Frequently Asked Questions

The Official CMT Curriculum for 2025 is available only through the CMT Association. Candidates receive access when they register for the current exam cycle.

No. Not ALL the material in the required readings is covered in the exams. Each level of the CMT exams 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.

Information about the structure of the exams and brief samplers are available for download on each of the Level I, II and III pages. These are not meant as study guides; rather, they are offered to acquaint you with the style and format of the exams. These are similar to past CMT exams.

The CMT Association has adopted the CFA Institute Code of Ethics and Standards of Professional Conduct (“Code and Standards”) as its ethics guide.  All three levels of the CMT exams include questions pertaining to ethics.  All references to “CFA Institute”, “members”, “candidates”, “CFA Program”, etc. in the Code and Standards should be read to apply to CMT Association and its members, candidates, programs, etc.

When preparing for the CMT exams, candidates are encouraged to review the Standards of Practice Handbook (“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 a more comprehensive study process and preparation for professional practice.

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.

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.

CMT Association is a credentialing and advocacy body. We do not offer investment management or investment advisory services of any kind.

The Official CMT Curriculum for 2025 is available only through the CMT Association. Candidates receive access when they register for the current exam cycle.

No. Not ALL the material in the required readings is covered in the exams. Each level of the CMT exams 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.

Information about the structure of the exams and brief samplers are available for download on each of the Level I, II and III pages. These are not meant as study guides; rather, they are offered to acquaint you with the style and format of the exams. These are similar to past CMT exams.

The CMT Association has adopted the CFA Institute Code of Ethics and Standards of Professional Conduct (“Code and Standards”) as its ethics guide.  All three levels of the CMT exams include questions pertaining to ethics.  All references to “CFA Institute”, “members”, “candidates”, “CFA Program”, etc. in the Code and Standards should be read to apply to CMT Association and its members, candidates, programs, etc.

When preparing for the CMT exams, candidates are encouraged to review the Standards of Practice Handbook (“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 a more comprehensive study process and preparation for professional practice.

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.

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.

CMT Association is a credentialing and advocacy body. We do not offer investment management or investment advisory services of any kind.

The Official CMT Curriculum for 2025 is available only through CMT Association. Candidates receive access to the curriculum when they register for the current exam cycle.

No. Not ALL the material in the required readings is covered in the exams. Each level of the CMT exams is designed to test a representative sample of the Body of Knowledge. Any given section of the curriculum could be drawn from for exam questions. 

CMT Association does not create question banks or sample questions. The intention is to have candidates focus on depth of knowledge versus the mechanics of test-taking. Information about the structure of the exams and brief samplers are available for download on our Learning Objectives Page. Scroll to the Learning Objectives button to download the detailed Program Guide Document. They are not indicative of the toughness of the exam.

For practice questions and mock exams, please consult the network of Participating Prep Providers. Do note that CMT Association doesn’t oversee or endorse content created by Prep Providers. 

CMT Association adopted the CFA Institute Code of Ethics and Standards of Professional Conduct (“Code and Standards”) as its ethics guide. Please scroll down on the linked page to find relevant documents.  

All three levels of the CMT exams include questions pertaining to ethics. All references to “CFA Institute,” “members,” “candidates,” “CFA Program,” etc. in the Code and Standards should be read to apply to CMT Association and its members, candidates, programs, etc.  

When preparing for the CMT exams, candidates are encouraged to review the Standards of Practice Handbook (“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 a more comprehensive study process and preparation for professional practice.

CMT Association does not provide mock exams or past test papers. It also does not create or endorse test banks from private test prep providers. However, some candidates choose to purchase test banks from these providers. You can find a list of participating prep providers on the CMT Program Test Prep Providers page.  

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. 

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 they are not used for the development of exam questions. are not used for the development of exam questions. 

• Level I – 2 hours 
• Level II – 4 hours 
• Level III – 4 hours

• Level I – 132 multiple-choice questions (Only 120 are scored, 12 are for piloting new questions) 
• Level II – 170 multiple-choice questions (Only 150 are scored, 20 are for piloting new questions) 
• Level III – Essay and multiple-choice questions totaling 240 points. Candidates should use the point allocation of each question as guidance for time management.  

• Level I is primarily definitions & basic concepts. This exam measures basic, entry-level competence and understanding of technical analysis. The Level I candidate needs to have a working knowledge of the basic tools of a technical analyst. 
• Level II is primarily application & analysis. This exam requires the candidate to demonstrate a greater depth of analysis and use of technical tools. The Level II candidate is expected to demonstrate proficiency in applying more advanced analytical techniques and technical analysis theory. 
• Level III is primarily integration & synthesis. This exam tests the candidate on the development of logical and consistent research opinions, portfolio strategies and trading decisions based on a wide range of charts and technical data. The Level III candidate is asked to analyze case studies, make recommendations and justify those recommendations based on the data provided.

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. 

Important: There is no way for candidates to know which questions are unscored. As such, candidates are advised to treat each question as scored while taking the exam. 

The 2025 curriculum is now fully digital, delivered through a learning management system. It features fresh, practitioner-written content that covers cutting-edge topics such as volatility strategies, digital assets, behavioral finance, and anchored VWAP—all aligned to updated “domains” and “subdomains.” to better reflect current industry practice.

Access to the new digital curriculum is automatically included with your exam registration. Once you register for any level of the exams, you’ll be given immediate access to the LMS, where you can begin studying right away. 

The shift to a learning management system (LMS) modernizes the study experience. Candidates can log in from any device, track their progress, highlight sections, and bookmark challenging content. It also enables CMT Association to update materials more frequently, keeping the curriculum aligned with rapidly evolving market conditions.

All contributors are CMT Charterholders and experienced practitioners; several also hold advanced degrees or other certifications. Their hands-on market experience ensures that the curriculum is practical, up-to-date, and tailored to real-world technical analysis applications.

You’ll see: 

• Expert Authorship: All contributors are CMT Charterholders and experienced market professionals; many also hold advanced degrees or credentials. 
• Topic Updates: Expanded coverage on cutting-edge areas such as volatility, digital assets, anchored VWAP, and behavioral finance. 
• Interactive Graphics: Charts and formulas that can be zoomed or explored for deeper learning. 
• Clear Learning Objectives: Each unit starts with explicit objectives, so you can track your progress and focus on areas where you’re less confident. 

The curriculum now includes expanded sections on volatility analysis, digital assets (like cryptocurrencies), anchored VWAP, and behavioral biases in trading. There is also deeper coverage of cross-asset analysis and risk management—two areas increasingly crucial to modern technical analysts. 

The digital curriculum is organized by “domains” (Theory & History, Classical Techniques, Advanced Techniques, Application of Technical Analysis, and Ethics) and then broken down into “subdomains.” This layout ensures coherent coverage of foundational topics before progressing to more advanced and applied material.

Starting in 2025, the core official curriculum will only be available digitally through CMT Association (or through limited access for current CMT Charterholders as part of continuing education). While older textbooks or third-party study materials may still offer background knowledge, they don’t reflect the precise structure, weighting, and brand-new content. Relying solely on them could leave gaps in your preparation. 

No, this option is not available. You can access the curriculum only after registering for the exam, and registration is limited to the upcoming exam. 

Yes, but keep in mind that the official CMT curriculum may receive incremental updates from year to year to stay aligned with market developments. If you need to retake, your access to the curriculum for that exam level remains available, but you should watch for any announcements about new content before your next attempt. 

You will retain access to the curriculum for 12 months from the date of exam registration 

Changes to the Knowledge Domains and Learning Objective Statements were thoroughly reviewed in the virtual townhall – Key message, the topics have not changed drastically, the required readings are simply more targeted to CMT Candidates. 

The Level II curriculum includes everything required to pass the exam, except for ethics standards, which are covered in the Code of Ethics and the Standards of Practice Handbook.  

There is no requirement to study Level I material for the Level II exam. However, as a Level II candidate, you will still have access to the Level I content if you wish to refer to it. 

Curriculum access is tiered for reference to prior levels: 

• Level III candidates gain access to Level III material, as well as Level I and II material 
• Level II candidates gain access to Level II material, as well as Level I material 
• Level I candidates gain access to Level I material only 

Yes. The newly expanded “Classical Techniques” domain includes detailed discussion of classic chart patterns (like head-and-shoulders, triangles, etc.), trend analysis, and time-tested indicators. The goal is to maintain traditional best practices while also introducing newer tools and strategies.

Absolutely. There is a dedicated focus on volatility and the interplay between implied and realized volatility. You’ll find coverage of advanced options strategies, volatility term structure, and best practices for hedging and income generation using volatility products. 

Yes. Recognizing the growing role of crypto, the curriculum now covers on-chain data, trading strategies for digital assets, and how to integrate cryptocurrencies into traditional portfolios. The updated coverage reflects modern market trends and candidate demand. 

Behavioral finance modules help candidates understand how cognitive biases affect market behavior and personal decision-making. By recognizing these biases—loss aversion, anchoring, overconfidence—analysts can refine their strategies, reduce errors, and communicate better with clients or teammates. 

Anchored VWAP (Volume Weighted Average Price) is widely used by institutional and retail traders to identify areas of fair value over specific time frames or events. Including anchored VWAP ensures that candidates learn a key tool for analyzing price action and potential support/resistance zones. 

Each unit links theoretical concepts to real-world scenarios, showing how market professionals apply these methods. You’ll see case studies, expanded chart examples, and practice exercises. The curriculum’s structure, especially in the “Application” domain, promotes hands-on learning. 

Yes. Complex formulas are displayed in a clear, visually appealing manner in the LMS, and many topics come with step-by-step examples. You can zoom in on charts, references, and formulas as you learn, making it easier to work through calculations or data interpretation. 

Absolutely. While much of the material is new and bespoke, you’ll see references, citations, and links to classic foundational research. The curriculum integrates pivotal writings while avoiding redundancies or out-of-date viewpoints. 

Risk management techniques are woven throughout the “Advanced Techniques” and “Application” domains. You’ll study position–sizing methods, hedging strategies, and approaches that combine technical tools with volatility insights—mirroring how real-world analysts guard against risk. 

Yes. One advantage of delivering the material via an LMS is the flexibility to refine or add content as market conditions change. CMT Association conducts ongoing reviews to ensure that you’re studying the most relevant, up-to-date techniques for modern technical analysis

Yes. Active CMT Charterholders can gain access to the updated digital curriculum. This is part of CMT Association’s commitment to keeping members current. The new LMS will serve as a great refresher for those who already hold the designation, as well as an on-ramp for any newly added topics. 

The Official CMT Curriculum for 2025 is available only through the CMT Association. Candidates receive access when they register for the current exam cycle.

No. Not ALL the material in the required readings is covered in the exams. Each level of the CMT exams 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.

Information about the structure of the exams and brief samplers are available for download on each of the Level I, II and III pages. These are not meant as study guides; rather, they are offered to acquaint you with the style and format of the exams. These are similar to past CMT exams.

The CMT Association has adopted the CFA Institute Code of Ethics and Standards of Professional Conduct (“Code and Standards”) as its ethics guide.  All three levels of the CMT exams include questions pertaining to ethics.  All references to “CFA Institute”, “members”, “candidates”, “CFA Program”, etc. in the Code and Standards should be read to apply to CMT Association and its members, candidates, programs, etc.

When preparing for the CMT exams, candidates are encouraged to review the Standards of Practice Handbook (“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 a more comprehensive study process and preparation for professional practice.

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.

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.

CMT Association is a credentialing and advocacy body. We do not offer investment management or investment advisory services of any kind.

The Official CMT Curriculum for 2025 is available only through the CMT Association. Candidates receive access when they register for the current exam cycle.

No. Not ALL the material in the required readings is covered in the exams. Each level of the CMT exams 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.

Information about the structure of the exams and brief samplers are available for download on each of the Level I, II and III pages. These are not meant as study guides; rather, they are offered to acquaint you with the style and format of the exams. These are similar to past CMT exams.

The CMT Association has adopted the CFA Institute Code of Ethics and Standards of Professional Conduct (“Code and Standards”) as its ethics guide.  All three levels of the CMT exams include questions pertaining to ethics.  All references to “CFA Institute”, “members”, “candidates”, “CFA Program”, etc. in the Code and Standards should be read to apply to CMT Association and its members, candidates, programs, etc.

When preparing for the CMT exams, candidates are encouraged to review the Standards of Practice Handbook (“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 a more comprehensive study process and preparation for professional practice.

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.

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.

CMT Association is a credentialing and advocacy body. We do not offer investment management or investment advisory services of any kind.

The Official CMT Curriculum for 2025 is available only through the CMT Association. Candidates receive access when they register for the current exam cycle.

No. Not ALL the material in the required readings is covered in the exams. Each level of the CMT exams 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.

Information about the structure of the exams and brief samplers are available for download on each of the Level I, II and III pages. These are not meant as study guides; rather, they are offered to acquaint you with the style and format of the exams. These are similar to past CMT exams.

The CMT Association has adopted the CFA Institute Code of Ethics and Standards of Professional Conduct (“Code and Standards”) as its ethics guide.  All three levels of the CMT exams include questions pertaining to ethics.  All references to “CFA Institute”, “members”, “candidates”, “CFA Program”, etc. in the Code and Standards should be read to apply to CMT Association and its members, candidates, programs, etc.

When preparing for the CMT exams, candidates are encouraged to review the Standards of Practice Handbook (“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 a more comprehensive study process and preparation for professional practice.

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.

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.

CMT Association is a credentialing and advocacy body. We do not offer investment management or investment advisory services of any kind.

The official CMT Body of Knowledge, also known as the curriculum, is now a completely digital experience. It is offered online in a Learning Management System (LMS), which has completely replaced physical books. A printed version of the Body of Knowledge is not available.  

The LMS, which is rather intuitive, provides an enhanced learning experience. It can be used to effectively study, learn, and pass the exams. The LMS, unlike a book, includes tools and features which can be used to personalize and enhance your studying.  

You can take a free test drive of the curriculum. To learn more about all of the tools and features which make the digital learning experience so powerful, visit the Learning Experience Frequently Asked Questions and Tutorial.  

There are no formal requirements to sit for the CMT Exams. We generally recommend that candidates have a university degree and experience working in the markets using technical analysis before attempting the exams, but that is not compulsory.

Please note that the CMT Association complies with The Office of Foreign Assets Control (OFAC) Policy and is unable to work with individuals who live in countries subject to certain sanctions. For more information, please see our OFAC Compliance page.

The CMT Exams are held twice a year, in June and December. The dates for the next exam administration appear on each individual test level page.

To enroll in the CMT program, visit the CMT Level 1 page. You’ll see one prominent button, which is the link to register for the exam. Click the link to register, create a candidate MyCMT login, and register for your exam with that login. Once that is complete, you can pay for your exam through MyCMT and schedule with Prometric.

The CMT exams are 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.

You may also opt to take your exam remotely with Prometric’s ProProctor application. Before scheduling your remote exam, please take the time to thoroughly review the requirements on our Remote Proctoring page.

CMT Association or Prometric will not be liable if your exam is interrupted, or you aren’t able to or permitted log in to the exam on account of inadequate infrastructure, technology, connectivity or software at your end.

Test centers are available around the world. Visit the Prometric website to enter your address information and view a list of available test center locations near you.

Test centers are available around the world. Visit the Prometric website to enter your address information and view a list of available test center locations near you.

Yes, you may change your selected test center through Prometric by following the prompts to reschedule your exam. You may change your test location up to five days 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.

No. Candidates may take only one exam per administration.

There is no limit on the number of attempts candidates may take to pass each level of the CMT exams.

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.

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.

Yes, but please see the FAQ on Exam Deferral

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.

Candidates who register during the early and standard registration period may request a cancellation of their exam within two weeks of payment and will be eligible for a full refund. Candidates registering during the late registration deadline may request a cancellation of their exam within two days of payment and will be eligible for a refund minus the test center administration fees. You must provide confirmation of your cancellation from Prometric to receive your refund. If you registered during late registration and seek to cancel more than two days after payment, you are not eligible for a refund.

To cancel your scheduled exam appointment, you must visit the Prometric website and cancel your appointment there. Once the cancellation of your appointment is complete, you must proceed to pay for a deferral to the next immediate exam cycle

Important: Simply canceling the appointment on Prometric does not automatically cancel your exam registration or defer you to the next exam cycle.

• Level I – 2 hours
• Level II – 4 hours
• Level III – 4 hours

• Level I – 132 multiple-choice questions (Only 120 are scored, 12 are for piloting new questions)
• Level II – 170 multiple-choice questions (Only 150 are scored, 20 are for piloting new questions)
• Level III – Essay and multiple-choice questions totaling 240 points. Candidates should use the point allocation of each question as guidance for time management.

• Level I – primarily definitions & basic concepts – This exam measures basic, entry-level competence and understanding of technical analysis. The Level I candidate needs to have a working knowledge of the basic tools of a technical analyst.
• Level II – primarily application & analysis – This exam requires the candidate to demonstrate a greater depth of analysis and use of technical tools. The Level II candidate is expected to demonstrate proficiency in applying more advanced analytical techniques and technical analysis theory.
• Level III – primarily integration & synthesis – This exam tests the candidate on the development of logical and consistent research opinions, portfolio strategies and trading decisions based on a wide range of charts and technical data. The Level III candidate is asked to analyze case studies, make recommendations and justify those recommendations based on the data provided.

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.

Important: There is no way for candidates to know which questions are unscored. As such, candidates are advised to treat each question as scored while taking the exam.

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.

There are no formal requirements to sit for the CMT Exams. We generally recommend that candidates have a university degree and experience working in the markets using technical analysis before attempting the exams, but that is not compulsory.

Please note that the CMT Association complies with The Office of Foreign Assets Control (OFAC) Policy and is unable to work with individuals who live in countries subject to certain sanctions. For more information, please see our OFAC Compliance page.

The CMT Exams are held twice a year, in June and December. The dates for the next exam administration appear on each individual test level page.

To enroll in the CMT program, visit the CMT Level 1 page. You’ll see one prominent button, which is the link to register for the exam. Click the link to register, create a candidate MyCMT login, and register for your exam with that login. Once that is complete, you can pay for your exam through MyCMT and schedule with Prometric.

The CMT exams are 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.

You may also opt to take your exam remotely with Prometric’s ProProctor application. Before scheduling your remote exam, please take the time to thoroughly review the requirements on our Remote Proctoring page.

CMT Association or Prometric will not be liable if your exam is interrupted, or you aren’t able to or permitted log in to the exam on account of inadequate infrastructure, technology, connectivity or software at your end.

Test centers are available around the world. Visit the Prometric website to enter your address information and view a list of available test center locations near you.

Test centers are available around the world. Visit the Prometric website to enter your address information and view a list of available test center locations near you.

Yes, you may change your selected test center through Prometric by following the prompts to reschedule your exam. You may change your test location up to five days 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.

No. Candidates may take only one exam per administration.

There is no limit on the number of attempts candidates may take to pass each level of the CMT exams.

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.

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.

Yes, but please see the FAQ on Exam Deferral

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.

Candidates who register during the early and standard registration period may request a cancellation of their exam within two weeks of payment and will be eligible for a full refund. Candidates registering during the late registration deadline may request a cancellation of their exam within two days of payment and will be eligible for a refund minus the test center administration fees. You must provide confirmation of your cancellation from Prometric to receive your refund. If you registered during late registration and seek to cancel more than two days after payment, you are not eligible for a refund.

To cancel your scheduled exam appointment, you must visit the Prometric website and cancel your appointment there. Once the cancellation of your appointment is complete, you must proceed to pay for a deferral to the next immediate exam cycle

Important: Simply canceling the appointment on Prometric does not automatically cancel your exam registration or defer you to the next exam cycle.

• Level I – 2 hours
• Level II – 4 hours
• Level III – 4 hours

• Level I – 132 multiple-choice questions (Only 120 are scored, 12 are for piloting new questions)
• Level II – 170 multiple-choice questions (Only 150 are scored, 20 are for piloting new questions)
• Level III – Essay and multiple-choice questions totaling 240 points. Candidates should use the point allocation of each question as guidance for time management.

• Level I – primarily definitions & basic concepts – This exam measures basic, entry-level competence and understanding of technical analysis. The Level I candidate needs to have a working knowledge of the basic tools of a technical analyst.
• Level II – primarily application & analysis – This exam requires the candidate to demonstrate a greater depth of analysis and use of technical tools. The Level II candidate is expected to demonstrate proficiency in applying more advanced analytical techniques and technical analysis theory.
• Level III – primarily integration & synthesis – This exam tests the candidate on the development of logical and consistent research opinions, portfolio strategies and trading decisions based on a wide range of charts and technical data. The Level III candidate is asked to analyze case studies, make recommendations and justify those recommendations based on the data provided.

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.

Important: There is no way for candidates to know which questions are unscored. As such, candidates are advised to treat each question as scored while taking the exam.

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.

There are no formal requirements to sit for the CMT Exams. We generally recommend that candidates have a university degree and experience working in the markets using technical analysis before attempting the exams, but that is not compulsory.

Please note that the CMT Association complies with The Office of Foreign Assets Control (OFAC) Policy and is unable to work with individuals who live in countries subject to certain sanctions. For more information, please see our OFAC Compliance page.

The CMT Exams are held twice a year, in June and December. The dates for the next exam administration appear on each individual test level page.

To enroll in the CMT program, visit the CMT Level 1 page. You’ll see one prominent button, which is the link to register for the exam. Click the link to register, create a candidate MyCMT login, and register for your exam with that login. Once that is complete, you can pay for your exam through MyCMT and schedule with Prometric.

The CMT exams are 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.

You may also opt to take your exam remotely with Prometric’s ProProctor application. Before scheduling your remote exam, please take the time to thoroughly review the requirements on our Remote Proctoring page.

CMT Association or Prometric will not be liable if your exam is interrupted, or you aren’t able to or permitted log in to the exam on account of inadequate infrastructure, technology, connectivity or software at your end.

Test centers are available around the world. Visit the Prometric website to enter your address information and view a list of available test center locations near you.

Test centers are available around the world. Visit the Prometric website to enter your address information and view a list of available test center locations near you.

Yes, you may change your selected test center through Prometric by following the prompts to reschedule your exam. You may change your test location up to five days 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.

No. Candidates may take only one exam per administration.

There is no limit on the number of attempts candidates may take to pass each level of the CMT exams.

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.

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.

Yes, but please see the FAQ on Exam Deferral

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.

Candidates who register during the early and standard registration period may request a cancellation of their exam within two weeks of payment and will be eligible for a full refund. Candidates registering during the late registration deadline may request a cancellation of their exam within two days of payment and will be eligible for a refund minus the test center administration fees. You must provide confirmation of your cancellation from Prometric to receive your refund. If you registered during late registration and seek to cancel more than two days after payment, you are not eligible for a refund.

To cancel your scheduled exam appointment, you must visit the Prometric website and cancel your appointment there. Once the cancellation of your appointment is complete, you must proceed to pay for a deferral to the next immediate exam cycle

Important: Simply canceling the appointment on Prometric does not automatically cancel your exam registration or defer you to the next exam cycle.

• Level I – 2 hours
• Level II – 4 hours
• Level III – 4 hours

• Level I – 132 multiple-choice questions (Only 120 are scored, 12 are for piloting new questions)
• Level II – 170 multiple-choice questions (Only 150 are scored, 20 are for piloting new questions)
• Level III – Essay and multiple-choice questions totaling 240 points. Candidates should use the point allocation of each question as guidance for time management.

• Level I – primarily definitions & basic concepts – This exam measures basic, entry-level competence and understanding of technical analysis. The Level I candidate needs to have a working knowledge of the basic tools of a technical analyst.
• Level II – primarily application & analysis – This exam requires the candidate to demonstrate a greater depth of analysis and use of technical tools. The Level II candidate is expected to demonstrate proficiency in applying more advanced analytical techniques and technical analysis theory.
• Level III – primarily integration & synthesis – This exam tests the candidate on the development of logical and consistent research opinions, portfolio strategies and trading decisions based on a wide range of charts and technical data. The Level III candidate is asked to analyze case studies, make recommendations and justify those recommendations based on the data provided.

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.

Important: There is no way for candidates to know which questions are unscored. As such, candidates are advised to treat each question as scored while taking the exam.

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.

No, you do not need to be a member of CMT Association to register for the CMT Program. CMT Program candidates may be Affiliate Members or Professional Members of CMT Association, but they are not required to hold membership to be a test candidate. Annual dues are $325 for affiliates and professionals. To learn more about the two types of membership, please visit the Membership Process section of this FAQ. 

Yes, there is a registration fee for each of the exams. The fees are the same for each level and vary only by date of registration. Deadlines are announced when registration opens for each test window. 

• Early Registration $875 USD  
• Standard Registration $1,075 USD  
• Late Registration $1,475 USD 

Please note that these fees are exclusive of local GST or other taxes. 

The official, all-digital CMT Program curriculum is included in the exam registration fee. Candidates who register for an exam, Level I, II, or III, will have access to the corresponding level of the curriculum.  

Scholarships are available only for the CMT level 1 exams and only to full-time students of academic institutions that are part of our Academic Partner Program.

For more information, please visit the Academic Partner Program page on our website.   

Firstly, for candidates registered under the GST Act, it’s essential to note that taxes under the said act is to be discharge through the Reverse Charge Mechanism, i.e., Candidates are responsible to pay the GST when filing their monthly returns under the GST Act, treating the transaction as an “Import of Service.”   

Further, the question on whether candidate are eligible for ITC or not would be determined on a case-by-case basis. The eligibility hinges on candidates taxable outward activity for which they have availed the OIDAR service from the Company (CMT Association, Inc). Additionally, for the service provided by the Company to non-registered candidate, the Company pays the Tax and the non-registered candidates bear the tax incidence without the ability to claim ITC.

Disclaimer: The information provided in this Frequently Asked Questions (FAQ) answer is for general informational purposes only and is not intended as professional advice. Any reliance on the information in this FAQ answer is at your own risk. We recommend consulting with qualified professionals or experts for advice tailored to your specific situation. We do not assume any liability for any loss or damage incurred as a result of reliance upon the information provided in this FAQ. By accessing and using this information, you agree that you have read and understood this disclaimer. 

Beginning in 2020, you have the option to sit for your CMT exam at home using the ProProctor application rather than traveling to a Prometric testing center. To take advantage of this new option, your home computer setup and workspace environment must meet a strict set of requirements. You can review the requirements and find more information on our Remote Proctoring page.

You will be able to take a scheduled break if you are taking the Level II or Level III exam. You will not be able to take a break if you are taking the Level I exam.

The Level II and III tests have each been divided into two sections, with a scheduled break available to all candidates between those sections. This occurs at a point halfway through the exam content, regardless of time remaining. The important points of information for candidates to know are:

1. The break is optional. At that point in the exam, you will be given the choice of taking the break or continuing immediately to the second section of your exam.

2. The break, should you take it, allows you 10 minutes that does not come out of your exam time. Anything longer than that will come from the time you have remaining in the exam.

3. When working through each of the two sections of the exam, you may navigate forward and back through any of the questions in that section. At no time will you be allowed to navigate between sections.

Test center staff and remote proctors will have this information and will guide you through the security procedures if you do take the break.

You still can! Remote Proctoring is entirely optional. The CMT exam is still administered globally in-person 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.

Beginning in 2020, you have the option to sit for your CMT exam at home using the ProProctor application rather than traveling to a Prometric testing center. To take advantage of this new option, your home computer setup and workspace environment must meet a strict set of requirements. You can review the requirements and find more information on our Remote Proctoring page.

You will be able to take a scheduled break if you are taking the Level II or Level III exam. You will not be able to take a break if you are taking the Level I exam.

The Level II and III tests have each been divided into two sections, with a scheduled break available to all candidates between those sections. This occurs at a point halfway through the exam content, regardless of time remaining. The important points of information for candidates to know are:

1. The break is optional. At that point in the exam, you will be given the choice of taking the break or continuing immediately to the second section of your exam.

2. The break, should you take it, allows you 10 minutes that does not come out of your exam time. Anything longer than that will come from the time you have remaining in the exam.

3. When working through each of the two sections of the exam, you may navigate forward and back through any of the questions in that section. At no time will you be allowed to navigate between sections.

Test center staff and remote proctors will have this information and will guide you through the security procedures if you do take the break.

You still can! Remote Proctoring is entirely optional. The CMT exam is still administered globally in-person 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.

Beginning in 2020, you have the option to sit for your CMT exam at home using the ProProctor application rather than traveling to a Prometric testing center. To take advantage of this new option, your home computer setup and workspace environment must meet a strict set of requirements. You can review the requirements and find more information on our Remote Proctoring page.

You will be able to take a scheduled break if you are taking the Level II or Level III exam. You will not be able to take a break if you are taking the Level I exam.

The Level II and III tests have each been divided into two sections, with a scheduled break available to all candidates between those sections. This occurs at a point halfway through the exam content, regardless of time remaining. The important points of information for candidates to know are:

1. The break is optional. At that point in the exam, you will be given the choice of taking the break or continuing immediately to the second section of your exam.

2. The break, should you take it, allows you 10 minutes that does not come out of your exam time. Anything longer than that will come from the time you have remaining in the exam.

3. When working through each of the two sections of the exam, you may navigate forward and back through any of the questions in that section. At no time will you be allowed to navigate between sections.

Test center staff and remote proctors will have this information and will guide you through the security procedures if you do take the break.

You still can! Remote Proctoring is entirely optional. The CMT exam is still administered globally in-person 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.

There are no prerequisite requirements to sit for the CMT Exams, such as coursework, membership status, or professional work experience. We recommend that candidates have a university degree and exposure to financial markets using technical analysis before attempting the exams, but neither recommendation is a requirement.  

Please note that CMT Association complies with The Office of Foreign Assets Control (OFAC) Policy and is unable to work with individuals who live in countries subject to certain sanctions. For more information, please see our OFAC Compliance page. 

Membership is not required to register for the exam. 

The CMT Exams are held twice a year, in June and December. The dates for the next exam administration appear on the CMT Program Registration Page. 

There are no requirements to meet before you register for CMT Level 1. 

There is no separate enrollment process, fee, or membership requirement to become a candidate in the CMT Program.  

Click the link to register for your exam. Once you pay for your exam, you can schedule directly through Prometric. You will receive the link to schedule via email, or you can directly visit www.prometric.com to schedule your exam appointment. See Scheduling Exam Appointments section for more information. Exam Appointments section for more information. 

No. Candidates may take only one exam per administration. It is not possible to take an exam for any level without having passed the previous level.

There is no limit on the number of attempts candidates may take to pass each level of the CMT exams.

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.

Candidates who register during the early and standard registration period may request cancellation of their exam within two weeks of payment and will be eligible for a full refund. Candidates registering during the late registration deadline may request a cancellation of their exam within two days of payment and will be eligible for a refund minus the test center administration fees. You must provide confirmation of your cancellation from Prometric to receive your refund. If you registered during late registration and seek to cancel more than two days after payment, you are not eligible for a refund.

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. 

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. UWorld, our publishing partner for the CMT Program curriculum, offers courses for all exam levels. Keep in mind that while third-party prep courses or exam banks may be helpful, this content is not reviewed by the Curriculum and Test Committee nor endorsed by the CMT Association.

The objective of the CMT Program is not only to provide candidates with resources needed to learn the theory and discipline of technical analysis, but also the practical implementation of the toolkit. Therefore, we partnered with Optuma Financial Solutions (formerly Market Analyst Software) to give registered candidates a platform to experience the functional application of technical analysis. Optuma will provide specially designed software, at no cost for registered candidates, from their date of registration until the exam date and renew their free access with each subsequent exam registration.

We examined many products as part of this partnership selection process, and it was clear that Optuma is the best fit for our CMT candidates for three main reasons:

1) Optuma continues to innovate in ways that help the industry and its practitioners. They strive to create the best solutions for technical and quantitative analysts.

2) The CEO, and other senior staff, are CMT charterholders. They understand what we need in our tools and offer knowledgeable support to CMT candidates.

3) The discipline of technical analysis requires each of us to communicate investment ideas with clients and peers via graphical information. Optuma has impeccable graphics and data visualization tools; this platform is used by professional analysts around the world.

Interested users can reach Optuma support with questions by clicking here.

The easiest way to network with other candidates in the CMT program is to attend local chapter meetings. Another easy way to engage with fellow candidates and form a group is on CMT Association’s official Discord server: https://cmta.fyi/discord .

The server has premium access channels for candidates of each level, as well as opportunities to engage with CMT charter holders and other technical analysis enthusiasts from around the world. 

Yes, the CMT Exam Program is designed to be self-study.

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:

• CMT Exam Level I : 80 to 120 hours
• CMT Exam Level II : 100 to 140 hours
• CMT Exam Level III : 120 to 160 hours

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.

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. UWorld, our publishing partner for the CMT Program curriculum, offers courses for all exam levels. Keep in mind that while third-party prep courses or exam banks may be helpful, this content is not reviewed by the Curriculum and Test Committee nor endorsed by the CMT Association.

The objective of the CMT Program is not only to provide candidates with resources needed to learn the theory and discipline of technical analysis, but also the practical implementation of the toolkit. Therefore, we partnered with Optuma Financial Solutions (formerly Market Analyst Software) to give registered candidates a platform to experience the functional application of technical analysis. Optuma will provide specially designed software, at no cost for registered candidates, from their date of registration until the exam date and renew their free access with each subsequent exam registration.

We examined many products as part of this partnership selection process, and it was clear that Optuma is the best fit for our CMT candidates for three main reasons:

1) Optuma continues to innovate in ways that help the industry and its practitioners. They strive to create the best solutions for technical and quantitative analysts.

2) The CEO, and other senior staff, are CMT charterholders. They understand what we need in our tools and offer knowledgeable support to CMT candidates.

3) The discipline of technical analysis requires each of us to communicate investment ideas with clients and peers via graphical information. Optuma has impeccable graphics and data visualization tools; this platform is used by professional analysts around the world.

Interested users can reach Optuma support with questions by clicking here.

The easiest way to network with other candidates in the CMT program is to attend local chapter meetings. Another easy way to engage with fellow candidates and form a group is on CMT Association’s official Discord server: https://cmta.fyi/discord .

The server has premium access channels for candidates of each level, as well as opportunities to engage with CMT charter holders and other technical analysis enthusiasts from around the world. 

Yes, the CMT Exam Program is designed to be self-study.

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:

• CMT Exam Level I : 80 to 120 hours
• CMT Exam Level II : 100 to 140 hours
• CMT Exam Level III : 120 to 160 hours

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.

The CMT exams are administered globally at Prometric testing centers, our test administration partner. Once you complete your enrollment in the CMT Program, you can locate the nearest testing site and schedule your testing appointment by visiting the CMTA page on Prometric’s website.    

You may also opt to take your exam remotely with Prometric’s ProProctor application. Before scheduling your remote exam, please take the time to thoroughly review the requirements on our Remote Proctoring page. CMT Association or Prometric will not be liable if your exam is interrupted, or you aren’t able to or permitted log in to the exam due to inadequate infrastructure, technology, connectivity, or software at your end.

CMT exams are proctored through Prometric, and your exam date must be scheduled in advance. The best way to make sure you get the date and time you want is to schedule as far in advance as possible. 

All you need is your Membership ID from your CMT Association Profile (MyCMT) page and you can register on the Prometric website. 

Go to cmtassociation.org, click on MyCMT in the upper right hand corner, which will bring up your profile. Below your name, you’ll see your Membership ID number. Registered Candidates will find a link to the Prometric scheduling website directly in their MyCMT page.  

Test centers are available around the world. Visit the CMTA page on the Prometric website to enter your address information and view a list of available test center locations near you. 

You should schedule your appointment promptly after you register for your exam. Although there is no specific deadline, the number of available slots, both at Prometric test centers, and with the ProProctor remote proctoring service, is limited. Book as early as possible to secure your preferred date and time. CMT Association will not be liable if you are not able to schedule your desired appointment in time. 

Yes, you may change your selected test center through Prometric by following the prompts to reschedule your exam. Please be aware that Prometric will charge a $25 administrative fee for any changes (test center location, exam date, or other scheduling details) made within 30 days of the start of the exams. 

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.

Yes, but please see the Exam Deferral section within this FAQ.

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 (e.g., test center location, exam date, or other scheduling details) made within 30 days of the exams.

To cancel your scheduled exam appointment, you must visit the Prometric website and cancel your appointment there. Once the cancellation of your appointment is complete, you will need to pay for a deferral to the next immediate exam cycle. Please see the Exam Deferral section within this FAQ for those instructions.  

Important: Simply canceling the appointment on Prometric does not cancel your exam registration or defer you to the next exam cycle. 

You can do either. All CMT exams are computer-based and can be taken: 

• In-person at a test center (recommended), or 
• Remotely, on a computer and in a room that meets security and technology requirements. Please see the Remote Proctoring section of this FAQ for the testing rules and logistics. Do note that the responsibility for connectivity and infrastructure rests with the candidate.  

The Level 3 exam is conducted on a single designated testing date.

Candidates who register during the early and standard registration period may request a cancellation of their exam within two weeks of payment and will be eligible for a full refund. Candidates registering during the late registration deadline may request a cancellation of their exam within two days of payment and will be eligible for a refund minus the test center administration fees. You must provide a confirmation of your cancellation from Prometric to receive your refund. If you registered during late registration and seek to cancel more than two days after payment, you are not eligible for a refund.

(Available once per paid exam registration.)

Candidates may purchase a USD 350 deferral until the deadline*. Your paid deferral allows you to postpone your exam appointment to the next scheduled exam cycle. For example, if you are currently registered for the June 2024 Level 1 exam, you may defer that registration to the December 2024 cycle by purchasing a new registration for the December 2024 exam cycle.

*Deadline – paid deferrals must be submitted not less than 3-weeks prior to the start of the registered exam cycle, i.e. if the exam cycle begins on 2 June, then you may purchase a deferral until 12 May.

CMT Association contracts with our exam administrator and incurs extra expenses anytime a candidate changes their plans. We pay for your absence from an expected exam and the cost to arrange for seating for a future exam.

If you pay to defer your exam, you need to visit the Prometric website and cancel your appointment there. Once the cancellation is complete, you must proceed to pay for a deferral to the next immediate exam cycle.

Important: Simply canceling the appointment on Prometric does not automatically defer you to the next exam cycle.

You will receive an email containing your registration information for your next exam.

Candidates registered for an exam can find the deferral form Here when it is available for their exam window. You must wait until the deferral form is available for your window to submit your deferral request.

When you purchase the deferral, your registration and scheduled appointment will be cancelled. Purchase of the paid deferral allows you to move your exam appointment to the next scheduled exam window, generally in six months. Once your deferral is processed, you will be registered for the next exam cycle, and you will be able to schedule your exam time with Prometric.

Only one paid deferral is permitted for each paid registration. Once the initial deferral is purchased, you cannot defer again. If another change is required, you must pay for a new registration.

Choosing and paying for a deferral cancels your registration and scheduled exam appointment (if applicable). It is a binding decision and cannot be changed. Refunds are not available.

The fee to change your scheduled appointment within the exam window is USD 25.

Candidates who register during the early and standard registration period may request a cancellation of their exam within two weeks of payment and will be eligible for a full refund. Candidates registering during the late registration deadline may request a cancellation of their exam within two days of payment and will be eligible for a refund minus the test center administration fees. You must provide a confirmation of your cancellation from Prometric to receive your refund. If you registered during late registration and seek to cancel more than two days after payment, you are not eligible for a refund.

(Available once per paid exam registration.)

Candidates may purchase a USD 350 deferral until the deadline*. Your paid deferral allows you to postpone your exam appointment to the next scheduled exam cycle. For example, if you are currently registered for the June 2024 Level 1 exam, you may defer that registration to the December 2024 cycle by purchasing a new registration for the December 2024 exam cycle.

*Deadline – paid deferrals must be submitted not less than 3-weeks prior to the start of the registered exam cycle, i.e. if the exam cycle begins on 2 June, then you may purchase a deferral until 12 May.

CMT Association contracts with our exam administrator and incurs extra expenses anytime a candidate changes their plans. We pay for your absence from an expected exam and the cost to arrange for seating for a future exam.

If you pay to defer your exam, you need to visit the Prometric website and cancel your appointment there. Once the cancellation is complete, you must proceed to pay for a deferral to the next immediate exam cycle.

Important: Simply canceling the appointment on Prometric does not automatically defer you to the next exam cycle.

You will receive an email containing your registration information for your next exam.

Candidates registered for an exam can find the deferral form Here when it is available for their exam window. You must wait until the deferral form is available for your window to submit your deferral request.

When you purchase the deferral, your registration and scheduled appointment will be cancelled. Purchase of the paid deferral allows you to move your exam appointment to the next scheduled exam window, generally in six months. Once your deferral is processed, you will be registered for the next exam cycle, and you will be able to schedule your exam time with Prometric.

Only one paid deferral is permitted for each paid registration. Once the initial deferral is purchased, you cannot defer again. If another change is required, you must pay for a new registration.

Choosing and paying for a deferral cancels your registration and scheduled exam appointment (if applicable). It is a binding decision and cannot be changed. Refunds are not available.

The fee to change your scheduled appointment within the exam window is USD 25.

Candidates who register during the early and standard registration period may request a cancellation of their exam within two weeks of payment and will be eligible for a full refund. Candidates registering during the late registration deadline may request a cancellation of their exam within two days of payment and will be eligible for a refund minus the test center administration fees. You must provide a confirmation of your cancellation from Prometric to receive your refund. If you registered during late registration and seek to cancel more than two days after payment, you are not eligible for a refund.

(Available once per paid exam registration.)

Candidates may purchase a USD 350 deferral until the deadline*. Your paid deferral allows you to postpone your exam appointment to the next scheduled exam cycle. For example, if you are currently registered for the June 2024 Level 1 exam, you may defer that registration to the December 2024 cycle by purchasing a new registration for the December 2024 exam cycle.

*Deadline – paid deferrals must be submitted not less than 3-weeks prior to the start of the registered exam cycle, i.e. if the exam cycle begins on 2 June, then you may purchase a deferral until 12 May.

CMT Association contracts with our exam administrator and incurs extra expenses anytime a candidate changes their plans. We pay for your absence from an expected exam and the cost to arrange for seating for a future exam.

If you pay to defer your exam, you need to visit the Prometric website and cancel your appointment there. Once the cancellation is complete, you must proceed to pay for a deferral to the next immediate exam cycle.

Important: Simply canceling the appointment on Prometric does not automatically defer you to the next exam cycle.

You will receive an email containing your registration information for your next exam.

Candidates registered for an exam can find the deferral form Here when it is available for their exam window. You must wait until the deferral form is available for your window to submit your deferral request.

When you purchase the deferral, your registration and scheduled appointment will be cancelled. Purchase of the paid deferral allows you to move your exam appointment to the next scheduled exam window, generally in six months. Once your deferral is processed, you will be registered for the next exam cycle, and you will be able to schedule your exam time with Prometric.

Only one paid deferral is permitted for each paid registration. Once the initial deferral is purchased, you cannot defer again. If another change is required, you must pay for a new registration.

Choosing and paying for a deferral cancels your registration and scheduled exam appointment (if applicable). It is a binding decision and cannot be changed. Refunds are not available.

The fee to change your scheduled appointment within the exam window is USD 25.

CMT Association does not offer prep courses nor does CMT Association endorse any preparation course. CMT Association encourages candidates to view the list of Participating Prep Providers of preparation courses. Keep in mind that while third-party prep courses or exam banks may be helpful, this content is not reviewed by the Curriculum and Test Committee nor endorsed by CMT Association.

Through support from our partners and volunteer leaders, CMT Association offers the following resources to help candidates  

• Official Discord Server with Premium access channels for candidates to connect with fellow candidates as well as other members and executive staff of CMT Association. The server offers the ability to have conversations via text, audio and video among candidates and members.  
• Free access to Optuma’s technical analysis software (see details in the next question) 
• Access to Nasdaq Dorsey Wright’s Technical research platform 

Please navigate to MyCMT on the website and scroll down to “Exclusive Partner Offers for Exam Candidates.“ 

The objective of the CMT Program is not only to provide candidates with resources needed to learn the theory and discipline of technical analysis, but also the practical implementation of the toolkit. Therefore, we partnered with Optuma Financial Solutions (formerly Market Analyst Software) to give registered candidates a platform to experience the functional application of technical analysis. Optuma will provide specially designed software, at no cost for registered candidates, from their date of registration until the exam date and renew their free access with each subsequent exam registration.   

We examined many products as part of this partnership selection process, and it was clear that Optuma is the best fit for our CMT candidates for three main reasons: 

• Optuma continues to innovate in ways that help the industry and its practitioners. They strive to create the best solutions for technical and quantitative analysts.
• The CEO, and other senior staff, are CMT charterholders. They understand what we need in our tools and offer knowledgeable support to CMT candidates.
• The discipline of technical analysis requires each of us to communicate investment ideas with clients and peers via graphical information. Optuma has impeccable graphics and data visualization tools; this platform is used by professional analysts around the world. Interested users can reach Optuma support with questions at support@optuma.com. 

The easiest way to network with other candidates in the CMT program is to attend local chapter meetings. Another easy way to engage with fellow candidates and form a group is on CMT Association’s official Discord server: https://cmta.fyi/discord. 

The server has premium access channels for candidates of each level, as well as opportunities to engage with CMT charter holders and other technical-analysis enthusiasts from around the world.

Yes, the CMT Program is designed to be self-study. 

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: 

• CMT Exam Level I : 80 to 120 hours 
• CMT Exam Level II : 100 to 140 hours 
• CMT Exam Level III : 120 to 160 hours 

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.

Plan to arrive 30 minutes before the scheduled appointment to allow for check-in procedures. If you are late 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.

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. A calculator will be available on the computer screen during your exam. Prometric will provide paper and pencils that candidates may use to work through questions while in the test center. CANDIDATES MUST PROVIDE VALID ACCEPTABLE IDENTIFICATION (ID) TO BE ALLOWED TO SIT FOR AN EXAM, WHETHER IN A TEST CENTER OR VIA REMOTE PROCTORING. PLEASE SEE THE NEXT SECTION FOR MORE INFORMATION ABOUT ACCEPTABLE FORMS OF ID.

Candidates are required to present ORIGINAL (not photocopied) UNEXPIRED government-issued, photo- and signature-bearing ID, in English.  Acceptable documents, bearing both photo and signature, are:

• Driver’s License
• State or Government-Issued ID Card
• Passport
• Military ID Card
• India:
  • PAN Card
  • Aadhaar Card, with photograph, will be accepted as primary ID but requires a second form of ID with a signature, as noted below.

If the primary ID presented contains only a photo but no signature, the candidate may present a second form of ID with a signature. Acceptable forms of secondary ID are

• Employee ID
• School ID
• Credit Card

Important: Candidates with expired ID cards or ID cards missing either a photograph or a signature will NOT be allowed to test. Ensure your ID is valid and meets the requirements to avoid being denied entry.

For 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 other than 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 Level I Exam does not have a scheduled break. You may take an unscheduled break but be aware that the countdown for your exam will continue while on your break.

CMT Level II & III each have a scheduled break of 10 minutes. During the scheduled break, candidates will not be able to go back to Part I of the exam; during additional unscheduled breaks, the countdown of the exam will continue. 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@cmtassociation.org  before scheduling your exam. For additional information regarding Prometric’s Test Center Regulations,  please click here.

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 fifty (50) 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.

You can visit Prometric’s page which outlines this:

Prometric.com/test-takers/what-expect

Plan to arrive 30 minutes before the scheduled appointment to allow for check-in procedures. If you are late 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.

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. A calculator will be available on the computer screen during your exam. Prometric will provide paper and pencils that candidates may use to work through questions while in the test center. CANDIDATES MUST PROVIDE VALID ACCEPTABLE IDENTIFICATION (ID) TO BE ALLOWED TO SIT FOR AN EXAM, WHETHER IN A TEST CENTER OR VIA REMOTE PROCTORING. PLEASE SEE THE NEXT SECTION FOR MORE INFORMATION ABOUT ACCEPTABLE FORMS OF ID.

Candidates are required to present ORIGINAL (not photocopied) UNEXPIRED government-issued, photo- and signature-bearing ID, in English.  Acceptable documents, bearing both photo and signature, are:

• Driver’s License
• State or Government-Issued ID Card
• Passport
• Military ID Card
• India:
  • PAN Card
  • Aadhaar Card, with photograph, will be accepted as primary ID but requires a second form of ID with a signature, as noted below.

If the primary ID presented contains only a photo but no signature, the candidate may present a second form of ID with a signature. Acceptable forms of secondary ID are

• Employee ID
• School ID
• Credit Card

Important: Candidates with expired ID cards or ID cards missing either a photograph or a signature will NOT be allowed to test. Ensure your ID is valid and meets the requirements to avoid being denied entry.

For 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 other than 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 Level I Exam does not have a scheduled break. You may take an unscheduled break but be aware that the countdown for your exam will continue while on your break.

CMT Level II & III each have a scheduled break of 10 minutes. During the scheduled break, candidates will not be able to go back to Part I of the exam; during additional unscheduled breaks, the countdown of the exam will continue. 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@cmtassociation.org  before scheduling your exam. For additional information regarding Prometric’s Test Center Regulations,  please click here.

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 fifty (50) 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.

You can visit Prometric’s page which outlines this:

Prometric.com/test-takers/what-expect

Plan to arrive 30 minutes before the scheduled appointment to allow for check-in procedures. If you are late 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.

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. A calculator will be available on the computer screen during your exam. Prometric will provide paper and pencils that candidates may use to work through questions while in the test center. CANDIDATES MUST PROVIDE VALID ACCEPTABLE IDENTIFICATION (ID) TO BE ALLOWED TO SIT FOR AN EXAM, WHETHER IN A TEST CENTER OR VIA REMOTE PROCTORING. PLEASE SEE THE NEXT SECTION FOR MORE INFORMATION ABOUT ACCEPTABLE FORMS OF ID.

Candidates are required to present ORIGINAL (not photocopied) UNEXPIRED government-issued, photo- and signature-bearing ID, in English.  Acceptable documents, bearing both photo and signature, are:

• Driver’s License
• State or Government-Issued ID Card
• Passport
• Military ID Card
• India:
  • PAN Card
  • Aadhaar Card, with photograph, will be accepted as primary ID but requires a second form of ID with a signature, as noted below.

If the primary ID presented contains only a photo but no signature, the candidate may present a second form of ID with a signature. Acceptable forms of secondary ID are

• Employee ID
• School ID
• Credit Card

Important: Candidates with expired ID cards or ID cards missing either a photograph or a signature will NOT be allowed to test. Ensure your ID is valid and meets the requirements to avoid being denied entry.

For 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 other than 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 Level I Exam does not have a scheduled break. You may take an unscheduled break but be aware that the countdown for your exam will continue while on your break.

CMT Level II & III each have a scheduled break of 10 minutes. During the scheduled break, candidates will not be able to go back to Part I of the exam; during additional unscheduled breaks, the countdown of the exam will continue. 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@cmtassociation.org  before scheduling your exam. For additional information regarding Prometric’s Test Center Regulations,  please click here.

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 fifty (50) 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.

You can visit Prometric’s page which outlines this:

Prometric.com/test-takers/what-expect

Request Exam Deferral.

A paid deferral is available only once per paid exam registration.

Candidates may purchase a $350 USD deferral until the deadline*. Your paid deferral allows you to postpone your exam appointment to the next scheduled exam cycle. For example, if you are currently registered for the June Level 1 exam, you may defer that registration to the December cycle of the same year by purchasing a paid deferral.

*Deadline – Paid deferrals are allowed only until the last day of the ongoing exam window. No deferral requests will be accepted after the exam window has ended.

CMT Association contracts with our exam administrator and incurs extra expenses anytime a candidate changes their plans. We pay for your absence from an expected exam and the cost to arrange for seating for a future exam.

When you pay to defer your exam, your registration and scheduled exam appointment will be cancelled immediately. Once the next exam administration is open, you will receive an email containing the registration information you will need in order to schedule a new date/time/test center on Prometric.com for your deferred exam.

Important: Simply canceling the appointment with Prometric does not automatically defer you to the next exam cycle.

Candidates registered for an exam can find the deferral form here when it is available for their exam window. You must wait until the deferral form is available for your window to submit your deferral request. 

When you purchase the deferral, your registration and scheduled appointment will be cancelled. Purchase of the paid deferral allows you to move your exam appointment to the next scheduled exam window, generally in six months. Once your deferral is processed, you will be registered for the next exam cycle, and you will be able to schedule your exam time with Prometric when scheduling for the next exam cycle opens. 

Only one paid deferral is permitted for each paid registration. Once the initial deferral is purchased, you cannot defer again. If another change is required, you must pay for a new registration. 

Choosing and paying for a deferral cancels your registration and scheduled exam appointment (if applicable). It is a binding decision and cannot be changed. Refunds are not available. 

You will need to directly reschedule your appointment on prometric.com. The fee to change your scheduled appointment within the exam window is $25 USD. 

• The Level I and II exams are multiple choice and graded by machine. This machine grading is followed by post-exam statistical and psychometric reviews for each exam administration.
• The Level III exams are graded by CMT charterholders. Grading is based on a uniform answer key for each question. The answer key provides a breakdown of points that candidates earn for both full and partial-credit answers.

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.

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 of 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. This 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.

There are multiple reasons that the CMT Association does not provide candidates with their actual score:

• The final passing score is based on a rigorous analytical process, thus a passing mark changes from one exam administration to the next. The same numerical score that was a passing mark on one exam may be a failing score on another. The CMT Association recognizes that each exam will not be of the exact same difficulty.
• The CMT Association does not want to create ‘classes’ of CMT charterholders. If candidates were provided with scores, employers may want to hire only the highest scoring candidates.
• The goal of these exams is to learn the material, to pass each level of the exam, and to earn the coveted CMT charter. The association has no mission for creating an incentive for one passing candidate to be recognized as relatively stronger in any way to another passing candidate based on their exam scores.

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.

All results are actively maintained in the CMT Association database indefinitely.

Reviewing, finalizing and communicating exam results may take up to eight weeks from the end of the testing period. CMT Level I and II results will be emailed to candidates by Prometric. CMT Level III results will arrive in an email from the CMT Association.

The following graph shows the pass rates for CMT I, CMT II and CMT III exams from the past few exam cycles. 

• The Level I and II exams are multiple choice and graded by machine. This machine grading is followed by post-exam statistical and psychometric reviews for each exam administration.
• The Level III exams are graded by CMT charterholders. Grading is based on a uniform answer key for each question. The answer key provides a breakdown of points that candidates earn for both full and partial-credit answers.

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.

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 of 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. This 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.

There are multiple reasons that the CMT Association does not provide candidates with their actual score:

• The final passing score is based on a rigorous analytical process, thus a passing mark changes from one exam administration to the next. The same numerical score that was a passing mark on one exam may be a failing score on another. The CMT Association recognizes that each exam will not be of the exact same difficulty.
• The CMT Association does not want to create ‘classes’ of CMT charterholders. If candidates were provided with scores, employers may want to hire only the highest scoring candidates.
• The goal of these exams is to learn the material, to pass each level of the exam, and to earn the coveted CMT charter. The association has no mission for creating an incentive for one passing candidate to be recognized as relatively stronger in any way to another passing candidate based on their exam scores.

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.

All results are actively maintained in the CMT Association database indefinitely.

Reviewing, finalizing and communicating exam results may take up to eight weeks from the end of the testing period. CMT Level I and II results will be emailed to candidates by Prometric. CMT Level III results will arrive in an email from the CMT Association.

The following graph shows the pass rates for CMT I, CMT II and CMT III exams from the past few exam cycles. 

• The Level I and II exams are multiple choice and graded by machine. This machine grading is followed by post-exam statistical and psychometric reviews for each exam administration.
• The Level III exams are graded by CMT charterholders. Grading is based on a uniform answer key for each question. The answer key provides a breakdown of points that candidates earn for both full and partial-credit answers.

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.

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 of 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. This 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.

There are multiple reasons that the CMT Association does not provide candidates with their actual score:

• The final passing score is based on a rigorous analytical process, thus a passing mark changes from one exam administration to the next. The same numerical score that was a passing mark on one exam may be a failing score on another. The CMT Association recognizes that each exam will not be of the exact same difficulty.
• The CMT Association does not want to create ‘classes’ of CMT charterholders. If candidates were provided with scores, employers may want to hire only the highest scoring candidates.
• The goal of these exams is to learn the material, to pass each level of the exam, and to earn the coveted CMT charter. The association has no mission for creating an incentive for one passing candidate to be recognized as relatively stronger in any way to another passing candidate based on their exam scores.

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.

All results are actively maintained in the CMT Association database indefinitely.

Reviewing, finalizing and communicating exam results may take up to eight weeks from the end of the testing period. CMT Level I and II results will be emailed to candidates by Prometric. CMT Level III results will arrive in an email from the CMT Association.

The following graph shows the pass rates for CMT I, CMT II and CMT III exams from the past few exam cycles. 

Plan to arrive 30 minutes before the scheduled appointment to allow for check-in procedures. If you are late 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. 

Candidates should print 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. A calculator will be available on the computer screen during your exam. Prometric will provide paper and pencils that candidates may use to work through questions while in the test center.

CANDIDATES MUST PROVIDE VALID, ACCEPTABLE IDENTIFICATION (ID) TO BE ALLOWED TO SIT FOR AN EXAM, WHETHER IN A TEST CENTER OR VIA REMOTE PROCTORING. Please see the next section for more information about acceptable forms of ID. 

Candidates are required to present ORIGINAL (not photocopied), un-expired, government-issued ID. The ID must be in English and must bear both the photograph AND signature of the candidate. Acceptable documents, bearing both photo and signature, are: 

• Driver’s License 
• State or Government-Issued ID Card 
• Passport 
• Military ID Card 
• India:  
  • PAN Card 
  • Aadhaar Card, with photograph, will be accepted as primary ID but requires a second form of ID with a signature, as noted below.
     

If the primary ID presented contains only a photo but no signature, the candidate may present a second form of ID with a signature. Acceptable forms of secondary ID are: 

• Employee ID 
• School ID 
• Credit Card

Important: Candidates with expired ID cards or ID cards missing either a photograph or a signature will NOT be allowed to test. Ensure your ID is valid and meets the requirements to avoid being denied entry. 

Prometric takes their role of providing a secure test environment seriously. During the check-in process, they 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 other than 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 prevent you from completing your exam.  

Scheduled Breaks During Exams 

The CMT Level I Exam does not have a scheduled break. You may take an unscheduled break, but be aware that the countdown for your exam will continue. 

CMT Level II & III Exams each have a scheduled break of 10 minutes between the first and second sections of the exam. Following the scheduled break, candidates will not be able to go back to Part I of the exam. For ProProctor the break will appear on the screen. The candidate MUST inform the proctor if they intend to leave their seat and screen.  During additional unscheduled breaks you might choose to take, the countdown of the exam will continue. 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, un-expired ID, and sign-in again. If you need to take medication during the exam, please contact CMT Association at admin@cmtassociation.org BEFORE scheduling your exam. For additional information regarding Prometric’s policies, please visit Prometric Test Center Policies.  

If you have a special need or require any accommodations, please contact CMT Association after you register for your exam. Candidates must contact CMT Association at least fifty (50) days prior to your test date to request special testing arrangements. Testing accommodations are available to all candidates worldwide.  

You do not need to request accommodations for pre-approved items. Review Prometric’s list of pre-approved items.  

Learn what to expect on exam day.

• Yes, passing the CMT Level I and II exams can replace the Series 86 exam for technical research analysts. Details are available from FINRA at https://www.finra.org/registration-exams-ce/qualification-exams/exam-waivers-and-exemptions. 

Yes, you must complete the application for Member Status. Applicants must secure three (3) references, no more than one from your current firm, and complete the membership application to initiate the membership process. Additionally, candidates need to demonstrate three (3) years of acceptable professional experience and identify three (3) referrers who have confirmed they will submit a Sponsor Questionnaire on the applicant’s behalf. You can visit the “Membership Process” FAQ section to learn more.

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.

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.

The CMT Association Board of Directors, acting under the advice of the Ethics and Standards Committee, may revoke a Member’s CMT designation for serious violations of the CFA Institute’s Code of Ethics and Standards of Professional Conduct.

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.

Candidates should consult the Trademark Usage Guide for CMT Charterholders for specific guidance on using the designation and indicating progress in the program.

• Yes, passing the CMT Level I and II exams can replace the Series 86 exam for technical research analysts. Details are available from FINRA at https://www.finra.org/registration-exams-ce/qualification-exams/exam-waivers-and-exemptions. 

Yes, you must complete the application for Member Status. Applicants must secure three (3) references, no more than one from your current firm, and complete the membership application to initiate the membership process. Additionally, candidates need to demonstrate three (3) years of acceptable professional experience and identify three (3) referrers who have confirmed they will submit a Sponsor Questionnaire on the applicant’s behalf. You can visit the “Membership Process” FAQ section to learn more.

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.

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.

The CMT Association Board of Directors, acting under the advice of the Ethics and Standards Committee, may revoke a Member’s CMT designation for serious violations of the CFA Institute’s Code of Ethics and Standards of Professional Conduct.

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.

Candidates should consult the Trademark Usage Guide for CMT Charterholders for specific guidance on using the designation and indicating progress in the program.

You have the option to sit for your CMT exam at home using the ProProctor application rather than traveling to a Prometric testing center. To take advantage of this option, your home computer setup and workspace environment must meet a strict set of requirements. You can review the requirements and find more information on Prometric’s Remote Exam Experience page.

There is a scheduled break built into the Level II and Level III exams. There is no scheduled break in the Level I exam.   

The Level II and III exams have each been divided into two sections, with a scheduled break available to all candidates between those sections. This occurs at a point midway through the exam content, regardless of the time remaining. It’s important for candidates to understand the following:  

1. The scheduled break is optional. At that point in the exam, you will be given the choice of taking the break or continuing immediately to the second section of your exam.  
2. The break, should you take it, allows you 10 minutes that does not come out of your exam time. Anything longer than that will come from the time you have remaining in the exam.   
3. When working through each of the two sections of the exam, you may navigate forward and back through any of the questions in that section. However, you will not be able to navigate between sections. Please review one section before moving on to the next section.

    

Test center staff and remote proctors will guide you through the security procedures if you do take the break.  

ProProctor Candidates: If you are leaving your seat/screen during a break, you must inform the proctor, and your environment will need to be scanned once again before you resume your exam. 

Any break other than the scheduled break in the Level II and Level III exams and any break whatsoever in the Level I exam will be considered unscheduled and the exam timer will continue running.    

All security protocols, e.g., check-in and check-out, must be followed for all breaks whether scheduled or unscheduled. 

If you experience any issues or get disconnected during your exam, contact the Prometric technical support team immediately at https://www.prometric.com/contact-us. Additionally, notify admin@cmtassociation.org for prompt assistance. 

You do not need to request accommodations for pre-approved items. Review Prometric’s list of pre-approved items.  

The Level I and II exams are multiple choice and graded by machine. This machine grading is preceded by post-exam statistical and psychometric reviews for each exam administration. 

The Level III exams are graded by CMT Charterholders. Grading is based on a uniform answer key for each question. The answer key provides a breakdown of points that candidates earn for both full and partial-credit answers. 
 

How will the short-answer questions on Level III be graded? 

Level III responses are graded by a group of CMT Charterholders worldwide who use detailed rubrics. They are looking for: 

• Evidence of Conceptual Understanding: Show that you grasp the relevant indicators or market principles. 
• Logical Reasoning: Explain why you reached a conclusion or recommendation. 
• Clarity: Be concise and direct. Graders will not penalize minor grammar mistakes or non-native English phrasing. 

Is the Level III exam more difficult for non-native English speakers? 

The exam is written in clear, straightforward English—no slang or cultural idioms—to ensure fairness for international candidates. While you do need to express your thoughts in English, you won’t lose points for minor grammar issues as long as your reasoning is clear and correct. 

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. 

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 of 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. This 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.

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.

All results are actively maintained in CMT Association’s database indefinitely. 

Reviewing, finalizing, and communicating exam results may take up to eight weeks from the end of the testing period. All exam results will arrive in an email from CMT Association. Candidate eligibilities will be automatically reflected in your MyCMT profile to allow for retake registration or to move on to the next level of examination. 

There is no formal certificate issued for passing Level III of the CMT Program. The only confirmation you will receive is the official email notification. A certification or designation is issued only after you apply for and are awarded the CMT Charterholder designation. 

The following graph shows the pass rates for CMT Level I, CMT Level II and CMT Level III exams from the past few exam cycles. 

Yes, passing the CMT Level I and II exams can replace the Series 86 exam for technical research analysts. Details are available from FINRA on their Qualification Exam Waivers and Exemptions page.  

Find more information on how to apply for a Series 86 exemption on the Regulatory Recognition page. 

Yes, you must apply for and be approved as a Professional Member in order to become a CMT Charterholder and use the CMT designation. Please visit the Membership Process section of this FAQ to learn more about the application requirements.

Individuals who pass all three levels of the CMT Program, apply for and are approved by the Admissions Committee and Board of Directors as Professional Members, and are current on their dues, are then granted their CMT Charter. The printed CMT certificate is then prepared and mailed to the Charterholder within 8 weeks of approval.

To maintain your status as a CMT Charterholder you must be a member of CMT Association in good standing and abide by the CFA Institute’s Code of Ethics and Standards of Professional Conduct. 

CMT Association Board of Directors, acting under the advice of the Ethics and Standards Committee, may revoke a Member’s CMT designation for serious violations of the CFA Institute’s Code of Ethics and Standards of Professional Conduct. 

Individuals should consult the Trademark Usage Guide for CMT Charterholders for specific guidance on using the designation and indicating progress in the program.

CMT Association offers 2 types of Membership: Affiliate and Professional. The annual fee for both types of membership is $325 USD. 

 Affiliate Members receive benefits from CMT Association such as member-only content on the CMT Association Website, Premium Access channels on our Discord server, exclusive discounts from our partners, and lower member pricing for select CMT Association events. There are no requirements to become an Affiliate member. You just need to pay the $325 USD annual membership fee (plus taxes where applicable) to receive the benefits. 

Professional Members receive all the benefits listed above. In addition, they have earned the following privileges: 

• Vote for the Board of Directors 
• Vote on changes to the Constitution and By-Laws 
• Serve on a local chapter and/or a Committee of the Association 
• Contribute to newsletters and educational events 
• Act as a Reference for Affiliate Members seeking full Member status 

Professional Members who have consistently maintained their active membership status over the years, upon retirement can request to remain connected with CMT Association as Emeritus Members . 

To become an Affiliate Member, you simply need to sign up here and pay the annual dues.  

To become a Professional Member, you need to complete the following steps: 

STEP ONE: Become an Affiliate Member.  

STEP TWO: Apply for Professional Membership. 

• Submit a completed application form. 
• Meet the criteria for approved professional work experience: 
  • Either pass all three levels of the CMT Program and provide evidence of 3 years of approved work experience, 
  • Or choose not to sit the CMT Program exams, in which case you will need to provide 5 years of approved work experience.  
• Provide acceptable referrals, only one of which can come from someone at your employer’s organization: 
  • Either submit referrals from 3 Professional Members in good standing, 
  • Or submit 1 referral from your direct supervisor and referrals from 2 Professional Members in good standing.

STEP THREE: Your Professional Member status will not go into effect unless and until you are current with your membership dues.  

Once we receive your application and all 3 of your referrals, your complete application will be sent to the Admissions Committee for evaluation. They will then forward their recommendations to the Board of Directors for approval. The review and approval process can take up to 8 weeks from when we receive your complete application. 

Once your application is approved by the Board, your printed CMT Charterholder certificate will be printed and mailed to the address you provided within up to 8 weeks of approval.  

Yes, in order to use the CMT designation, you must be a Professional Member in good standing who has passed all the three levels of exams in the CMT Program. 

Becoming an Affiliate Member before passing the Level III exam is recommended and can shorten the time it takes to process your Professional Membership application.  

Ensuring that your membership dues are paid by the time your application is approved is another way you can speed up the process.

We highly suggest attending your local chapter meetings to network with Professional Members whom you can ask to serve as a reference for you.  

Additionally, Affiliate Members of the Association have access to the Membership Directory in MyCMT where they can search for members willing to provide a referral. 

Our official Discord server also has a premium channel called Sponsorships, where many of our applicants find referrers from around the world: https://cmta.fyi/discord.  

The process to find referrers can take some time. If you have already exercised the suggestions above, please reach out to admin@cmtassociation.org and we can assist you with finding referrers. 

One of your referrers can be your direct supervisor and as such does not need to be a member of the association.  

All other referrers must be CMT Association Professional Members in good standing. As an Affiliate Member, you are able to verify the membership status of any prospective referrers, by logging into your MyCMT profile and searching the Membership Directory. Alternatively, you can send an email inquiry to admin@cmtassociation.org.  

You are responsible for contacting your referrers and confirming with them that they will complete the questionnaire on your behalf once they are prompted by Submittable. 

Only one of your referrers may be from your current firm. 

You can check your application status, including the status of your referrer questionnaires, by logging into your Submittable account. 

You don’t need to have had a previous relationship with the individual. The length of time can simply be “No Prior Relationship.” 

You will need to discuss with the applicant via phone, video, or email how they intend to use Technical Analysis in their work. You will need to make a recommendation as to whether or not you think the applicant will be a good addition to the CMT community. 

There is not a specific time limit to submit the form, however, we do request that you do so as soon as possible so that the application process isn’t delayed. 

All you need to do to be a referrer is to fill out the questionnaire once you are prompted via email. The notification will come directly from Submittable. 

Unless you are the direct manager of the applicant, you must be a member of the association in order to provide a reference for an applicant. All referrers other than the direct manager must be Professional Members of CMT Association in good standing. 

Only active CFA Charterholders are eligible for the CMT Level I Waiver. 

No. The exemption is only available to those who hold the CFA Charter. Once you obtain the Charter, you will be exempt from the CMT Level 1 Exam. 

To apply for the CFA Charterholder waiver and register for the Level II exam, log into MyCMT on the CMT Association website. There, under your profile you will find an option to enter your CFA charter number. Click the link and fill in the required details. 

The CMT Association’s admin team will verify your CFA charter details, enable your login for the waiver, and send you a confirmation email to proceed with your registration for CMT Program’s Level II exam.  

All CMT Association members are required to submit an annual Professional Conduct Statement (PCS) as a part of the membership renewal process. The PCS is an opportunity to self-report events or investigations that might cause an individual to be in violation of the Code and Standards. This allows our members to maintain a high degree of professional transparency surrounding the CMT designation.

To view the Charterholder or membership status of an individual, you can log into MyCMT and search the Membership Directory, or you can send an email inquiring about that person’s status to admin@cmtassociation.org. 

First, please carefully review our Ethics page. Then, you may choose to report the member in question to our Ethics and Standards Committee, which handles all such complaints that arise within CMT Association. You can file a report by following the instructions on the Reporting Misconduct Form. 

CMT Association is a credentialing and advocacy body. We do not offer investment management or investment advisory services of any kind. If anyone reaches out to you claiming to represent CMT Association, Inc., please inform us on admin@cmtassociation.org