R0 exam candidates often consider progressing onto the AF exams. In this article, Luiza Todd one of the BTS Directors shares her experiences of sitting the CII AF5 Financial Planning Process exam.
Despite already having sat and passed the CII AF5 exam to achieve her Fellowship and Chartered Financial Planner status, BTS Director Luiza Todd decided the May 2022 sitting was time to give the exam another go, as she believes in not just talking, but also walking the walk with candidates.
As you can imagine Luiza went into the remote sitting well prepared although a few things turned out to be not as expected:
- No-one checked Luiza’s ID
- There was no mirror check
- No-one checked Luiza’s blank scrap paper
Candidates often report anomalies like this after their remote exam sittings (both R0 and AF). Reporting these to the CII support desk immediately after the sitting is always best practice.
What was the exam like?
The AF5 Financial Planning Process is the mandatory unit of the CII’s Advanced Diploma in Financial Planning.
It’s an exam that focusses on the advice process, so is similar to the level 4 R06 exam, but AF5 asks questions relating to one fact find rather than two shorter case studies. To pass AF5, you’ll need to demonstrate detailed analysis and critical evaluation skills, as you would expect for a level 6 exam.
Navigating between questions was easy. Typing answers was as expected – anyone expecting the functionality of MS Word will be sorely disappointed. Luiza is a huge fan of bullet points and tables in answers, but the system does not have these options.
It took Luiza a few minutes to realise that she had to save her answers as she went along (!) before she was allowed to go onto the next question. But answering, saving, and then reviewing all worked as it should.
Anyone that had put in some hard graft and practised their exam question answering techniques should have been fine with the questions. There were two ‘recommend and justify’ questions in relation to Mike and Emma’s savings and investments and Emma’s SIPP. Two analysis questions cropped up, one relating to keeping the couple’s level term assurance policy, and another about their existing PMI policy and why replacing it might not be a good idea.
There were questions around additional information required – both a generic one relating to the couple’s savings and pensions plus a specific one about keeping or cashing in Mike’s investment trust. Plus, the usual ‘what areas would you review’ style question – however this one was strangely worded and asked ‘in relation to the couple’s personal circumstances’.
A few of the questions had two parts to the answer; one question on share incentive plans asked candidates to both explain why such a scheme might be suitable for Mike and how it operated. So, it was important to take a moment with each question to check what it was asking you to do – and if it had two parts to it to ensure both parts were answered.
Luiza practised what she preaches – with each question she identified the key words and planned her answer before typing a thing. She looked at the fact find throughout noting down the information it gave her before starting her answers.
Is 3 hours plenty of time?
Once in, the three hours given for the exam flew by! Luiza finished with 4 minutes to spare so used up almost every single second.
Going forward what advice can BTS give AF5 candidates?
The CII recommend a minimum of 150 study hours for this mandatory unit. Make sure you don’t wing it – preparation is key both with the system, your knowledge and your question answering techniques.
Candidates who buy an analysis and learn questions and answers are not giving themselves the best possible chance of a first-time exam pass. No-one knows exactly which questions will come up, and AF5 is designed to test your analysis skills to the limit. Buy and work through a study guide, attend a workshop, gets lots of practice and buy a decent fact find analysis.
AF5 is an advanced paper – your knowledge, question answering techniques and preparation all must be first class to have a chance of passing.
Bespoke Training Solutions (BTS) have been supporting regulated exams for 19 years, Luiza Todd is a founding director with a wealth of experience in this field. BTS AF5 resources for the September 2022 sitting include a study guide, an e-Learning module and an exam preparation workshop. Visit https://www.bespoketrainingsolutions.com/af5-financial-planning-process/ to view options available to candidates in more detail.
This article was first published in the July/August 2022 issue of Professional Paraplanner.
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