CF5 Advice

breenie

Proxy wrote: »

I passed on first attempt with 75%.

Woo.

Good work!!

lewis1102

I was just after a bit of advice on how long it takes to study for CF5. I have just passed CF4 first time as I did for CF1-3 aswel and can't make my mind up whether I would have time to do the study CF5 for the 20 July sitting or best to wait until the October sitting, any advice would be appreciated?

dunstonh

lewis1102 wrote: »

I was just after a bit of advice on how long it takes to study for CF5. I have just passed CF4 first time as I did for CF1-3 aswel and can't make my mind up whether I would have time to do the study CF5 for the 20 July sitting or best to wait until the October sitting, any advice would be appreciated?

With CF1-5 no longer being enough for new recruits, what you are plans? i.e. why are you doing them?

lewis1102

My plans are to become qualified as an IFA, I thought this was the first set of exams to do and with passing CF5 would get qualification in Certificate of Financial planning, is this not the case? Also, I thought it was on a points basis and this was a good foundation to get some 'points on the board'?
I work for a 'newstart' investment company where training is little to non-existent, only support I get is course book and exam paid for and obviously very little guidance in what exams to take etc... My plan once I have CF5 would to get going on JO's, would this be correct?
Thanks!

dunstonh

My plans are to become qualified as an IFA, I thought this was the first set of exams to do and with passing CF5 would get qualification in Certificate of Financial planning, is this not the case?

Not any more. You need to go to level 4 standard now. There are various ways of doing that but typically its another 4 exams to a higher level.

Also, I thought it was on a points basis and this was a good foundation to get some 'points on the board'?

You need 140 points of which 80 are at diploma level. Its good that you are starting and getting some for yourself. However, be wary. Going straight to IFA is hard. Especially id there is little support involved.

lewis1102

so are you saying there is not really any point in doing CF5? With regards to support it is good on the work side of things as the role I am currently in is really a paraplanning role so the adviser's I look after give a good insight into the role, it's just with exams there are no courses paid for etc. I do feel that I could do the job confidently and competently enough but just need to know the exams to take to show I can do it on paper! Do you think CF5 can be passed within a couple of months or would you reccomend I wait until October, it's just I want to start getting through them quicker as I've taken too long with the others? once again, thanks for the advice!

dunstonh

so are you saying there is not really any point in doing CF5?

There is as long as you are going to do the level 4 exams. ie. 4 of the J0x exams or the 6 R0x exams or other versions.

RDR changes in qualifications for new entrants come in during 2010 whereas existing is 4th Dec 2012. I dont know what date in 2010 the new rules apply. That may indeed speed up the need to get CF5!

As you have paraplanning experience, you should find it easier. Thats a better path than many others.

mort753

dunstonh wrote: »

With CF1-5 no longer being enough for new recruits, what you are plans? i.e. why are you doing them?

Is that right? It suggests new entrants should have 30 months after joining to get up to the level 4 standard on page 3 of a doc on the FSA website. Sorry, as a new poster it won't let me paste the link, but you can find it by searching the FSA website for FSR055_rdr_pr . Surely it would be a bit ambitious to expect new entrants to be at Diploma standard before they've even performed a role in the industry!?

dunstonh

Is that right?

at that point of posting, the FSA hadnt clarified how long trainees would have. Since then the 30 months as a trainee adviser was confirmed.

Cashmeister27

Hello,

I am about to take CF5, and need a grey area clarifying. In the questions for part 2 of the exam, all the Unit Trust and OEICS for Income funds are paid net with out taking off the 10% tax credit, or is it assumed that this has already been paid in the fund before and therefore no further tax is due for a Basic Rate Tax Payer?



Any help is greatly appreciated.