FM Institute

Compare CFI and the FM Institute

CFI vs. Financial Modeling Institute (FM Institute or FMI)

Without prejudice, when it comes to financial modeling, valuation and financial analyst training, Corporate Finance Institute® (CFI) is the clear choice for aspiring professionals.  The Financial Modeling Institute (FM Institute or FMI) is based in Toronto, and is a partnership between the Marquee Group and the team behind ModelOff, according to publicly available information on their respective websites and LinkedIn pages.

CFI courses are co-created with a world-renowned Wall Street training company called MDA Training, which has been hired to train thousands of new analysts and associates at bulge bracket banks for over twenty years.

Many of our new students ask us how we’re different than FM Institute (FMI) before they register, so we created this guide to answer some questions.


Certifications: CFI and FM Institute Comparison

CFI is a corporate finance and financial modeling institution focused on training and developing financial analysts.

CFI’s certification is:

  • Financial Modeling & Valuation Analyst (FMVA)™

which certifies students who have completed the core courses of CFI. This is achieved entirely online and can be obtained from all around the World. 

The FM Institute (FMI) conducts an in-person exam to earn a certification but doesn’t presently offer the eLearning required to learn the body of knowledge.  They have a list of approved third-party training providers.

The FMI Certifications are:

  • Level 1: AFM – Advanced Financial Modeler
  • Level 2: CFM – Chartered Financial Modeler
  • Level 3: MFM – Master Financial Modeler (Upcoming 2019)

At CFI, our mission is to help you advance your career, which is why we believe in providing the training directly to our students. We value knowledge and skills over letters behind a name and focus all our effort on quality education and career development.

To learn more, check out our full suite of courses.


The FMVA Certification

For anyone looking to develop their career in investment banking, equity research, corporate development and financial modeling, we’ve compiled an enormous database of free guides, templates, and tools to advance your skills to the next level. Photographed below is our Financial Modeling & Valuation Analyst (FMVA)™ certification program.


FMVA - CFI Financial Modeling Certificate



FMVA comparison to CFM

The FMVA™ Financial Analyst Certification is an extensive online designation that will cover topics in Financial Modelling, Financial Analysis, FP&A, Business Strategy, Applied Advanced Excel, and other essential topics for Analysts. With students from all over the world and from a multitude of industries, it is a Globally recognized Certification. The FMVA courses contain a breadth of applied real-world examples and explanations that will provide you with a versatile toolkit to tackle the daily challenges of an Analyst.

The Level 2 CFM is a Certification provided by the Financial Modeling Institute, which is obtained after passing an exam from the financial modeling institute. The exam is taken after successful completion of the Level 1 AFM Exam and certification, which covers a wide range of Financial Modeling Topics. A Level 3 MFM Exam and certification will be available on 2019 by the Financial Modeling Institute.


This table was last updated on June 4, 2018

CertificationFinancial Modeling & Valuation Analyst (FMVA)®Chartered Financial Modeler (CFM)
Price$497 USD$600- 1200 USD
Testing LocationOnlinePhysical Test Centres
Courses24 Online Courses0 - Not Provided
Topics covered in coursesFinancial Modeling
Business Strategy
Financial Analysis
Powerpoint and Data Visualization
Financial Modeling


Website Traffic Comparison

The following table, which extracts data from, a website traffic statistics and market intelligence data provider, ranks the top financial modeling related websites.


Company NameMonthly Site Traffic
Corporate Finance Institute® (CFI)4,000,000
Wall Street Oasis (WSO)2,370,000
CFA® Institute1,740,000
Wall Street Mojo2,290,000
Mergers and Inquisitions (M&I)522,380
Wall Street Prep (WSP)514,900
Breaking Into Wall Street (BIWS)231,230
Investment Banking Institute (IBI)N/A
FM Institute (FMI)N/A
Training The Street (TTS)N/A


Source: SimilarWeb estimates (the table updates monthly) 


Compare all financial modeling training companies.


More resources from CFI

Our interactive career map is a great way to figure out what path is best for your personality and attributes so you can develop the skills you need.

For additional learning, we highly recommend these guides:

  • DCF financial modeling guide
  • Advanced financial modeling
  • Valuation techniques
  • Advanced Excel