Cemap - home study or direct via IFS??

Let_Us_See

Yes, don't do it!


Passing CeMap or equivalent exam only provides you with a piece of paper, and does little to prepare you for providing face-to-face advice. However, on the basis that your current job is as bad as you say, what are your options? Firstly, I believe you will have no success as a part-time mortgage adviser in the current mortgage environment! The reasons for this are many and include lack of experience, lack of client base, CAS, DA or Network (both will be difficult without experience or business track record), PI cover etc etc.

With many mortgage networks currently in the process of "releasing" low turnover advisers, I feel your best route (although you may not like it) is to start with one of the nationwide chain of estate agent/mortgage advisers (and there are quite a few) where you will make mistakes at their expense, gain knowledge and experience, and if you are clever, walk away after 3+ years with your own client bank. Then you can consider joining a network or going DA.

Freshtrax55

Errr.. Thanks?!

So bottom line, qualifying as a mortgage advisor is a complete waste of time and I should focus my energy elsewhere? I know I have no experience, no CAS, no clients, but I cant imagine anyone does at first!

I've already emailed some networks and have had a positive reply from one of them that suggests a local firm who would be willing to take me on doing protection sales at first, then mortgages...

Let_Us_See

No, not a waste of time! Just that your proposed course of action in your original post could prove a difficult ride. Hence, my advise to seek employed status for the reasons already outlined, which basically, have been re-inforced by the other inquiries you have made.

If you decide to continue, and personally I hope you do, you will find the first three years hard going. Good luck.

holly_hobby

Yes as I said way back in post 6 - you have neither any mortgage uw knowledge nor any FS sales experience or any customer bank to refer to - to which initially going the employed route will gain you both over time.

You must walk before you can run .... to which those of us whom have worked in such roles, did exactly that before going SE ...

Our advice is not to put a damper on your career hopes, but is really more a reality check, as the last thing we want is for you to fail at the first hurdles without knowing what to expect - use our experience to prevent you having a fall !

I do know that RBS and NatWest were recently advertising nationally for new trainee employed mge advisers (already CeMAP qualified) - could this be the initial route into the industry you're searching for once you're qualified ?

Hope this helps

Holly

magpiecottage

Having done both CII and IFS exams, I found the IFS ones more straightforward although I took the old Mortgage Advice Qualification which was set at a higher level than CeMAP.

Each booklet does contain all you need to pass but is also an excellent remedy for insomnia.

One thing to beware of if you join a network is that if a complaint is made against you and goes to FOS the network will come after you for the fee (about to go up to £550 or £850 for PPI) - you get no "free" cases. There are also anecdotal stories of them losing files or upholding complaints for "political" reasons.

A number of networks have also gone bust leaving advisers with no means of earning a living and their commission streams cut off for months on end.

If I was an adviser I would not trust a network further than I could throw it.