considering CII Diploma in Finance - advice

little_green

Hi all

I am considering a change of career & have been advised to complete the CII diploma in Finance level 4.
I have been advised by someone in the industry to complete R01, R06 & R07 first & this would suffice at getting me in at a junior position & then i can complete the rest on the job.
I am not currently & have no experience working in the field so wondered what the best place to start would be? I've read some other threads on here & saw that R04 & R05 are helpful to sit prior to R06 as it draws on things from the previous 2. Similarly would I need (or would it be recommended) to do CF6 before R07?

So yes the much asked question of "what's the best order to sit the exams" though i'll rephrase to what's the most helpful order to give myself the best chance at passing. Also bearing in mind I don't work or have any experience in the field , what is a good starting point that won't completely freak me out (i'm terrified of failing!).

Re the exam timescale, i'm not sure how much time i'll need to study (currently working a full time job in a totally different field) & don't want to pressure myself too much. I can see that materials on the website that you purchase seem to be specifically for a certain exam sitting. Going by the website it seems 19-20 edition materials are ok to be used for exams up until 31 Aug 2020. Will there be new materials released in sept 2020 that will then be valid/applicable for year 20-21.
If i were to purchase the materials now does that mean i could not then sit the exam past aug 2020 (how different will the new materials be?)

Re purchase of materials, do I just purchase one course at a time? then do the exam & then move on when ready or do you have to get each paper within a certain time of the last?
I assume i should sign up to become a member as that would cost £80/year + £37 joining fee. I'd save that doing more than 1 course. I assume i could cancel the yearly membership after a year if for whatever reason I didn't need/want it anymore? What about paying montlhy can i cancel free at any point?
is the enrollment "plus" option worth it.

In terms of what they send you how much can I be expecting to fork out on textbooks etc? Are textbooks necessary & where are they best sourced or am i better with revision aid direct from CII or something like brand FT notes?

Sorry for all the questions, a little bit nervous about starting a new journey. Hope someone can shed some light 

Pension_Geek

Whilst not my particular line of exams, a lot of people I work with do them. 
Unless you have significant experience of the industry, I would think you will find it difficult to sit R06 first. Its a written exam that draws on the knowledge gained in the other units. R04 is about pensions, whereas R01 is a general introduction to the industry and ethics. To be honest, itll be difficult to get a position solely on the back of having one or more exams. 

ACG

I know people who have failed these exams with years of experience in the industry. I suppose a lot depends on what you are like at exams. 

I think I would concentrate on passing RO1, that should be useful to getting a job in the industry. It is a horrible exam as it is so boring but it is best to get it out of the way. 
You do not really need CF6 unless you plan on doing mortgages as far as I am aware. Most financial advisers do not bother with mortgages. 

I can not really comment on the other exams as I pretty much stopped after RO1, CF6 and the insurance one, whatever that is. 
I think I would be trying to get in somewhere and gain some experience as soon as possible before sitting the exams as that will help no end. 

middleclassbutpoor

I am diploma qualified, working towards chartered through the CII exams. 

The first question I have is what role are you hoping to get into? Is it a financial adviser, is it a para planner, is it a compliance/risk type role?  Or are you looking to do mortgages first?

As ACG has stated, the exams you have been told to do first don't particularly suit your circumstances and I think you need the answer to the above question, it's difficult to say whether there is a more beneficial route.   

I don't see why you wouldn't just do in order - with the exception of doing R05 as that is the easiest one of the lot (lower credits and a subject that is pretty easy to understand). 

If you wanted to do the qualifications most efficiently and aspire to be chartered - I would group the Diploma and Advanced Diploma exams but this would be really difficult and heavy going  (as well as expensive) for someone with no experience - unless you are really good with exams and study. 

The best way to pay for study is to get your employer to do it.  The next best way is to become a member and then get discounted prices.  You should buy one study text and exam and just work through the study text. The time you allocate should be around 50hrs of study but with no experience this could be longer if you are not familiar with the topic.  For example, R05 talks about benefits and topics you may have some experience of in general life but R02/R03 can be more technical with things that the average person would go bog eyed at. 

The other option you have is to look at the LIBF Dip FA exam. It's less technical but gives you the qualification to be a financial adviser and is structured differently to the CII ones. I think you can pass this in 9 months and you may find training providers who can offer more support. However, if you wanted to be a para planner, or a technical expert, this may not be as attractive. 

If you have any questions around the Financial Advice industry/qualifications/roles - please feel free to ask and if I can answer, I will. 

little_green

hi all thanks for the responses.
the field i work in literally no bearing on this field so no chance of getting my employer to pay the costs. I would probably rather stay in my current job & study than move to a position in this field & study on the job as might find that a bit overwhelming, i'd also worry about job security if i were not the pass the exams, at least if i have them under my belt before hand. 
The role would be in an independent financial planning firm that also does mortgages. I would be in a paraplanning type role  before going into mortgages & eventually working towards become a fully fledged IFA (no pressure!) 
I sought further clarification & have been told to do R01 first so that's what i'll do.
A bit worried as everywhere I read states is really dry. How hard is it?

ACG

I failed CF1 twice (which is a lower exam) but then passed RO1 first time.
I put a lot of time into the revision though on the last attempt. It is boring no 2 ways about it.
RO5 was the other one I passed and that was easy, I didnt even read the book properly - but I was working for a life insurance company so would have been worrying if I had failed. 

I dont understand why you would be advising on mortgages if the plan si to go pensions/investments. Seems a bit of an odd thing to do, you are basically doing a job (mortgage broker) knowing in 6-12 months you wont be doing mortgages. It will take you 6-12 months to become a slightly decent mortgage broker... I think it took me about 12-18 months before I felt confident. 

middleclassbutpoor

R01 is dry without a doubt but it helps you understand the history of regulation and how the industry has changed and why. 

ACG is correct - if you want to be a financial adviser - via the para planner route, I would aim to do remain focused on that.  Doing mortgages is just a distraction.   

There is a specific paraplanner qualification so R01 would be the place to start  

https://www.cii.co.uk/media/10122268/s-specifications-reviewed-june-2019-learning-material-checked-final-pdf-ready-for-final-check-upload-pdf-fs-qspec-certificate-in-paraplanning-qscp201906-to-pdf-checked-by-sr-njm.pdf

To me, the above would be the route you should follow.  This will then allow you to apply for paraplanning roles as a new entrant. 

You would then be in a position to develop into a financial adviser if you chose this was for you.  Having managed Advisers and with over 20 years experience in financial services, I can tell you that many people find that the role is not what they thought but the great thing about having the qualifications is that once you have them, there are often rewarding careers for most people which fit their personality. 

little_green

thanks all for the responses. looks like i'll be starting with R01. 
Since we are in feb now & i would need to book the exam by march (though think i could forward book to august).  Would I be better waiting until the new materials are out in sept? & booking for 2021? Could I study for R01 now based on 19/20 materials but just sit the 20/21 exam or would you recommend against this? 

I can see when i purchase materials there is option to book exam now or later. If i'm buying the 19/20 materials would they only let me book an exam until august?

Savvy_Sue

I don't know but it's definitely worth checking whether the syllabus is changing.

(I had friends who were taking certain professional exams in the 70s. They were supposed to be the first cohort taking exams under a new and much more demanding syllabus. Their cohort was allowed to take the old exams, a year earlier than scheduled. Unlikely to be such radical change but always worth checking!)

middleclassbutpoor

little_green said:

thanks all for the responses. looks like i'll be starting with R01. 
Since we are in feb now & i would need to book the exam by march (though think i could forward book to august).  Would I be better waiting until the new materials are out in sept? & booking for 2021? Could I study for R01 now based on 19/20 materials but just sit the 20/21 exam or would you recommend against this? 

I can see when i purchase materials there is option to book exam now or later. If i'm buying the 19/20 materials would they only let me book an exam until august?

The R01, 02 03, 04 & 05 are all multiple choice question exams and you can sit these weekly at local exam centres as you just sit in front of a computer. You get your results immediately. 

Its only where you have to do a written exam (R06) that you will be able sit these at certain times of the year and you will have a wait for your result. 

If you were to get materials now, there is no reason why you couldn't study the material before September as the qualifications have a recommended study time of 60 study hours. 

little_green

middleclassbutpoor said:

little_green said:

thanks all for the responses. looks like i'll be starting with R01. 
Since we are in feb now & i would need to book the exam by march (though think i could forward book to august).  Would I be better waiting until the new materials are out in sept? & booking for 2021? Could I study for R01 now based on 19/20 materials but just sit the 20/21 exam or would you recommend against this? 

I can see when i purchase materials there is option to book exam now or later. If i'm buying the 19/20 materials would they only let me book an exam until august?

The R01, 02 03, 04 & 05 are all multiple choice question exams and you can sit these weekly at local exam centres as you just sit in front of a computer. You get your results immediately. 

Its only where you have to do a written exam (R06) that you will be able sit these at certain times of the year and you will have a wait for your result. 

If you were to get materials now, there is no reason why you couldn't study the material before September as the qualifications have a recommended study time of 60 study hours. 

fab thanks. 
would you say the enrollment plus option is worth it it includes the study text & exam plus the key facts booklet, question pack, online tutorial & audio revision. it's approx £100 more than the regular enrolment option which just includes study text & exam but if i were to buy the additional resources separately they'd total £150 so if i need them better going for the "plus" options. 
Not sure if I would i be better just getting the study text & exam from CII & using alternative revisions aids? I have heard Brand FT & bespoke training solutions are both quite good. thoughts appreciated.