significant preparation.

CFA Institute publishes current and historical pass rates for each exam level. In the May 2026 Level I exam, 39% of candidates passed. First-time candidates had a 45% pass rate, compared with 25% for candidates testing after at least one deferral.

Pass rates vary between exam windows and levels, so it's better to look at the latest figures rather than relying on a single historical percentage. CFA Institute publishes the latest results and historical pass rates on its website.

The key takeaway is that CFA requires commitment. Building a realistic study plan and staying on track can make a significant difference to your preparation.

Should I move from IMC to CFA?

CFA can be a logical next step if you want to develop your investment knowledge further, but it's a significant commitment. It's worth considering what you want from the qualification before you register.

CFA could be right for you if...

You're aiming for an investment-focused career

If you're interested in investment analysis, portfolio management, research, wealth management or related areas, CFA can help develop knowledge that's relevant to these roles.

You want a globally recognised qualification

The CFA Program is designed for investment professionals working across international markets, making it particularly relevant if you're considering an international career.

You're ready to commit to the study

With more than 300 hours of study recommended per level, you'll need to be realistic about the time you can dedicate to your studies.

You might want to wait if...

You're not sure which direction you want your career to take

CFA is a substantial investment of both time and money. If you're still deciding whether investment management is right for you, it may be worth gaining more experience first.

You don't currently have enough study time

Trying to fit hundreds of hours of study around a demanding job can be challenging. Consider whether your current workload and personal commitments leave enough time.

You haven't checked your funding options

Before registering, find out whether your employer will contribute towards the cost and investigate payment plans or scholarships.

Before you register, ask yourself:

• Do I meet the current CFA Institute eligibility requirements?
• Can I commit to 300+ hours of study per level?
• Which exam window works best for me?
• Have I checked the full cost, including CFA Institute fees and preparation?
• Will my employer contribute?
• Have I looked into payment plans or scholarships?
• Does CFA support the career I actually want?
• Do I understand the difference between passing the three exams and becoming a CFA charterholder?

If you can answer yes to most of these questions, CFA could be a strong next step after your IMC.

What next?

If you're ready to take the next step after your IMC, explore our CFA Program courses and find the study method that's right for you.

You can also find out more about our CFA information sessions and get advice on choosing the right study package for your goals.