About the CMT® Exam
Your Guide to the Chartered Market Technician Designation
What is the Chartered Market Technician (CMT) Program?
The CMT charter is a globally recognized designation for finance professionals focused on investment management, portfolio management, and risk management. Earning the CMT charter demonstrates your advanced knowledge of technical analysis principles, ability to evaluate market data, harness behavioral economics, and create forecasts to execute informed investment decisions.
CMTs are making an impact in over 135 countries around the world, representing excellence in the rapidly expanding discipline of technical analysis. Earning your charter will help you join this prestigious community while opening up new career opportunities.
Chartered Market Technician Quick Facts
- The CMT exam consists of three levels: Level I, Level II, and Level III.
- All three CMT exams must be taken sequentially and are offered in June and December each year.
- Successful CMT candidates master investment risk competencies for portfolio management roles.
- CMT certification requirements include sponsorships from CMT Association members and three years of relevant professional experience.
- There is no time limit in which candidates must pass all three levels of the CMT exam.
- Candidates must become members of the CMT Association to earn the CMT charter.
What Is the CMT Program Exam?
The primary requirement for earning the CMT charter is passing all three levels of the CMT Program Exam. The exam is offered twice annually, in June and December, for each level. It is a challenging test designed to ensure that charterholders have a thorough grasp of the principles, practical uses, and ethical considerations of technical analysis. The CMT Association suggests dedicating 80-120 hours of study for the Level I exam, 100-140 hours for Level II, and 120-160 hours for Level III.
Why Should You Take the CMT Exam?
Taking the challenging CMT exam demonstrates your commitment to your career advancement, the finance industry, and the overall discipline of technical analysis. Working hard to pass all three levels of the CMT exam gives you:
- Enhanced Expertise: The CMT designation signifies advanced knowledge and expertise in technical analysis, which can deepen your understanding of market behavior and trading strategies.
- Career Progression: Candidacy for the CMT charter can enhance your career opportunities and mobility in roles regarding investment analysis, portfolio management, and trading.
- Prestige: The CMT is a globally recognized credential. Preparing for and passing the three-level exam can boost your professional reputation and credibility in the industry.
- Skill Development: Studying for the CMT exam builds advanced skills in analyzing financial markets, using technical tools, and applying ethical practices.
- Networking Opportunities: As a CMT candidate (and eventual CMT charterholder), you gain access to a network of thousands of fellow finance professionals. All CMT charterholders must be members of the CMT Association, which will amplify your network.
- Global Perspective: The CMT program provides a broad understanding of technical analysis, applicable to various markets and financial instruments around the world.
Overall, the CMT exam can be a significant step toward advancing your career in finance, expanding your knowledge base, and gaining recognition in the industry.
CMT Program Requirements
Becoming a Chartered Market Technician requires time and effort—but the opportunities for career development are worth it. Before you get started, make sure you’re familiar with the eligibility requirements listed below.
Educational Requirements
To sit for the Level I CMT exam, a university degree is recommended but not required. This means candidates may sit for Level I while completing their bachelor’s degree(s).
Professional Experience Requirements
Before sitting for the CMT exam, the CMT Association recommends that candidates have some work experience using technical analysis in the financial markets. However, this is not required and candidates may sit with no work experience.
To complete the charterholder process after passing all three levels of the CMT exam, candidates must become active Professional Members of the CMT Association. You must also demonstrate a minimum of three years of related professional experience to be accepted.
CMT Association Membership
To become a CMT Association Professional Member and complete the CMT charterholder process, you must complete the application for Member Status, including enlisting three sponsors who are already part of the Association. These sponsors will provide recommendations and submit a Sponsor Questionnaire on your behalf. Only one sponsor may be from your current place of work.
To use the CMT designation, you must be an approved member of the Association in good standing. To speed up the application and charterholder process, you may become an Affiliate Member of the Association before sitting for the Level III exam. This step activates your membership before completing your official Professional Membership application and gives you access to the Association’s directory of participating sponsors.
Membership is renewed on an annual basis, including the submission of membership dues.
CFA Code of Ethics
All CMT Association members must abide by the CFA Institute Code of Ethics and Standards of Professional Conduct. On an annual basis, CMT Association members must submit a Professional Conduct Statement when renewing their membership.
Continuing Education Requirements
The CMT Association does not require CMT charterholders to complete annual Continuing Education (CE) credits to maintain the designation. However, to ensure you are staying up to date on your industry and technical analysis knowledge, the Association recommends completing 15 optional CE credits each year, with a minimum of three credit hours covering ethics.
What if I Am a CFA Charterholder?
If you are a current CFA charterholder interested in pursuing the CMT designation, good news! Active CFA charterholders are exempt from the Level I CMT exam, meaning you can skip right to testing at Level II. CFA Institute and the CMT Association are partners in delivering the Stackable Credential program. As the CFA charter represents excellence in portfolio management and other areas with some overlap regarding the CMT Program, CFA charterholders get a special waiver as CMT candidates. This will make your exam journey faster—allowing you to pass the remaining two exams in as little as one year.
Guidance for International Students
The CMT exam is administered via Prometric Testing Centers worldwide. There are nearly 40 active international CMT chapters around the world, and CMT members in over 100 countries and growing. More candidates from the India/Asia Pacific region register for the exam each year. Simply register for the exam and reserve your seat at the Prometric Testing Center nearest you.
There are no additional requirements for international candidates. However, there are a few things to be aware of regarding the exam:
- CMT exam Levels I-III are offered in English only.
- Not all testing centers offer all three levels of the exam. When scheduling your exam, remember to check the Prometric website to find a testing center that offers the level of the exam you are taking.
- International candidates may need to apply for a visa to travel to the country where they will be taking the exam. If traveling to sit for your upcoming exam, check your destination’s embassy or consulate to determine if a visa is required.
CMT Exam Dates & Registration
Follow the steps below to fulfill the exam requirements for your CMT charter.
Step 1: Enroll in the CMT Program and register for your required exam level here.
Step 2: Receive confirmation of your registration within your MyCMT account.
Step 3: Schedule your exam appointment(s) with Prometric, the CMT Association’s global testing partner.
Step 4: Study and prepare with a trusted review provider and publisher of the Official CMT Curriculum.
Step 5: Show up for your scheduled exam appointment(s) with proper identification.
CMT Exam Dates
All three levels of the CMT exam are administered twice per year—in June and December. Candidates may not sit for multiple exams during the same testing window. This means you can pass a maximum of two CMT exam levels per year.
Each exam window typically lasts for 15 days per Levels I and II, and a single day per Level III.
At the conclusion of the previous exam window, the CMT Association announces registration deadlines, exam dates, and fees for the next testing period. Be sure to check cmtassociation.org for more information.
CMT Exam Registration Dates
Candidates may only register for the CMT exam at certain points of the year. The CMT Association segments registration into three categories with different pricing—Early Registration, Standard Registration, and Late Registration. While the dates for each category vary by year, registration is generally open during the following:
| Target Exam Window | Registration Open |
|---|---|
| June Window | Late December of Previous Year - Mid-May of Target Exam Year |
| December Window | Mid-May - Mid-November of Target Exam Year |
CMT Exam Cost
CMT exam costs vary based on CMT Association membership type and status, registration timing, added fees for rescheduling exams with Prometric, CFA charterholder standing, among other factors. For an Affiliate Member of the CMT Association planning to sit for all three levels of the CMT exam, expect to pay at least $2,200. This number includes a minimum of one year of CMT Association membership and three Early Registrations, but does not include the cost of the Official CMT Curriculum or other exam review materials. These materials are highly recommended to help you maximize your performance on exam day.
CMT Exam and Registration Fees
See the chart below for a breakdown of CMT exam registration fees. Fees vary by exam registration period, with Early Registration as the most cost-effective option. The sooner you register, the better your rate.
| CMT Exams | Level I | Level II | Level III |
|---|---|---|---|
| Early Registration Period | $625 | $625 | $625 |
| Standard Registration Period | $825 | $825 | $825 |
| Late Registration Period | $1,225 | $1,225 | $1,225 |
Rescheduling outside of the prescribed registration period or changing your Prometric Testing Center location incurs a $25 fee. Rescheduling your exam within the active registration period may be done at no cost.
If you must cancel your Early or Standard exam registration, you may receive a refund within two weeks of payment. If you must cancel your Late exam registration, you may receive a refund within two days of payment. Note: These refunds do not include the test center administration fees withheld by Prometric.
CMT Association Membership Fees
The CMT Association offers three types of memberships for candidates and charterholders. Charterholders must be Professional Members of the Association to use the CMT designation. Dues are paid on an annual basis.
| Membership Type | Annual Fee |
|---|---|
| Student Member | $100 |
| Affiliate Member | $325 |
| Professional Member | $325 |
Scheduling Your CMT Exam
As mentioned above, after you register for the exam and receive confirmation of your registration, you can then schedule your exam appointment(s) with Prometric, the CMT Association’s global testing partner. We recommend registering during the Early Registration period with the CMT Association and then scheduling your exam with Prometric shortly after for lower fees and best testing center availability.
CMT Exam Retake Policy
Retaking the Chartered Market Technician (CMT) exam happens. Deciding when to retake the exam depends on your own circumstances, such as available study time, performance, goals, and other life commitments. If you fail one or all levels of the CMT exam, don’t worry—you’ll have a chance to retake each level in upcoming exam windows!
There is no limit to the number of times candidates may take the Level I, II, or III CMT exam. Simply register for the next exam window and schedule your test date through Prometric at a testing center near you.
CMT Exam Preparation Timeline
To avoid having to retake any level of the CMT exam, it is important to devote the necessary time and effort to prepare for what you will encounter on exam day. You must develop a study plan to cover all content in the Official CMT Curriculum, build your time management skills, and understand the exam structure and format.
While each candidate’s needs may vary, the CMT Association recommends the following study hours per level for learners with a college degree and appropriate work experience:
| Exam Level | Minimum Study Hours |
|---|---|
| Level I | 80-120 |
| Level II | 100-140 |
| Level III | 120-160 |
Many people attempt to condense their studying into much tighter timelines, which can sometimes lead to stress and last-minute cramming. So it’s best to find CMT prep materials that can help with study scheduling, exam-level practice, and engaging lessons, like UWorld CMT Exam Review.
CMT Exam Testing Centers
All levels of the CMT exam are administered through Prometric Testing Centers or remotely using Prometric’s ProProctor service. There are thousands of testing centers in over 180 countries, so candidates will find many in-person CMT exam locations throughout the U.S. and internationally.
To locate a Testing Center and schedule exam appointments, visit https://www.prometric.com/test-takers/search/cmta.
CMT Exam Format
Structure of the CMT exam depends on which level you are taking.
| Exam Level | Questions | Time Allotted |
|---|---|---|
| Level I | 132 Multiple-Choice Questions | 2 Hours |
| Level II | 170 Multiple-Choice Questions | 4 Hours |
| Level III | Mix of Short Answer Essay and Multiple-Choice Questions | 4 Hours |
Level I evaluates candidates’ basic understanding of the tools and principles of technical analysis. Level II assesses candidates’ ability to apply advanced analytical techniques and technical analysis theory.
Finally, Level III is the most complex of the three exams. Level III tests candidates’ ability to develop and convey logical research opinions, portfolio strategies, and trading decisions when reviewing charts and other data. This level features case studies.
Note: All candidates must register for and take each exam level separately. Exams must be taken in order.
Having a clear understanding of the exam timing for each level allows you to pace yourself appropriately and avoid running out of time on the CMT exam.
CMT Level I Topics and Weightage
The Level I CMT exam covers the following Knowledge Domains based on the percentages below.
- Chart and Pattern Analysis: 23%
- Trend Analysis: 16%
- Selection and Decision Making: 13%
- Theory and History: 9%
- Market Indicators: 7%
- Statistical Analysis: 6%
- System Testing: 5%
- Markets: 5%
- Cycles: 5%
- Chart Construction: 5%
- Ethics: 3%
- Confirmation: 3%
CMT Level II Topics and Weightage
The Level II CMT exam covers the following Knowledge Domains based on the percentages below.
- Chart and Pattern Analysis: 15%
- Risk Management: 15%
- Trend Analysis: 15%
- Selection and Decision Making: 10%
- System Testing: 10%
- Market Indicators: 8%
- Statistical Analysis: 7%
- Confirmation: 6%
- Theory and History: 5%
- Chart Construction: 3%
- Cycles: 3%
- Ethics: 3%
CMT Level III Topics and Weightage
The Level III CMT exam covers the following Knowledge Domains based on the percentages below.
- Risk Management: 21%
- Classical Methods: 21%
- Asset Relationships: 18%
- Portfolio Management: 18%
- Behavioral Finance: 10%
- Volatility Analysis: 7%
- Ethics: 5%
CMT Exam Results
Since Levels I and II are multiple-choice only and the Level III exam includes short answer questions, grading and score release methods differ depending on which exam you have taken.
Levels I and II are graded by machine and released via email from Prometric. Level III uses a manual grading process by CMT charterholders, which increases the wait time for results. CMT Level III exam scores are emailed to candidates by the CMT Association.
Results are delivered in Pass/Fail format, meaning candidates do not receive their numerical scores. In other words, you will only know if you’ve passed or failed your exam—not your total score. Results are released approximately eight weeks from the conclusion of the exam window. In most cases, June candidates can expect their results in August, and December candidates can expect their results in February of the following year.
CMT Exam Scoring
The CMT exam is unique in that it does not have a consistent minimum passing score. Once the Level I and II exams are complete, the CMT Association evaluates all testing data via a psychometric review. This review determines a given year’s passing score. The foundation for a passing score is generally 70%, but depending on a variety of factors, the actual passing score may vary by a few percentage points. This approach helps the Association grade fairly based on each exam’s difficulty.
The Level III exam is graded by a group of CMT charterholders and subject matter experts. Each exam is graded by at least two charterholders independently to ensure objectivity. The Association does not release numerical scores for any level of the CMT exam, as a passing score one year may not be a passing score the next.
Note: Grammatical errors will not impact your score on the Level III exam. Graders focus on the degree to which candidates apply technical analysis knowledge instead.
CMT Exam Pass Rates
Unlike other exam governing bodies, the CMT Association does not publish quarterly or annual pass rates. In the past, the Level I and II exams had a minimum passing score of 70%. This does not mean that 70% of candidates pass their exams.
While pass rates are not public knowledge, the exam is challenging and requires significant preparation to succeed. The best way to ensure you pass is by studying with a trusted review provider with comprehensive CMT courses.
What to Expect on Exam Day
Before heading to the testing center, verify your exam details. It is best to arrive at least 30 minutes before your test appointment. Upon arrival, be sure to present a valid ID and go through any required security checks. After check-in, you'll be guided to your testing station, where you'll receive instructions on the exam format and interface. Approach the exam with confidence—you've got this!
Identification Requirements
Identification is essential for CMT exam day. To be admitted into the testing center, your ID must be in English, include your photo, and include your signature. Bring at least one of the following:
- Driver’s License
- State or Government-Issued ID Card
- Passport
- Military ID Card
- India: PAN Card
If your primary ID contains a photograph without a signature, a second form of identification with signature is required, such as:
- Employee ID
- School ID
- Credit Card
Failure to review and meet the identification requirements for your specific testing center may result in forfeiting your exam appointment.
What to Bring on Exam Day
In addition to your primary and secondary forms of identification, you should also print your confirmation of the exam scheduling from Prometric. This confirmation includes the date, time, and location of your testing appointment.
You may also choose to print your exam registration from the CMT Association website as well as a sweater, any prescription medications, and snacks or beverages for any breaks. Please note that all of these items are subject to inspection, and you may be directed to place them in a locker outside of the testing room for security purposes.
Do’s and Don’ts on CMT Exam Day
CMT exam day is your chance to shine. Review the below checklist to reduce test center anxiety.
Do:
Don't:
Stay calm, stay focused, and give it your best effort!
CMT Charter Benefits and Careers
Technical analysis is a growing discipline in the finance industry that involves using charts, behavioral economics, market data, and other tools to make informed investment decisions. Chartered Market Technicians are an elite group of portfolio and risk managers with advanced knowledge and skills.
Benefits of Obtaining the CMT Designation
Earning the CMT designation is challenging, but well worth the effort. Becoming a charterholder expands your career opportunities and boosts your earning potential while demonstrating your commitment to professional development. Benefits of becoming a CMT charterholder include:
- Enhanced Credibility: Stand out among peers with a globally recognized credential.
- Higher Salary Potential: According to the CMT Association, the median salary for charterholders exceeds $200,000 (as of 2018).
- Career Mobility: The field of technical analysis is growing. Specializing in this discipline opens you up to new professional opportunities.
- Expanded Network: As a member of the CMT Association, you become part of an international community of highly qualified investment professionals. This unlocks potential for mentorship, collaboration, and career development.
- Practical Skills: The knowledge you build while preparing for the exam directly applies to improving investment strategies, risk management practices, and overall market analysis.
CMT Charterholder Responsibilities
What does a career as a CMT charterholder look like? Chartered Market Technicians specialize in analyzing financial markets and securities through technical analysis. Their primary responsibilities include:
- Technical Analysis: CMTs use charts, technical indicators, and patterns to evaluate market trends and price movements, helping to predict future market behavior.
- Market Research: They conduct detailed research on various financial instruments, such as stocks, bonds, and commodities, to identify potential investment opportunities.
- Investment Strategies: Based on their analysis, CMTs develop and recommend trading and investment strategies aimed at achieving specific financial goals.
- Portfolio Management: They may manage investment portfolios, making decisions about buying, holding, or selling assets to optimize returns.
- Risk Management: CMTs assess and manage the risks associated with different investments and trading strategies to minimize potential losses.
- Reporting: They prepare and present research reports and analysis to clients or stakeholders, providing insights into market conditions and investment performance.
- Advisory Roles: They may offer advisory services, guiding clients or firms on investment decisions and market strategies.
Overall, CMTs apply their expertise in technical analysis to support investment decisions and contribute to effective market strategies.
CMT Charterholder Jobs
CMT charterholder jobs generally involve technical analysis, market behavior, behavioral finance, quantitative systems design, and investment risk management. Opportunities can include hedge fund management, portfolio management, budget analysis, and more. The CMT Association shares that the charter is ideal for:
- Hedge Fund Managers
- RIAs
- Investment Strategists
- Heads of Market Research
- Advisors
- Portfolio Managers
- Chief Investment Officers
These roles require varying levels of experience, making the CMT credential a great option for professionals of any level. Many CMTs work for investment banks, brokerage firms, hedge funds, and pension fund management organizations.
Conclusion
Achieving the CMT designation is a significant and fulfilling accomplishment. The expertise acquired through the CMT program positions charterholders as highly valuable professionals, capable of enhancing market analysis, investment strategies, and risk management within any organization. Whether you aim to deepen your impact in your current role or broaden your career opportunities in finance, the CMT certification will propel you forward in the field of technical analysis.
Frequently Asked Questions
The CMT exam is a three-level exam that evaluates candidates’ ability to understand and apply core technical analysis concepts. This three-level exam is the main step in pursuing the Chartered Market Technician designation.
It will take at least three years to complete the CMT Program and earn your charter. This time accounts for a minimum of three years of applicable work experience in the financial markets. You will also need at least 18 months to prepare for and pass all three levels of the CMT exam, as there are only two exam windows per year. This timeline assumes you are working while you study for the exam.
To enroll in the CMT Program, it is recommended that you have a bachelor’s degree and previous work experience in the financial markets. However, this is not required. You must simply register for the exam with the CMT Association and schedule with a Prometric Testing Center. It is also recommended that you become an Affiliate Member of the CMT Association to get access to sponsors who can help with the charterholder process.
CMT Levels I and II include only multiple-choice questions. The Level III CMT exam includes both short answer essay questions and multiple-choice questions.
Yes. If you are a current CFA charterholder in good standing, you qualify to skip the Level I CMT exam. Visit the CMT Association website for more information on the Stackable Credential program.
The CMT exams are offered twice per year–in June and December. Candidates may only sit for one exam per testing window.
