CF1-5 & FPC series

Eamon1965

Whats the difference between CF1-5 & FPC series?

Considering a new career in Financial Planning. What job opportunities would one expect to be offered, if above qualifications are obtained, and salary ranges?

starrystarry

Hi Eamon. FPC is the old version, CF1-5 is the new version. Basically the same qualification, but it used to be 3 exams (FP1, 2 & 3) then it was split into 5 smaller exams. I did the old version.

I wouldn't want you to expect any job opportunity to fall into your hands as soon as you get qualified. Experience is almost as important. The qualifications will help, but they're not the be all and end all. Do you work in financial services at the moment? What would you like to do?

Eamon1965

Many thanks for quick reply. I am looking to career change completely...currently involved in Real estate in Mexico. I have lots of spare time on my hands, and am veering towards IFA or Financial Planning.

I am giving myself a 2 year window in which to study / get qualified, then return to UK.

With that in mind, would it be better going after CeMAP or CeFA accredidation?

Which would carry greater financial reward in the market place?

I am 44, so cant faff around too much!

starrystarry

I don't think you can estimate the financial rewards based solely on which qualification you've got, it depends on so much more than that. Just getting the qualifications won't guarantee you big financial rewards.

But if you want to try to maximise your opportunities you might need to aim higher. A lot of people have got the FPC or CF qualifications, if you want to stand out from the crowd you could carry on and get your AFPC. It's hard work but the rewards could be greater.

wontfallforit

starrystarry wrote: »

Hi Eamon. FPC is the old version, CF1-5 is the new version. Basically the same qualification, but it used to be 3 exams (FP1, 2 & 3) then it was split into 5 smaller exams. I did the old version.

I wouldn't want you to expect any job opportunity to fall into your hands as soon as you get qualified. Experience is almost as important. The qualifications will help, but they're not the be all and end all. Do you work in financial services at the moment? What would you like to do?

starrystarry, do you currently work in the advice sector? If so, am I OK to send you a quick PM later to pick your brains regarding experience? (Currently studying towards Cert. FP... CF1 & 2 down, 3-5 to go!).

starrystarry

Hi wontfallforit. Well done on getting through CF1 & CF2!

I don't currently work in the advice sector. I completed my FPC and AFPC, but then I was offered an underwriting job which was what I really wanted to do anyway. So I'm underwriting now. I'm happy to help re the exams if I can, but I'm not best placed to help you with any questions about the advice sector. I just know it's not easy to get into, unless you have some experience and a proven track record in sales. Your best bet for help re the advice sector is probably Dunstonh, or Stephenni thingummybob (can't remember her full user name!). Feel free to PM me about the exams though.

Eamon1965

OK....I have decided on taking the CF1 to CF5 courses....

Which sector do you see there to be the most demand for in the future? &
what other qualifications I should go for?

Thanks

ps. To the person who just completed CF1 & 2, well done....was it hard? Scale of 1 to 10...with 10 being hardest.

wontfallforit

Eamon1965 wrote: »

ps. To the person who just completed CF1 & 2, well done....was it hard? Scale of 1 to 10...with 10 being hardest.

On a scale of 1 to 10, I'd give it a 9. I have a lot of education behind me, high IQ, and all that...but it was more difficult than my masters degree :-/ Managed to pass them both first time.

BUT....the financial sector was entirely new to me. Until CF2, I had only very sketchy and vague ideas about investment and risk (which is what that particular unit entails). I'm only young, and until 2009, lived on a student income, so I'd also never personally consulted a financial professional - no savings, no life cover, no mortgage, etc.

Added to that, I studied at home, putting in a couple of hours each weekend. And the course matierial is really dry. I'm used to digesting large amounts of info., but CFP can put you to sleep

Having said that, there are supplementary materials you can buy, like interactive CD-Roms, but I just didn't have the funds at the time, so stuck to the bare minimum.

I think I'm going to find my next 3 modules a bit easier. CF3 & 4 are shorter than 1 & 2, and CF5 is 2 written case studies (I think?). I'm using the same study method for 3 & 4, but I may look into getting my hands on more stimulating training materials before I sit CF5, because I really want to pass first time. The exam is only offered 6 times a year.

If I can do it - completely inexperienced - then you may find it somewhat easier. You're working in real estate, right? I should imagine that'd give you a slight edge in your knowledge.

As per your other question about studying the qualification online, I don't know for sure, but I don't think it's possible . The exams I've done so far were, of course, invigilated.

wontfallforit

Just to add aswell, that when I started CF1, I worried that I'd let myself in for something I have no interest in. I was really bored and confused with it. However, I stuck it out and waited to see if I passed. When I did, I took the plunge into CF2, and actually found it really engaging.

starrystarry

wontfallforit wrote: »

And the course matierial is really dry. I'm used to digesting large amounts of info., but CFP can put you to sleep

Ha ha! I feel your pain! I think CF1 is a rite of passage. You're not deemed worthy of studying for the other ones unless you can make it through the dullest course material in the world ever and stay awake for long enough to take at least some of it in. They do get more exciting, well, slightly.

Good luck to both of you.

dunstonh

If you are going to study then you need to be aware that from this year, CF1-5 will no longer be sufficient. You will also need a level 4 qualification on top of that. That means 4 more exams to a higher standard than the CF1-5. They will just get you to trainee status now.

Also, the normal options for new recruits seem to be closing their doors at the moment unless you have something to offer that makes you stand out. There are fears that the cost of getting someone qualified in future will put off the banks etc from doing the training and that they will instead focus on the bottom even "basic advice" level. (you could argue their advice is already basic but thats not for this thread )

Unfortunately, with no experience and insufficient qualifications, you are not likely to stand out and interest an employer. I speak from the position of being an employer now as well as many years ago being a manager and recruiter for a bank. Others may of course feel differently though.