Cefa or FPC?

Hi everyone,

I am looking at studying either the FPC(Certificate in financial planning as it's now called) or the Cefa qualification. Apart from the difference in number of modules you must study, could any tell me the main differences between the two? If you could relate the differences to the following points, that would be even better.

1. Which is more highly regarded in the industry? If there is a leaning to one of the qualifications why is this?
2. Which awarding body offers the most user friendly study materials? I am a self funded student so therefore I am looking to get as much from the materials provided as possible as I cannot afford an external training provider. From what I picked up from looking at the Cii website, the FPC materials don't sound like they would be very thorough or helpful but I'm not sure if this is correct.
3. Are there many main differences in the actual testing of the syllabus i.e is one harder than the other? I know both are level 3 qualifications, but is one trickier than the other? I already have a level 3 qualification from the Securities Institute so I am comfortable with this standard of testing but often it varies from one body to another.
4. What would be the next step after each exam? Would having one rather than the other have any impact on further study?

If anyone could get back to me with any advice it would be greatly appreciated as I am eager to get the ball rolling. Thanks for taking time to read my post.
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  • dunstonh
    dunstonh Posts: 116,038
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    1. Which is more highly regarded in the industry? If there is a leaning to one of the qualifications why is this?

    Neither one is considered better than the other. However, FPC or CFP as it is now has the greater numbers. Probably as it is the CII qualification was around first.

    Once passed, the exams have no relevance with an employer as you dont really learn the role until a few years after. The exams just allow you through the door. The advanced levels have the kudos. They are issued by CII and perhaps thats another reason for FPC being the more common one used.

    The question the employer will ask is "do you have FPC, CFP or Cefa?" The answer will be yes and thats the box ticked and the end of it (apart from needing to prove it with your certificate).

    I cant really help on the others as I passed mine back in the early 90s when FPC first came in. My employer at that time paid for it all and training was intensive and classroom based. A completely different approach to how you will be doing it.

    Remember they are both to the same level, both covering the same subjects and both generic. There really isnt room for them to be much different. That said, the FPC did have a particular style on FPC3. The training for FPC3 focused more on how to answer rather than what to answer. I dont know if little quirks exist for the other one.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Mrs_pbradley936
    Mrs_pbradley936 Posts: 14,567
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    My sister is currently doing a CeMap but the first module of that is also the first module for the CeFA. She already works for a bank so they are paying for it all but they like those qualifications because you can add modules on and do not have to start from scratch. For example you can do an Advanced CeMap or take a module on equity release.

    Then whichever qualification you get you have to work under supervision for several months until you can satisfy the FSA that you can work unsupervised.
  • lcharm
    lcharm Posts: 633 Forumite
    Hi, thought I'd reignite this thread.

    I'm also interested in studying one of these modules but I am torn between which ones to do, does anyone know which qualifications Guru Martin Lewis has done or recommends? If they can ask as his seal of approval would seal the deal for me!!
    Minds are like parachutes - they only function when open.
    - Thomas Dewar
  • As an IFA I would only employ people with full FPC and then let them advance through the J exams. I think that CeFA is aimed more at Bank advisers who only sell single company products(my opinion only)
    I honestly do not know if Martin Lewis has any qualifications, I have looked on the IFA website that lists IFA qualifications and he is not on the list, that does not mean he is not qualified just that he is not registered.
  • Aegis
    Aegis Posts: 5,688
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    Bruxy wrote: »
    As an IFA I would only employ people with full FPC and then let them advance through the J exams. I think that CeFA is aimed more at Bank advisers who only sell single company products(my opinion only).

    As the FPC has been retired at this point and replaced with the Certificate of Financial Planning and CeFA, and as the two qualifications are both entry level, why would you choose one over the other when they cover the same ground and when the CII recognises CeFA as equivalent to its own qualification for Diploma level exam credits?

    Just curious, as I've done CeFA and am starting on the Diploma at the moment.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • dunstonh
    dunstonh Posts: 116,038
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    As the FPC has been retired at this point and replaced with the Certificate of Financial Planning and CeFA, and as the two qualifications are both entry level, why would you choose one over the other when they cover the same ground and when the CII recognises CeFA as equivalent to its own qualification for Diploma level exam credits?

    I think you will find that is more down to terminology. Those of us that have been doing this a while still refer to it as FPC out of habit. The CII version is CFP now and then you have CEFA. At the end of the day, at that level there is no difference to worry about.

    However, we now know that from 2010, anyone who is not already an adviser will have to have the diploma/level 4 qualifications before they start advising whilst existing advisers will have until 2012 to pass these if they want to continue.

    That should cull a lot of the low skilled advisers and tied agents must be a bit worried about this as they thought they didnt need to pass the higher exams. Its going to be harder for them as they will now need to learn things about advice areas that their employer wont let them do. I know quite a few IFAs that are calling it a day in 2012 as well. There is going to be opportunities for the well qualified advisers from then.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Aegis
    Aegis Posts: 5,688
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    dunstonh wrote: »
    I think you will find that is more down to terminology. Those of us that have been doing this a while still refer to it as FPC out of habit. The CII version is CFP now and then you have CEFA. At the end of the day, at that level there is no difference to worry about.

    However, we now know that from 2010, anyone who is not already an adviser will have to have the diploma/level 4 qualifications before they start advising whilst existing advisers will have until 2012 to pass these if they want to continue.

    That should cull a lot of the low skilled advisers and tied agents must be a bit worried about this as they thought they didnt need to pass the higher exams. Its going to be harder for them as they will now need to learn things about advice areas that their employer wont let them do. I know quite a few IFAs that are calling it a day in 2012 as well. There is going to be opportunities for the well qualified advisers from then.
    Personally I'm hoping it will be an opportunity for me to push myself through the training to be an IFA sooner rather than later. I'm more than happy to sit the exams required, and I love learning the necessary material.

    Should be an interesting few years!
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • lcharm
    lcharm Posts: 633 Forumite
    Thanks guys I've just enrolled in Cefa, I got a package deal which will give me Cefa, Cemap, AdvCemap, Equity Release, Will writing and the DipFA plus all the training to become an FSA approved indivual under a customer function on the condition.

    Got my first exam in Jan and i'm looking forward to the whole process!
    Minds are like parachutes - they only function when open.
    - Thomas Dewar
  • Lokolo
    Lokolo Posts: 20,861
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    lcharm wrote: »
    Thanks guys I've just enrolled in Cefa, I got a package deal which will give me Cefa, Cemap, AdvCemap, Equity Release, Will writing and the DipFA plus all the training to become an FSA approved indivual under a customer function on the condition.

    Got my first exam in Jan and i'm looking forward to the whole process!

    Good luck.
  • Aegis
    Aegis Posts: 5,688
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    lcharm wrote: »
    Thanks guys I've just enrolled in Cefa, I got a package deal which will give me Cefa, Cemap, AdvCemap, Equity Release, Will writing and the DipFA plus all the training to become an FSA approved indivual under a customer function on the condition.

    Got my first exam in Jan and i'm looking forward to the whole process!
    Bloody hell, that must have set you back a small fortune! I hope your employer is covering all that for you.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
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