CMT® Program

CMT Level II

December 2020 Administration: The CMT Level II exams will take place December 1 – December 15, 2020. The registration dates and fees below apply to this upcoming December administration.

Remote proctoring will be available for this administration, with strict requirements. You can find more information about remote proctoring here.

December Registration Dates

Early registration: April 27, 2020 – through June 1, 2020

Standard registration: June 2, 2020 – August 31, 2020

Late registration: September 1, 2020 – November 13, 2020

Registration Fees

$495 for members, $650 for nonmembers

$595 for members, $750 for nonmembers

$895 for members, $1050 for nonmembers

Additional Fees

Curriculum: $225+

Annual Membership: $325 (optional)

2020 Exam Administrations


The CMT Level II Exam measures the candidate’s competency in the application of concepts, theory, and techniques covered by the required readings. The exam is four hours long, and consists of 170 multiple-choice questions.

As of January 2019, the CMT Association has discontinued its membership requirement for CMT exam candidates. You may still choose to become an affiliate member before enrolling in the CMT Program, but it is no longer required. However, member pricing for the exams differs from nonmember pricing.

For additional information about the CMT Level II Exam, please consult the Exam Information document below for selected sample questions and a brief overview of the exam structure. This document is not meant as a study guide; rather, it is offered to acquaint you with the style and format of the exams.


Both the June and December 2020 CMT Exam Administrations will use the 2020 edition of the CMT Curriculum, published by Wiley in partnership with the CMT Association. 

Products other than the CMT Curriculum on the Wiley Efficient Learning website are solely Wiley’s responsibility, and are not endorsed by the CMT Association or reviewed by the Curriculum and Test Committee. Products available through other retailers, including test preparation courses and sample exams, are not endorsed by the CMT Association and should not be treated as standalone exam preparation devices.

You can purchase the 2020 edition of the CMT Curriculum from Wiley Efficient Learning at the link below.


Knowledge Domains



CMT 2020 Level II

This chart illustrates the Knowledge Domains covered by the CMT Level II exam. Click on each domain to view sub-domain topics covered in each domain area.


Learning-ObjectiveLearning Objectives

A list of Learning Objectives appears at the beginning of each chapter in the text. These are intended as a guide to the most important concepts discussed in the chapter. An effective study method is to read the Learning Objectives as an introduction to a chapter before beginning study of the chapter. After completing the chapter, review the Learning Objectives again and write a few sentences that demonstrate competence on that topic.

For those interested in reviewing the learning objectives before purchasing the 2020 curriculum, you can do so here:

Code of Ethics

An integral part of the CMT Association’s mission is to establish, maintain, and encourage the highest standards of professional competence and ethics among our membership. As such, CMT Association members must abide by the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by the CMT Association. Sanctions can include revocation of membership and the right to use the CMT designation.

Candidates should know that all three levels of the CMT Program include questions pertaining to the Code and Standards. Below you will find a link to the Code and Standards from the CFA Institute which have been licensed by the CMT Association on behalf of its members. All references to “CFA Institute,” “members,” “candidates,” “CFA Program,” etc. in the Code and Standards should be read to apply to the CMT Association and its members, candidates, programs, etc.


When preparing for the CMT exams, candidates are encouraged to review the Standards of Practice Handbook. According to the CFA Institute, “the Standards of Practice Handbook grounds the concepts covered in the Code and Standards for practical use. You can use this handbook for guidance on how to navigate ethical dilemmas you might face in your daily professional life.” Reviewing the Handbook provides candidates with a comprehensive study process and commensurate preparation for professional practice.

Code of Ethics and Standard of Professional Conduct

Standard of Practice Handbook