Financial Advice Exam 3 - results

I passed CeFA-3 getting merit passes in both the retirement and protection section. 80%+ is needed for this compared to 90%+ for a distinction.

The next exam, logically enough, is CeFA-4 where I have to show that I can:

"apply the knowledge and understanding of modules one, two and three in order to apply suitable financial solutions within the regulatory and ethical framework"

The first 3 modules cover:

• UK financial services industry, regulation and ethics
• Investments and risk
• Protection
• Retirement

I'm planning to take this exam by April 2008.

Financial Advice Exam 3

In my spare time, I have been studying for my IFS financial advice exams. Instead of studying for them, I have been watching lots of free French DVDs from the online rental website, Lovefilm. They've give me 3 months free membership as I cancelled my last free trial before I had to start paying. So, those lovely film lovers have let me watch dozens of DVDs for free, including all 7 discs of 24, series 7.

I have to pass all 6 of them of being authorised by the FSA. So, having passed 2 already, I have 18 months to do the other 4.

At the moment I am studying for the 3rd Certificate for Financial Advisers (CeFA) exam, CeFA-3, which has units in Retirement & Protection, both of which have to be passed separately, with a 70% pass mark.

The exam is on 8/1/08.

Financial Advice Exam 1

I sat the IFS CeFA / CeMAP Module 1 paper today, passing units on UK Financial Services (90%) and Regulation (80%).

As a result I have now met the exam requirements for giving financial advice on:

• General Insurance including Motor, Building, Contents & Travel
• Life Assurance
• Critical Illness Cover (CIC)
• Permanent Health Insurance (PHI)
  

I now need 2 more CeMAP modules to be able to advise on mortgages and 3 more CeFA modules to advise on pensions & investments and to be able to call myself an Independent Financial Adviser (IFA)