CM1 exam dates and fees, 2027

Two sessions a year. In 2027 the April papers are in the week of 12 April and the September papers from 13 to 24 September.

April 2027	week of 12 April 2027; entry 25 January to 5 February 2027; results 6 July 2027
September 2027	13 to 24 September 2027; entry 12 to 23 July 2027; results 7 December 2027
Fee per subject	£375 for members, £423 for non-members, from 1 July 2026

Fees from 1 July 2026

All papers start at 09:00 UK time. Your booking confirmation gives the day of each paper.

Candidate	Full rate	Reduced rate
Member	£375	£244
Non-member	£423	£275

Paper A style · Interest rates · Straightforward · 6 marks

A finance company buys a promissory note that will pay £25,000 in exactly one year. It pays £23,850 for the note today.

(i)
Calculate the effective annual rate of discount earned by the company, as a percentage to 4 decimal places.
1 mark
Your answer
(ii)
Calculate the effective annual rate of interest earned, as a percentage to 4 decimal places.
1 mark
Your answer
(iii)
Explain by general reasoning why $d$ $= iv$ , where $v$ $= 1/(1+i)$ , and verify that your answers to (i) and (ii) satisfy this relationship.
2 marks
(iv)
The company's alternative is to lend at an effective rate of interest of 4.9% a year. Calculate the maximum price it should pay for the note, to the nearest penny, and comment on whether the purchase at £23,850 is attractive.
2 marks
Your answer

When are CM1 results released?

For the April 2027 session on 6 July 2027, and for September 2027 on 7 December 2027.

Is there a reduced fee?

Yes, if your income is low enough to qualify for the reduced subscription: £244 for members and £275 for non-members.