Ask the Experts: Your questions on J02 and J05

Paraplanner question: I’m preparing to do my first CII short answer paper in J02 – do you have any tips?

Brand Financial Training answer: J02, as with the other short answer papers (J05 – Pension Income Options and J07 – Supervision in a Regulated Environment), will ask open-ended questions designed to assess your knowledge and understanding of a topic.

For these exams there is no set structure to responses, you may want to answer in bullet points but the clue is in the name, short answers, so keep your responses concise and to the point, while still providing a thorough answer that clearly demonstrates your understanding as well as relating it to the client in scenario-based questions.

The number of marks allocated should provide a clue as to how long to spend on each question, how many bullet points to provide and the level of complexity of your response.

Any answers that involve a calculation will need to show all your workings, make sure you include each step as if your final answer is wrong you could still pick up the majority of the marks if your workings are correct.

As with all exam questions, plan your time and allocate it according to the marks awarded. You probably want to stick to a strong introductory sentence, before adding an example or two plus a sentence at the end to create a logical conclusion.

Other tips include:

• Read the question carefully and think about what the examiner is looking for before committing to your answer.
• Get the easy questions out of the way before returning to the tougher ones.
• Don’t spend too much time on any single question. If you’ve used up the time you can sensibly spend, move on to the next question and try to come back to the incomplete one if you have time after you’re completed the other questions.
• Save some time to check through your answers and as you do always ask yourself whether you have really answered the question that has been asked.
• Have a go – your initial thought may be that you don’t know the answer, but if you’ve done your prep then once you start trying to answer a question you might trigger a memory which may enable you to get some of the marks on offer.
• Finally, of course, thorough preparation and use of past exam papers will always stand you in good stead.

There is no getting away from the fact that J02 is a technical exam and that you will need to know and understand the J02 syllabus. If you look at the examiners’ comments, nearly all the disappointing answers are due to a lack of technical knowledge.

Paraplanner question: I have recently taken and passed R04, but I did struggle with the technical content so should I consider taking J05 next and, if so, what should I expect?

Brand Financial Training answer: The J05 study text is very manageable and has a lot of crossover of technical content with R04. Recent pass rates for J05 have been around 88%, demonstrating that with some good preparation and good exam technique this exam is very doable.

J05 is a CII short answer paper so, if this is your first one, some time spent working on exam technique will be required (see tips in the previous answer above).

The J05 exam is likely to include a lifetime allowance calculation (there has been one in the last four exams), questions comparing the different types of pension arrangements, vesting options and/or the death benefits. Statutory minimum increases to a pension from a DB scheme, State pensions, divorce, BCEs, and sustainable withdrawal rates are also tested regularly.

All of these subjects you would have covered to some degree in R04, but in J05 you will be expected to have a deeper understanding, you will be expected to work through any calculations and apply your knowledge to the practical advisory skills of recommending or fact finding.

But, in short, if R04 is fresh in your mind then yes J05 could be the next logical step.