If you are a paraplanner looking at your next qualification, you might start by asking which professional body offers the best route. However, Peter Best – Chartered paraplanner, is increasingly convinced there isn’t one right route.
Unlike advisers, we don’t have a prescribed regulatory qualification that we need to achieve simply to work as a paraplanner.
And, employer requirements aside, that gives us considerable freedom over our professional development, but it also means we have to decide for ourselves what that development should look like.
I would argue that the decision should start with two questions:
What do I want to learn? And how do I learn best?
Different routes for different people
For many paraplanners, the CII will probably be the most familiar route. The Diploma in Regulated Financial Planning is widely recognised across the profession, with the Advanced Diploma providing the opportunity to develop knowledge further and study more specialist areas.
The LIBF offers its own somewhat similar pathway through financial advice qualifications, alongside specialist qualifications covering particular areas of financial services.
The CISI takes a different approach again, including a qualification specifically aimed at paraplanners and a wider financial planning pathway.
I’ve studied with CII and LIBF, although I haven’t yet studied a CISI qualification, so I couldn’t fairly tell you that one is better than another. But I’m not sure anyone else really can either.
A qualification can be excellent and still be the wrong qualification for you.
What are you actually trying to learn?
Perhaps pensions are the area where you feel least confident. Maybe you want a deeper understanding of investments, taxation or trusts; or perhaps your technical knowledge is already strong, but you want to become better at taking all that information and turning it into a coherent financial plan.
The qualification that best addresses one of those needs may be completely different from the one that addresses another.
What’s more, it may not even come from CII, CISI or LIBF.
Universities and specialist education providers offer qualifications and courses in areas such as economics, investment, taxation, behavioural finance and financial planning.
Academic study can offer something different, particularly for those who want to explore the wider context around financial planning, develop research skills or examine subjects in greater depth than a professional syllabus allows.
The point isn’t where the qualification comes from. It is whether it develops the knowledge or skills you actually want to improve.
How do you learn?
Once you know what you want to learn, the next question is how you learn best.
Some people thrive on traditional examinations. Give them a textbook, a syllabus and an exam date, and they are perfectly happy.
Others learn better through assignments, case studies, discussion or applying knowledge to realistic client scenarios.
Neither approach is better.
But choosing a qualification purely because of its reputation, level or the designation at the end of it, without considering whether the way it is taught and assessed suits you, seems (at least to me) an odd way to approach learning.
If you hate exams but excel when researching and writing assignments, that should influence your decision. Likewise, if you prefer a clearly defined syllabus and examination rather than months of academic research, a university qualification may be completely the wrong choice.
Learning with purpose
I appreciate there is some irony in me suggesting people shouldn’t simply collect qualifications. I enjoy studying, and the collection of qualifications I hold probably gives that away.
I’m certainly not arguing against qualifications. I don’t regret taking mine, and they have all contributed something to my development both professionally and personally. What has changed is the question I ask before considering another one.
Earlier in my career, it was probably “What can I do next?” Now, it is much more likely to be “What don’t I understand well enough yet?” which is a very different question.
Build your own route
Perhaps one of the advantages we have as paraplanners is that there doesn’t have to be a standard route.
You might start with CII, study something specialist with LIBF, take a CISI qualification later and then look outside the professional bodies altogether.
Someone else might make completely different choices, but both routes could be equally valid.
Qualification level, professional recognition, cost, employer support and existing credits will inevitably matter. But I don’t think any of those things can tell us which route is best, because there isn’t one.
Start with what you want to understand better. Think about how you learn best. Then find the qualification that best fits both.
Ultimately, the right qualification route is the one that helps you become a better paraplanner.
Main image: study, learn, jeshoots-com-pUAM5hPaCRI-unsplash
