Doing my CeMAP Study, age restrictions?

scottp_2

Hi,

I am 17 years old and am currently working for the Royal Bank of Scotland where i am a shadow customer adviser (as you have to be 18 to do the full job) I am currently studying my CeMAP after work, it is not required for my current job. Are there any age restrictions on doing the exams? i looked on the IFS website and cant see any mention of it on there, but just want to be sure before i commit to booking the exam and time off work.

I am then looking at a career at Mortgage Talk, anyone heard anything interesting/bad about them? I know being a mortgage adviser isnt going to be easy, but working for RBS i am used to tough targets and pressure from managers etc.

Any help would be greately appreciated! :money:

Thanks!

apk1

As far as I am aware there are no age issues, however particularly for face to face meetings with clients I think you may struggle as the general public like to deal with advisors who they feel have some "credibility" which generally means being old enough to have had first hand experience of mortgages.

You may find it better to get a few years experience in a telephone based environment where clients should have no idea of your age, this will also have the added benefit that you will probably be dealing with higher volumes and working with other advisors so your skills should improve much quicker.

Good luck.

scottp_2

Yes, other than thinking about the age restriction on the exam, thats the only thing holding me back. I have already had nearly a years experience in the financial services industry, dealing with mortgages on a day to day basis, just not in the one to one situation where i am conducting the appointment.
I will be gaining those skills over the next few months when i become a full time customer adviser, as most of the appointments i will be seeing are one to one.
I believe the reason people will be concerned about my age is if they are ignorant, or feel intimidated by someone much younger than them advising on important decisions. I found this out when i first started at my current job, but over time you learn how to overcome this and keep the client at ease about the situation, as many begin to trust you once they know what you are talking about.
Has anyone heard anything about Mortgage Talk then?

Thanks Alot!

DawnW

just a thought Scott, but would your Cemap qualification be of any advantage to you in your current employment for a year or so, maybe in a different role? Do your current managers know about your study, especially as you are doing it in your own time, and presumably, out of your own pocket? From my perspective, it certainly makes you look a great prospect for promotion once you pass 18. You are obviously keen to get on, which is great, but some employers like to see a reasonable amount of time spent in previous jobs, and your current employer has clout, and you seem to be learning a lot. I don't know what others think. I am sure there are more knowledgeable people out there as regards financial services. I am speaking as someone who has been in management (in a quite different sector) for a long time, and been responsible for recruiting and interviewing staff at different levels, though. On another note, personally I don't have any problem at all with dealing with young people. The important criterion is that they know what they are talking about, and will seek additional advice if they are not sure about an issue (this goes for people of all ages by the way). Good luck with whatever you decide to do!

dunstonh

As far as I am aware there are no age issues, however particularly for face to face meetings with clients I think you may struggle as the general public like to deal with advisors who they feel have some "credibility" which generally means being old enough to have had first hand experience of mortgages.

was 23 when I first became an investments adviser. That was considered very young and the age was a problem for a number of people. Age 17, even if its only for mortgage business, would present a problem for some.

You are in the right place though. Banks are probably the best place to start nowadays as the training is paid for by them and you get a client bank. If you cannot make it in a bank, you will not make it anywhere (although I am not saying it will be easy as branch and staff support can have a lot to do with it).

As an employer, I have to be honest and say that I would not consider a 17 year old for a mortgage adviser role.

apk1

dunstonh wrote: »

As an employer, I have to be honest and say that I would not consider a 17 year old for a mortgage adviser role.

Totally agree with your thoughts on this, however with age discrimination you are not allowed to do this, you would have to come up with another reason!

dunstonh

apk1 wrote: »

Totally agree with your thoughts on this, however with age discrimination you are not allowed to do this, you would have to come up with another reason!

Very true. I would get round that by citing lack of experience and that I dont employ advisers who have not acheived CAS and who do not have a track record of earning over a certain amount.
I dont want to knock someone with ambition though as that is good to see. It may just be premature. Banks normally deal with all training with the financial services exams and to be fair to the banks, their training to get you through the exams is usually very good. Rather than going DIY with the exams, you may want to discuss your career path with your manager.

scottp_2

The bank are keen to keep me and will probably not let me go if i want to (Not being big headed or anything, just what my manager told me when i mentioned progression). At the moment, the job i am doing is not eligeble for funding for the CeMAP exam. I have discussed the topic at length with both my manager and area manager, and both have no doubt that i would be able to complete the exam and also use the knowledge effectively in my career.
I must be doing something right though as they have put me on the training course for the customer adviser before my 18th birthday, which i am told is not usual procedure. The course is also very financial regulation based, so studying the CeMAP should give me a head start in that.
As for the lack of experience, i understand you all prefectly well. From a business point of view, who are you going to employ, a achieving, experienced and more mature applicant, or a unexperienced youngster. Hopefully in a few years time i can overcome that by showing that i am keen to learn and move on in life, as i see not point in waiting around for an opportunity, i would rather create it for myself. No one got anywhere in life by having things handed to them, you need to work hard and hopefully everything will go according to plan.
dunstonh - What is CAS, and what type of experience would you be looking for? As i will shortly be selling mortgages on a non-advice basis using the scripted question approach.
DawnW - Thanks for your comments, i see where you are coming from with it. I had a chat with a colleauge from another branch with i was sent to for a few weeks to assist in sale, and he was from a management background. He gave me a few tips and pointers on the way recruitment works, which was really helpful. As with seeking advice, for quite a few months when i started working, i must have done peoples heads in with all the questions, as i just want to know why we do things and how they are done properly.
Also, as a general question, do you think me finishing education at 16 will hinder me at all? I left school with some very good grades, which i am very proud of, as i put an extreme amount of time and effort into my work, but did not want to go onto college as i see it as wondering between school and working life, was i foolish?
Thanks alot to everyone else who has replied, you thoughts have been taken on board and they are greatly appreciated!

DawnW

We all make our way in life in different ways, and if you ever feel that you have missed out on higher edcation, you can always go the Open university route, and make sure you enquire about whether your Cemap or whatever other qualifications you have by then can be credited towards a degree. I know what I am talking about this time:)
But it sounds as though you are doing fine for now.

homer_j_3

CAS = Competent Adviser Status. It effectively means that you are able to sell and have been doing so competently previously.

I am not sure whether your age will restrict you for taking exams but as someone who has worked in the industry since I left high school, I fully understand what you are trying to do. You are in the right environment to learn your trade. If you can succeed in the sales environment of a bank you will stand a good chance of doing well anywhere. The only trap you may fall into working for a bank is if you stay too long and get used to how 1 provider works - moving to a multi lender panel provider or whole of market provider after a period of time may be something to consider when you get to your early to mid 20's.

Good luck!

sarkin1

No your age will not restrict you, but woud you take finacial advice off a 14yr old