mortgage career - question

myright

Thanks guys, it makes sense now! its good to know things will get better, so it maybe worth it to invest some time into getting the quals now and with the hope of picking up some experience along the way in the future.

in regards to dusnho comments in regards to 10-15k for employed mortgage advisors, these figures don't resemble jobs that I am finding on for example on reed.co.uk etc.

Just one more questions in relation to the studies. I recall people telling me the cemap is something you just need to pass, but the main learning will come on the job. Is this still the case? or do i need to knows the modules inside out? I have different techniques in learning. for example I would learn differnt for if i have to just pass it. But will be the quickest and easiest route! The reason i ask is cus when I did abit of reading in module 1, I couldnt think of an instance when some of the info would applied in real life, as in a customer asking about it. Although i think it was relatively intresting but at the same time rather irrelevant to Mortgage ADVISING.

holly_hobby

Hi there,

Refer my response (tinkered to present requirements) to your prev CeMAP thread re requirements ...

holly_hobby wrote: »

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.

The BPP books, relevant for the CII examination board, tend to concentrate on the bare basics to get you though the exam, therefore the content of the study book is much lesser than CII's own study text for the same exam, and of course the IFS CeMAP study text. But as I say you are only reviewing and learning the bare basics, where understanding background info actually helps to clarify the issues to hand and makes overall learning easier.

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 make sure you know this backwards.

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

As I say the BPP study books if you elect to change and go the easier CII route, 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.

Hope this helps .....

Holly x

Although you say you couldn't think of an instance where various issues in the study text would arise, they do, as they wouldn't form part of the exam, but I know that you are basing your comments on no previous or current mge selling or packaging/processing experience.

The bottom line unfortunatley is, if its in the study text you COULD be tested on it .... so you takes your chances I'm afraid if you elect to disgard some of the study material.

As I say, the CII Cert in Mge Advice, which is a 2 paper format, of CF1/RO1 and CF6, is largely considered the easier route to obtaining a professional mge qualification, with study modules produced and published by BPP, that concentrate solely on the basics, deemed sufficient enough to get you thorough the exam ... but in reality, and esp in respect of CF6, I would only recommend this route if you have some previous experience and knowledge of the subject, as it is basic info and format and I think works best with a least an already attained basic or more advanced knowledge/experience base.

Unfortunately there is no easy or quick route to professionlism and knowledge, its a long old slog with the exams your foundation supplemented by experience which can only be gained by time and exposure .... but it can be a very worthwhile and rewarding career.

Hope this helps .... as always I'm here to support you as much as possible, and when and where I can !

Holly x

PS - link to CII Mge Cert study route - http://www.cii.co.uk/qualifications/certificate-in-mortgage-advice-qualification/

ACG

Cemap 1 is soooo dull.
I agree with Holly, there will be times your sat in an appointment and something will crop up and you will be thinking oooo i remember this from the books, but in all honesty the books dont prepare you for some of the situations you sit in front of (i always thought my family were mental, now i think theyre relatively normal).

holly_hobby

I bet it is ACG. (if anything like the old FPC1 paper ... and I admit studying regulation is tedious !! ). As I was already FPC I only needed to complete the CeMAP bridge paper, and actually found it ok and relatively easy both in study terms and passing (but that was some yrs ago now !).

I completely agree, no study text will ever prepare you for real life situations, but they should provide you with the inner confidence and basics to feel comfortable in being able to deal with most basic situs .. achieving the rest, well as we know, only experience (and yes some inevitable mistakes along the way) can only take you there !

H xx

myright

thanks soo much both of you, Holly and ACG for the invaluable info that you provide us. I'm sure so many people will benefit from your input, i certainly am!

My question in regards to studying was more to do with my time allocation. I mean I can try to study for the module 1, the more time I put in, the better I will remember it in the future! but at the same time I can put less time and rely on my short term memory which usually has never let me down for the exams in the past, especially for my a levels and degree. The only problem with this methodology of approach is that I never remember anything AFTER the exam lol. I dont want this to have a detrimental affect on the actual job.

And Holly that seems like a good idea, I think I'll just buy the book to have a quick reference book. Do you have a link to it? is it also available for the cemap route? cemap seems like a more recongnised qual, thats why i am more eager to go this way.

Conrad

myright wrote: »

thanks soo much both of you, Holly and ACG for the invaluable info that you provide us. I'm sure so many people will benefit from your input, i certainly am!

My question in regards to studying was more to do with my time allocation. I mean I can try to study for the module 1, the more time I put in, the better I will remember it in the future! but at the same time I can put less time and rely on my short term memory which usually has never let me down for the exams in the past, especially for my a levels and degree. The only problem with this methodology of approach is that I never remember anything AFTER the exam lol. I dont want this to have a detrimental affect on the actual job.

And Holly that seems like a good idea, I think I'll just buy the book to have a quick reference book. Do you have a link to it? is it also available for the cemap route? cemap seems like a more recongnised qual, thats why i am more eager to go this way.

myright, I have a lot of clients in sales type roles, but in other sectors such as IT and they earn FAR more on average.

I'm just wondering why it is you want to join an industry where the drop - out rate is vast (something like 80% over 5 years), and where I assure you all the old guys I know are suffering terrible health? People say being a police officer or teacher is stressful, and whilst true, the problem with broking is the stress is omnipresent as you will always have ongoing cases in your mind that may be about to be declined by lenders, and this drip drip of incertainty over earnings is litterally a killer for many.

THINK very carefuly what your'e letting yourself in for here.

Unless you are exceptionally business minded you really could make a lot more money in other sectors.

For me anything less than £100k per annum would be too little to offset the stress.

Good luck n all, but seriously, one day you will thank me for this!

myright

^is this just fear mongering? lol. ... jk

where did you get those stats from mate?

holly_hobby

myright wrote: »

thanks soo much both of you, Holly and ACG for the invaluable info that you provide us. I'm sure so many people will benefit from your input, i certainly am!

My question in regards to studying was more to do with my time allocation. I mean I can try to study for the module 1, the more time I put in, the better I will remember it in the future! but at the same time I can put less time and rely on my short term memory which usually has never let me down for the exams in the past, especially for my a levels and degree. The only problem with this methodology of approach is that I never remember anything AFTER the exam lol. I dont want this to have a detrimental affect on the actual job.

And Holly that seems like a good idea, I think I'll just buy the book to have a quick reference book. Do you have a link to it? is it also available for the cemap route? cemap seems like a more recongnised qual, thats why i am more eager to go this way.

The BPP book will be little benefit if you are taking the IFS CeMAP module one - as CeMAP is recognised as a much more thorough examination route.

You really can't just learn the basics and hope that the papers concentrate on these areas and little else - as you are sure to fail, and each re-sit costs added money, time and stress !

As I've advised and to this end, purchase/obtain as many past papers as possible, which are an invaluable study aid and tool TOGETHER with thorough revision from the study texts provided, and gathering general awareness fro the media, and even sites such as this !

I have already given you ideas for study aids, in the form or pnemonics and mind mapping - but now knowing that you are a graduate, I would assume you are well versed in studying. To be honest there isn't a fast track to being competent (and would you want one), both you and your employer/clients will want to know you are fully competent in at least the basics, and its the least to be expected when advising individuals on life changing financial arrangements.

If you want the easier route to just get in to the industry asap, take the CII route of CF1/RO1 and CF6 - you may then wish to consider also sitting your CeMAP, when you have gained some on the ground experience and training.

Here is the link to BPP - and would also recommend attending a study course (BPP,CII, and IFS all operate such, as well as external providers), given the fact that you have no finanical svcs or mortgae experience at all.

BPP
http://www.bpp.com/lm-product-details/lmproddetails/6782

CII - Cert in Mortgage Advice
http://www.cii.co.uk/qualifications/certificate-in-mortgage-advice-qualification/

IFS - CeMAP
http://institute.ifslearning.ac.uk/qualifications/QualificationsinMortgageAdvice/CeMAP.aspx

Hope this helps

Holly

holly_hobby

Hi again OP,

Not sure exactly when you're planning to enter the industry, but it will have to be after your CCJ and defaults have expired (which I'd forgotten you had from your previous thread), as you will fail the fit and proper test which is an FSA requirement for practicing advisors.

So whether it would be beneficial to fund and take the exams now, but not enter employment or face to face advising for at least the next few yrs is debateable - and there is therefore certainly no rush to pass these at this present time, so your study may be a little more leisurely and thorough.

Hope this helps, although I know you will find this post disappointing.

Wish you well

Holly x

myright

Hi thanks Holly again for your great advice.

And as for the CCJ issue, I am now rather disappointed as I got myself extremely motivated to go ahead with this!

Wouldnt it no matter that the CCJ was 'satisfied' and all the money owed was paid by the students loan company to the university as they had to in my case? I am going to try my hardest to see if I can get this removed.

In addition, would the 'satisfied/ settled' defaults also hinder my chances of passing the fit and proper test?

Does this only apply to face to face advising or does this additionally include over the telephone, call centre based advising etc??