Hi need advice from CeFA experts

pupkevicius

Hi, I applied for a Trainee Financial Advisor‏ via CV on jobrapido.co.uk
1 week later someone phoned me from a recruitment company called "Darnell International" darnellinternational.co.uk

After a 15 minute phone interview the lady on the phone explains to me that her client has seen my CV, likes it and following her positive assesment of our 15 minute interview can arrange a interview with the client and "probably" a job.

However i need to complete the CeFA Module 1 exam in order to be even allowed to go to the interview with my potential employer. The cost for this is £495 and will take 2 weeks. The course will be provided by the sister compnay of this recruitment company that has phoned me.

My concern is that this is just a advanced sales approached to get me to part with £495 take the course and then no job will be on offer. The person on the phone have said that the client "my potential employer" will arrange an interview and that i will probably get the job.

Also will obtaining a CeFA Module 1 make me employable as a Independant Financial Advisor? ( seems hard to believe that it will)

thanks in advance for any replies

Solo1625

Hi,
The exact happened with me and the lady is pursuing me to apply for the course, only Cefa module 1 and the rest of the course will be sponsored by them and the employer which she promises to be bank.
I am still thinking about it and dragging her till I finally decide on this. I think you are in the same dilemma...It is highly unlikely to get a job with just 1 module course which only gives u the basic knowledge about the UK financial industry and that too without a formal interview.
Anyone out there who has had the same experience do share ur thoughts?
Pleaaaassse.
Solo

mizzbiz

Despite this http://www.free-press-release.com/news-days-of-our-lives-false-accusations-against-darnell-international-1251472028.html
being in defence of Darnell and a refutation of a 'scam', I do believe that if so may people are being interviewed on this basis (after a 495 fee) then there is no smoke without fire.

Surely they do not have so many jobs for these course graduates.

I would AVOID - and take the proper route through a reputable company if you want to get into Financial advice. There are some IFA's on here who will be able to advise, however.

Eggy_McMuffin

I was hoping I wouldn't find anything when I searched for this. I too have applied for this position, except I applied on Monster... I was really suspicious at first, but probably didn't ask the right questions on the phone because I became a bit more relaxed and hopeful about the situation, but before I fully settled on anything, I thought I'd do a bit more rooting around on the internet and came across this.

Now I'm confused, annoyed and hungry, although the hunger has nothing to do with this. I'm supposed to be getting a call on Monday about starting the course, but somehow I don't think I'll be interested any more.

Just so you know, I was given a 90% chance of getting the position.

TEDDYRUKSPIN

[TEXT DELETED BY ABUSE TEAM FOLLOWING COMPLAINT]. It costs roughly £135 for CeFA module 1. You can go on a course for the full CeFA for £500. So why would you need this company to do this?

Anyway, if you read the advertisement it never mentions the company in question. When the person rings again, ask what company you will be working for?

type it down on this website and I can tell you if this true.

I can tell you now. I have the full qualifications and all the agents are looking for people with full CeFA or FPC 3 and above with full CAS and work experience.

pupkevicius

i dont know what company i will be working for as its against the recruitment company-client agreement to disclose it to me until i have the interview.

but the clients include most of the popular banks and some other big name financial companies

TEDDYRUKSPIN

pupkevicius wrote: »

i dont know what company i will be working for as its against the recruitment company-client agreement to disclose it to me until i have the interview.

but the clients include most of the popular banks and some other big name financial companies

Don't want to sound rude but that is complete nonsense. The recruitment company when they put you forward for the company will tell you the company in question.

This position is definitely not a high street bank and will be a company like Edward Jones alike. But even Edward Jones will pay all your training.

At the end of the day, the decision is yours!

This recession has been a pain in the backside. Companies are restricting funding and hence reducing budget just to make the same profit as last year. In the real world this does not work.

globetrotter99

Well I am not sure if I am dissappointed or relieved I have found this forum talking about the Cefa 1 exam and more importantly Darnell International. I have had the same phone call pushing me into paying their sister training company £495 to complete the online 2 week course. I smelt a rat from the beginning and having looked online at other CeFA courses that cost a fraction of the price I think my suspicions have been confirmed now. When I asked the guy that called me can I complete the course elsewhere or am I obliged to complete the course with them he said It would be favoured apon if completed with Darnell and you would be put at the top of the list for recommendation to their clients which he said were high st banks like Lloyds and Barclarys.. The job adverts are all across totaljobs.com and if you look at them they are all similar but the salaries differ. I was told to expect £35k basic during training over the phone by the guy but when he sent an email through with all the details of the job spec it stated £21k. I queried this and not suprisingly he sent me another email with it ammended to £35k and said that he had made a mistake... Yer right!
He is calling me back on Monday to get definate answer from me whether to sign up on the course or not.... Have a guess what I will tell him!
I want a career as a financial advisor but really not sure what is the best route now and what sort of prospect there will be in actually finding a job out there...

TEDDYRUKSPIN

Unfortunately recession / credit crunch has stopped all but most trainee financial or mortgage roles for the time being. This is note for all (update 2009):-

(1) Even if you hold full CeFA or full CeMap, you are no longer guaranteed a financial job.
(2) All companies would like people to have a minimum of 1 years experience in the industry and to hold full CAS (competent adviser status).
(3) To achieve competent adviser status the company will sign you off, if they deem you competent. Unfortunately as many banks and building societies have caught on to this, it usually takes up to 6 months to 2 years to get this done.

This is only a guideline. For people trying to get on the bandwagon, you are better applying directly to a company as a trainee (i.e. skip the agents) and get them to pay for your exams. All companies will pay for your education but you must not fail the same exam more than 3 times, otherwise you are out!

As the recession is tough and jobs non-existent in this area, you may have to move to London etc to get this. Is it worth it? Upto you. Cowboys are getting thrown out and the government is changing their stance on this field / area.

If the new government comes in, the FSA will be out and the bank of england will be back in control. Bact to pre-90's. Not looking great either. This may mean all advisers will need to take another exam.

By 2013, all advisers must be at level 4 examination (advance FPC) otherwise they cannot advise at all. This includes IFA's. As only a minimum hold AFPC examinations, most will lose their FSA status. People with AFPC's are not safe either. At this moment of time, with no definite confirmation, the FSA wants to introduce an additional 2 modules for people who passed AFPC pre-year 2000. This has not been passed through though.

Anyway, as an answer do you want to spend at least £540 to complete these examinations to find you have no job? Up to you! You have been warned.

Banks and building societies are looking at reintroducing financial introducers to fill the next gaps. Lazy.

Now....the average salary for financial advisers is actually only £21k and £23k (london). Bonuses are non-existent. Rubbish actually. Add £3k at most. No annual bonus anymore.
Most companies, basic is actually only £17k (RBS).

People with long time experience (3yrs plus) will be on a basic of £26k per year and used to get £10k bonuses. No longer. They will look at around £5k. Not including clawback.

IFA's (9 years experience plus) can reach around £50k but now I doubt it. Basic is usually £29k to £30k but as they have high wealth clients bonuses can be ok.

Self employed IFA's depending on area use to earn £75k. But not now. Majority have reapplied to go back into the banks and building societies.

Many companies have withdrawn alot of the products they can sell and commission has become measly..... I mean rubbish.


[TEXT DELETED]. If you can't study at home, you can try companies who will teach you.

DCFC79

Are these Cefa courses any good, my brothers seen a job ad which requires cefa qualification, how long would it take to do

happy_girl_3

I have also received this call saying exactly the same thing. Apparently the course takes 10 days to complete and its an online course (CeFA Module 1). Though I am tempted, I don't want to waste my time or money if this ends up being a scam!! Has anyone actually gone through the course and come out with a job at the end??