Brand Financial Training: Getting started with CII exams

The Chartered Insurance Institute (CII) is the leading professional body for the insurance and financial planning profession in the UK, and most people working towards a long-term career in financial advice will work towards the CII Diploma and Advanced Diploma in Regulated Financial Planning.

However, there are many other options to choose from, particularly if you’re new to financial services or thinking about starting a career in the industry. There are lots of different exam units and qualifications out there, and it isn’t always easy to know where to start.

Different units sit at different levels and contribute toward different professional qualifications, so the best starting point often depends on the role you’re doing or aiming for and where you want your career to go.

Starting with the Diploma

A lot of people are keen to jump straight into the Diploma in Regulated Financial Planning, but that can be quite a steep learning curve if you’re completely new to financial services. The lower-level exams can help you get familiar with the terminology, products and regulations that you’ll come across throughout your career.

Many prefer to begin with R05 as it is often seen as a good starting point

However, plenty of people do successfully go straight to the Diploma, especially if they’re supported by their employer or as part of an apprenticeship or training scheme.

The Diploma in Regulated Financial Planning is made up of six exams: R01 to R06.

Some candidates choose to take the exams in numerical order, starting with R01 (Regulation). However, many prefer to begin with R05 as it is often seen as a good starting point. R05 focuses on protection, has a higher pass rate, and the level of technical knowledge required is generally considered less demanding than the other R0 exams.

After that, most candidates move on to tackle the more technical exams of R02 – Investments, R03 – Taxation and R04 – Pensions.

There are lower-level exams (level 2) that can be a good starting point for anyone with limited experience

R06 is usually left until the end. It brings together knowledge from across the Diploma and tests your ability to apply what you’ve learned. It’s a written exam so very different from R01 to R05, which are multiple choice.

The R0 exams 1, 2, 3, 4, and 6 are level 4 exams, which is equivalent in academic difficulty to the first year of a bachelor’s degree, so some experience or support is often needed.

Useful starting exams

There are lower-level exams (level 2) that can be a good starting point for anyone with limited experience. They provide a feel for how the financial services sector works and an introduction to the basics of products and services.

Even if your long-term goal is to progress to more advanced qualifications, they can still be worthwhile. They can act as a useful foundation of knowledge for other exams and may also contribute credits toward other professional qualifications.

Brand Financial Training: Stepping up to the CII Level 6 Exams

The following exams are a great example of this and will earn you 10 credits:

FA1 – Life Office Administration
Good for back-office and admin roles.

FA2 – Pensions Administration
Covers the basics of pensions.

FA5 – Individual Savings Account Administration
A more in-depth look at Isas

LP3 – Life and Pensions Principles and Practices
This exam focuses more on regulation

A step up

If you already have some experience or are in a customer-focused role, the following exams might be a more appropriate starting point. They are a slight step up in terms of difficulty (level 3), but with some extra revision time set aside they are more than manageable:

LP1 – Life and Pensions Customer Operations (15 credits)
More focused on customer-facing processes and regulation.

LP2 – Financial Services Products and Solutions (20 credits)
Focuses on the products and solutions for customers.

Specialist exams and qualifications

Not everyone in financial services wants to become a financial adviser or take the Diploma, and that’s worth bearing in mind before you start booking exams.

If you’re interested in a specialist area such as mortgages, equity release or paraplanning, there are dedicated qualifications designed specifically for those careers.

Consider your confidence in the subject area and your intended career path before deciding which exams to sit

For example, someone looking to become a paraplanner may decide to work towards the Certificate in Paraplanning, which has been developed specifically for this role and includes the specialist unit J09 (a coursework module) that is more relevant to the practical aspects of the role.

Paraplanners typically support financial advisers by carrying out research, preparing suitability reports and helping to develop client recommendations, and the J09 unit focuses heavily on these areas.

Summary

Many of the principles, regulations and product knowledge overlap across different areas of financial services, and exams progressively increase in difficulty across the different levels. It is therefore worth taking time to consider your confidence in the subject area and your intended career path before deciding which exams to sit.

If you are unsure, you can start with broader Level 2 or Level 3 exams and then specialise later once you have gained more experience and a better understanding of the industry.

Ann Mora is technical support and content specialist at Brand Financial Training

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For more practical information on how to get started in financial advice, please visit our Future Financial Adviser community. We tell you how to take the first steps, how to get ahead and what attributes you need to flourish. Even better, we can put you in touch with helpful contacts.