Chartered Market Technician® Program

Navigate the Gap With the CMT Program


Completing the CMT Program demonstrates mastery of a core body of knowledge of investment risk in portfolio management. Our market philosophy is grounded in behavioral economics and extends beyond classical pattern recognition techniques to include quantitative approaches to market research and rules based trading system design and testing.

Technical analysis provides the tools to successfully navigate the gap between intrinsic value and market price across all asset classes through a disciplined, systematic approach to market behavior and the law of supply and demand.

CMT Level 1

CMT Level I

Focusing on the basic knowledge of the terminology and analytical tools used in technical analysis.

Next Exam Date: October 19 – 21, 2017

CMT Level 2

CMT Level II

Measuring the candidate’s competency in the application of concepts, theory, and techniques covered by the required readings.

Next Exam Date: October 19 – 21, 2017

CMT Level 3


Tests the candidate’s ability to integrate his or her understanding of the concepts identified in Level I with the practical application learned in Level II.

Next Exam Date: October 19, 2017

Select Knowledge Domains

Quantitative Financial Research & Trading

The tools you need to take your quantitative research from idea generation to signal-testing and performance analysis. The CMT Program offers:
- A scientific method for market analysis and analyzing price & volume data
- Exposure to a wide variety of non-fundamental factors
- Methods for strategy differentiation and process efficiency
- A body of knowledge designed to facilitate system development and algorithmic trading
- Applied learning for signal testing and validation
- The ability to analyze and/or trade complex securities

Risk Management

Identifying changes in trends, intermarket relationships, sentiment, or market conditions allows managers to outperform on a risk adjusted basis. The CMT Program prepares candidates to manage trading risk through:
- Mastering tools for measuring performance and validating trading and investing systems
- Applying a disciplined approach to money management and trade allocation rules
- Recognizing market-based signals that define probabilities and opportunities for exploiting both
continuing trends and mean-reverting behavior

Applied Behavioral Finance

Understanding the nature of markets is dependent on our understanding of the nature of irrational market participants. The CMT Program:
- Takes a deep dive into behavioral economics
- Extends theory into practice
- Translates cognitive bias and heuristics into observable market anomaly
- Loss Aversion, Overconfidence, Herding, Anchoring, Belief Perseverance, etc…

Portfolio Management

Above all, CMT candidates learn how to develop a repeatable process for making decisions about important issues such as investment mix and asset allocation, or balancing risk against performance. Portfolio management in the CMT Program helps candidates learn how to maximize return within a given appetite for risk. The strategies and topics in this program are specifically designed for active managers and their teams who must guide a portfolio fund through market volatility.
1,387 CMT® Charterholders Worldwide

Stand Out In A Crowded Job Market

Becoming a CMT charterholder makes you part of an exclusive community of investment professionals who are recognized globally as true specialists and value generators. The CMT charter puts you on the leading edge of the ever-changing investment industry. And, by earning the CMT charter, you can expect to see improved career prospects.

Top employers of CMT Association members include Morgan Stanley, Wells Fargo, Bank of America Merrill Lynch, Charles Schwab and Fidelity.

CMT Program Partnerships

Wiley Cmt Program

The CMT Association partnered with Wiley to streamline the CMT curriculum into concise custom published volumes – distinct for each level of the exam and comprehensive to the required body of knowledge. This curriculum represents a comprehensive review of the topics that industry professionals consider most relevant when working in the field.

Prometric CMT Partner

By joining the CMT Program candidates will have free access to charting tools from Optuma. Candidates will have immediate access to the Trader Services edition, with local end-of-day data and access to all the techniques covered in the CMT exam material. This resource allows candidates to experiment with technical concepts discussed in the curriculum and learn in real-time.

Optuma CMT Partner

Candidates are able to take the CMT exams at any testing center worldwide through Prometric. Visit the CMT Association page through Prometric to find exam locations and schedule your exam. Please note, candidates must first pay the examination fees before scheduling an exam.

Frequently Asked Questions


Q. What are the required readings for the CMT exams?

The Official CMT Curriculum for 2017 is available through Wiley.

Q. Is ALL the material in the required readings covered in the exams?

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

Q. Where can I find sample questions for the CMT Exams?

You can find sample exams under Candidate Tools & Resources. The sample exams are similar in substance to past CMT exams. The exact questions will not be included in the actual exams. In addition, Wiley offers an official CMT Exam Review tool to help simulate exam conditions and questions.

Q. How important are the questions on Ethics?

Candidates on Level III are required to achieve a minimum passing score of 66% on the Ethics section. This means that candidates must receive passing scores on the other sections of Level III and attain a passing score of at least 70% on the Ethics questions to pass. Candidates that do not attain a score of at least 66% on the Ethics questions will not pass the exam and will be required to sit for the entire exam again. Level III candidates should place an increased emphasis on the study of the CFA Code Ethics and Standards of Professional Conduct.

Q. Are candidates required to memorize ALL formulas contained in the required readings?

No. One formula (the of expected range of movement in a security over a given number of days) is useful to memorize. The remainder require a general understanding of the components in each formula and a knowledge of why each one is important.

Q. What other sources of information should candidates reference to better understand the exam material?

Questions on the CMT exams are derived solely from the official curriculum for that calendar year. There are many sources of additional information, books, websites, videos, etc. that might help to provide a better understanding of a topic, but these are not used for the development of exam questions.


Q. What are the eligibility requirements to register for the CMT?

There are no eligibility requirements to take the CMT exams but we do recommend that candidates have a university degree and experience working in the financial markets using technical analysis.

Q. When is the exam held?

The CMT Exams are given twice a year, in April and October. To view the dates for the next exam administration, click here.

Q. How do I enroll in the CMT Program?

To enroll in the CMT program, you must first join the CMT Association as an affiliate member and then enroll in the CMT Program. Once that is complete, you can pay for your exam through MyMTA and schedule with Prometric.

Q. Where is the CMT exam held?

The CMT exam is administered globally at Prometric testing centers (our test administration partner). You will find the exam center nearest to you at the Prometric website once you complete your enrollment in the CMT Program.

Q. Where is the Prometric test center nearest me?

Test centers are available around the world. Visit the Prometric website for a complete list of all available test center locations.

Q. Can I change the test center I was assigned to?

Yes, you may change your selected test center through Prometric by following the prompts to reschedule your exam. You may change test locations for Level I & II up to 48 hours before the exam date.

Please be aware that Prometric will charge a $25 administrative fee for any changes made after the close of registration.

For Level III, you must make any changes by the close of registration.

Q. Can I take multiple exams at once?

No. Candidates may take only one exam per administration period.

Q. How many times are candidates allowed to take the exam?  

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

Q. How long does a candidate have to successfully complete the CMT Program?

Once a candidate has enrolled in the CMT Program, there is no imposed time limit to pass the three levels of examination. However, given the annual updates and revisions to the curriculum, candidates are encouraged to complete the CMT Program in consecutive administrations, expediting their pursuit of the CMT designation.

Q. What is the CMT Association “No Show” Policy?

If you do not arrive at your scheduled exam date/time/test center location, the examination fee is forfeited. There are no refunds or transfers.

Q. Can I defer my exam?
No. Deferment is not an option.

Q. Can I reschedule my exam within the current administration?

Yes, you can reschedule your exam through Prometric.

You may reschedule your exam before the registration deadline at no cost. There will be a $25 rescheduling fee to Prometric for all adjustments made after the close of standard registration.

Q. Can I cancel my exam?

Candidates who register during the early registration period may request a cancellation of their exam and will be eligible for a full refund within two weeks of payment.

Candidates registering during the standard registration deadline may request a cancellation of their exam and will be eligible for a refund minus the test center administration fees within two days of payment.

You must provide a confirmation of your cancellation from Prometric to receive your refund.

Q. How much time are candidates given to complete each exam?

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

Q. What is the length and format of the exams?

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

Q. What is the composition of each exam?

  • Level I – primarily definition & recognition – 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. All candidates must pass the ethics portion of this exam.

Q. Are all exam items scored?

No. Pretest questions are unscored and serve the purpose of expanding our question bank. There are 12 pretest items in the Level I exam and 20 pretest items in the Level II exam. We evaluate new questions psychometrically and statistically to ensure the relevance, validity, and appropriateness of each question to its respective level of the CMT exam.

All items are scored at Level III.

Q. What is the CMT Association Veterans Reimbursement Policy?

The CMT exams have been approved for reimbursement of test fees for veterans and other eligible persons in accordance with the Division of Veterans’ Affairs policy. For information on how to submit reimbursements after your examination, please visit



Q. Does the CMT Association offer prep courses for the CMT Exams?

The CMT Association does not offer prep courses nor does the CMT Association endorse any preparation course. The CMT Association is aware of the following preparation courses for you to independently assess: Optuma Education Services and the New York Institute of Finance offers an online prep course for the Level I exam.

Q. Using resources offered by the CMT Association , what is the best way to establish study groups for CMT preparation?

The easiest way to network with other candidates in the CMT program is to attend local chapter meetings.  Another easy way to form a group is to use the CMT Harvest Network. Candidates can indicate in the CMT discussion forum that they would like to either form or join a study group for an exam level.

Q. Are the exams self-study?

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

Q. Are there recommended minimum hours for study to prepare for the exams?

The CMT Board of Governors 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 : 40 to 100 hours
  • CMT Exam Level II : 60 to 120 hours
  • CMT Exam Level III : 60 to 140 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.


Q. When should I arrive at the test center?

Plan to arrive 30 minutes before the scheduled appointment to allow to for check-in procedures. If you are late in arriving, you will not be allowed to test and will forfeit your exam fee.

At certain Prometric test center locations, you will need to pay for parking, including cash only parking lots.

Q. What should I bring to the test center?

Candidates should print a confirmation of their scheduled exam from the Prometric website. This confirmation contains the date and time of the exam, and the address of the test center.

For CMT Level I & II, you may bring a simple calculator to the test center; Prometric will provide two pencils upon request.

For CMT Level III, you will need to bring a simple calculator to the test center; Prometric will provide two pencils upon request.

Prometric Test Centers will supply paper upon request. A calculator will be on your test module during each Level.

Candidates must provide one form of a current and valid ID, bearing a signature and a recent photograph.

Q. What constitutes a valid form of ID?

Acceptable forms of primary identification include: valid passport, driver’s license (with signature), employee ID card (with photograph) and state ID card. Acceptable forms of secondary ID include: valid credit card, ATM card, check-cashing card, citizenship card.

Please note, candidates taking the exam outside their country of citizenship must present a valid passport. This is the only form of acceptable identity. Also, candidates from Egypt and Vietnam must present a valid passport. The National ID Card will not be accepted as a primary ID as it does not bear a signature.

Q. Are there specific security procedures to follow at the testing center?

For US Test Centers Only: Prometric takes our role of providing a secure test environment seriously. During the check-in process, we inspect any and all eyeglasses, jewelry and other accessories to look for camera devices that could be used to capture exam content.

You will be required to remove your eyeglasses for close visual inspection. These inspections will take a few seconds and will be done at check-in and again upon return from breaks before you enter the testing room to ensure you do not violate any security protocol.

Jewelry outside of wedding and engagement rings is prohibited. Please do not wear other jewelry to the test center. Hair accessories, ties and bowties are subject to inspection. Please refrain from using ornate clips, combs, barrettes, headbands, tie clips, cuff links and other hair accessories as you may be prohibited from wearing them into the testing room and asked to store them in your locker. Violation of security protocol may result in the confiscation of prohibited devices and termination of your exam.

Q. Can I take the CMT exam with testing accommodations under the Americans with Disabilities Act (ADA)?

If you have a special need or require any accommodations, please contact the CMT Association after you register for your exam. Candidates for Level I & II must contact the CMT Association at least thirty (30) days prior to your test date to request special testing arrangements. Candidates for Level III must contact the CMT Association thirty (30) days prior to the close of registration. The CMT Association does not limit testing accommodations only to those who are US citizens or who reside in the US.


Q. How are the exams graded?

  • The Level I and II exams are multiple choice and machine graded and then the results go through a psychometric review. This process requires candidates to wait approximately four weeks before receiving their final scores.
  • The Level III exams are graded by CMT charterholders. Grading is based on a uniform answer key for each question. This answer key provides a breakdown of points that candidates earn for both full and partial credit answers.

Q.  Do typographical and grammatical errors affect your Level III score?

Typographical and grammatical errors will not penalize you on the Level III exam. Exams are graded solely on the application of the technical analysis concepts being tested.

Q. What is the passing score for each level of the exam?

The exact passing score 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 exact passing score for both the Level I and Level II exams. In the past these exams had a fixed passing score at 70% of possible points. That amount is still a default target for exams, but with the post-exam review process, the actual cut score may vary by one to three percentage points. The new process allows us to more effectively equate the difficulty of the current exam to a relevant benchmark–a past exam or set of exams. This allows us to adjust scores depending on degree of difficulty of each exam.

Q. Why doesn’t the CMT Association provide candidates with their actual score?

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

  • 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.

Q. Is there a process for challenging a failing score?

No. The association’s judgement 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.

Q. Is there a review process for exam scores?

For those who want a personal consultation based on their exam results for Level III. An CMT Association staff or subject matter expert will, for a fee of $100, review the strengths and weaknesses of your results and give you guidance on what you need to do to better prepare for the exam.

Q. How long are the CMT tests and scores maintained on file?

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

Q. When are exam results released?

The results for the CMT Level I and II exams are communicated as quickly as we can possibly verify the results and upload the scores to our database. This process may require three to four weeks.

CMT Level III exam results require a manual grading process and therefore take longer. They are generally are made available approximately six to eight weeks from the exam date.


Q. Once a candidate completes all three exams, are there requirements to receive the CMT designation?

Yes, you must complete the application for Member Status process. Applicants must secure three (3) sponsors, no more than one from your current firm, and complete the membership application to initiate the membership process. Candidates who have completed the three Levels of the CMT Program prior to applying for Member status only need to demonstrate three (3) years of acceptable professional experience.

Q. How is the CMT designation awarded and when is the physical charter document received?

Upon being approved for Member Status and granted the CMT designation, you will be mailed your certificate of completion generally within four to six weeks of approval.

Q. Once a CMT designation is awarded, what requirements must be maintained?

To maintain your status as a CMT charterholder you must be a member of the CMT Association in good standing and abide by the CMT Association Code of Ethics.

Q. Under what circumstances can the CMT designation be revoked?

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

Q. Is there a list of members willing to sponsor affiliates applying for member status?

Yes, sponsorship contact information is available in the Sponsorship Directory.