It has been a while since I passed my IMC but quite a few graduates or juniors I know keep asking me about this Certificate. My brother-in-law is trying to pass it now! So I decided to write a post about this certificate with hope that young people find it useful.
I have been studying for the IMC in 2011. It was already level 4 back then but the FCA still has not changed hence I was lucky not to study more regulations on top. I did a massive mistake by buying and studying the official books. Do not do that - they are terrible. I highly advise you to buy a so-called "cheat sheet" as it helped me a lot.
Here are some points I'd like to make.
1. Students looking to get into investment management are definitely advised to study. It is a pre-requisite for many positions and the fact that you pass it while studying will impress an employer. Positions that require IMC are typically:
- Investment Management
- Investment Support
- Sales&Marketing
- Investment Administration
2. The cost of this program is relatively low for the benefits it brings for the entry-level job seekers. Buy second-hand cheap books and sample exam questions - you can get this certificate for £600 if preparing properly and not fooling yourself. You first month salary will completely make up for exam fees. Also you can pass it any time throughout the year unlike the CFA.
3. You can pass IMC without studying at Kaplan or other expensive courses. It is a foundation Certificate that covers basics.
4. 40-50% of IMC materials cover CFA Level I which is a good bonus if you are looking to progress in your career.
5. IMC Part 1 is fairly straight forward for people who passed CISI Unit 1 regulations. Part 1 consists of regulations, some legal aspects of investment managements plus taxation. Little math, some memorising but you can pass it with 2 weeks studying for 2 hours in the evening and some more during weekends. That is a comfortable pace as if you study for the whole day I am confident you can prepare in 2-3 days.
6. IMC Part 2 gives you some basic knowledge of investment products and management. If you studied finance and banking you just need to read through the book and you pass. If you didn't then study asset management, accounting and financial mathematics. Economics and investment theory should be relatively easy for a person looking to work in investment management (it is a common sense). Make sure you hit as many mock exams as you can. Do not forget to use CFA UK mock exams once you register for the exam - normally their mock exams represent what they will ask at the actual exam.
7. I had 3 questions regarding EBIDTA during my exam and every one get questions about MD and Gordon's growth model.
Conclusion: the exam is relatively cheap, quick, not too difficult and recognised by reputable institutions.
