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IMC

Investment Management Certificate

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Overview

IMC is an entry-level qualification into the UK investment profession. It provides an excellent foundation into the core areas of portfolio management, research analysis, front office investment activities, relationship management and risk management.

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Average duration

3-6 months

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Assessments

2 exams

Timetables

Programmes are running regularly throughout the year. To see when the next one is scheduled, view the timetables for our London Bridge classroom sessions or our Live Online sessions.

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Who it’s for

Entry requirements

There are no entry requirements needed to study IMC, but ideally, candidates will have 5 GCSEs A* to C or Grade 4 and above. If it's been a while since you studied Maths, we recommend you take the Core Skills Online Course.

Learning outcomes

The IMC is the investment profession's most recognised entry qualification, designed to accelerate your career. It delivers the non-negotiable foundations that you need to succeed, including markets, economics, statistics, and accounting expertise.

You’ll be able to:

  • Gain comprehensive knowledge of the key characteristics, risks, behaviours, and regulatory requirements for the main types of assets traded in financial markets.
  • Recognise established approaches to investment portfolio management.
  • Determine and document the specific needs and goals of a client.
  • Understand tax implications and the regulatory and ethical context of your work.

The tutors at Kaplan were excellent — very personable and genuinely enthusiastic.

Edward Foxhall
Edward Foxhall Kaplan IMC learner

Course content

The qualification is made up of two units: Unit 1 (Investment Environment) and Unit 2 (Investment Practice). You will need to have passed both units to be awarded the qualification.

Compulsory

Unit 1 - Investment Environment

You’ll gain an understanding of the UK and international financial services industry and markets. You’ll be able to understand the UK regulatory environment, taxation in the UK, client advice, and the conduct of investment businesses.

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  • Financial markets and intermediaries – covers the structure of the financial services industry, the types of markets, and the roles of various intermediaries within the global financial system.
  • Regulation and legal framework – details the legal, regulatory, and tax regimes relevant to investment professionals in the UK and EU, including the role of bodies like the FCA.
  • Ethics, integrity, and agency – covers the CFA Institute Code of Ethics and standards of professional conduct, focusing on duties to clients, employers, and the integrity of capital markets.
  • Taxation in the UK - how the UK tax system applies to individuals, companies, trusts and investments.

Compulsory

Unit 2 - Investment Practice

After completing this unit, you’ll be able to apply statistical and financial mathematical techniques, understand micro and macro economics, analyse the characteristics and risks of equities, and understand and analyse the principles of investment management. You’ll learn how to use investment tools and how to construct and manage investment portfolios.

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  • Asset classes and investment characteristics – explores the characteristics, risks, and returns associated with major asset classes, including cash, equities, property, and alternative investments
  • Fixed income instruments – study of bonds, including pricing conventions, yield calculations, measures of interest rate sensitivity, like duration and convexity, and the risks associated with credit and liquidity.
  • Economic concepts and influences – focuses on macroeconomics, including understanding GDP, inflation, interest and exchange rates, business cycles, and how these factors impact investment decision-making.
  • Equity valuation and analysis - covers fundamental analysis, company accounts, equity market indices, and the different methods used to value shares.
  • Derivatives and hedging – explains the structure and usage of common derivative products such as forwards, futures, options, and swaps. Demonstrates how they are employed for speculation, hedging, and risk management.
  • Portfolio management theory – the principles of Modern Portfolio Theory (MPT), diversification, asset allocation strategies, and the measurement of portfolio performance using metrics.

Optional

Core Skills Online

If it has been some time since you last studied maths or used it in an exam, this introductory online course, including recordings plus questions, will help you with the core skills you need to pass your exam. Topics include an introduction to quantitative methods and basic derivatives.

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We offer in-house training

Bespoke exam courses designed specifically for your staff. Please contact us at citybookings@kaplan.co.uk to find out more.

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Exams

The Investment Management Certificate (IMC) exams are delivered year-round via computer-based testing (CBT), available on demand across the UK, overseas, and even remotely. You must register directly with CFA UK for exam entry. Note that the IMC syllabus is updated annually on 1 December to maintain relevance to the financial services industry.

We do everything we can to help you pass your IMC exam first time. However, should you need a second chance, then don’t worry. With Pass Protection, we can support you as you prepare for your exam resit.

Unit 1

Sittings: Available every working day at Pearson VUE testing centres and daily via OnVUE remote proctoring.

Time: 1 hour 40 minutes.

Questions: 85 online testing questions.

Format: Standard multiple choice, item sets and gap-fill style questions.

Pass mark: Between 65% and 75%, depending on exam difficulty.

Unit 2

Sittings: Available every working day at Pearson VUE testing centres and daily via OnVUE remote proctoring.

Time: 2 hours 20 minutes.

Questions: 105 online testing questions.

Format: Standard multiple choice, item sets and gap-fill style questions.

Pass mark: Between 60% and 70%, depending on exam difficulty.

Courses

Inc VAT, excludes exams

Classroom from £714
Live Online from £714
Distance Learning
 with recorded classes from £534
Distance Learning from £360

Syllabus cycle: 1 Dec 2025 – 30 Nov 2026 (V23)

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Everything you need to succeed

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Expert material

As the only provider to supply CFA UK Official Training Manuals, we are confident that we have the knowledge and skills for you to succeed. Our practise questions reflect the types of questions you’ll face in the real exam, so you are as ready as you can be.

Personalised learning

With the MyKaplan online study portal, you’ll have access to your personalised study portal, where you can access all your learning resources, take tests, and contact your tutor.

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Pass Protection

We do everything we can to help you pass your IMC exam for the first time. However, should you need a second chance, then don’t worry. With Pass Protection, we can support you as you prepare for your resit.

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Course includes

Whichever study package you choose, you’ll receive the following materials:

  • Full study guideEmailed to you on booking, and also available on MyKaplan, the study guide pulls the hard copy and online study materials together into a recommended study approach.
  • CFA UK Official Training ManualWritten by CFA UK, this manual covers the syllabus and is the official reference document for real exam questions, supplied in hard copy.
  • Question and answer bookContains printed chapter questions to test yourself and check your progress. Each question is compiled to reflect as closely as possible the standard and type of question that you will face in the real exam.
  • IMC calculator*The official IMC calculator, the Texas Instruments TI-30XB.
  • MyKaplanPersonalised online learning portal where you can access all your learning resources, take tests, and contact your tutor. Watch our MyKaplan video

* Available for unit 2 only.

Study packages

Get everything you need to succeed, along with tailored features depending on which study package you choose.

Feature

Classroom
from £714

Free trial

Live Online
from £714

Free trial

Distance Learning with recorded classes*
from £534

Free trial
Live, tutor-led classes at set times
Recorded classes
Weekday tuition
Evening tuition
Speak face-to-face with tutors and other learners on the same course
Pass Protection
Study at your own pace

* The Distance Learning study package is also available without recorded classes, and includes Chapter Questions, Mock Exams, and the CFA UK Official Training Manual.

Ways to pay

Pay for your course using a debit card, credit card, or PayPal. We also offer alternative payment methods to suit your needs.

Invoice your employer

Your employer may fund the costs of your studies if you're already working in a related field and want to develop your learning.

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PayPal Pay in 3

A buy now, pay later service that splits your purchase into three equal interest-free payments. Offering a flexible way to spread the cost.

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Become a Kaplan client

If you're looking to train your staff and upskill your organisation, you can register as a Kaplan client.

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Alternatively, you can apply for one of our payment plans. Spread the cost by paying monthly, so you can focus on learning and passing exams.