This simple guide from the CII/Personal Finance Society (PFS) describes how to gain the Diploma in Financial Planning.
The FSA Retail Distribution Review (RDR) feedback statement has reiterated proposals to raise the minimum levels of qualifications to be held by advisers to that of the Diploma.
The RDR is a watershed in the development of the financial advice profession. It argues that advisers should reach and maintain true professional status, which means ensuring your knowledge, understanding and behaviour is of a standard where the advice you give is current and appropriate.
In terms of qualifications, it proposes that existing advisers will be required to obtain an Ofqual Level 4 qualification, such as the CII's Diploma in Financial Planning, by the end of 2012.
The RDR proposals are already having an effect. The CII has seen a significant increase in the numbers of advisers entering the Diploma in Financial Planning, with exam entries in 2008 up by almost 60% on 2007.
As an adviser currently holding the FPC, Certificate in Financial Planning, CeFA or equivalent, the thought of recommencing study for a higher professional qualification may appear daunting.
It doesn’t need to be; we have all the information you need and can provide the necessary support to help you achieve the Diploma in Financial Planning.
And given the emphasis in the RDR on professionalism and, in particular, ethical behaviour, it is clear that membership of a professional body such as the PFS/CII will be of great benefit.
The support and guidance provided to members enhances technical understanding and helps develop an ethical stance appropriate to genuine professionals.
The information on this page and in the downloadable PDF at the bottom of the page will help you begin your journey to professional status in the RDR environment.
What is the Diploma in Financial Planning
The Diploma in Financial Planning is a qualification which builds on existing knowledge gained through qualifications such as the FPC, Certificate in Financial Planning, or equivalent. It develops advanced technical knowledge and understanding across a broad range of key advisory areas:
- Personal taxation
- Trusts
- Business taxation
- Pension funding
- Pension income
- Investment
- Supervision in a regulated environment
- Financial planning practice (New for 2009)
The Diploma is modular in structure, with no compulsory units. This means that you can pick and choose the subjects you want to study, allowing you to develop a learning programme that reflects your job role, sector specialism and career aspirations.
As well as being an objective measure of your improved technical knowledge, completing the Diploma allows you to demonstrate your enhanced status by use of the designation ‘DipPFS'R (membership and CPD requirements apply).
Don't get left behind
- The RDR is fundamentally changing the face of the financial advice market
- Central to this are moves to increase the professionalism of advisers
- One measure that seems certain is an increase in the level of qualifications held by most advisers.
- FPC, Certificate in Financial Planning, CeFA or equivalent will no longer suffice
- The Diploma in Financial Planning is likely to be the new benchmark
- A proven set of learning and revision materials
is available immediately
- Costs can be spread over the full study period
- For many, the moves towards the Diploma level has already begun.
What is involved in completing the Diploma?
You need to accumulate a minimum of 140 credits. These are awarded as you achieve passes in exam units, with the exact value of credits (number and level) varying according to the individual units selected. As a practicing financial adviser, you already hold a qualification that can contribute towards your credits target.
What does this mean in practice?
- You must hold 80 credits at Diploma level. The following can also count towards this requirement:
- Advanced Diploma level credits from withdrawn AFPC units and other CII exams taken prior to 2007 which provide Diploma or Advanced Diploma level credits;
- One Advanced Diploma in Financial Planning unit AF1 - AF5 or maximun of 30 non-specific Advanced Diploma credits. The latter typically being awarded in respect of relevant degrees such as accounting, business and management, obtained through a UK university in the last ten years.
- The remaining 60 credits must come from any of the examinations offered within the CII financial services qualifications framework, or comparable offered by other awarding bodies (a maximum of 30 Advanced Diploma level credits in total can be used towards completing the Diploma).
Note: To be awarded the Diploma the following requirements apply: you must hold the Certificate in Financial Planning, FPC or equivalent, and you must pass, either through CII examination or exemption, a pass in a J unit.
I want to achieve the Diploma. How do I find out what I need to do?
A CII personalised Learning Statement provides a record of the exams and resultant credits you hold which can be used towards completing the Diploma.
This includes both CII exams and exams
obtained through other awarding bodies
(such as professional bodies, universities,
etc.) that you have told us about
(to submit details of non-CII exams, click here.
Importantly, your statement sets out what
you personally need to do to complete
the Diploma. Simply click here and submit a request
for a Diploma in Financial Planning
Learning Statement.
The most common qualifications held
are listed below, together with the
corresponding credit values, which you
may find useful when evaluating how
many credits you currently hold.
A full listing of credit values for CII exams
can be found at the bottom of this page.
Other bodies, such as the IFS and SII will
confirm details of exams passed with them.
| Awarding body |
Qualification held |
Credits |
| CII |
FPC pre-1994 scheme (2 exam version) |
32 |
| FPC 1994 scheme (3 exam version) |
50 |
Certificate in Financial Planning
(current 5 exam version) | 70 |
| IFS |
CeFA (3 exam version) |
50 |
| CeFA (current 4 exam version) |
70 |
| The SII |
Investment Advice Certifcate |
70 |
Next, choose your study path
You have a wide range of options depending on your completion requirements or career objectives. Full details on the subjects can be found in the Diploma/Advanced Diploma in Financial Planning brochure.
Flexibility is the key. Subject to the requirement of having a minimum of 80 Diploma level credits and 140 credits in total, it is your choice how you achieve the target.
In terms of how long you take to complete, it is up to you. However, we are finding that completion within two to three years is common, and that where a candidate already holds credits for exams passed over and above those gained through the FPC or equivalent, this period is frequently shorter.
The following link details the completion routes typically followed by advisers, employed in a range of roles, in studying for the Diploma:
Financial Adviser: example study pathways
Combined study option
It is also possible to study for the Diploma
simultaneously with the Advanced Diploma in Financial
Planning. This is because the latter develops specialist
financial planning capabilities based around the
technical knowledge gained at Diploma level. In these
instances, candidates typically follow subject streams
such as the following:
I know what I need to do. How do I proceed?
Once you have identified how many and which units you want to take, you need to plan your study schedule and decide the content of your learning programme.
Study schedule
Diploma exam sittings are held in April,
July and October (entry deadlines being
March, June and September, respectively).
Certificate exams, which are delivered
online, are available throughout the year
(date availability varies between individual
exam centres).
We recommend that you allow 100 hours
to complete a Diploma unit and between
20 and 70 hours for each Certificate unit,
according to the unit selected.
However, these figures are indicative and
the actual time required does vary from
candidate to candidate.
Typically, candidates commence study three
to four months before each exam, but clearly
this is down to personal preference.
Learning programme
Learning styles and preferences vary and it may be some years since you last undertook formal study. We have therefore developed an unrivalled range of learning materials to make the process as simple as possible.
Options exist to study in a group environment, gain personal feedback from a subject matter expert, reinforce core learning through interactive tutorials and use revision aids designed for quick and ready use, such as when commuting or travelling between client meetings.
| Core study text |
This is a
self-study course including updates
for 12 months and access to FREE
online learning services through our
'RevisionMate' study tool. It covers
the exam syllabus in a straightforward
and user-friendly format. |
| Exam preparation exercises |
Available for Diploma units, this
allows you to complete five exam
preparation exercises, set to exam
standards and marked by an expert
tutor, including individual feedback on
your exam technique. It also provides
an insight into how other candidates
have performed on specific questions
in previous exams, assisting
effective preparation. |
| Revision courses |
Delivered by experts,
these are proven
to boost the chances
of exam success by
as much as 60%. The
choice ranges from
single-day courses to
intensive multiple-day
workshops. |
| ed.LEARN® |
A series
of web based interactive
tutorials and assessment
programmes to help you
to gauge your progress,
including a student
discussion group and
personal study planner. |
| Key fact booklets |
Comprehensive pocket-sized booklets
summarising the key information from
the core study text. Ideal for use while
commuting. |
| Audio CDs |
These summarise key
information from the core study text
and are ideal for use while driving
between meetings. |
| Exam guides |
A specimen
or actual past exam paper with
examiners’ comments on candidates’performance, key points for inclusion
in your answers and useful hints on
how to pass the exam. |
The cost of completing the Diploma
We recognise the financial pressures on
individual advisers and firms and, for this
reason, we strive to keep our costs as low
as is practical.
As this qualification has a modular
framework, we do not require upfront
payment of all fees. Instead, candidates may
pay for learning materials as and when they
are required and pay exam fees upon entry.
This allows the cost to be spread over
the full period during which the Diploma
is completed.
Typically, an FPC holder who is a member of
the PFS/CII could complete the Diploma for
less than £1,200, with the cost paying for:
- 5 unit study texts with updates
- 5 exam entries
- 5 key facts booklets
- 5 exam guides/papers
Members of the PFS/CII enjoy discounts
on the cost of completing the Diploma.
In the example shown above, a 21% saving on
the non-member price would be made.
Join the Personal Finance Society
The RDR also contains a proposal regarding
the need to raise levels of professionalism
through adherence to published standards
of conduct.
The Personal Finance Society (PFS),
is dedicated to serving the professional
interests of financial advisers and those
in related roles, and in turn to ensuring
consumers benefit from a genuinely
professional financial advice market.
This includes maintaining a Code of Ethics
and Conduct to which all members
subscribe – a linchpin of professionalism.
Membership of the PFS offers a range
of benefits that can assist you both with your
exam studies and your working life.
In addition to discounts on qualification
study materials and exam entry, membership
will give you access to a broad range of
services that include online knowledge
services, a complimentary magazine which
contains in-depth technical articles and an
extensive CPD programme to help keep
your knowledge up to date.
And, on
completion, you will be eligible to apply
for professional designations reflecting
your educational achievement.
Membership costs from only £13.75 a month
when paying by Direct Debit.
Visit www.thepfs.org/join for further details and to join or call PFS Customer Service on +44 (0)20 8530 0852.
Credit listing in respect of CII exams
This table details the credits awarded by the CII in respect of its most common financial services examinations.
For information on other units/qualifications not listed, please contact Customer Service.
| Unit title |
Credit level |
| Certificate |
Diploma |
Advanced |
| Current qualifications/examinations |
| Advanced Diploma in Financial Planning |
| Units: AF1-AF5 | | | 30 per unit* |
| Diploma in Financial Planning |
| Units: J01-J07 | | 20 per unit |
|
| J08 - Financial Planning Practice (first exam sitting July 2009) |
|
30 |
|
| Certificate in Financial Planning / Financial Administration |
| CF1 – UK financial services, regulation & ethics | 15 |
| |
| CF2 – Investment and risk | 20 | 20** |
|
| CF3 – Financial protection | 10 | |
|
| CF4 – Retirement planning | 10 | |
|
| CF5 – Integrated financial planning | 15 | |
|
| CF6 – Mortgage advice | 20 | 20** |
|
| CF8 – Long term care insurance | 15 | 15** |
|
| ER1 – Equity release | 15 |
| |
| FA1 – Life office administration | 10 |
| |
| FA2 – Pensions administration | 10 |
| |
| GR1 – Group risk | 10 |
| |
| HR1 – Home reversion plans (final exam sitting 29 May 2009) | 5 |
| |
| Withdrawn qualifications/examinations*** |
| Advanced Financial Planning Certificate |
| Units: G10, G20, G30, G60, G70, G80, H15, H25, F10, F20, F30, F40, F50, L10, L20, L30, L40, L50 | | | 30 per unit |
| K10 - Retirement options | | | 20 |
| K20 - Pension investment options | | | 20 |
| Miscellaneous exams |
| MAQ - Mortgage advice qualification | | 20 |
|
| SV1 - Savings and investment | | 20 |
|
| Certificate in Financial Planning |
| CF7 - Lifetime mortgage activities | 15 | 15** |
|
| CF9 - Pensions simplification | 10 |
| |
| Financial Planning Certificate |
| Completed (1994 scheme) | 50 |
| |
| Completed (pre-1994 scheme) | 32 |
| |
| * |
Advanced Diploma in Insurance units: 555, 556, 735, 790, 945, CITIP each provide 30 advanced credits towards the Advanced Diploma in Financial Planning when passed prior to 2008. |
| ** | Credit value where exam passed prior to 2007. |
| *** | Due to the extent of syllabus overlap, certain combinations of units will result in only one award of credits. Full details can be found in in the Diploma/Advanced Diploma in Financial Planning brochure. |
