Cemap 1 Studies

Sean_Smith

Hi all,

This is my first post so apologises if this is in the wrong area.

I have just started self studying the CEMAP 1, after purchasing the module from IFS learning.

I am just after some advice from those who have studied this. How in depth do I need to go on each topic?Do I need to learn each point 100% for example that Local Authority Stocks are fixed term, paid half yearly, interest paid is net of the basic income, or just browse over the unit's make sure I know how these differ?

Do I need to know all rates etc?

Any advice would be greatly appreciated.

_Andy_

Hi Sean

CeMAP1 is pretty tedious, once you get through it, 2 and 3 are a lot easier.

I would suggest getting hold of a second hand (or copy) of the IFS CDROM (maybe check Ebay) so you can get cracking on some mock exams to get an idea of what they're looking for.

Personally I think the whole MCOB, compliance and regulation areas are most difficult to learn.

Taxes - you don't really need to remember everything as they give you a tax table in the exam (however you really should learn the IHT/CG/IT limits and thresholds etc.)

Are you working within the industry at the moment?

Sean_Smith

Hi Andy,

Many thanks for the advice. I'm working in a credit control position at the moment however I also have sales experience from a loan broker.

I was just worried I was overloading and taking notes on every single point.

Thanks again.

Dan_Collins_2

The thing you need to watch is section fails. I am a mortgage broker and when I took Cemap 1 I was a mortgage advisor in a building society, I did not have a clue about pensions and investments but new the mortgage world well. I got a section fail in my first attempt, was gutted! What I would say is that you need to learn each section fully. 2 and 3 are easier, but not not selling mortgages every day will go against you. The CDrom is a good idea and you get lots of mock exams on it!

Good luck

Swift1_3

Yeah. 1 is the hardest. I found the mock exams helped massively and were well worth the money.

UK007BullDog

I found 1 the easiest because all you do is regurgitate what you have read. Its a plain knowledge test. But you do need to know it all.

Cemap 2 and especially 3 was hardest for me. You actually have to think and work out scenarios.

Questions from 1 will also show up in 2 and 3.

richev

guys i need some help

i am going to go on a tutor led cemap course in jan or feb.

module 1, 2 & 3 with the 3 exams will cost £1250
That good ? i have done research and it seems a fair price ?

i have registered with thre ifs for module 1 and have the module papers. I have read quarter of it but it is not sinking into my head... this is making me worry. I do feel i would work better in a classroom full with other people learning as well.
But i am worried that i will be to thick to learn the course.

I am currently working as a estate agent, the money is poor and hours are long. hence why i want to go into mortgages.. I have been offered a job already with a indepedent advisor ( a small company ) he knows all the ropes and it would be great to learn off him which i would do. but i need the cemap first before he can give me the job...

I have spoken to mortgage advisors already and they have said the cemap is easy enough but you just need to study... but its not sinking in !!!

i have read the posts above... where is the best place to buy this cd rom you lot are going on about ? the ifs charge 100's for it do they not ?
im worried if i buy it on ebay i will buy a dated one

please help
many thanks

Rifleman

Hi Richev.

You say that Cemap "isn't sinking in". Now i'm not being negative but you need to be totally honest with yourself and decide if being an advisor is really you.. CeMAP 1 is hard and you do need to know the whole book. Questions can be vey obscure and come from any area ( I remember a question on my exam coming from an introduction to a chapter!) so you need to take it all in. On top of this it's not just remembering it parrot fashion, you should also understand the subjects.

CeMAP 2 is easier because it's more specific but 3 is a set of case studies and you'll need to know your onions or you just won't be able to complete the exam, but if you know and understand 1 & 2 it's a walk in the park.

You should also remember that CeMAP is only the start of it. When you go on to be an advisor at a firm you may need to take further exams for any insurance products your employer wants you to sell, you'll have to be monitored and assessed to attain "competent" status, and on top of this there are also the annual exams we all have to sit which can be equally as hard as any CeMAP exam.

Please don't take this as a negative post, I'm just giving you completely honest advice. The course is expensive and you need to decide whether or not this is going to be money well spent.

dunstonh

I get shot down every time I say this but cemap 1 is not hard. It is harder than 2 and 3 but in the scheme of things, anyone who has studied should find it easy.

Rifleman is correct in saying that you need to decide if it is right for you or not. If you are failing at the first hurdle, then its going to be hard for you. Remember over half of new advisers leave the industry within 2 years having failed. Many of those end up in debt because income is usually linked to levels of business.

richev

Thank you for your replys.
Honestly how do i know if this is a careeer for me if i have never done it. i would like to think it is.
I was in estate agency and heard there is more money in mortgage career.
I have also been offered a job by a ifa who owns a busy company.
I am worried that i do not have what it takes to pass. I may go on a cemap 1 course first and see how it goes.
how do i know if im suitable for the job if i have never done it and i need a cemap to start doing the job. When in my old job a mortgage person there said that the job itself is easy enough.

' Quote - Rifleman is correct in saying that you need to decide if it is right for you or not '
But how do i know this. How does any 1 know if they are right for a job that they can not do until they have passed a course. ?

6 months ago i was offered a mortgage job at a large estate agency company. i turned it down for reasons that i when i look back now i shouldn't have. They would have paid for the course while working.

Any advice please. Im good at working with people face to face. and by saying that i do not mean im a blagger. i want to make the right choice.
Did you lot study at home for your cemap ?? at work or at a training ctr ? How long did it take ??

What do you feel a person needs to pass the course and suceed in employment in this field ?

thanks

dunstonh

I was in estate agency and heard there is more money in mortgage career.

Hmm, not sure. There is certainly more money in it as an IFA but thats because of investment business. Not mortgages. If you are looking at mortgages, the typical commission on a mortgage is 0.3%. Estate agents charge what 1-2% and thats on the full value. There are cross sales a mortgage adviser can do and long term these can add up but I would have put the average estate agent income above the average mortgage adviser income.

I am worried that i do not have what it takes to pass. I may go on a cemap 1 course first and see how it goes.

You can only tell after studying it and taking the test.

how do i know if im suitable for the job if i have never done it and i need a cemap to start doing the job. When in my old job a mortgage person there said that the job itself is easy enough.

Jobs get easier with experience. It is also easy if you are spoon fed clients. Its near impossible if you are not. If you are not spoon fed clients then you are going to have to get them but you are not allowed to cold call. The fewer clients you have the more you need to make out of them so you are going to be more reliant on cross sales. You will also probably have to rely on indemnity commission and not non-indemnity which then puts a risk on your income (clawbacks).

How does any 1 know if they are right for a job that they can not do until they have passed a course. ?

The job falls into two camps. Advice and sales.

In the early days you have no choice but consider it a sales job. As time goes on and you are no longer reliant on sales you then tend to consider it an advice role. This is why you see some advisers say its a sales job and others say its an advice job.

So, you need to ask yourself if you are a salesperson or not.

Did you lot study at home for your cemap ?? at work or at a training ctr ? How long did it take ??

I've been qualified since 94 so cemap wasnt around then and when it did come out we has a different exam. I started out at a bank, as many advisers do, they paid for the lot and gave me a salary whilst I learnt the role. I also had clients handed to be on a plate as i had a good branch. Some branches are known to be easier than others and I got lucky. Luck has a lot to do with it. I look back and realise that I am here where I am today due to hard work but also being in the right place at the right time and certain events happening which I had no control over.

What do you feel a person needs to pass the course and suceed in employment in this field ?

Good at sales, good at paperwork, have an employer or firm which is able to get you clients and an ability to take in technical knowledge and for it to stick. The latter will become increasingly important as the FSA is weeding out those that dont make the grade and looking to increase the qualification levels. They are also looking to make the role a proper advice profession and less a sales profession.