Striving to further the profession with diverse opportunities in continuing education, advocacy, ethics awareness, and networking.
Completing the CMT Program demonstrates mastery of a core body of knowledge of investment risk in portfolio management. Our market philosophy is grounded in behavioral economics and extends beyond classical pattern recognition techniques to include quantitative approaches to market research and rules based trading system design and testing.
Technical analysis provides the tools to successfully navigate the gap between intrinsic value and market price across all asset classes through a disciplined, systematic approach to market behaviour and the law of supply and demand.
Focusing on the basic knowledge of the terminology and analytical tools used in technical analysis.
Date: November 27 – December 5, 2018
Measuring the candidate’s competency in the application of concepts, theory, and techniques covered by the required readings.
Date: November 27 – December 5, 2018
Testing the candidate’s ability to integrate his or her understanding of the concepts identified in Level I with the practical application learned in Level II.
Next Exam Date: November 29, 2018
The tools you need to take your quantative research from idea generation to signal-testing and performance analysis. The CMT Program offers:
Identifying changes in trends, intermarket relationships, sentiment, or market conditions allows managers to outperform on a risk adjusted basis. The CMT Program prepares candidates to manage trading risk through:
Understanding the nature of markets is dependent on our understanding of the nature of irrational market participants. The CMT Program:
Above all, CMT candidates learn how to develop a repeatable process for making decisions about important issues such as investment mix and asset allocation, or balancing risk against performance. Portfolio management in the CMT Program helps candidates learn how to maximize return within a given appetite for risk. The strategies and topics in this program are specifically designed for active managers and their teams who must guide a portfolio fund through market volatility.
2400 CMT ®
Charterholders
Worldwide
Becoming a CMT charterholder makes you part of an exclusive community of investment professionals who are recognized globally as true specialists and value generators. The CMT charter puts you on the leading edge of the ever-changing investment industry. And, by earning the CMT charter, you can expect to see improved career prospects.
Top employers of CMT Association members include Morgan Stanley, Wells Fargo, Bank of America Merrill Lynch, Charles Schwab and Fidelity.
Morgan Stanley • Wells Fargo • Bank of America • Charles Schwab • Fidelity • RBC (CM & DS) • Wellington Management • Bloomberg, LP • UBS • CIBC • Credit Suisse • TD Ameritrade • BMO Nesbitt Burns • NDR • Barclays
On February 8, 2005, the Chartered Market Technicians Association (CMT Association) was informed that FINRA submitted a rule filing with the Securities and Exchange Commission to accept the CMT Level 1 Exam and CMT Level 2 Exam as an alternative to the Series 86 exam, required of financial analysts. The New York Stock Exchange filed their ruling on January 31, 2005.
Below are the instructions on how one may go about applying for their Series 86 Exemption. The full press release can also be found at the bottom of this page.
The CMT Association partnered with Wiley to streamline the CMT curriculum into concise custom published volumes – distinct for each level of the exam and comprehensive to the required body of knowledge. This curriculum represents a comprehensive review of the topics that industry professionals consider most relevant when working in the field.
By joining the CMT Program candidates will have free access to charting tools from Optuma. Candidates will have immediate access to the Trader Services edition, with local end-of-day data and access to all the techniques covered in the CMT exam material. This resource allows candidates to experiment with technical concepts discussed in the curriculum and learn in real-time.
Candidates are able to take the CMT exams at any testing center worldwide through Prometric. Visit the CMT Association page through Prometric to find exam locations and schedule your exam. Please note, candidates must first pay the examination fees before scheduling an exam.
What are the required readings for the CMT exams?
The Official CMT Curriculum for 2018 is available through Wiley.
Is ALL the material in the required readings covered in the exams?
No. Not ALL the material in the required readings is covered in the exams. Each level of the CMT exam is designed to test a representative sample of the Body of Knowledge, but any given section of the curriculum could be drawn from for exam questions.
Where can I find sample questions for the CMT Exams?
Sample questions are available for download on each of the Level I, II and III pages. These are similar to past CMT exams. In addition, Wiley offers a CMT Exam Review tool to help simulate exam conditions and questions.
How important are the questions on Ethics?
Candidates on Level III are required to achieve a minimum passing score on the ethics section as graded separately from the rest of the exam. Candidates who do not pass the ethics portion will not pass the exam regardless of their score on the other material; they will be required to sit for the entire exam again. This reflects the importance of ethics in earning a charter. Level III candidates should place an increased emphasis on the study of the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
Are candidates required to memorize ALL formulas contained in the required readings?
Candidates are not required to memorize the formulas for the technical analysis indicators in the reading. For these, candidates should understand the critical price and volume inputs for each formula, the core of the calculation and how similar indicators differ based on these factors. However, there may be questions that will require the candidate to have a working knowledge of other types of formulas such as those related to volatility, risk and performance metrics. Of course, the style and difficulty of any question will vary with the level of the exam.
What other sources of information should candidates reference to better understand the exam material?
Questions on the CMT exams are derived solely from the official curriculum for that calendar year. There are many sources of additional information, books, websites, videos, etc. that might help to provide a better understanding of a topic, but these are not used for the development of exam questions.
What are the eligibility requirements to register for the CMT?
There are no eligibility requirements to take the CMT exams but we do recommend that candidates have a university degree and experience working in the financial markets using technical analysis.
When is the exam held?
The CMT Exams are given twice a year, once in the spring and once in the fall. The dates for the next exam administration appear above, with the links for each of the three levels.
How do I enroll in the CMT Program?
To enroll in the CMT program, you must first join the CMT Association as an affiliate member and then enroll in the CMT Program. Once that is complete, you can pay for your exam through MyCMT and schedule with Prometric.
Where is the CMT exam held?
The CMT exam is administered globally at Prometric testing centers (our test administration partner). You will find the exam center nearest to you at the Prometric website once you complete your enrollment in the CMT Program.
Where is the Prometric test center nearest me?
Test centers are available around the world. Visit the Prometric website for a complete list of all available test center locations.
Can I change the test center I was assigned to?
Yes, you may change your selected test center through Prometric by following the prompts to reschedule your exam. You may change test location up to 48 hours before the exam date.
Please be aware that Prometric will charge a $25 administrative fee for any changes made 30 days before the start of the exams.
Can I take multiple exams at once?
No. Candidates may take only one exam per administration.
How many times are candidates allowed to take the exam?
There is no limit on the number of attempts candidates may take to pass each level of the CMT exams.
How long does a candidate have to successfully complete the CMT Program?
Once a candidate has enrolled in the CMT Program, there is no imposed time limit to pass the three levels of examination. However, given the annual updates and revisions to the curriculum, candidates are encouraged to complete the CMT Program in consecutive administrations, expediting their pursuit of the CMT designation.
What is the CMT Association “No Show” Policy?
If you do not arrive at your scheduled exam date/time/test center location, the examination fee is forfeited. There are no refunds or transfers.
If you are unable to take the exam because you did not schedule your exam at Prometric in a timely manner, the fee will be forfeited.
Can I defer my exam?
No. Deferment is not an option.
Can I reschedule my exam within the current administration?
Yes, you can reschedule your exam through Prometric.
You may reschedule your exam before the registration deadline at no cost. There will be a $25 rescheduling fee to Prometric for all adjustments made after the close of standard registration.
Can I cancel my exam?
Candidates who register during the early and standard registration period may request a cancellation of their exam and will be eligible for a full refund within two weeks of payment.
Candidates registering during the late registration deadline may request a cancellation of their exam and will be eligible for a refund minus the test center administration fees within two days of payment.
You must provide a confirmation of your cancellation from Prometric to receive your refund.
How much time are candidates given to complete each exam?
What is the length and format of the exams?
What is the composition of each exam?
Are all exam items scored?
No. Pretest questions are unscored and serve the purpose of expanding our question bank. There are 12 pretest items in the Level I exam and 20 pretest items in the Level II exam. We evaluate new questions psychometrically and statistically to ensure the relevance, validity, and appropriateness of each question to its respective level of the CMT exam.
All items are scored at Level III.
What is the CMT Association Veterans Reimbursement Policy?
The CMT exams have been approved for reimbursement of test fees for veterans and other eligible persons in accordance with the Division of Veterans’ Affairs policy. For information on how to submit reimbursements after your examination, please visit www.gibill.com.
Does the CMT Association offer prep courses for the CMT Exams?
The CMT Association does not offer prep courses nor does the CMT Association endorse any preparation course. The CMT Association is aware of the following preparation courses for you to assess independently.
Optuma Education Services offers preparation courses for all exam levels. The New York Institute of Finance offers an online preparation course for the Level I exam.
Using resources offered by the CMT Association, what is the best way to establish study groups for CMT preparation?
The easiest way to network with other candidates in the CMT program is to attend local chapter meetings. Another easy way to form a group is to use the CMT Harvest Network. Candidates can indicate in the CMT discussion forum that they would like to either form or join a study group for an exam level.
Are the exams self-study?
Yes, the CMT Exam Program is designed to be self-study.
Are there recommended minimum hours for study to prepare for the exams?
The CMT Curriculum & Test Committee recommends the following minimum study hours for each Level of the CMT exam. These estimates are based on a college education and a background working in the financial markets:
Recommended study time differs from person to person based on experience with the subject, time working in the field, and prior knowledge of technical analysis. However, these are rigorous exams testing a broad body of knowledge. All candidates, regardless of work experience, must allocate appropriate time to prepare the material.
When should I arrive at the test center?
Plan to arrive 30 minutes before the scheduled appointment to allow for check-in procedures. If you are late in arriving, you will not be allowed to test and will forfeit your exam fee.
At certain Prometric test center locations, you will need to pay for parking, including cash only parking lots.
What should I bring to the test center?
Candidates should print a confirmation of their scheduled exam from the Prometric website. This confirmation contains the date and time of the exam, and the address of the test center.
For CMT Level I & II, you may bring a simple calculator to the test center; Prometric will provide two pencils upon request.
For CMT Level III, you will need to bring a simple calculator to the test center; Prometric will provide two pencils upon request.
Prometric Test Centers will supply paper upon request. A calculator will be on your test module during each Level.
Candidates must provide one form of a current and valid ID, bearing a signature and a recent photograph.
What constitutes a valid form of ID?
Acceptable forms of primary identification include: valid passport, driver’s license (with signature), employee ID card (with photograph) and state ID card. Acceptable forms of secondary ID include: valid credit card, ATM card, check-cashing card, citizenship card.
Please note, candidates taking the exam outside their country of citizenship must present a valid passport. This is the only form of acceptable identity. Also, candidates from Egypt and Vietnam must present a valid passport. The National ID Card will not be accepted as a primary ID as it does not bear a signature.
Are there specific security procedures to follow at the testing center?
For US Test Centers Only: Prometric takes our role of providing a secure test environment seriously. During the check-in process, we inspect any and all eyeglasses, jewelry and other accessories to look for camera devices that could be used to capture exam content.
You will be required to remove your eyeglasses for close visual inspection. These inspections will take a few seconds and will be done at check-in and again upon return from breaks before you enter the testing room to ensure you do not violate any security protocol.
Jewelry outside of wedding and engagement rings is prohibited. Please do not wear other jewelry to the test center. Hair accessories, ties and bowties are subject to inspection. Please refrain from using ornate clips, combs, barrettes, headbands, tie clips, cuff links and other hair accessories as you may be prohibited from wearing them into the testing room and asked to store them in your locker. Violation of security protocol may result in the confiscation of prohibited devices and termination of your exam.
The CMT Exams do not have scheduled breaks. You may take an unscheduled break but be aware that the countdown for your exam will continue while on your break. Each time you leave the test room you must sign-out.
During your exam break you cannot access your locker or leave the building. Upon return from a break, you must go through all security checks, present valid ID, and sign-in again.
If you need to take medication during the exam, please contact the CMT Association at admin@cmtassocaition.org before scheduling your exam.
For additional information regarding Prometric’s Test Center Regulations, please click here.
Can I take the CMT exam with testing accommodations under the Americans with Disabilities Act (ADA)?
If you have a special need or require any accommodations, please contact the CMT Association after you register for your exam. Candidates must contact the CMT Association at least thirty (30) days prior to your test date to request special testing arrangements. The CMT Association does not limit testing accommodations only to those who are US citizens or who reside in the US.
How are the exams graded?
Do typographical and grammatical errors affect your Level III score?
Typographical and grammatical errors will not penalize you on the Level III exam. Exams are graded solely on the application of the technical analysis concepts being tested.
What is the passing score for each level of the exam?
For Levels I and II, the passing scores will vary with each exam depending on the set of questions used and how those questions perform. Both before and after each exam, questions are reviewed for accuracy and comprehensibility. After the test is complete the data from all test scores are given a psychometric review. This review process forms the basis for establishing the passing scores. In the past, these exams had a fixed passing score at 70% of possible points. That amount is still a default target for exams, but with the post-exam review process, the actual cut score may vary by one to three percentage points. The new process allows us to more effectively equate the difficulty of the current exam to a relevant benchmark–a past exam or set of exams. This allows us to adjust scores depending on the degree of difficulty of each exam.
The Level III exam review process takes more time due to the short-answer structure of the questions. The short-answer questions are written by a team of subject matter experts, then reviewed by a second group of subject matter experts. Similarly, each test is graded by two graders working independently. The passing score is then determined by the point distribution of exams taken at that administration.
Why doesn’t the CMT Association provide candidates with their actual score?
There are multiple reasons that the CMT Association does not provide candidates with their actual score:
Is there a process for challenging a failing score?
No. The association’s judgment is final. There is no process for challenging a failing score. The grading process, as previously mentioned, is very thorough. Levels I and II are machine graded, and all Level III exams are carefully reviewed and double-checked.
How long are the CMT tests and scores maintained on file?
All results are actively maintained in the CMT Association database indefinitely.
When are exam results released?
The results for the CMT Level I and II exams are communicated as quickly as we can possibly verify the results and upload the scores to our database. This process may require three to four weeks.
CMT Level III exam results require a manual grading process and therefore take longer. They are generally made available approximately six to eight weeks from the exam date.
Once a candidate completes all three exams, are there requirements to receive the CMT designation?
Yes, you must complete the application for Member Status. Applicants must secure three (3) sponsors, no more than one from your current firm, and complete the membership application to initiate the membership process. Candidates who have completed the three Levels of the CMT Program prior to applying for Member status only need to demonstrate three (3) years of acceptable professional experience.
How is the CMT designation awarded and when is the physical charter document received?
Upon being approved for Member Status and granted the CMT designation, you will be mailed your certificate of completion generally within four to six weeks of approval.
Once a CMT designation is awarded, what requirements must be maintained?
To maintain your status as a CMT charterholder you must be a member of the CMT Association in good standing and abide by the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
Under what circumstances can the CMT designation be revoked?
The CMT Association Board of Directors, acting under the advice of the Ethics Committee, may revoke a Member’s CMT designation for serious violations of the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
Is there a list of members willing to sponsor affiliates applying for member status?
Yes, sponsorship contact information is available in the Sponsorship Directory. You must be a member logged in to your Membership Portal to view the list.
How does a candidate properly use the CMT® designation or indicate progress in the CMT Program?
Candidates should use the Trademark Usage Guide for CMT Charterholders for a guide on using the designation and indicating progress in the program.
What is the fee for becoming a candidate in the CMT Program?
There is a $250 fee to become a candidate in the CMT Program. This is a one-time fee and you will remain a candidate until you complete the program.
Must I be a member of the CMT Association? If so, what are the dues?
CMT Program candidates must be Student Members, Affiliate Members or Professional Members of the CMT Association. Annual dues are $100 for college students and $325 for affiliates and professionals.
Are there fees for registering for the exams?
Yes, there is a registration fee for each of the exams. The fees vary by exam level and by date of registration. Deadlines are announced when registration opens for each test window.
| Level I | Level II | Level III | |
| Early Registration | $275 | $475 | $475 |
| Standard Registration | $375 | $575 | $575 |
| Late Registration | $575 | $875 | $875 |
What is the cost of study materials?
The official CMT Program curriculum is published by Wiley. Each level is a separate text, available in print and e-book, priced at $225 in either format. Candidates may purchase a text in both formats for $275.
What are the required readings for the CMT exams?
The Official CMT Curriculum for 2018 is available through Wiley.
Is ALL the material in the required readings covered in the exams?
No. Not ALL the material in the required readings is covered in the exams. Each level of the CMT exam is designed to test a representative sample of the Body of Knowledge, but any given section of the curriculum could be drawn from for exam questions.
Where can I find sample questions for the CMT Exams?
Sample questions are available for download on each of the Level I, II and III pages. These are similar to past CMT exams. In addition, Wiley offers a CMT Exam Review tool to help simulate exam conditions and questions.
How important are the questions on Ethics?
Candidates on Level III are required to achieve a minimum passing score on the ethics section as graded separately from the rest of the exam. Candidates who do not pass the ethics portion will not pass the exam regardless of their score on the other material; they will be required to sit for the entire exam again. This reflects the importance of ethics in earning a charter. Level III candidates should place an increased emphasis on the study of the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
Are candidates required to memorize ALL formulas contained in the required readings?
Candidates are not required to memorize the formulas for the technical analysis indicators in the reading. For these, candidates should understand the critical price and volume inputs for each formula, the core of the calculation and how similar indicators differ based on these factors. However, there may be questions that will require the candidate to have a working knowledge of other types of formulas such as those related to volatility, risk and performance metrics. Of course, the style and difficulty of any question will vary with the level of the exam.
What other sources of information should candidates reference to better understand the exam material?
Questions on the CMT exams are derived solely from the official curriculum for that calendar year. There are many sources of additional information, books, websites, videos, etc. that might help to provide a better understanding of a topic, but these are not used for the development of exam questions.
What are the eligibility requirements to register for the CMT?
There are no eligibility requirements to take the CMT exams but we do recommend that candidates have a university degree and experience working in the financial markets using technical analysis.
When is the exam held?
The CMT Exams are given twice a year, once in the spring and once in the fall. The dates for the next exam administration appear above, with the links for each of the three levels.
How do I enroll in the CMT Program?
To enroll in the CMT program, you must first join the CMT Association as an affiliate member and then enroll in the CMT Program. Once that is complete, you can pay for your exam through MyCMT and schedule with Prometric.
Where is the CMT exam held?
The CMT exam is administered globally at Prometric testing centers (our test administration partner). You will find the exam center nearest to you at the Prometric website once you complete your enrollment in the CMT Program.
Where is the Prometric test center nearest me?
Test centers are available around the world. Visit the Prometric website for a complete list of all available test center locations.
Can I change the test center I was assigned to?
Yes, you may change your selected test center through Prometric by following the prompts to reschedule your exam. You may change test location up to 48 hours before the exam date.
Please be aware that Prometric will charge a $25 administrative fee for any changes made 30 days before the start of the exams.
Can I take multiple exams at once?
No. Candidates may take only one exam per administration.
How many times are candidates allowed to take the exam?
There is no limit on the number of attempts candidates may take to pass each level of the CMT exams.
How long does a candidate have to successfully complete the CMT Program?
Once a candidate has enrolled in the CMT Program, there is no imposed time limit to pass the three levels of examination. However, given the annual updates and revisions to the curriculum, candidates are encouraged to complete the CMT Program in consecutive administrations, expediting their pursuit of the CMT designation.
What is the CMT Association “No Show” Policy?
If you do not arrive at your scheduled exam date/time/test center location, the examination fee is forfeited. There are no refunds or transfers.
If you are unable to take the exam because you did not schedule your exam at Prometric in a timely manner, the fee will be forfeited.
Can I defer my exam?
No. Deferment is not an option.
Can I reschedule my exam within the current administration?
Yes, you can reschedule your exam through Prometric.
You may reschedule your exam before the registration deadline at no cost. There will be a $25 rescheduling fee to Prometric for all adjustments made after the close of standard registration.
Can I cancel my exam?
Candidates who register during the early and standard registration period may request a cancellation of their exam and will be eligible for a full refund within two weeks of payment.
Candidates registering during the late registration deadline may request a cancellation of their exam and will be eligible for a refund minus the test center administration fees within two days of payment.
You must provide a confirmation of your cancellation from Prometric to receive your refund.
How much time are candidates given to complete each exam?
What is the length and format of the exams?
What is the composition of each exam?
Are all exam items scored?
No. Pretest questions are unscored and serve the purpose of expanding our question bank. There are 12 pretest items in the Level I exam and 20 pretest items in the Level II exam. We evaluate new questions psychometrically and statistically to ensure the relevance, validity, and appropriateness of each question to its respective level of the CMT exam.
All items are scored at Level III.
What is the CMT Association Veterans Reimbursement Policy?
The CMT exams have been approved for reimbursement of test fees for veterans and other eligible persons in accordance with the Division of Veterans’ Affairs policy. For information on how to submit reimbursements after your examination, please visit www.gibill.com.
Does the CMT Association offer prep courses for the CMT Exams?
The CMT Association does not offer prep courses nor does the CMT Association endorse any preparation course. The CMT Association is aware of the following preparation courses for you to assess independently.
Optuma Education Services offers preparation courses for all exam levels. The New York Institute of Finance offers an online preparation course for the Level I exam.
Using resources offered by the CMT Association, what is the best way to establish study groups for CMT preparation?
The easiest way to network with other candidates in the CMT program is to attend local chapter meetings. Another easy way to form a group is to use the CMT Harvest Network. Candidates can indicate in the CMT discussion forum that they would like to either form or join a study group for an exam level.
Are the exams self-study?
Yes, the CMT Exam Program is designed to be self-study.
Are there recommended minimum hours for study to prepare for the exams?
The CMT Curriculum & Test Committee recommends the following minimum study hours for each Level of the CMT exam. These estimates are based on a college education and a background working in the financial markets:
Recommended study time differs from person to person based on experience with the subject, time working in the field, and prior knowledge of technical analysis. However, these are rigorous exams testing a broad body of knowledge. All candidates, regardless of work experience, must allocate appropriate time to prepare the material.
When should I arrive at the test center?
Plan to arrive 30 minutes before the scheduled appointment to allow for check-in procedures. If you are late in arriving, you will not be allowed to test and will forfeit your exam fee.
At certain Prometric test center locations, you will need to pay for parking, including cash only parking lots.
What should I bring to the test center?
Candidates should print a confirmation of their scheduled exam from the Prometric website. This confirmation contains the date and time of the exam, and the address of the test center.
For CMT Level I & II, you may bring a simple calculator to the test center; Prometric will provide two pencils upon request.
For CMT Level III, you will need to bring a simple calculator to the test center; Prometric will provide two pencils upon request.
Prometric Test Centers will supply paper upon request. A calculator will be on your test module during each Level.
Candidates must provide one form of a current and valid ID, bearing a signature and a recent photograph.
What constitutes a valid form of ID?
Acceptable forms of primary identification include: valid passport, driver’s license (with signature), employee ID card (with photograph) and state ID card. Acceptable forms of secondary ID include: valid credit card, ATM card, check-cashing card, citizenship card.
Please note, candidates taking the exam outside their country of citizenship must present a valid passport. This is the only form of acceptable identity. Also, candidates from Egypt and Vietnam must present a valid passport. The National ID Card will not be accepted as a primary ID as it does not bear a signature.
Are there specific security procedures to follow at the testing center?
For US Test Centers Only: Prometric takes our role of providing a secure test environment seriously. During the check-in process, we inspect any and all eyeglasses, jewelry and other accessories to look for camera devices that could be used to capture exam content.
You will be required to remove your eyeglasses for close visual inspection. These inspections will take a few seconds and will be done at check-in and again upon return from breaks before you enter the testing room to ensure you do not violate any security protocol.
Jewelry outside of wedding and engagement rings is prohibited. Please do not wear other jewelry to the test center. Hair accessories, ties and bowties are subject to inspection. Please refrain from using ornate clips, combs, barrettes, headbands, tie clips, cuff links and other hair accessories as you may be prohibited from wearing them into the testing room and asked to store them in your locker. Violation of security protocol may result in the confiscation of prohibited devices and termination of your exam.
The CMT Exams do not have scheduled breaks. You may take an unscheduled break but be aware that the countdown for your exam will continue while on your break. Each time you leave the test room you must sign-out.
During your exam break you cannot access your locker or leave the building. Upon return from a break, you must go through all security checks, present valid ID, and sign-in again.
If you need to take medication during the exam, please contact the CMT Association at admin@cmtassocaition.org before scheduling your exam.
For additional information regarding Prometric’s Test Center Regulations, please click here.
Can I take the CMT exam with testing accommodations under the Americans with Disabilities Act (ADA)?
If you have a special need or require any accommodations, please contact the CMT Association after you register for your exam. Candidates must contact the CMT Association at least thirty (30) days prior to your test date to request special testing arrangements. The CMT Association does not limit testing accommodations only to those who are US citizens or who reside in the US.
How are the exams graded?
Do typographical and grammatical errors affect your Level III score?
Typographical and grammatical errors will not penalize you on the Level III exam. Exams are graded solely on the application of the technical analysis concepts being tested.
What is the passing score for each level of the exam?
For Levels I and II, the passing scores will vary with each exam depending on the set of questions used and how those questions perform. Both before and after each exam, questions are reviewed for accuracy and comprehensibility. After the test is complete the data from all test scores are given a psychometric review. This review process forms the basis for establishing the passing scores. In the past, these exams had a fixed passing score at 70% of possible points. That amount is still a default target for exams, but with the post-exam review process, the actual cut score may vary by one to three percentage points. The new process allows us to more effectively equate the difficulty of the current exam to a relevant benchmark–a past exam or set of exams. This allows us to adjust scores depending on the degree of difficulty of each exam.
The Level III exam review process takes more time due to the short-answer structure of the questions. The short-answer questions are written by a team of subject matter experts, then reviewed by a second group of subject matter experts. Similarly, each test is graded by two graders working independently. The passing score is then determined by the point distribution of exams taken at that administration.
Why doesn’t the CMT Association provide candidates with their actual score?
There are multiple reasons that the CMT Association does not provide candidates with their actual score:
Is there a process for challenging a failing score?
No. The association’s judgment is final. There is no process for challenging a failing score. The grading process, as previously mentioned, is very thorough. Levels I and II are machine graded, and all Level III exams are carefully reviewed and double-checked.
How long are the CMT tests and scores maintained on file?
All results are actively maintained in the CMT Association database indefinitely.
When are exam results released?
The results for the CMT Level I and II exams are communicated as quickly as we can possibly verify the results and upload the scores to our database. This process may require three to four weeks.
CMT Level III exam results require a manual grading process and therefore take longer. They are generally made available approximately six to eight weeks from the exam date.
Once a candidate completes all three exams, are there requirements to receive the CMT designation?
Yes, you must complete the application for Member Status. Applicants must secure three (3) sponsors, no more than one from your current firm, and complete the membership application to initiate the membership process. Candidates who have completed the three Levels of the CMT Program prior to applying for Member status only need to demonstrate three (3) years of acceptable professional experience.
How is the CMT designation awarded and when is the physical charter document received?
Upon being approved for Member Status and granted the CMT designation, you will be mailed your certificate of completion generally within four to six weeks of approval.
Once a CMT designation is awarded, what requirements must be maintained?
To maintain your status as a CMT charterholder you must be a member of the CMT Association in good standing and abide by the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
Under what circumstances can the CMT designation be revoked?
The CMT Association Board of Directors, acting under the advice of the Ethics Committee, may revoke a Member’s CMT designation for serious violations of the CFA Institute’s Code of Ethics and Standards of Professional Conduct.
Is there a list of members willing to sponsor affiliates applying for member status?
Yes, sponsorship contact information is available in the Sponsorship Directory. You must be a member logged in to your Membership Portal to view the list.
How does a candidate properly use the CMT® designation or indicate progress in the CMT Program?
Candidates should use the Trademark Usage Guide for CMT Charterholders for a guide on using the designation and indicating progress in the program.
What is the fee for becoming a candidate in the CMT Program?
There is a $250 fee to become a candidate in the CMT Program. This is a one-time fee and you will remain a candidate until you complete the program.
Must I be a member of the CMT Association? If so, what are the dues?
CMT Program candidates must be Student Members, Affiliate Members or Professional Members of the CMT Association. Annual dues are $100 for college students and $325 for affiliates and professionals.
Are there fees for registering for the exams?
Yes, there is a registration fee for each of the exams. The fees vary by exam level and by date of registration. Deadlines are announced when registration opens for each test window.
| Level I | Level II | Level III | |
| Early Registration | $275 | $475 | $475 |
| Standard Registration | $375 | $575 | $575 |
| Late Registration | $575 | $875 | $875 |
What is the cost of study materials?
The official CMT Program curriculum is published by Wiley. Each level is a separate text, available in print and e-book, priced at $225 in either format. Candidates may purchase a text in both formats for $275.