Cemap course Mod 1 help

myright

As some of you will know I am revising for my Cemap mod 1, I apreciate all the help and encouragement you have given me so far. Special thanks to Holly aswel.

Whilst trying to learn it, i have noticed there's SOOO much info. Some directly related to Mortgages and others not soo much.. I am learning everything jst for knoweledge purposes but there is soo much, so I'm just trying to learn as much to pass the exam. Is there any Particular parts that will be required in the actual ROLE, so i can spend more attention on it, in terms of thorough understanding.

I was making notes to start off with, but then stopped as I thought it was getting too long. I even tried to do image mapping as Holly described. It's excellent tbh. But would take far too long covering every single topic here. So I've decided just t read through the study material and highlighing important parts and revisiting them again. Thats why I want to know whats the most important/ relevant sections that will be more useful than others in the Mortgage industry especially dealing with clients. As there is FAR too much info to retain and concentrate all my effort in especially as im doing this after my day job

seen as i'm asking this, can somebody kindly briefly explain to me how a divident % paid out work per each share ? this is in relation to Credit unions.


Thanks for any info.

ACG

I sat RO1 which is similar to CeMap 1 so this should still carry across.
Its basically Rules and Regulations very little of it you will use with clients... there will be the odd discussion you have with a client and you think ooo i remember something about that in CeMap 1 but to be honest i think with Cemap 1 its a case of passing the exam then forgetting it all.

If someone gave me CeMap 1 now i have a feeling i would have to start reading up again in order to pass it. Its not like the others where you pick up knowledge along the way which is relevant to the exams.

As for the dividend payment, im not 100% sure i understand the question but ill give it a shot....

If you have 50 shareholders and the company has £100 to pay out to them, they would each receive £2 (They all get an equal share).

I dont ever recall a question like that in any of my exams.

holly_hobby

Hello again .... !!

This is the reason why most of us said that gaining some experience whilst you study is the best route - as it gives a better understanding to what you are studying.

Anyhoo, that doesn't help right now ..... I would have said this in my earlier posts, but past papers are really the key to sucess in both IFS and CII exams. The mulitple choice papers work from a bank of questions, and you will see (if you buy more than 1 past paper for each module), that the same fundamental q's (albeit possibly reworded ) will re-occur in each paper.

There is a train of thought (esp for multi choice papers) that if you do sufficient past papers (to try and cover the majority of the question bank), and just essentially "learn the answers", you stand a good chance of passing (notwithstanding of course that you will have to also consider any changes to the answers from past papers, to accomodate any subsequent amendments to HMRC/tax changes). However, this isn't something I subscribe to, as the whole point is to actually KNOW your subject, both for your own and importantly your clients protection and service. And whilst past papers are a great tool to test your acquired knowledge, they should not be used in isolation having just learned the answers "parrot fashion" to (hopefully) just get through the exam - where if you did so, you would quickly become unstuck once in front of a client or if new questions appeared on the paper, that you had not come across within the past papers reviewed.

So as you can see, unfortunately, there is NO quick fix to study - imagine what studying for the the Diploma and Advanced CII exams are like ..... nightmare in hours and hours of study and input !! But, if you want to pass this is the commitment needed (as well as ensuring that you keep up with developments and new/updated industry qualifications throughout your career).

The BPP books, (not sure if they do it for IFS/CeMAP exams, but certainly relevevant for CII papers), tend to concentrate on the bare basics to get you thought the exam, therefore the content of the study book is much lesser than the CII books - but as I say you are only learning the bare basics, where understanding background info actually helps to clarify the issues to hand).

Regulation is a VERY important part of being an adviser - and it is essential that you both know and understand the factors and relevance of it.

So, to answer your Q - if its in the book - you could be tested on it.

The BPP study books, have condensed study material designed to proivde you with sufficient info to get through the exam - but not much more.

Past papers - the more the better - are IMHO the key to success in passing (the help you understand what the examiners are looking for, how they word questions (the wording often designed to trip you up), and what the heavily tested areas of the syllabus are).

Study aids (as already discussed in prev thread)

Pneumonics - as discusssed prev - making a word/phrase from a list of info to be recalled - which will help you remember the data as easily as possible

Mind mapping we also discussed this previously

Dividend payment on shares - total amount of profit made available for ordinary share dividend distribution (as not all profit is usually released for this, but may be retained for reinvestment or business requirements by the firm), divided by no of shares in issue = how much each share owned by the individual will receive in dividend payment.

Dividends are paid in priority order - that being said Preference share holders (which essentially have a fixed interest return), are always allocated dividend payment first, before any ordinary shareholders (where dividend payment is NOT of a fixed or guarnateed amount)are awarded payment. Pref shares also hold a higher ranking of payment in the event of the liquidation of the firm. (doubt you will be tested on this in respect of CeMAP, but no harm in knowing the basics for your own benefit)

Hope this helps .....

Holly x

Beege

This question is a slight diversion from the speciific subject of this thread, I'm new to this so I hope slight diversions are OK.

I am thinking about taking a Cemap 1,2 &3 training course followed by the exams. I would like to know, as a newly Cemap qualified candidate, how easy/difficult might it be to get a job with a firm of whichever kind?

Thanks.

ACG

I think unless you know people in the industry you might struggle.

Partly because the market collapsed, their are experienced advisors looking to get back into the industry. If you know people in the industry you can call on them to help get you on your feet but i think its very very difficult.
I love the job, but its taken me nearly 2 years being self employed to finally be able to draw a wage - its not a huge wage either. Thankfully i had my girlfriend to help support us. I worked as an account manager for a life insurance company so i know plenty of people, i was able to call on them for help and support. Without them i wouldnt have even been able to join a network (which is a company you can work under to check your compliant and get you "competant advisor status" (CAS) ).

dunstonh

I would like to know, as a newly Cemap qualified candidate, how easy/difficult might it be to get a job with a firm of whichever kind?

At this moment in time? Probably very hard.

You have the RDR in just over a weeks time where around 20% of FAs/IFAs are expected to have fallen off the investment class authorisations with many moving to insurance/mortgage only instead. Most of those will be more attractive than a new recruit as they will have a client bank and other business that brings in an income as well as a proven history.

Then you have the fact that there were too many mortgage advisers at the peak of the credit boom. Many have now gone but business is still very low.

You need to think about what you have to offer a potential employer that would want them to employ you. You also need to consider how you are going to get clients. Over half of new advisers leave the profession within 2 years. The most common reason is lack of clients. You wont be spoon fed clients in most cases. So, how do you propose getting them?

Beege

Thank you ACG and dunstonh for responding so quickly.
I was expecting to hear that it might be difficult to "break-in".
I hadn't heard about this "CAS" rating. Can tell me moe about this or point me in the direction of detailed info?
Thanks again.

Kayls888

I have just done my unit 1 and I found the last papers really helped me, I ordered as much as I could from the ifs and just went through them, you will see what type of questions are asked and you will also see a lot of them is repeated! Fund that was the best way to learn and also to get an idea of the type of questions you will be asked, whilst you are doing it time yourself!

It's mainly the next units that go into the mortgage job in more detail and it has unit 1 text included in it to remind you! I have just started reading module 2 now!

Good luck with module 1! Anything else you need just ask as I just finished my exam before Christmas