CeFA Question

bill7810

Hi all,


My first post here!
I'm planning on starting CeFA in the next few weeks, but I thought I'd try and pick the brains of those who have maybe recently completed it?
With the requirement of the level 4 diploma for all advisers from end of December 2012, is finishing both the level 3 and level 4 in this timeframe realistic? I don't have any employment experience in the financial services sector, but I do have an active interest in investing - ie, plenty of researching, investing, etc.
Obviously the concern is when I do pass the CeFA, and look to get a job, I could be leaving myself a short space of time to complete the Diploma once employed - otherwise i presume i'm out of the door if I don't finish it in time?
Anyone in a similar situation? Any Suggestions?
This is the line of work i really want to be in, so the determination is definitely there!

Posted this on the employment board also as I wasn't sure which would be best! Apologies if thats frowned upon!

Thanks, Bill

dunstonh

I'm planning on starting CeFA in the next few weeks, but I thought I'd try and pick the brains of those who have maybe recently completed it?

I never did CEFA as I have always used the CII exams instead. However, is it actually even worth doing the CEFA exams now? They are not good enough for new advisers.

With the requirement of the level 4 diploma for all advisers from end of December 2012, is finishing both the level 3 and level 4 in this timeframe realistic? I don't have any employment experience in the financial services sector, but I do have an active interest in investing - ie, plenty of researching, investing, etc.

The level 4 requirement by end of 2012 is for existing advisers. New advisers have to get level 4 requirement straight away (although under a trainee system that does allow you to do it in stages under supervision).

I would suggest you switch to the CII qualifications instead and look at the R0x versions. Otherwise you are going to have to double your exam count if you do it the old fashioned way.

bill7810

Dunstonh,
thanks for the reply.

Do you refer to the Diploma in Regulated Financial Services (CII)? I note that this is at Level 4. There is also a cert and another diploma in financial services also.
Do you know if diploma in reg financial services is suitable for someone who hasn't done level 3? I know that question is very dependent on the individual, but do you know how much difference there is re: difficulty, etc between the levels?
Thanks again, Bill.

dunstonh

Do you refer to the Diploma in Regulated Financial Services (CII)?

Yes. This is the standard required.

Do you know if diploma in reg financial services is suitable for someone who hasn't done level 3?

Yes. It is designed to be sat by trainees as well as competent advisers. You dont need the level 3 first.

but do you know how much difference there is re: difficulty, etc between the levels?

I have the old FPC exams and most of these R0x exams and some J0x exams as well. in my opinion, the R0x exams are not much more difficult than the level 3 apart from being far more in depth. The J0x versions are heavier and more complicated but are at the same level. For example, R04 covers the same subjects as J04 and J05. All are level 4. Yet R04 isnt a patch on the knowledge requirements of the two J0x exams.

The exams are just part of the requirement. There are 130 odd gap fill areas you would need to do as well as the exams. The R0x exams match the exact FSA requirements. So, no gap fill would be required. If you did level 3 exams and then some level 4 exams to get the required number of points then you would still need to gap fill (unless you used the R0x exams for that). So, basically you can either sit R01 to R06 from the start or sit the 5 level 3 exams then then sit another 4-6 level 4 exams.

bill7810

Dunstonh,

Many thanks for providing such clarity.
The Level 4 Diploma it is then.

Regards, Bill.

bill7810

Out of a matter of interest, how do employers view candidates with CeFA now - with the changes looming?
Also, what kind of roles will the CeFA qualification be suitable for now and post 2012?

Bill.

dunstonh

Out of a matter of interest, how do employers view candidates with CeFA now - with the changes looming?

As an employer, I wouldnt take on someone who has shown no indication to get the higher qualifications in a full advice role. However, I do currently have 4 IFAs who are dropping their IFA status to go mortgage and insurance only and the refer investment cases internally.

Also, what kind of roles will the CeFA qualification be suitable for now and post 2012?

Mortgage (if you get the mortgage module) and insurance only or administration roles only. Basically, it serves little purpose

crazycatlady1984

Hi Bill,

I am halfway through CeFA (passed Modules 1 and 2, currently studying for 3) having started it when I was in a previous job as I wanted to improve my chances of getting a better job (despite already having 2 degrees, but thats just the way of it these days!)

I then got another job last year but am continuing with my CeFA as I still work on financial services and think its a pretty good thing to have.

I have the same concerns as you regarding the changes requiring level 4 but am trying not to let it put me off - I would imagine if you show the initiative and pass CeFA, you will have no trouble finding an employer who will train you and put you through Level 4. In mu opinion anyway.

I did a lot of research before deciding on CeFA over the CII, one of them was simply the practicalities of it and being able to sit your exams whenver/wherever suits you.

Best of luck wiht your studies!

dunstonh

I then got another job last year but am continuing with my CeFA as I still work on financial services and think its a pretty good thing to have.

It does no harm but it is now obsolete. You will have the 70 credits at certificate level if you pass the CEFA exams but you need the 80 credits at diploma and gap fill if you dont have the 80 points in the right area before you can give advice.

So, switching exams may be easier.

I did a lot of research before deciding on CeFA over the CII, one of them was simply the practicalities of it and being able to sit your exams whenver/wherever suits you.

The CII exams cover most counties.

crazycatlady1984

dunstonh wrote: »

It does no harm but it is now obsolete. You will have the 70 credits at certificate level if you pass the CEFA exams but you need the 80 credits at diploma and gap fill if you dont have the 80 points in the right area before you can give advice.

So, switching exams may be easier.



The CII exams cover most counties.

I am in Scotland, was not a viable option.