CII's New R0 Exams (Financial Advice)

ojk1184

Your views on exams relating to Financial Advice

I am looking to get some advice in relation to the new set of R0 exams approved this month.

I have passed my CF1 & 2 and am about to take 3 in a couple of weeks.

Would anyone be able to offer some advise on whether or not it is worth continuing with the Certificate (4&5) or just abandoning it and start on the R0 exams.

I am aware the CF3 provides an exemption to R05 but I am feeling slightly frustrated with the FSA/CII/RDR for not making it clear that I could have started taking the R0 exams and gained the required diploma level qualification through 6 exams rather than waisting the time & money on the certificate.

Opinions on this matter would be appreciated.

dunstonh

I would still do the certificate. Under the new rules you will then get longer to pass the level 4 exams. Plus, doing the certificate will give you a good basis of information before moving on to the next level.

I am aware the CF3 provides an exemption to R05 but I am feeling slightly frustrated with the FSA/CII/RDR for not making it clear that I could have started taking the R0 exams and gained the required diploma level qualification through 6 exams rather than waisting the time & money on the certificate.

The Rx exams were only accepted last week by the FSA. Its no different for everyone else though. The FSA only set the exam requirements about 2 weeks ago. Most of us now have to either sit extra exams or structured CPD as the Jx exams that many of us were sitting are now insufficient.

ojk1184

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dunstonh

The proposals are (as its still under consultation) that people who joined the retail investment advice sector after 30th June 2009 will need to comply with its proposed thirty month time limit. This will start from the date final rules are published, likely to be the end of 2010. As you are not yet in an authorised role, you can get the certificate level and then start the diploma ones with 30 month deadline (unless you held a FSA control function role in the past).

My goal is to give advice, hence taking the required exams but I am concerned that going through the route of admin - paraplanner and then IFA will be time consuming, possibly 5 years. Also where will I obtain a client base from?

Finding time is always the big problem. You will find time but you have to be structured with it. To go from certificate to diploma takes on average 2.5 years according to the CII. So, you should be faster than 5 years.

Client banks or lack of are the single biggest reason for failure. It's not so bad when you are established but when starting out it is a pain.

In your opinion would I be better off getting qualified to level 4 at my current company and then look to get a tied position with a bank etc in order to build a client base?

You will hate working for a bank. It will be demoralising and the sales pressure and the simplified factory line style sales process will get you down after a while. However, the banks do give you a chance to build a client bank. Banks are also the main training ground nowadays so you can make mistakes on bank customers and not have to worry about being financially liable for it. That said, a lot of IFAs are coming to the end of their working life in 2012. Many will have client banks that need servicing and having a qualified IFA on board will allow them to drop back to mortgage and protection only (meaning they dont have to do the exams) whilst retaining the trail/renewals. The qualified IFA can then do all the servicing work and future business paying a share to the ex IFA.

brianrhill

The CII is not the only route. I have just completed the IFS Diploma which is roughly 310hrs of study, so for me broadly similar to the CII route. Not as deep technically, but much more 'real life' than the CII. that being said, I will also do the CII route late to obtain chartered status. I completed the Certificate level in 4 months and the Diploma in 9 months, plus Equity release and Lobg Term Care in one month each. 2-3 hours a day, every day, plus whole days on the lead up to the exam.

vbm

Why not consider the J0 route..., it will make it easer to get into the swing of taking written exams and in my opinion post 2012 many advisors, epecially the younger ones wanting to progress will need to get chartered.

Taking the RO pensions exam and then trying to sit AF3 would be quite a jump.