If you’re looking to achieve Chartered or Fellowship, you’ll need to pass AF5 since it’s a mandatory unit for the Advanced Diploma. There’s no way around it, so it’s important to be prepared for what’s coming. In this article, Nikita Phillips, Candidate Support & Business Development Adviser, Bespoke Training Solutions (BTS) shares her experience of recently sitting AF5.
First things first, what is the AF5 Exam?
The AF5 exam is a Level 6 qualification that carries 30 CII credits. It aims to evaluate candidates’ understanding of the financial planning process when offering advice. You can therefore expect questions that cover the different stages of the financial planning process from initial disclosures and fact-finding to making recommendations and performing ongoing reviews.
Two weeks prior to the exam date, candidates will be able to access a fact-find document on the CII website that will be the foundation for the exam, similar to the R06 exam where candidates are provided with two case studies in advance.
However, unlike R06, you will only receive one fact-find instead of two separate case studies. Don’t be misled into thinking this makes it easier; the fact-find is significantly longer than an R06 case study, usually around 11/12 pages. Additionally, you won’t have access to the clients’ financial objectives until the exam itself, so you’ll need to figure those out independently.
In 2023, the pass rate for this unit was 78.2%. Compared to the other AF exams, this pass rate makes AF5 look like a walk in the park. So, the question remains, is it an easy unit?
Initial thoughts
During my time at BTS, I’ve had conversations with numerous AF5 candidates, so I’m well aware of the challenges that come with this exam.
The pass rates alone don’t paint the complete picture, and many candidates actively seek additional help for this unit. I certainly don’t think AF5 is an easy task, and I believe that the higher pass rate is largely due to candidates being more prepared for this unit compared to the other AF exams.
12 Weeks before…
A frequent misconception regarding AF5 (and R06 while we’re at it) is the belief that you can’t begin any work until the fact find is available. This mindset often leads candidates to defer their success, a pattern we’ve observed repeatedly at BTS, which is why I chose not to adopt this approach.
The CII doesn’t provide a study guide for AF5, as they assume you’ve already completed a few AF papers and will bring that knowledge into the exam with you. The challenge here is that a candidate’s performance in AF5 is largely influenced by their exam technique.
Even if you possess excellent knowledge, success is hugely dependent on how effectively you demonstrate that knowledge on exam day. I would also suggest that AF5 is a great exam to tackle first out of the AF papers—not only because it’s a required unit, but if you’ve recently taken R06, you’ll have a grasp of the necessary exam techniques.
At BTS, we’ve created a study guide for this unit, which is where I began my preparation. It took me several weeks to work through the guide, but I focused on being an active learner by practicing example questions, highlighting key points, and taking notes.
After completing the study guide, I shifted my focus to past papers. The CII has made several practice papers available on their website for AF5, and I truly believe these are invaluable resources for honing your question interpretation skills – even if they don’t offer very much in the way of guidance of answering the actual questions.
Here comes the Factfind…
I have to say, my first impression of the factfind was quite positive. Interestingly, I chatted with several AF5 candidates who were also taking the exam, and we all shared the same sentiment: “This factfind seems too pleasant.” It might sound strange, but it actually made us a bit anxious since we were bracing ourselves for some unexpected curveballs during the exam. The examiners aren’t that nice… are they?
Again, like with R06, you need to get to know your clients like they are your own family, highlight key areas, potential areas that you could be questioned, and to help with that (if you can) do consider purchasing an analysis. And whilst we’re on that…
Using an analysis
I was fortunate to have access to the BTS analysis for my exam which really is a fantastic resource.
A common mistake that candidates make when using an analysis however is simply memorising the answers to the model questions. This can cause issues where candidates see a question in the exam, don’t read it correctly and just regurgitate model answers. If there is one word different in the question stem, it can cause candidates to answer the question completely incorrectly, so this is not a technique we would recommend.
Instead, I suggest keeping the analysis open on one screen and a blank Word document on the other. Read the question carefully, type out your answers, and then compare your answers to the mark scheme.
The day before
I had a chat with my colleague Natalie the day before my exam, and she asked how I was feeling. I told her that despite all my preparation, I felt like I knew almost nothing.
It’s a peculiar situation to be in, but I want to be honest about it because I can’t be the only one who was feeling this way. Sometimes, you can overdo it, and I definitely fell into that trap with AF5. I was convinced I hadn’t studied enough, even though I had. When you try to cram too much information at once, you often end up learning very little, and your brain can feel, as I like to say, “a bit like mush”!
I was really hoping that during the exam, my mind would clear, and I would recognise just how much I had absorbed over the last few months.
Exam Day
I often find myself feeling anxious before exams, regardless of how many I’ve taken. To cope, I really focus on my breathing. I prefer taking exams remotely since there aren’t any testing centres close by, but sometimes I think this adds a little extra pressure to the experience.
In our study materials, we include some useful mnemonics for the AF5 exam, and I quickly wrote them down on a blank sheet of paper at the beginning of the exam. These mnemonics proved to be incredibly helpful during the exam, allowing me to recall key points that I would have missed otherwise.
The first question was a 15-mark fact-finding question, and I ended up jotting down way more points than the marks available – so I’m hoping I got a good spread of answers down there. I noticed that time seemed to fly during the AF5 exam, unlike the other AFs where I felt I had ample time. I had to keep reminding myself to stay on track, especially since I still had about 15 more questions to answer.
As I progressed through the exam, I felt there were some reasonable questions, but there were also a few that were phrased strangely and completely threw me off. It’s crucial to remember that you don’t need to achieve a perfect score to pass, so try not to get too hung up on the questions that are challenging you.
The final question was a nice 10-mark review question, and I would have been really upset if I had run out of time before I could answer it. So, keep an eye on the clock and make sure to revisit any difficult questions at the end if you have time to spare.
Post-Exam
One of the hardest aspects of taking written exams is the long wait for the results. For my AF5 unit, there’s roughly a two-month period before we find out how we did, which can feel like forever.
From my experience with the other AF papers, I’ve learned to try to put the exam out of my mind until the results come in. When I took AF1, my very first AF paper, I found myself obsessing over every detail of the exam. I was sure I had deferred success, but to my surprise, I passed. After two months, you really do forget how you performed and tend to dwell on the questions that gave you trouble.
I’m hoping for the best on results day in November, and I trust that my experiences with AF5 can offer some helpful tips to others preparing for this exam on their path to becoming chartered.
About BTS
Bespoke Training Solutions have been supporting regulated exams for 20 years this year! Known as ‘the exam experts’ within the industry, BTS provide support for the CII regulated exams by way of study guides, e-learning resources, and workshops for the full R0 suite and many AF and J0 units.
Visit https://www.bespoketrainingsolutions.com and check out the BTS Careers Zone for study plans, answers to exam FAQs and lots more to support your journey.
