Cemap - home study or direct via IFS??

Freshtrax55

New user here...

Just a quick question. I'm going to do Cemap. I've looked at various training companies and have had some recommended. (I'll only be able to do home study though..)

However, I've noticed on the IFS website that if you register for each exam (currently £155), you get study materials anyway? So, is there any sense in spending £400+ on a course from somebody or do I just knuckle down into the IFS materials? I suppose some places will have made the material easier to understand but I have a degree in finance and business so don't think I'll struggle too much with the lingo..

Advice appreciated.

Thanks.

Mike.

holly_hobby

If you have no previous mortgage experience, and want to give yourself the absolute best chance of passing first time, attending a study course may be useful.

The CeMAP exams (and there are a couple of meaty threads on here regarding them), aren't as simple as the CII Mortgage Cert, but if you are reasonably bright and have a good capacity for understanding and evaluation (passed papers are a great revesion aid), then they are perfectly passable by home study - you could try this sit the exams and then if you don't pass decide whether the investment will be worth the outcome.

Hope this helps

Holly

Freshtrax55

Any advice on whether the IFS materials that come with the registration fee are sufficient though? Or do I really need to be looking at a home study course from a 3rd party?....

holly_hobby

Yes the study manuals are sufficient, IF you also ensure that you do past papers too.

I originally sat the bridge paper in 2000 (as I was already FPC qualified at the time), and I found it quite easy (although I did have mortgage placement and packaging experience).

You'll only know if its sufficient for YOU, if you have a look at a past paper or 2 when testing your knowledge, following your revision sessions.

If you have no previous experience, and/or feel its not sinking in, or you just are no getting to grips with the subject matter (and don't want to have mulitple attempts at the 3 papers), then as I say you may want to consider attending a class, but only you know what your capabilities are - but in a nutshell attending class isn't an absolute necessity to ensure a pass, but it won't hurt either.

Hope this helps

Holly

Freshtrax55

Thanks Holly. There'll be plenty more daft questions to come I'm sure! Still not really sure about the best way to progress once exams are passed. I only want to start off small in my spare time around current work commitments / shifts. I've tried researching networks etc. but it's a bit tricky. For example, once cemap is done, I need to get CAS don't I? How do I do that without applying for a full time trainee advisor job? Will a network provide supervised appointments at first?

holly_hobby

I have to be honest with you, and the other advisers will agree I'm sure, now is not the best time to become a novice mge adviser.

With no previous sale, placement or packaging experience (ie you have no idea of even the basics), you would be best placed in sourcing an employed position with a bank, estate agent etc - to both gain accreditation and regulation, whilst learning the foundation of competent and compliant interviewing, whilst providing compliant advice, and learning what lenders look for (which you'll continue to learn things throughout your career) etc, whilst being supported by the employer and your fellow experienced advisers.

To have no experience and trying to go it alone, well I don't hold much hope for you staying the course long term - its hard work when you know what your doing, and would be downright mind numbing and wrong to your clients if you attempt to advise when you don't have even some basic (6-12 mths) experience under your belt.

You'll also need a clean credit record (no CCjs, B Orders etc) to be granted fit and proper status and permitted to advise by the FSA - I've mentioned this just in case this may be an issue for you, and you are currently unaware of this requirement.

Hope this helps

Holly

Freshtrax55

Thanks Holly. I do realise how hard it is. As I say though, I'm not in a position to take a full time position as I already have one (and a well paid one at that - I'm just absolutely sick of it and have always wanted to work in finance, hence the degree.)
What are the alternatives to an employe position (AR's etc.)?

holly_hobby

That would be working for a network (whom will give you compliance support)as a SE consultant - ACG is recently new to the industry (and works under a network), but I think he did have mge experience before this - he would be a good soundboard for you and your options once you are qualified.

Kingstreet, Conrad and GMS are also current SE advisers whom are also happy to talk about their role and will give you guiance as to how tough it may be.

I myself worked as a CR in the 90s for an as then building society (they're now a bank)whom obv were an AR of an Ins Co, but the advisers were allowed to be pretty independent for mge business. Although I had no sales experience at the time, I had come from running a mortgage broker placement and packaging desk for a large ins company - so I pretty much knew who did what, underwriting views and a solution for most situations and cases that came my way before I started - which helped greatly in settling into the role. (nb - although qualified to do so, I don't current advise the public for gain on either mortgages or financial advice, instead working in a technical role as an industry compliance and audit consultant)

The other guys may pop in on their travels ....

Hope this helps

Holly x

Freshtrax55

Thanks again Holly. Really appreciate your advice. Thanks also for the heads up on the other guys who may be able to provide some input.. Is this thread in the right area of the forum do you think? I'm new so not sure... Thanks again.

holly_hobby

Yep, its where the mge advisers frequent the most (given its the mge and endowment forum).

H

Freshtrax55

Just a little bump to see if there's any more advice...

Cheers.