**Background.** There has been interest in using the non-invasive, home based Faecal immunochemical test (FIT) as an alternative to colonoscopy (CC) to rule out colorectal cancer (CRC). The present study was aimed to elicit public preferences for FIT as a diagnostic test for CRC. **Methods.** 1057 adults (without CRC symptoms and diagnosis) aged 40-59 years were invited from an English online survey panel. After receiving a short description of CC and FIT they were asked to imagine they had been experiencing CRC symptoms that would qualify them for a diagnostic test. Participants were then presented with choices between CC and FIT in ascending order of number of CRCs missed by FIT (from 1% to 10%). We measured at what number of CRCs missed respondents preferred CC and preferences about FIT procedures. **Results.** While 150 participants did not want any of the two test when both missed 1% CRCs, the majority (N=741, 70.0%) preferred FIT to CC at that level of accuracy. Participants, however, showed low tolerance for missed CRC as FIT preference reduced to 427 (40.4%) when FIT missed one additional cancer. Switching later to CC was positively association with being female, and negatively with being from an ethnically diverse background, lower numeracy skills and higher perceived risk. Most of those who chose FIT preferred to return it by mail (62.2%), to be informed about normal test results by letter (42.1%) and about abnormal test results face-to-face (32.5%). **Conclusions.** While a majority prefer FIT over CC when both have the same sensitivity, tolerance for missed CRCs is low. Future studies should identify the reasons for individual differences in preferences.