anyone currently studying their cf1 exam?

ug005

Is anyone currently working on their certificate in financial planning qualifications? Specifically CF1? If you are, have you had any feedback from cii regarding changes or updates to its contents, following the abolition of the FSA?

I was just about to sign up for CF1 but now I wonder if I should wait a couple of weeks before ordering my study material as it will now be completely outdated.

Anyone been told anything about this?

Aegis

Well, the FSA hasn't been abolished yet (i.e. changes have only been announced as pending, they'll take some time to actually happen), and there's no reason you can't get your material and pass the exam before the CII gets round to changing the syllabus. You could wait if you badly want the updated syllabus to keep, but most people seem to throw away the majority of their lower level exam material once they hit Diploma level.

If it were me, I'd order the material and sit the exam in about a month.

dunstonh

The exams are always based on the rules of a specific period. Not what may happen in the future.

ug005

suppose I am over analysing the situation. Ok, will order the learning material this weekend and get started on it. Thanks for the replies.

ug005

Tried ordering my CF1 coursebook today, but their purchasing systems are down. You'd expect on organisation like the cii to have a fully functioning website wouldn't you? Though I did send their customer services department a stern email regarding this!

I wonder if I could ask either of you gentlemen a question? Aegis, if I remember your past thread on a similar topic, you took the cefa route didn't you? How did you feel about length and quality of the learning material you received through them? To be honest there is a lot of mixed feedback on both institutions. After todays blunder I am tempted to go with ifs, also because they are cheaper. But the whole 'diploma lite' debate got me wondering if their certifiates and learning material are also 'lightweight' in comparison.

Anyway, thanks for reading.

Aegis

ug005 wrote: »

Tried ordering my CF1 coursebook today, but their purchasing systems are down. You'd expect on organisation like the cii to have a fully functioning website wouldn't you? Though I did send their customer services department a stern email regarding this!

I've had issues with the IFS too, so it's not like either is immune from the perils of internet troubles.

I wonder if I could ask either of you gentlemen a question? Aegis, if I remember your past thread on a similar topic, you took the cefa route didn't you? How did you feel about length and quality of the learning material you received through them?

I've compared the exams to the CF ones, and to be honest I don't think there's much difference at all between the certificate levels. The issue will be that if you are looking to take your career in financial planning seriously, the CII will charge you £3 per credit to go across to their system and will require you to take some of their diploma modules to qualify for the advanced diploma award (as the IFS offering has less actual content, from what I've gathered).

I quite liked the way CeFA was structured, and I certainly liked the lower up-front cost, but I'm looking at a bill of around £240 from the CII just to recognise my prior learning with the IFS now, which is just ridiculous.

To be honest there is a lot of mixed feedback on both institutions. After todays blunder I am tempted to go with ifs, also because they are cheaper. But the whole 'diploma lite' debate got me wondering if their certifiates and learning material are also 'lightweight' in comparison.

Their Diploma level qualification is easier by the looks of it, but the Certificate level qualifications are much the same between the two organisations.

ug005

Thanks for taking the time to answer my questions. It does sound like cii is taking advantage of those who want to progress onto their advanced diploma from an ifs background. Guess it makes more sense for me to pay a little extra for each module and do the cfp. Since your last post I actually ordered the cf1 module and its arrived earlier today. So I am looking forward to getting some studying done once again.

In fact I was advised by a training company to go straight for the ifs diploma, because I have a related degree, but its too costly, so I am hoping maybe I can attract a company to take me on and perhaps sponsor me, after I get a few of the modules under my belt.

My next big challenge will be to balance work and study. But I welcome it.

yogibear88

I am currently studying for my CF1 exam.
I have heard from someone studying the same exams that they maybe changing the later exams such as CF5 which has case studies and essay based questions in to all multiple choice questions. However as I only heard this from someone the validity is questionable.
Good luck with your exam!

dunstonh

I have heard from someone studying the same exams that they maybe changing the later exams such as CF5 which has case studies and essay based questions in to all multiple choice questions. However as I only heard this from someone the validity is questionable.

Certain diploma level exams are moving to multiple choice but FPC2 style. This is where you get multiple answers across a greater number of options and you only get the point if you get all the bits of that question right. So, it may not actually be any easier as the written version is positive marking only. These new exams have yet to be approved and will run along side the existing J0x exams and not replace them. You will still need a written one though as its only some of the modules and not all of them.

yogibear88

dunstonh wrote: »

Certain diploma level exams are moving to multiple choice but FPC2 style. This is where you get multiple answers across a greater number of options and you only get the point if you get all the bits of that question right. So, it may not actually be any easier as the written version is positive marking only. These new exams have yet to be approved and will run along side the existing J0x exams and not replace them. You will still need a written one though as its only some of the modules and not all of them.

Ah ok thanks for clearing that up for me.:beer:

ug005

Urgent-ish update for anyone currently studying CF1 to CF5 modules, excluding CF3 (without trying to sound too dramatic )

Below is a copy of the belated feedback I received from cii customer services (with bits and pieces of personal information taken out )

Thank you for your e-mail.

We are no longer advising candidates sit the Certificate in Finacnial Planning qualification in light of the recent developments imposed by the Retail Distribution Review (RDR) as set out by the Financial Services Authority (FSA).

Diploma in Regulated Financial Planning

As a results, we have developed the Diploma in Regulated Financial Planning (RDIP). Once approved, this will be the professional qualification financial advisers must hold to be fully compliant with the regulations set out in the RDR. Approval from the Financial Services Skills Council (FSSC) should follow in June 2010, at which point, the RDIP will be rolled out to our customers.

The RDIP will be comprised of the following compulsory units:

Unit title
Credit value / level
Exam duration
Exam methodology
Study hours
Examinations
R01 Financial services, regulation & ethics
20 Diploma
2 hrs
100 Multiple Choice Questions (MCQ)
60
MCQ – year round and in-house
R02 Investment principles and risk
20 Diploma
2 hrs
100 MCQ
60
R03 Personal taxation
10 Diploma
1 hr
50 MCQ
50
R04 Pension and retirement planning
10 Diploma
1 hr
50 MCQ
50
R05 Financial protection
10 Certificate
1 hr
50 MCQ
50
R06 Financial planning practice
30 Diploma
3 hrs
Written
100
Written – 6 times annually & in-house
Totals
100 credits
10 hrs
N/A
370
N/A


Units R01 – R05 will be tested through multiple choice questions at our online centres across the UK. These exams can be booked three months to seven working days prior to the exam date. A provisional result will immediately be available at the venue after the test, with written confirmation to follow within seven working days. Unit R05 is equivalent to the current Certificate in Financial Planning unit CF3 Financial protection. If you hold unit CF3, you will be awarded an exemption in unit R05. If you wish to start studying for the RDIP now, I would advise you to sit unit CF3, as this unit is directly equivalent to R05.

Unit R06 will be tested through essay-style written questions, and will be examined six times a year. Results will follow within four weeks. Unit R06 is equivalent to the current Diploma in Financial Planning unit J08 Financial planning practice. If you hold unit J08, you will be awarded an exemption from unit R06.

Upon completing the RDIP, you will be qualified to practice as an Independent Financial Adviser. You will also be eligible to become a Diploma level member of the Personal Finance Society (PFS), and to use the ‘DipPFS’ designation after your name to display your professional qualification to clients and peers alike.

Please find more information relating to the RDIP online...

The email above arrived two days after I received my CF1 coursebook through the post! I did request further info on whether I could study for this diploma without any pre-requisites.

Anyway, thanks to everyone who's showing interest in my thread, and are helping me out. If anyone is interested I can relay any signififcant feedback I receive from their customer services team. Or I am sure there will be more information now on their website too.

btw, the upgrade of the module structure has obviously got nothing to do with the proposed abolition of the FSA (I started the thread by asking if changes to FSA would affect the contents of CF1 module).