Alex Langhorn, Business Support Manager at Bespoke Training Solutions, looks at the different training routes available for anyone pursuing a career in regulated financial planning.
The challenges of the past two years have provided some people with an opportunity to reassess their career goals. During the pandemic, professional work environments have evolved in ways many of us could never have anticipated.
On the positive side, remote working has facilitated a new wave of flexible working options. For others, work/life balance has been challenged, with home-schooling and remote working blurring previously held boundaries.
Surveys conducted by global corporations have shown around one in four adults are considering a change of career post-pandemic. It is no secret that roles in financial planning attract a high number of career-changers (a recent PFS member poll suggested 47% of entrants are second careerists). With career prospects is cited as one of the most common reasons for seeking a career change, what are the exam and training routes for a career in regulated financial planning?
Qualification requirements
Anyone looking for a role in retail investment advice should be aiming to complete an RQF level 4 qualification that meets the FCA’s examination requirements. Examples include, the CII Diploma in Regulated Financial Planning, the LIBF Diploma for Financial Advisers, and the CISI Investment Advice Diploma. For more info on the differences between these qualifications, see our earlier article on Different options to achieve Level 4 – Professional Paraplanner
Self-study route
One of the great things about financial planning qualifications is their accessibility to individual learners. The CII, LIBF and CISI routes are all modular, meaning learners can study the required units at a pace that suits them. There is no set timetable or commitment to classroom learning, allowing learners to progress through the units in their own time, often around other work and family commitments. Whilst the benefits of self-directed learning are clear, there is a downside to studying in this way. The self-study route requires a lot of motivation and can, at times, feel quite isolating especially if a learner is new to the industry. Prior experience in financial services can help to provide context to the learning material, those without prior experience can benefit from seeking out study support groups, a mentor in the industry, and professional publications to broaden their knowledge of current affairs.
For those considering the self-study route for the CII Diploma in Regulated Financial Planning, it is worth noting that there are several different providers of study support on the market. The examining body’s study materials are entirely optional (you can book each exam stand-alone without having to purchase the associated CII materials). A good tip is to shop around for your study materials, ask for samples from providers to see which best suit your learning style and look for testimonials from successful candidates. Support options include study guides for each of the units, e-Learning modules to bring the learning outcomes to life, specimen exam papers to practise your exam technique, and online workshops which are a great way to meet other candidates going through the same journey.
Firm sponsored training
If you are lucky enough to be already working for a financial planning firm with a training budget, you may be able to get sponsorship from your employer to study your chosen qualification. If firm sponsorship is an option for you, explore whether it is possible for you to choose which learning materials you use. Some firms assume the examining body package is the only and the best option for their trainees, but there are other providers on the market that may be more suitable for your needs. Studying alongside a full-time role is achievable but this route may take longer depending on whether your employer has a study leave policy.
Academy programmes
If you are looking for a structured training route, a place on a financial adviser academy programme might be for you. Usually delivered over a set period, academy programmes take a cohort of learners through a professional qualification, supplemented by soft-skills development. An academy place is both a programme of study and a paid role, so you get ‘on the job’ experience whilst you study. Entry requirements vary across providers with many asking for the R01 Financial Services, Regulation and Ethics and / or the R05 Financial Protection units to be completed as part of the application process. The pace is sometimes swift which can pose a challenge should a candidate ‘defer their success’ in an exam on first sitting, as the academy timetable won’t usually allow much time for re-sits. Once a candidate falls behind things can snowball quite easy, which as you can imagine is not an easy or comfortable position to be in.
Building a supportive network
Whichever route you choose for your qualification journey, you can enrich your experience by tapping into online communities set up to support financial planning professionals. Getting your LinkedIn profile up to date and requesting connections with others in the industry is a good starting point. When making connection requests, make sure the request is relevant and try to personalise your message. You will be amazed at how helpful individuals in the industry are – just reach out and you will get lots of support. Other online communities include the Financial Adviser Mentorship, the Paraplanner Club, NextGen Planners, and the Financial Planner Life Podcast. There is a wealth of community support out there.
Author: Alex has a long background in education and training. She holds a PGDip in Careers Education which gives her a speciality in professional and university level careers guidance. In her role at BTS she supports businesses and individuals with their study plans to give them the greatest chance of exam success.
About Bespoke Training Solutions
Bespoke Training Solutions (BTS) have been supporting regulated exams for over 18 years, specialising in R0 support with outstanding candidate tracked results and feedback. Resources include digital and printed study guides, group and 1:1 training, e-Learning modules and a mobile app of practice exam questions. Visit www.bespoketrainingsolutions.com to learn more on how BTS can help you on your regulated journey. Or call us on 01748 822777.
