FMI opening enrollment for first exams in China

A year after announcing its entry into China, the Financial Modeling Institute (FMI) said it will officially open enrollment this month for its first pilot exam in the country, scheduled for October.

"Over the past year, we've been working to better understand how financial modeling is applied across China's financial sector, while actively expanding partnerships with local banks, companies and universities," said Ian Schnoor, executive director of the financial modeling accreditation body.

"China is an extremely important market—it's a global leader in finance, economic reform and sophistication," Schnoor added. "And there are a lot of people doing things properly and really achieving an excellent level, so we're excited to serve the market."

From his interactions with Chinese financial institutions, Schnoor said he noticed both research and investment roles increasingly require strong modeling skills, often assessed through internal testing. "Financial modeling is becoming a foundational and universal skill," he noted.

Financial modeling, which primarily falls under the umbrella of corporate finance, involves building detailed forecasting models that typically span five to ten years. These models are constructed based on historical financial data and informed assumptions about industry dynamics and institutional performance, helping users project future outcomes under various scenarios.

"Good models lead to good decisions," Schnoor added. "Any organization that makes decisions needs the right tools—and that's why modeling is not limited to banks or financial services firms."

As for how artificial intelligence is changing the field, Schnoor stressed that human judgment remains irreplaceable.

"AI does not have any ability to deal with judgment. Just as calculators and spreadsheets didn't replace people, AI won't replace people in corporate finance. But it will serve as a tool to help us work faster and more efficiently,"he said.

While the exams themselves will remain globally standardized, FMI plans to localize its learning experience for Chinese professionals. "We're adapting some of our materials to better align with how Chinese learners prefer to study, which may include Chinese-market case studies," Schnoor said.

According to the FMI's data, since its inception, the certification programs have expanded to 123 countries and regions.