AF5 exam requirements

This covers the contents and requirements of the AF5 exam, and how the Wizard Learning AF5 Expected Solution Package will help you pass first time.

The AF5 exam is a formal test of the skills an adviser should possess in order to carry out their role effectively, testing candidates’ ability to apply the knowledge they’ve gained in the other AF papers. Passing this exam, which is a compulsory element of the Advanced Diploma in Financial Planning, earns 30 valuable advanced credits towards the qualification, success in which enables candidates to be considered for chartered financial planning 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 AF5 is a written exam paper based a fact find that is released to candidates two weeks prior to the date of the exam. In the exam, candidates receive an identical unchanged copy of the fact find, but will also receive supplementary information about the fact find clients’ key financial objectives. It is vital that candidates read this information carefully before starting to respond to the financial planning questions.

The exam is three hours long, with 160 marks available spread over approximately eight questions and some associated sub questions. The marks available for each element depend on the amount of information expected.

Application based exam
In the AF5 exam, candidates demonstrate their expertise in the application of the financial planning process. At advanced level, candidates are expected to have comprehensive and up to date technical knowledge of financial markets, products, taxation and other issues, and AF5 assesses how candidates apply this advanced knowledge in their analysis and evaluation of a fairly complex client scenario. Responses to questions are expected to be detailed and justified, drawing on knowledge gained from previous financial planning qualifications, but in particular the other AF5 exams, namely:

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

The CII recommends that candidates should have passed at least three of the above papers before sitting the AF5 exam. The need for knowledge in relation to business financial planning will depend on the client scenario contained in the fact find, so this must also be considered.

While it is important to demonstrate understanding of the knowledge and concepts learned from the AF1 to AF4 syllabuses, the key to passing AF5 is for candidates to ‘demonstrate their expertise in the application of the financial planning process’. AF5 tests your skills in applying this knowledge……… how well you ‘identify’, ‘understand’, ‘analyse’, and ‘evaluate’ what you have learned.

AF5 Expected Solution Package contents
There is no doubt that AF5 is a daunting exam, especially for candidates who are unprepared. And that’s where we come in…

To help you pass your AF5 exam first time, Wizard Learning not only offer a detailed AF5 Expected Solution compiled by subject experts, but we are the only training provider to offer this as part of a COMPREHENSIVE PACKAGE that gives you:

  • Technical content for research – brush up on technical knowledge from the R01 to R05 exams using Wizard Learning’s online multi-media courses
  • Exam technique – review the last three AF5 exams, have a go and compare your answers with the associated Wizard Learning AF5 Expected Solution
  • AF5 Expected Solution

PLUS… we have added something else at no extra cost

  • Access to our Wizard Learning Financial Planning Practice online course! The full contents of the course can be viewed here.

Why? Because while we expect most AF5 candidates to have some degree of experience in an adviser role, that may not be the case for everyone. We want our AF5 Expected Solution Package to benefit all candidates, including those who have never worked in an adviser role before. The Wizard Learning Financial Planning Practice online course covers the advisory process and, experienced or not, this is an invaluable addition to the AF5 Expected Solution Package, making it the most comprehensive available in the market place today. And the best value for money.

Trust Wizard Learning for your AF5 Expected Solution
Our ability to provide a useful, up-to-date, detailed and relevant AF5 Expected Solution stems from the fact that, while the AF5 exam has evolved to some degree over time, the approach of the CII in respect of testing your financial planning expertise has largely remained unchanged.

This enables 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 take the fact find apart and, based on the information given, predict the nature of the questions that will appear in the exam.

But we don’t stop there…. Not only do we help you brush up on your knowledge, understand the exam techniques necessary to achieve success, and identify the questions you are likely to be asked, we also then go on to answer those questions in the format the CII are looking for!

Be prepared with Wizard Learning
The style, format and content of your AF5 answers is very important. CII Examiners often comment on the lack of detail in candidates’ answers, and warn how important it is to relate responses directly to the fact find clients and what you have been told about them. We will show you how.

The Wizard Learning AF5 Expected Solution helps you to familiarise yourself with the expectations of the CII in terms of style and format. That way you will be super-prepared in the event that the CII throw in an unexpected curve ball!

To achieve success in your AF5 exam, you need to understand all of the syllabus elements and requirements. The Wizard Learning AF5 Expected Solution Package provides you will the tools you need to pass….and more.

We can’t guarantee success – that is up to you – but can guarantee you will be well-prepared.

That’s what we at Wizard Learning call ‘Magic!’

Then select AF5 The Expected Solution Package

Customer feedback
Sample comments, our testimonial page has many more:

"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

“I just passed AF5 to attain chartered status, the expected solution package was a huge help. Wizard Learning has been the biggest reason I have managed to get this far and I would recommend you to anyone.” David Morrans - Honour Financial Planning Ltd

“Just to let you know I passed my AF5. This was all down to your AF5 Expected Solution Package material as that is all I revised. I could not have got it without you.” Joanne Fisher - Yorkshire Bank

"Thanks for the help - The AF5 expected solution was pretty much spot on and I was notified of a PASS today." David Mannion