How has the CII R06 exam evolved since it came in and have these changes made it more difficult to pass? Luiza Todd, director at Bespoke Training Solutions provides some insights based on her experience of taking the exams
The R06 Financial Planning Practice unit has been around for a few years now. So, how does the exam work, is it difficult to pass, and has it changed much?
These are the questions that we consider in this article. Let’s look at the R06 exam basics first.
The R06 exam
The exam is based on two case studies released approximately two and a half weeks before the exam date. Candidates will have to answer questions based on these case studies. The exam tests the financial planning process and is very different from the R01-R05 units. In R06, candidates are faced with case studies, a variety of questions and a blank screen to type their answers.
Historically the case studies follow a well-trodden path. One is usually based on a ‘younger’ individual or couple with dependants, so the examiner can test candidates on areas such as family protection, mortgage needs, school or university fee funding goals and planning for retirement (amongst other areas). The other case study tends to involve an older individual or couple, sometimes a widow or widower, so with different needs.
Is an R06 pass a ‘shoe in’?
The ‘word on the street’ is that this unit is an easy one; just buy an analysis from one of the many companies that produce one, learn and practice the questions and answers, and you should be fine. So, a flurry of revision activity that only starts when the case studies are released.
Evolve or become extinct
The R06 exam has certainly evolved since it was first introduced, and we at BTS have noticed a few changes in recent years.
To start with, the exam questions won’t always be based on just what is in the case studies. BTS are seeing more instances where a subject comes up, of which there is no mention in the case studies. Topics such as family income benefit, DWP benefits, Pension Protection Fund and Lifetime ISAs are a few that spring to mind from recent papers. This means that base knowledge of protection, investments, savings, and pensions needs to be good. It also means that the ‘last-minute revision’ approach is a more precarious one.
Answering the question asked
It’s never been more important to stop and consider exactly what the key words are in each question. Candidates tend to dive straight into the questions, especially if they see a question they like and know about. That enthusiasm can lead to candidates answering a completely different question from the one being asked by the examiner. They are then surprised when a ‘deferred success’ result comes in six weeks later, with very few marks awarded for a question that they thought they had aced.
STOP – IDENTIFY KEY WORDS – PLAN YOUR ANSWER is a BTS R06 mantra!
What about changes to the style of R06 questions being asked?
As well as their base knowledge, candidates should ensure they are aware of any recent regulatory focus. A question on vulnerable clients in the July 2021 exam is a great example of this.
Lastly the types of questions coming up in the exam are changing. Historically there used to be at least one high-scoring ‘comment on’ question included, so a question type that, if practised, was a ‘no brainer’ to get some marks in the bank. Recently, these appear to have fallen out of favour with the R06 examiner. Instead, we are seeing more ‘factors’ questions, with ‘specific to the case study’ included.
As R06 can only be sat on the quarterly exam dates, BTS recommend a ‘little and often’ approach that starts well before the case studies being released. Practicing key question answering techniques and ensuring base knowledge is solid are key to a first-time pass.
This article was first published in the February 2022 issue of Professional Paraplanner.
About Bespoke Training Solutions
Bespoke Training Solutions have been supporting regulated exams for 18 years, Luiza Todd is a founding director with a wealth of L&D experience. BTS R06 resources include a digital and printed study guide, revision workshops and an e-Learning based R06 analysis. Visit HERE to view our R06 Toolkit and options available to candidates in more detail.
