Becoming a mortgage advisor (cemap qualification)

dunstonh

Often people are surprised by the cost of professional examinations, in any field. And sometimes feel duped when it comes on top of expensive course fees.

Especially when you start adding the further 9 exams that would be required for full authorisation (i.e. IFA).

Mortgage advisers will become less and less and many who had IFA status will downskill to mortgage adviser come RDR.

Spot on. I have two ex IFAs now only mortgage advisers and another two IFAs joining me as mortgage advisers only once RDR is a bit closer. They are both brining clients and trail/renewal commissions with them. I was speaking an insurance company agent yesterday and they said that other firms are saying the same.

MARKMAKAVELI

I feel really stupid here but is an IFA basically a more rounded, complete version of a mortgage advisor? As in, they can operate in many areas whereas a MA can only operate within one area?

Therefore the point you are making is that it would make sense to become a IFA rather than just an MA as MA jobs are on the decline?

Also, I touched on it before, does being an IFA mean you have to be top notch at a high level of maths?

Dan_1976

Although Vigy is a pain in the bum, they raise some good points. If I was joining fresh today I would do things very different.

I would maybe go down the route of a degree in financial services. I am thinking of studying for something else, but when I lookeda t the open uni site there are some good courses.

Unless you have been around you may struggle with the upcoming changes. I would say though, 68% of brokers have left, there is room but only for good ones!

I was talking to my old practice principle today, he says he never competes with brokers now. Not one client in 4 months has mentioned they have seen another broker. In 2007 this was very different.

I would be a specialist IFA, I think that regulation will make it harder to cover to many areas.

Although, I dont think I would bother. I think I would go down the accounts route. Good luck

dunstonh

I feel really stupid here but is an IFA basically a more rounded, complete version of a mortgage advisor?

A mortgage adviser has around 3 exams and can only do mortgages.

An IFA has (or will need shortly) around 9 exams to go to level 4 standard. That doesnt include mortgage exams as most IFAs dont do mortgages but use mortgage advisers. IFAs can give full financial advice.

Therefore the point you are making is that it would make sense to become a IFA rather than just an MA as MA jobs are on the decline?

You cant really go straight to IFA any more. You have to build up to it. Typically that means either getting in with a bank and "doing time" or starting off as a mortgage adviser and learn the trade that way.

Also, I touched on it before, does being an IFA mean you have to be top notch at a high level of maths?

In these days of computers its not maths that is important. Information retention and application of the information and knowledge is important.

I would be a specialist IFA, I think that regulation will make it harder to cover to many areas.

Thats the way its going. IFAs focusing on core areas rather than being general practitioners. Typically with a group of IFAs each having a particular specialist area.

Although, I dont think I would bother. I think I would go down the accounts route. Good luck

Funny how that changes. I started out down the accountancy route and got some early qualifcations on that front but then moved into brokerage and then advice. However, today, I think the accountancy side would be more attractive.

MARKMAKAVELI

Awesome reply dunstonh, thanks so much.

So would it be fair to say that becoming a MA would be a good start no matter which route I eventually decide to go as the experience gained from MA would allow me a base to go for the IFA?

Even if MA doesn't work out for me, it is still a good platform to start.

How is recruitment for inexperienced but qualified MA's? Is it a dead market or not?

So now my perogotive is to find the best training provider. Hmm I see a new thread coming on!

Thanks for all your replies, means a lot, as it is such a big decision.

SLAMMER_2

MARKMAKAVELI wrote: »

Awesome reply dunstonh, thanks so much.

So would it be fair to say that becoming a MA would be a good start no matter which route I eventually decide to go as the experience gained from MA would allow me a base to go for the IFA?

Even if MA doesn't work out for me, it is still a good platform to start.

How is recruitment for inexperienced but qualified MA's? Is it a dead market or not?

So now my perogotive is to find the best training provider. Hmm I see a new thread coming on!

Thanks for all your replies, means a lot, as it is such a big decision.

from experience, get a job as a mortgage specialist in a call centre. no qualifications needed. its not a perfect job but you don't have to chase your own leads, get qualified although you have to be very complient. Not many jobs around at the moment but if you can find one, take it. Then you can move on to the next step without costing you a penny. You have to be able to sell, but you do in any financial services job. You'll get the usual jibes about mortgage specialists but ignore them. it is a very accomplished job and you can earn a very good wage out of it, as long as you are prepared to be customer focussed, a salesman and complient.

IFA is a good job if you are energetic. If you are lazy and looking for an easy buck, don't bother. As an IFA there is a lot of pressure on finding your own leads and cold calling and building up a client base.

If your good with numbers, like dealing with figures. Become an accountant.

Dan_1976

I actually would say...... "Get away from FS and find a proper job"

A very experience IFA said that to me and a few of my work buddies in 2006 I think he was! LOL he hated it but it earned him good money!

Lucky on here you get the good ones, but FS is full of Beamer drive ego maniacs who only think about the ££££'s!