CeMap qualification

fashionprincess

Hi,

Not strictly a mortgage post, but didn't really know where else to put it!!
I am currently working for a bank in the mortgage section (non-advised). This is a stop gap and I have decided I would like to try and pursue becoming a Mortgage Advisor. I feel I have gained a lot of useful experience in a short time and this would be of benefit to me.

My main issue is getting qualified. I've researched CeMap courses online and wondered for those who have gained this, what would be the most reputable/trustworthy company or site to use?

I don't want to be ripped off!! I'm aware of the costs, just a little uneasy about who to use!!

Any advice would be appreciated.

Thanks in advance.

holly_hobby

To be quite honest, especially if you are working in the mge dept, you can easily self study and pass the papers (although I did the bridge exam back when I took it, as I was already FPC qualified).

I have self studied for all of my FS quals, and passed each paper 1st time - so it is entirely possible if you are dedicated to revision and put the hours in. (past papers are a brilliant revision aid too).

Does your employer not have a training dept ? They may run CeMAP & CiFa study courses as part of their competency mandate - and should pay for your study books & exam if reqd as part of your role.

Also have a look at the IFS website (IFS is the examining board for CeMAP) - they may advise of recommended study providers, or offer their own study courses (similar to CII).

Hope this helps

Holly

fashionprincess

Cheers for that. I don't believe there is an official CeMap training through work...not looked into it in too much detail yet though to be honest. Been thinking about it but not yet got round to doing anything about it!!
I would definately look to do it as a self study route I think - more flexible and in my own time!! Feel as though I should be able to get through it though as am confident in the knowledge I have..Just a case of getting a qualification to it!!!

Thanks again

holly_hobby

I found the bridge paper quite easy, but I did have a lot of mge experience in various roles when I took it.

Enquire with HR/Training if they offer any internal courses, and if they provide financial support i.e pay for the exam (my old employer would also pay for 1 re-sit) and course book(s). TBH I would be v surprised (if its relevant to your role) and they don't make such provision.

Good luck with the revision !!

Holly

Annisele

I'd second the "self study is fine" comment, but then I also took the bridge paper - and I don't know whether the current syllabus is tougher. In your shoes, I think I'd at least try the self study route, and only if I struggled would I pay somebody to teach me.

_Andy_

Another 'self study' one here (again back in days of bridge paper as had CeFA).
If you work in the industry already you'll have a lot of knowledge.
I've known people who have literally just gone over and over the mock tests on the CD and passed

davidnoble

Most of the local colleges have long since withdrawn from this market sadly

I did CEMAP and FPC parts 1-3 at Bournemouth-who still do an evening course I think

However CII and all qualifying bodies do long distance learning

You need to look carefully however at both the mortgage marketplace,and, your likely future

A "qualified" CEMAP graduate can expect between 19-23kpa

The market is rapidly shrinking!
Lenders new found confidence means more "direct" only product

Whilst IFA's look hungrily for "sales augmentation"

If you go the AR route you can expect monthly fees of anything up to £300 plus at least 25% of your income
If you stay in -house their cut is less,but,so is your salary

If you like the security of in -house rather than free ranging self employed AR.

Why not speak to your training manager
Ask for help
Enquire what such qualification might offer-in terms of salary etc

Especially find out what they are looking to source in terms of experienced and qualified staff

You will find most lenders prefer a banking qualification-there are various specialisms that are appropriate here

Above all do not be a shrinking violet-ask,ask,ask!

Finally,with current events,and, increasing legislation, most old fogeys( like me!) within industry are leaving in droves

So,there is bound to be a place for you somewhere!

Best of luck

Dr David Noble CeMap,FPC

magpiecottage

I have done exams with both the CII and IFS. The IFS is probably a little cheaper and easier and you can take most of their exams at any theory driving test centre. They also tend to have more exam slots.

Each module will cost you £150 for the study material and one shot at the exam within 12 months of registering for it. You also get online updates within that time and they can be downloaded to you computer for future use. After 12 months they disappear from your area within the IFS website.

holly_hobby

CeMAP is classed as banking exam (I also hold Advanced CeMAP)

The equivilent CII mge exam is/was MAQ - and was generally seen in the industry as a somewhat poorer relation (please don't shoot me those who hold MAQ, I'm only the messenger !!), and is why although already CII quaified, I elected to take the CeMAP qualification, which focuses much more on lending practices.

IMHO - if given the opportunity you should always taks professional exams, they not only give you the confidence in your knowledge, but also demonstrate to others that you have been classed by an external examining board as proficient and able to apply your knowledge, and define you from those who don't have the qualification.

Hope this helps

Holly

dunstonh

All my exams have been CII. Mainly as that is how I started and you get used to their methods (double negatives or "best response" where all answers may be right but they are looking for the most right one).

CeMAP should easily be passable on self study.

The biggest risks to new mortgage advisers going forward is a lack of opportunity. Over half of new advisers left the industry within 2 years having failed to make a go of it. That was in the good times. Looking ahead, you are going to get a significant number of investment class advisers dropping down to mortgage and insurance as they dont want to meet the RDR requirements. I am just a small firm but already have 4 IFAs that have either already made that move or are in the process of making that move. They are bringing their client banks with them as well as history I can check. So, you are going to have an influx of experienced advisers focusing on mortgage/insurance in a market that is already depressed.

What are you going to bring to the party that makes you attractive for a new employer to take you on as a mortgage adviser? At a bank you spoon fed customers. In the wider market, that doesn't happen. So, how are you going to generate clients?

handytips

Yes good advice from Holly Hobby, especially as it seems they are into compliance also.