CeMAP qualified

Nibz

hi guys just recently i got my CeMAP qualification however it has become very frustrating trying to get a job as they are all looking for someone experienced! If anyone has "been there done that" could you please help, as in where to apply, or any good firms hiring a trainee so i can become competent?

Thanks a lot

ACG

I passed m exams last year. You will be very lucky to get paid employment in this field as an advisor. Maybe look for an admin role where you can do your own sales aswell.

Think of all the qualified advisors who went under with the credit crunch - theyre probably ahead of you in the employment line. Speak to some of the networks (type in mortgage networks) and see if you can become self employed under them? Or get a self employed position under a company and get some experience.

dunstonh

it has become very frustrating trying to get a job as they are all looking for someone experienced!

Which is very understandable given the current market and in just over 6 months you will have a bunch of FAs dropping to mortgage and insurance and having clients to bring with them.

Over half of new advisers left within 2 years and that was in the good years. You need to be able to offer a prospective employer something that others havent got so they dont see you as either likely to fail or a drain on resources.

betmunch

Try the big corporate EA's Coutrywide, Connells, Reeds Rains.

It wont be fun, but you will get your experience, then can move on.

betmunch

Just realised I already told you that in December when you where still studying!!!

Well done for passing.

Conrad

Not sure it's wise trying to get into what has been a declining business.
Surely there are plenty of new growth areas, why on Earth get into mortgages now?

The_J

People will always need houses and as regulation is likely to increase I expect consumers will eventually be driven down the advice only route.

Similarly, when mortgage rates increase there will be a massive uplift in remortgaging for the best deal. There will be many lenders in a dodgy position looking to offload a bunch of customers, there will be others who see this as an opportunity to buy it up.

There are worse industries to go into.

Nibz

betmunch wrote: »

Try the big corporate EA's Coutrywide, Connells, Reeds Rains.

It wont be fun, but you will get your experience, then can move on.

Thanks guys, Yes i remember! i am going to give them a try just to get my competent status and then hopefully can move on. How long does it take to become competent anyway, i heard its 2 years ?

How about considering CeFA? I know there are few more exams but once passed, how is that compared to mortgage advising?

Thanks

holly_hobby

Financial adviser status - means that you are competent and authorised to advise and sell on life, investment and pensions - so in essence once fully qualified you are an all rounder !

If you are also a mortgage adviser, then that means that your clients have a one stop shop with you for all the mortgage and protecton/investment requirements. ( so maximising your income potential)

As discussed in your first thread (congrats on passing CeMAP by the way, not easy if you are not already in the industry), I'm CII Dip and Adv Cemap. although when I entered there were no prof exams reqd, so speaking under CII RDR - all advisers now have to be Diploma qualified advisers (new or existing), to ensure a consistent level of advice and competency throughout the industry. So, from new and just CeMAP, it would be a very long hard slog, from being brand new to the FS industry as a whole, with no customer facing experience - to a full blown CeFA or CII FA (scary too!!) - and without even any mge experience, I don't think adding CeFA at this point will help you secure a trainee FA/paraplanner position.

I think I remember you being quite young, and again my best advice would be to first of all gain your mojo in mortgages themselves, and the underwriting processes i.e what makes a good case and a poor one you have little chance of placing, how to present a case for the best chance of acceptance .. etc... etc...

You then want to be comfortable in interviewing, completing factfinds, RWL, etc for solely mge clients - before jumping in with the FA boy and girls and becoming a full blown adviser .... its not easy, lots of areas to consider as part of your advice, inc tax implications and eligibility to state benefits, and sometimes the hardest part when you start off (despite having quals and product experience ) is appearing confident in front of clients when your knees are knocking ..... (and we've all been there when you first sit down all on your own with peeps (with no trainer/mentor sitting in the corner !)

As I said, way back when, my entry into mges, was actually via a mortgage placement and panel packing desk (not sure if any broker desks even exist anymore !)- and I would recommend that type of role as a great basis (ie in a bank etc processing mge apps or similar role), to actually getting to know what uw's look for when reviewing a case and how to "present" one to get the best possible result - all useful knowledge when a mge adviser. So when I moved into Financial & Mortgage advice - it made my job so much easier, as I already had mge lender contacts, and knew who did what, who was flexible ..etc .. etc ...

If you wanted to go straight into mge advising, as suggested look at the chains, or even banks (their recruitment pages, NWest, Barlcays are always looking), Reed Ins agency is another who often have trainee positions). Don't forget once you're signed off as competent, all employed positions are target driven both for written and banked (ie mge gone to completion) business ... with normally very little leyway for failing ... it just going on next months target !

You'll learn by sitting in on copious amounts of interviews, learning how the sales meeting is structred, how you slot in your FSA requirements whilst keeping the meeting flowing, and how to nail .. ahem .. sorry secure ... the sale !

As others have said, with the recent changes in the industry re regulation, and job losses etc, you'll find yourself a small fish in a very big pond ... it can be very rewarding ... but can leave you tearing your hair out, and under stress .... (which is common to all sales positions I guess).

Speaking of which, have you considered the paraplanner position, which is sort of a half way house ?

Hope this helps !

Holly

holly_hobby

Hi

Had a quick look on reed for you - and have attached their link to trainee mortgage adviser positions ... hopefully there is one that suits in your neck of the woods ...

http://www.reed.co.uk/jobs?keywords=trainee+mortgage+&location=&salaryFrom=&salaryTo=&perhour=false

Hope this helps

Holly

Nibz

Thank you very much Holly a great post plus a very good link indeed. Cheers