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CII launches practical financial planning exam
by Maryrose Fison on Jan 30, 2009 at 11:11
The Chartered Insurance Institute (CII) has launched a new practical financial planning paper as part of its diploma qualification.
The Financial Planning Practice paper (J08) is not a mandatory part of the diploma qualification but aims to help advisers demonstrate their financial planning capabilities.
Its format includes a practical test with two case studies and short answer questions focussing on fact finding, risk profiling, analysing client data and making recommendations.
Steve Jenkins, director of financial services at the CII, said market feedback had highlighted the need to test application of planning skills as well as technical knowledge.
'J08 offers increased practical relevance for the diploma in financial planning and improved assessment flexibility. This will enhance the choice of diploma units as advisers study towards the retail distribution review (RDR) benchmark qualification or aim even higher,' said Jenkins.
Fay Goddard (pictured), chief executive of the Personal Finance Society (PFS), said the module was 'exactly' the sort of practical test of planning that members had been telling the PFS they wanted.
'Technical knowledge is important but advisers need to demonstrate that they are able to apply the knowledge on their day to day job. The new diploma unit complements the existing technical papers to provide a rounded level four qualification that tests both knowledge and skills,' she said.
The J08 module is worth 30 credits towards the diploma, the first exam will be available from July.
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1 comment so far. Why not have your say?
Scott Davis
Jun 25, 2009 at 18:01
Having sat the IFS level 4 qualification AFA after being fed up with the CII exams, I see the CII are now reacting to IFS exam.
Having sat the CII exams which are very ambiguous and failed exams within 10% I got frustrated that the CII exams are far too biased on technical knowledge not actually financial planning advice.
The IFS exam shows that you can give financial advice as well as having a good technical knowledge as well. Giving advice to clients is what clients want and clients need someone who can explain the technical terms of financial advice in a way that is clear and easy to understand. Having the ability to communicate with clients in this way is something the CII exams have never covered. Technical knowledge does not mean you can give good financial advice and a financial plan that a client can understand.
After this exam I will be working towards the ISO22222 qualification as acompany we support this certification as it shows true financial planning and the processes and ethics needed. This is the future for professional financial planners in the UK.
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