Posted Dec 01, 2018
Answer: An easy and truly effective way for advisers to maintain their regulated diploma knowledge, with access to hundreds and hundreds of assessments on all relevant topics. We made it this way because it is well known that the regulator places great emphasis on continued development, as discussed in an article written by Wizard Learning some time ago called “R you doing the right CPD?”. We have always worked on the assumption that regular reassessment of diploma knowledge was going to become a requirement eventually, so we are well-prepared.
It seems that the regulator has finally woken up to the fact that a great number of advisers, see exam to reassess level 4 diploma qualification, while going through the motions of completing minimum CPD activity, are not adequately maintaining their core knowledge.
Advisers must stay abreast of changes to legislation and regulations and cannot do their job effectively if they do not stay informed of current and planned changes to tax rates and concessions.
We have 1,500 exam style questions spread across R01 to R05, and these are regularly updated and renewed making it easy for advisers to test and maintain their knowledge regularly. If at some point in the near future a reassessment of regulated diploma knowledge becomes compulsory, many advisers would need to take a LOT of time out – it is estimated that it would take in excess of 50 hours to bring the most informed adviser’s core knowledge up to exam standard. That’s a big commitment, and time is money.
If an adviser is continually doing short periods of studying and assessment on an ongoing basis – say three hours each month - and they stick to a predetermined programme of study across all relevant topics, they might spend a total around 30-35 hours a year on continuous assessment and knowledge gap filling. They are free to adjust the number of assessments and study time to reflect previous results and recognised knowledge gap areas.
Doing small amounts of testing and studying continuously over the year is an efficient way to maintain and improve core knowledge. The Wizard Learning system records all assessment results and CPD time allowing advisers to create a report over any selected date range to prove their adherence to the minimum regulatory standards.
Wizard Learning has hundreds of subscribers to its CPD accredited system who recognise the value for money it represents. We have everything you could possibly need, whatever the reassessment will eventually look like.
Please contact us to request a free 7 day trial of our accredited CPD system and for details of discounts for multiple users.