Nikita Phillips, DipPFS – Candidate Support & Business Development Adviser, Bespoke Training Solutions (BTS), provides top tips for any paraplanners taking AF1 this year.
So, you’re looking at sitting the CII AF1 exam and you want to know how you can give yourself the best chance of passing this exam first time. Where do you start?
The most recent pass rate for AF1 is 42% (the lowest of all the AFs) so that should give you a flavour of how difficult this exam is.
However, all is not lost. By following these 5 BTS tips, you can give yourself the best chance of securing a pass first time.
Tip 1- Time is of the essence
The CII recommends 150 hours of study for this exam, and you may well need more hours than this. You need to have a good understanding of the full syllabus, which for AF1 is incredibly broad.
What does the syllabus cover? Not only are you going to be tested on your knowledge and application of Income tax, Capital Gains Tax and Inheritance tax, you also need a good understanding of trust taxation, bankruptcy, powers of Attorney, wills and intestacy, the use of trusts, taxation of investments and… breathe! – so, you need to know a lot then!
You therefore need to give yourself enough time to get your technical knowledge up to scratch. This is not an exam you should go rushing into without a study plan. BTS recommend getting started around 12 weeks before the exam date. Our 12-week study plans are available (free!) on our Careers Zone and will assist you in managing your time successfully.
Tip 2 – We’re living in a material world
In the words of Madonna, I am a material girl. But, back to being serious, the materials that you use matter!
You do not have to purchase the examining body material for this exam, shop around for other options and find something that suits your learning style.
I’ve spoken to many a candidate who deferred success in the exam using just the examining body materials yet achieved a pass using the BTS study guide for their resit. Everyone learns differently, so get samples of materials and find what works for you.
We’ve produced some free resources for this exam, which you can access through our Careers Zone, including a knowledge checker to help you to identify areas that need the most work, and a free study plan checklist for you to follow, to make sure that you stay on track!
Get yourself a supply of your favourite stationary (I love a set of coloured highlighters!), a good notebook, a calendar and get planning!
Tip 3 – Trust issues
Believe it or not, in case the description of AF1 wasn’t a give away (Personal tax and trust planning) – you will have questions that come up around trusts.
In fact, the examiner assumes that you have the knowledge from the J02 Trusts exam prior to sitting AF1.
It can be therefore, beneficial for you to sit J02 prior to sitting AF1, or if you are brave enough, around the same time. There is a lot of crossover in the AF1 and J02 syllabus, so this is certainly something that I would give a good amount of consideration too.
Plus, it means if you pass both, you get additional credits to assist you on your way to Chartered / Fellowship – Bonus!
Tip 4 – Practice makes perfect
One of the best ways you can prepare for your AF1 exam is to sit as many past papers as you possibly can. At BTS we recommend you sit at least the last four papers as part of your study plan.
Sitting past papers enables you to not only see what the examiner is looking for in your answer, but the examiner feedback also provides you with detail on how candidates performed in the exam. This enables you to review the areas where candidates have performed poorly and learn from this.
Exam technique is absolutely key for this exam. It’s all well and good your technical knowledge being up to scratch, but if you aren’t answering the right question, you’re not going to perform well. Spending time analysing past papers and understanding how to interpret the questions, will put you in an excellent position for your AF1 exam.
Tip 5 – Connect with others on the same journey
Studying doesn’t have to be a lonely endeavour. We find our students do best when they work alongside others studying for the same exam.
Whether that be by starting your own study group, joining an online forum, or attending a group workshop, sharing the journey with others can help to give you accountability and structure.
So, what are you waiting for? Head to the BTS website now to get started on your AF1 Journey, or feel free to reach out to one of the team, we’d love to hear from you!.
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 brand-new Careers Zone for study plans, answers to exam FAQs and lots more to support your journey.
Main image: jack-hamilton-9SewS6lowEU-unsplash
