Posted Dec 03, 2014
This article covers the requirements for becoming a Chartered Financial Planner.
It is possible for an adviser who holds the CII’s Diploma in Regulated Financial Planning to reach Chartered status within 2 years. The CII have a comprehensive exam structure so there are various options available.
If you want to become a Chartered Financial Planner you need 290 credits – with a minimum of 120 of those at AF level and at least 40 credits from Diploma exams.
AF level exams
AF1 Personal tax and trust planning (30 credits)
For the minimum 120 AF credits that means taking four AF exams i.e. 4 x 30 credits = 120 credits. One of these exam passes must be the compulsory AF5 exam.
Any level exams and existing qualifications
This adviser started their advanced studies with 100 existing credits from having previously passed the Diploma in Regulated Financial Planning which required passing the 6 exams, R01 to R06.
The adviser passed the following exams:
The adviser therefore achieved the required total of 290 credits and met the requirement of 120 credits coming from AF level exams.
This adviser chose the pensions, investment and business financial planning exams as they were all relevant to their area of specialism. The FA2 exam was taken to make up the total number of credits needed and complemented their pension studies.
On completion the individual was awarded the Advanced Diploma and as a member of the Personal Finance society was able to use the designation APFS. The individual had the minimum of five years experience in the industry so applied and received the Chartered Financial Planner title, allowing them to promote their high standard of expertise to their clients and reflect that in their fees.
Example timetable for exams
This is a very challenging timetable to becoming a Chartered Financial Planner in a short time frame.
How Wizard Learning can help
J03 The tax and legal aspects of business - practice exam package
J03 The tax and legal aspects of business - subject knowledge questions
The cost of these modules are detailed on our cost and contents page.
Importance of effective CPD
Even if you are not planning on taking further exams right away then maintaining good diploma knowledge is vital to satisfy the regulatory requirements. In addition keeping exam level diploma knowledge makes studying for Chartered so much easier.
The advanced diploma exams are based on the knowledge from the diploma exams so in theory, there should be nothing new in the exam if you have passed the relevant diploma exams and maintained that knowledge through effective CPD. There is therefore no additional study text for the advanced diploma exams, just additional support by way of case studies and practice questions. Our accredited CPD system is designed to enable you to maintain diploma knowledge at a low monthly fee.