Starting from scratch or returning to your exam path? Nikita Phillips, Candidate Support and Business Development Adviser at Bespoke Training Solutions, provides some insights/reminders and says with the right support, achieving your Diploma is absolutely within reach.
Five years ago, when I first stepped into the industry, my knowledge of the R0 exams was quite limited. The information I had was mostly from colleagues who had taken the exams many years before me, and as we all know, the financial services landscape can shift dramatically, exams included.
The R0 exams might appear intimidating, so in this article, we’ll tackle some of the most common questions we receive about these exams here at BTS.
How do I enrol for the R0 exams?
Candidates often ask us about enrolling in the R0 exams. The Chartered Insurance Institute (CII) oversees the Diploma in Regulated Financial Planning, so visiting their website is a great starting point.
To earn the Diploma, you’ll need to complete six units (R01-R06), enrolling in each course separately and tackling them one at a time.
When you make a purchase on the CII website, keep in mind that the default option is ‘enrolment plus,’ which includes both the exam sitting and CII materials.
However, you can opt for ‘assessment only,’ which provides just the exam voucher, allowing you to select study materials that fit your preferences.
CII membership?
When you visit the CII website to buy your materials, you’ll see two different pricing options; one for CII members and another for non-members. The price difference can be quite significant.
For instance, for the R01 assessment-only voucher, members pay £139.00, while non-members are charged £190.00. The cost of ordinary membership is £88.00 annually, plus a one-time admission fee of £37.00. If you’re planning to self-fund all six exams, becoming a CII member could save you money and gives you additional benefits such as accessing CPD events and other discounts.
Additionally, to use the designation DipPFS after earning your Diploma in Regulated Financial Planning, you must be a CII member.
Keep in mind that setting up your membership may take a few days, so if you decide to go this route, make sure to buy your exam voucher only after your membership is confirmed to take advantage of the lower price.
How do I book an exam?
You can schedule your exams through the CII website. After purchasing your unit, you’ll be able to use your exam voucher to select a date and time that works for you. You have the option to take your exams at various exam centres across the country or online with remote supervision. Having a scheduled exam gives you a clear goal to work towards. Remember, you can change your booking up to 48 hours in advance. For helpful videos on how to book and modify your exam sessions, check out the CII website HERE.
What order should I take the exams?
A common question we get from candidates is do they have to sit R01 first. The answer is no, however at BTS we do tend to recommend starting with R01 because this provides a solid knowledge of the sector.
An alternative option is to start with R05. This is a level 3 exam, and covers lots of different product types and also acts as a nice introduction to the industry.
The BTS recommended approach is:
- R01 – Financial Services, Regulations and Ethics
- R05 – Financial Protection
- R02 – Investment Principles and Risks
- R03 – Personal Taxation
- R04 – Pensions and Retirement Planning
- R06 – Financial Planning Practice
How are the exams structured?
If you like a multiple choice exam, then good news! R01-R05 are on-screen multiple choice exams. R01 and R02 are made up of 100 questions to be completed within 2 hours, R03, R04 and R05 are made up of 50 questions, with one hour to complete.
R06 is very different however. This is a three-hour written paper, based on two case studies released two weeks prior to the exam date. Although this is a written exam, this is a typed exam. The exam will be typed regardless of where you sit the exam.
How long will it take?
When candidates ask me this question, I often relate it to “how long is a piece of string?”. There are many factors that impact the time it takes candidates to complete their diploma. If you are a full-time student it is reasonable to expect a completion time in the region of 6-9 months.
However, if you are balancing your study alongside work and other commitments, this is more likely to take you around 12-18 months, and potentially longer.
You don’t however get a shiny medal for completing the diploma earlier, so make sure the exams fit around your lifestyle. Rushing into the exams unprepared, is more likely to lead to a deferred success.
What’s the cost?
This one is a bit tricky as it is dependent on the level of support you need. For assessment vouchers, members can expect to pay between £127 and £139, while non-members will see costs ranging from £151 to £190. Besides the exam voucher fees, candidates should also consider the expense of a study guide and other revision tools like practice exam papers, workshops, and e-learning resources. We highly recommend that candidates explore their options before making any decisions on materials, it is important to find what works for you.
Getting Started
Beginning your exams can feel quite daunting, especially for those who are just starting out in the field. However, with the right support, achieving your Diploma is absolutely within reach.
Creating a solid study plan is essential; consider the CII’s suggested study hours – will you need more than these? Many candidates do. Do you find you study better in the morning, afternoon, or evening?
If you’re feeling a bit overwhelmed, don’t hesitate to reach out to the BTS team. We are here to help, whether you want to give us a call or send an email, we can help you establish a more structured study approach.
You will be on the road to achieving your Level 4 Diploma before you know it.
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.
Main image: nick-morrison-FHnnjk1Yj7Y-unsplash
