FMI Policies and Guidelines

It is the candidate’s responsibility to understand and comply with all the policies set forth by the Financial Modeling Institute (FMI).

Virtual Exam Terms and Conditions


Candidates who (1) do not show for their scheduled exam, (2) do not schedule their exam within their 12 months of active registration, or (3) have been unsuccessful in their AFM or CFM exam, are eligible to register for re-enrollment at a fee of US$ 200 in order to reschedule their exam.

Accreditation Exams - AFM virtual exams:

Upon registration: you will receive 12 months access to the learning materials and one exam attempt. Your exam date must be scheduled within 12 months from the date of purchase. Results will be released within 10 weeks of writing the exam. If you pass, you will receive a digital verification badge and be listed with your designation on the FMI’s Alumni Directory. If you fail, you will be able to register to re-write the exam, subject to a re-enrollment fee.

Rescheduling Your Exam - If necessary, your exam may be rescheduled to a future date or time provided your request to reschedule is made at least 48 hours prior to your scheduled exam start time.  Reminder: scheduling of your exam date must be made within 12 months from the date of purchase. 

No-Shows - If you do not show up at your scheduled exam sitting, you are considered a “No-Show” and your exam fee will be forfeited. A re-enrollment fee will be required to reschedule your exam.

Please note: 

Before the exam, you will need to complete an identity check: have a valid piece of government-issued Photo ID nearby prior to beginning the exam and visual check of your physical environment. If a valid and clear ID is not presented at the time of the exam, a candidate's results will be witheld until identification can be verified. 

Exam Requirements and Expectations

All candidates must adhere to the following during all FMI exams:

Technical Requirements

  1. Reliable internet access throughout exam period:
    • Webcam, Speakers, Microphone, and ScreenShare must remain on and active throughout the duration of the exam so that the online proctoring software is able to hear you and monitor your screen for the duration of the exam. 
  2. Laptops must be connected to an external power source. If, for any reason your exam session is disconnected, you must attempt to reconnect as soon as possible.  You must not continue working on your exam until you have reconnected. Reach out to the FMI team at [email protected] if you are not able to reconnect and recommence your exam session within 10 minutes. Important Note: Should Exam Security be compromised by technical issues that result in gaps of the recorded exam session, FMI reserves the right to investigate and determine if the candidate’s exam results will be validated or not.
  3. You are only allowed use of a single monitor during the exam. Dual monitors are not permitted.
  4. Throughout the exam, candidates need to be able to save their exam workbook locally (e.g. to your desktop). Do not save the workbook onto a cloud application (e.g. OneDrive, Google Drive or iCloud).


  1. Candidates are expected to remain alone in the exam environment during the entire duration of the exam. Please make sure that you are set up for your exam in a quiet, distraction free space that is adequately lit.
  2. The exam is a closed-book exam. You may not refer to any materials (on paper or electronically).
  3. Any applications that are not related to the exam should remain closed during the exam, with the exception of Microsoft Excel and the FMI Exam Site.
  4. Candidates may not communicate with anyone during the exam (verbally or electronically). Candidates may not use phones during the exam.
  5. Candidates must remain seated during the exam, however, they may leave the exam room to get a drink or go to the washroom. No extra time will be given for these absences once the exam has started.
  6. Printing, saving or taking screenshots of the exam materials is strictly prohibited.
  7. The use of third-party Excel Add-Ins and pre-built VBA Macros to control formatting and / or formula auditing are allowed; All other uses of Add-Ins and pre-built Macros are prohibited.


The FMI’s online proctoring software, Proctorio, will be monitoring your exam to detect any suspicious activity or cheating. All suspicious activities will be flagged and looked into after the exams have been completed.

During the exam you may open your email to contact [email protected] in case of an issue without penalty. Please note your screen will be monitored during this time. If you happen to disconnect from the exam platform, please contact [email protected] as soon as possible for further instructions.

Invalid Exams: If you do not submit your exam at the 4-hr 5-min mark either by uploading the file through Proctorio or by email to the FMI, your exam will be considered invalid and may not be graded, unless you have communicated with the FMI during the exam and attached a screenshot of the issues that you incurred.

 FMI Code of Conduct

The FMI is a Professional Body and it expects that all FMI Candidates, Foundations Graduates and Accreditation Holders maintain high standards of personal and professional ethics and conduct. Therefore, all FMI Candidates, Foundations Graduates and Accreditation Holders must abide by the FMI Code of Ethics and Professional Conduct.

Candidate Responsibility Statement: 

I understand, accept, and agree to comply with all conditions, requirements, policies, and procedures for the virtual exams established and administered by the FMI, and as amended from time to time.  

I understand that the FMI’s exams are administered digitally and that it is my responsibility to meet the technology and connectivity requirements in order to participate in the virtual exams. 

I understand that such conditions, requirements, policies, and procedures include all material set forth on the FMI website for the Exam, as well as policies and procedures that may be established and amended from time to time. I understand information is available by contacting FMI on this website or through FMI communications with candidates via its associated channels.

I understand that FMI has the authority to enforce its conditions, requirements, policies, and procedures against me by rejecting, suspending, or terminating my candidacy at any time or, following due process, declining to award me the right to use the designation, for my failure to satisfactorily adhere to the conditions, requirements, policies, and procedures or to comply with the FMI Code of Conduct.

Candidate Declaration:

I represent that the information I have stated in my registration is true, complete and correct. I agree to notify FMI of any material changes to my responses to any of the questions on my registration, including my current address.

By electronically transmitting the registration, I indicate my agreement with each of the terms and conditions. I understand that I will be bound by the Candidate Responsibility Statement and FMI’s Code of Ethics and Professional Conduct.



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