CeFA

Aegis

Brum_Man wrote: »

They are a fair step up but I think that the 6 weeks you would have taking in to account your two week holiday is more than enough if you put in the time.

I did two exams at a time and gave myself about 6-7 weeks revision time for both units before each sitting, and was working full time also. If you get the material now you should be able to get through it before your holiday, and then spend the time when you get back re-capping and going through all the past papers.

Thanks for the advice

I was thinking of starting with J06... Any thoughts on whether this is a sensible choice?

Brum_Man

Seems a good a place to start as any.

I did J01 & J06 followed by J04 & J05. You don't really need to do them in any particular order as, although doing the pension ones together helped quite a bit.

Aegis

Brum_Man wrote: »

Seems a good a place to start as any.

I did J01 & J06 followed by J04 & J05. You don't really need to do them in any particular order as, although doing the pension ones together helped quite a bit.

Well, J06 arrived today! Time to get started on the learning.

EliteE

Hello all.

Just graduated in business management and looking to get into the financial sector. I studied a module called Personal Financial Management and really enjoyed it which ignited the idea of becoming a financial advisor and working towards some sort of wealth manager. I'm not sure exactly how to go about it.

I'm thinking about CeFA. I found a lot of companies offering this course for around
£400-£500 excluding fees to take the exams. Alternative I can apply directly to the IFS. To those who have, what do you get for £135, for example books, revision guides etc.

Realistically how long will take tocomplete all 4 modules?

Have people been able to find jobs easily with the qualifications or is experience required too?

Thanks in advance

dunstonh

the idea of becoming a financial advisor and working towards some sort of wealth manager. I'm not sure exactly how to go about it.

CEFA is one option. The more popular one is from CII.

Realistically how long will take tocomplete all 4 modules?

Its not 4 modules any more. As from 2010 you have to get to advanced certificate (level 4). They may not have kicked in yet as I dont know the date this starts in the year for new entrants. I believe you can get the certificate and become a trainee under supervision until you get the level 4 (within a defined period)

The CII version has 5 exams to get certificate and then another 4 at level 4 stage to get the advanced certificate(diploma).

http://www.cii.co.uk/financialservices/qualifications/Qualification.aspx?award=DipFP

Have people been able to find jobs easily with the qualifications or is experience required too?

With the retail distribution review (RDR) its been reported that the main employers of new recruits, the banks, are not actively taking anyone on without experience. I dont know if that is true or not or just rumour.

For the independents, you tend to find they want experience and not raw recruits unless they are mortgage qualified and learning on the job (mortgages are another 3 exams).

Realistically how long will take tocomplete all 4 modules?

The CII reckon that to get to level 4 takes on average two and half years. Thats for those on the job. The CII say about 100 hours study time per exam is required.

shjohnson

EliteE wrote: »

Hello all.

Just graduated in business management and looking to get into the financial sector. I studied a module called Personal Financial Management and really enjoyed it which ignited the idea of becoming a financial advisor and working towards some sort of wealth manager. I'm not sure exactly how to go about it.

I'm thinking about CeFA. I found a lot of companies offering this course for around
£400-£500 excluding fees to take the exams. Alternative I can apply directly to the IFS. To those who have, what do you get for £135, for example books, revision guides etc.

Realistically how long will take tocomplete all 4 modules?

Have people been able to find jobs easily with the qualifications or is experience required too?

Thanks in advance

I think you are in a similar position to me!
Please read my other post in IMC, Cefa, CFA, ACCA for more information.

I have just completed a degree and want to get into wealth management, very tough is all I can say I have started my Cefa and IMC but still trying to find a job! bit tricking looking for positions where lots require 2 years experience aswell! wonder if you have had any other thoughts about where you will be going next?

kinglewis

Quick question for you Dunstonh (and any other IFAs out there!!).. as you have obviously done this job for years...

The IFA route is something I am working towards.. but I wanted to gauge what your thoughts are on the following...

Marks out of 10 (1 = low/poor 10 = High/good)

Work / Life balance
Stress Levels
Target Levels
Pace of change re: products/regulation
Overall job satisfaction

Your honesty would be greatly appreciated!

dunstonh

Quick question for you Dunstonh.. as you have obviously done this job for years...

Dont remind me

Marks out of 10 (1 = low/poor 10 = High/good)

Work / Life balance
Stress Levels
Target Levels
Pace of change re: products/regulation
Overall job satisfaction

Difficult question to answer as it will depend on what stage of your career you are at and what type of business you are attached to or how you decide to work.

I am going to take one bit out and cover that now: Pace of change re: products/regulation: For all the changes that have come in over the years, very little has changed apart from increasing professionalism and more computerisation. Even the RDR isnt going to have that much of a difference on remuneration or service for most.

So, here are some answers that I would give for the others at different stages:

Working for a bank (typically the main starting point for new entrants nowadays):
Work / Life balance: - 3
Stress Levels: get a good branch: 8. get a bad branch: 1 (usually ends up with dismissal)
Target Levels: 3 (depends on branch again as some can hit it easily, others cant)
Overall job satisfaction: initially 8 as its all new and exciting. Then, if you have a good branch, you get into comfort zone but then you either become brainwashed by your employer or you realise that the products you have are expensive and low qualify and you want more from it. The latter will see the satisfaction fall away quickly.

Working as an IFA from the start as trainee:
Work / Life balance: 2 - most are self employed and if you dont work, you dont earn.
Stress Levels: 2 - linked to above
Target Levels: no targets apart from what you need to earn so hard to say.
Overall job satisfaction: early on its a struggle if you go straight to IFA as its a lot to learn in one go. I have seen ex tied agents go back to being tied as they couldnt handle being an IFA. Satisfaction is high if you are not under pressure and you know what you are doing.

Working as an IFA for many years in your own company:
Work / Life balance: I would say 6.
Stress Levels: 8 - once established and running a good business model, you eventually end up at a stage where you are very comfortable
Target Levels: none (unless you set your own)
Overall job satisfaction: difficult one. Certain bits of business are great. Others are monotonous and repetitive. You could say that about all jobs though. I wouldnt change what I do so I would mark it 8.

In summary, I would say that its tough to begin with and its a well known stat that over half of new entrants to financial advice leave the profession within the first 2 years. Most common reason is they are financially not able to meet their objectives. That is usually down to not enough clients. If you succeed at it though it ends up being rewarding and you will get a very comfortable lifestyle and income from it.

kinglewis

Couldn't have expected a better answer!! Many thanks!

I guess if it was easy everyone would be doing it and the pay/income would reflect that!

jack_spratt_2

Just to add my two pence worth !!the toughest thing is finding your leads !!

With the banks they should generate you a regular supply of leads coming through there doors !!

Being an IFA its extremely hard to start with but as your reputation grows and your client base develops it does become easier!! the hardest thing for a newly qualified IFA is building up a client base and that is why there is such a turnover in the first 2 years