CeMAP exams

michaeld17

I am 17 years old and I'm looking to start a CeMAP home study course with IFS. It's going to cost around £700, I see this as a way of entering the jobs market in particular meeting the requirements for banks where I may get further training.
Does the cost sound about right and what can I expect in terms of further qualifications. I posted on the job seekers forum on Saturday but got no responses.
I have read through previous threads on the subject of CeMAP where advice seemed to be mixed as to whether this is a good time to pursue a career in mortgages, however my main motivation is to get a job which isn't easy in the present climate.
Any help or assistance that people could provide would be gratefully received.

ACG

I went a different route, i passed my RO1 and CF6 exams with the CII. Its a cheaper alternative if your paying for it yourself and theres only 2 exmas.

Ive recently gone self employed, its difficult. If you can get a job within a bank thats great. Another route is trying to get a job in a low role and get them to pay for your exams, you can then work towards a promotion.

Joe_Bloggs

When I was 17 I had a Sunday paper round. When the papers are folded with supplement/advert rubbish they were as thick as telephone directories. At 18 I realised that It was a mugs game and best left to those more keen on the end point of journalism.

If you are quick witted /numerate/personable/resourceful/creative and can prove it , then why would an employer not give you a chance. The CV is the key and also who you or your parents/their friends know.


J_B.

dunstonh

Are the banks still recruiting? I heard recently that most have stopped apart from industry experienced individuals.

kingstreet

The current mortgage market is around 25% of the size it was in 2007. Back then there were 36,000 authorised advisers.

Now, there are around 9,000 and the RDR is likely to see large numbers of IFAs "dropping down" to mortgage advice as an alternative to their investment advice options.

opinions4u

You might be chucking £700 down the drain in the current mortgage market, and be years off being able to use the qualification.

I hate to throw cold water over such an enterprising plan.

Get a job in a bank or estate agency and work your way up to mortgage advice. They may well pay for your qualification once they recognise your potential and have a vacancy.

From there, as the market recovers, you could look at working for yourself (tough in a highly regulated environment) or as part of a small firm.

Annisele

Unless £700 is pocket change to you, I'd be very hesitant about spending it on CeMap. As others have said, the job market is tough right now - and the RDR means you'll be competing against experienced advisers.

I think opinions4u has it right; get a job in a bank or an estate agency without CeMap. If you can't do that, then I'm not sure CeMap will help all that much.

dunstonh

Now, there are around 9,000 and the RDR is likely to see large numbers of IFAs "dropping down" to mortgage advice as an alternative to their investment advice options.

Putting some figures on those.....

According to the FSA there are little over 28,000 FAs or IFAs (2009). The industry expects 30% of these to drop investment authorisations by either calling it a day or moving to insurance/mortgage. That is 8400 less investment class advisers. If half of them go to mortgage/insurance then that increases the current mortgage adviser count by 50%.

Is an employer going to be interested in a new recruit or an ex adviser with a client bank to bring with them and years of experience?

ACG

Dunston raises a good point.
I used to work for a life office and was made redundant. Whilst i got 3 offers of employment from the accounts i looked after, before i got those i was applying everywhere for a mortgage advisor job and everyone was asking what experience, if i had a client bank etc. Nobody was interested in taking me on because they barely had enough work for themselves.
I think to some degree its all about who you know in the financial services as its quite small industry where everyone seems to know everyone.

Also, the other thing i found was that the hardest part was getting CAS. Because nobody would take you on, you couldnt get competant advisor so you then couldnt even become self employed.

If you can get in with a bank you are laughing, but its quite difficult.

Dave_Ham

Save your money - but do not kerb your enthusiasm.

You will need some more sales and probably life experience before I think you can go out into the big bad world of mortgages.

I have seen some brilliant brokers go through the bank schooling; opening current accounts, savings accounts, personal loans, credit cards etc. and it really helps cut your teeth.

Additionally, early in your career you will encounter an age issue trying to give advice whilst clearly not having had your own mortgage/family etc.

I echo the advice above, save your money and try to obtain as much customer facing experience as you can. The banks or even banks call centres is an ideal place to do this..

All the best...

holly_hobby

Dave H. has picked up on a very relevant point re your age - whilst I know its ageist, the majority of individuals who sit in front of you at this point will be older, sometimes a LOT older than you - and will wonder what industry experience you have to be advising them on their mortgage arrangements, which may shake their confidence in your advice.

Its already been said, try and get into a bank/b society - and have them support your learning under CPD. They will pay for your study books and exams (and usually 1 re-sit).

Having experience, will also help you to understand what you are learning and reading about within either the CeMAP study course or CF1 & CF6 if you go the CII route - or indeed further exams if you decide to become a financial adviser instead and/or an equity release morgage adviser.

Being involved in any financial sales role is tough in todays economic situation, compounded by the freedom and easy access of mortgage and lender information to Joe Public on the web (inc forums such as MSE), and of course direct competition from fellow advisors in your area.

Enter a bank/b soc, see if you want to work in FS having witnessed it first hand - and then apply through your internal training dept for product exams, and external professional exams as you gain experience, confidence and knowledge. (an ideal role for you would be in a mortgage processing department, or assisting on a mortgage placement desk, which is where I originally cut my teeth in mortgages way back when !!)

Good luck with your progress, it can be a very rewarding career, but isn't always the easiest job in the world !!

Holly x