CeMAP Vs CertMA

dunstonh

Graeme7777 wrote: »

So do you think that people interested in entering a financial advisory career would be better served focusing on becoming IFA's, or another role where they give advice on investments and insurance, rather than on mortgages?

I think it depends on your business model and how you work. Many mortgage advisers are attached to a IFA firm. My own mortgage adviser is earning more through referring investment business to me than he is mortgage business. He is almost doubling up as mortgage adviser and PA at the moment. I know others that are doing the same. If you dont have a link to an IFA you wont earn from any non mortgage related business.

Going straight to IFA is damned hard work. I know tied agents who have gone to IFA, found it too hard and gone back to tied agent again. The knowledge takes a long time to build up and whilst its possible, i think doing time as a tied agent is a better option (even if its painful). Also spending a period as a mortgage adviser working with an IFA is useful as well. Especially if you can earn whilst doing the exams.

I think the problem you have is your age to be honest. You will have 3 Cemap exams to get you mortgage qualified. If you then want investment authorisation you will need 5 certificate level exams and 4 diploma level exams. You can do 2 diploma level exams a year realistically (there has only been two sittings per year until recently). Thats a lot of exams to be doing at 57. You wouldnt stand much chance of passing all of them until you are 60.

Long term, I think every mortgage adviser should be either looking to get full authorisation or at least position themselves in a firm that uses specialists (i.e. all mortgages go through the mortgage adviser, all corporate goes through the corporate IFA, all invesmtment goes throught the investment IFA etc). Or in a firm with an agreed handover process for the mortgage adviser to earn from other business passed over. There is a trend towards these specialist models and away from the General practitioner who is a jack of all trades, master of none.

Graeme7777

Thanks again, Dunstonh

17Dave

I had to leave the industry after 3 years due to the current problems.
Why? Not enough clients to "re-visit" not enough new clients and even if I got a good client placing the mortgage was becoming too difficult.

I know it has already been said but anyone entering the industry now could be successful - you need to find a good niche and perhaps some introducers - if you can survive for 2 to 3 years from now the market may well look a bit better.
Good luck.

Mips

I am doing the CF1 and intend to do CF6 next to get the mortgage advisor qualification.

I thought it was better to do that, than CeMap from what I have read online. It is two exams.