AF5 exam 19 April 2012

Posted Apr 12, 2012

The Expected Solution is now available for immediate download for the 19 April 2012 exam. There are 35 pages of expert analysis.

In this update we cover the contents and requirements of the AF5 exam and detail how our AF5 The Expected Solution Package will help you pass first time. This package has been developed following the popularity of our R06 The Expected Solution Package.

The AF5 Expected Solution is a detailed analysis by our panel of experts of the fact-find issued by the CII 2 weeks prior to the exam and includes:

  • A detailed analysis of the client’s situation
  • Identification of all financial needs
  • A list of the questions that we feel could be asked together with a detailed solution.

The Expected Solution will be available 7 days prior to the exam by way of a PDF link on your record, we will also email you as soon as it becomes available.

To help with your preparation immediate access to the following are also included:

  • Our R01 to R05 online multimedia courses
  • Two online mock exams designed by our training team to help you assess your technical knowledge and get experience in the technique needed to pass the exam

Select AF5 The Expected Solution

The AF5 exam is a written paper and is a formal test of the skills that you should be carrying out on a day-to-day basis as part of your advisory role. Passing this exam requires a number of different skills and techniques from the other AF papers, which is perhaps reflected in the recent pass rates: 2010 – 49.01% and 2011 – 55.82%. It is therefore vitally important that you are well prepared before sitting the exam. Achieving success will however provide you with 30 advanced credits in this compulsory exam as you seek to complete the Advanced Diploma in Financial Planning, which allows you to be considered for chartered financial planner status.

The exam requires you to apply the financial planning process to a complete client scenario and construct a financial plan that demonstrates:

  1. An understanding of the relationship and responsibilities that exist between adviser and client and the need to establish the scope of the planning brief
  2. An evaluation of the different remuneration strategies available and how they might suit the different services required by clients
  3. An understanding and evaluation of the client’s financial objectives, including the importance of prioritising those financial objectives
  4. An understanding of the assumptions underlying the financial plan
  5. An understanding of the client’s financial status
  6. An understanding of what is meant by risk, including the various risks faced by the client and the importance of the client risk profile in formulating a financial plan
  7. An evaluation of the different options available to the client with relevant supporting evidence
  8. The ability to put forward an appropriate financial plan based upon analysis of client objectives, circumstances and options
  9. The ability to explain the meaning of any technical terms, the features and benefits of proposed products and the consequences of the proposed course of action
  10. An understanding of the importance of documenting any changes to the plan required by the client and how to document such changes
  11. And finally, an understanding of the review process and the different frequencies and methods available to review the plan.

Assessment method
The method of assessment is a written exam paper based on a fact-find that is released to candidates 2 weeks before the exam. In the exam you receive an identical copy of the fact-find i.e. no new or different information is contained within the fact-find.

You will however receive supplementary information in the form of a summary of the client’s key financial objectives, which you should read carefully before you commence writing your financial plan.

The exam is 3 hours long and is based on the fact-find with 160 marks available overall. There are likely to be up to 8 questions, along with associated sub questions, with different marks associated with each element depending on the amount of information expected in the answer.

Application based exam
The AF5 syllabus states that the exam will enable candidates to demonstrate their expertise in the application of the financial planning process, through combining and applying learning content from the following advanced diploma exams:

AF1 Personal tax and trust planning
AF2 Business financial planning
AF3 Pension planning
AF4 Investment planning

The CII recommend that at least 3 of the above papers have been passed before sitting AF5. The need for knowledge in relation to business financial planning will depend on the client scenario contained in the factfind.

Whilst it is important to understand the key concepts learned from the AF1 to AF4 syllabuses, the key phrase here is to ‘demonstrate their expertise in the application of the financial planning process’.

AF5 is very much an application based exam as you are already expected to be able to ‘understand’, ‘analyse’, and ‘evaluate’ what you have learned.

Package contents
If you were trying to sit this exam without the assistance of our AF5 The Expected Solution package, this would no doubt be daunting. However, if you have purchased the package this is great news for you, as our exam package gives you the opportunity to:

  • Brush up on the technical learning by using our 5 diploma online multimedia courses that we have designed to help students pass the R01 to R05 exams
  • Complete 2 online mock exams designed by our training team to help you assess your technical knowledge and get experience in the technique needed to pass the exam. This feature allows you to type your answers on the question screen for each question and then mark your answers beside the model solution on the answer screen
  • Review The Expected Solution, our detailed analysis of the fact-find a week before you sit the exam itself.

Details of The Expected Solution
Our ability to provide this detailed analysis in The Expected Solution is based on the fact that whilst the AF5 exam has evolved to some degree over time, nonetheless, the CII’s approach to testing your financial planning expertise has to a significant extent been maintained. This therefore allows our panel of experts, all of whom are qualified to at least Chartered status, and with considerable experience of preparing candidates for the AF5 exam, to identify, based on the information and expected financial objectives, the questions you could most likely expect to face in the exam itself.

But that is not all, as not only do we help you brush up on your knowledge, understand the exam techniques required and identify the likely questions that will be asked, we then go on to answer those very same questions in the format the CII would be looking for!

We guarantee you will be well prepared
Our model answers to our anticipated questions, will allow you to answer the questions we have identified in the required way to score well, but in order to pass you must also understand all of the AF5 syllabus elements and requirements so that you can tackle any questions we have not identified, and this is where our package also helps you.

If you use all of the tools provided in our AF5 The Expected Solution Package, we can’t guarantee you that you will pass, but we can guarantee you will be well prepared.

Customer feedback
These are 3 sample comments on our training, our testimonial page has many more:

"I was awarded the highest achiever in the advanced diploma in financial planning at the PFS conference. I thought I would let you know that I used Wizard Learning for each of the 16 exams I have taken in the last three years and it was a core part of my revision process." Jonathan Woodwards

"The training provided for the AF5 examination was invaluable and I can safely say that I would not have passed without it." Shaun Kirtley

“I have just made it to Chartered, I couldn’t have done it without you! Thanks so much for your invaluable help.” Fiona Sharp

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Wizard Learning Ltd

Provider of award winning online training and CPD for financial advisers and financial services professionals

We are committed to helping you gain higher level qualifications and maintain this knowledge through effective continuous professional development.

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