CII AF6 changes for 2023/24

AF6

CII AF6 changes for 2023/24

The CII AF6 exam has undergone a bit of a revamp. The syllabus has changed and so has the study text. This means that an existing exam will feel very different to anyone who sits it from 1st September 2023. Here is an overview to the changes.

The previous AF6 exam was launched back in 2013. It was the first ‘coursework’ AF exam and was a bit of a trail blazer as it was also the first AF exam to have a study text. As time has gone by, the syllabus and the study text (which based upon this) had changed very little until both were updated from September 2023.

The CII’s AF6 exam is intended for those who are, or aspire to be, a senior manager within their business and also those who wish to gain a greater insight into running a regulated business. With initiatives like SM&CR and Consumer Duty, it is clear that the FCA is increasingly placing emphasis on the quality of management within authorised firms and AF6 reflects this.

Syllabus changes to the CII’s AF6 exam

There are two main changes:

    • The syllabus for the CII’s AF6 exam now starts with a section on the regulatory environment. This previously covered the elements of FCA rules that impact on the role or responsibilities of senior managers. It now looks in more depth at areas such as equality and diversity, data protection, and financial crime: fraud, anti-money laundering and economic crime. The syllabus for the CII’s AF6 exam can be found here.

    • As you would expect, there is also now widespread coverage of Consumer Duty and vulnerable clients. Both of these far-reaching initiatives place responsibility on senior managers on a surprisingly wide range of areas. The result is that senior managers will need to work in ways we haven’t seen before. For example, what does appropriate monitoring and governance look like? Client vulnerability must be considered in every aspect of engaging with clients and the types and severity of vulnerability needs to be understood. What are the senior manager responsibilities for achieving this?

The first of the four learning outcomes is now the ‘business and regulatory environment’. The remaining three learning outcomes are ‘risk management’, ‘senior manager competence/ general competence arrangements’ and ‘culture’. Whilst the themes are broadly similar to the previous three AF6 learning outcomes, the content looks very different in many ways.

How will the CII AF6 exam change?

Time will tell but the way AF6 is examined is likely to change quite markedly. Including regulations explicitly within the exam is likely to result in this being tested more widely. It wouldn’t be a huge surprise if Consumer Duty, SM&CR and Vulnerability feature prominently in assignments going forward.

The ‘balance’ of the exam is also likely to shift. Previously, assignment 1 would be based on Chapters 2, 3 and 4 (chapter 1 was intended to just provide background knowledge), assignment 2 was based on chapter 5, and assignment 3 on chapter 6. Only the examiners’ will know for sure, but it’s probably a fair bet that AF6 will become less predictable – if only because there are now 6 chapters to test compared to the previous 5.

The marking scheme for the CII’s AF6 exam has also changed slightly. I’m not 100% sure if this changed for 2023/24 but marks are now awarded as follows:

    • Knowledge and understanding of the topic is 30% of the marks (previously 40%);

    • Application and analysis of the topic is 50% of the marks (previously 40%);

    • The structure in terms of logic and coherence is 15% of the marks (previously 10%); and

    • The use of relevant work and industry examples and/or examples gained from further reading is 5% (previously 10%).

See the ‘AF6 Examplar‘ for 2023/24 for further details.

AF6 exam support

AF6 exam support is largely restricted to the CII Study text, syllabus and Examplar. The onus with this exam is on your own work and so wider support is limited. Our CII AF6 Blog will hopefully provide some additional support for you in completing your assignments.

We hope you find this useful. If you want to know more about our range of study support when you sit other CII AF and R0 exams, click here.

Until the next time…

Sam Patterson

 

Marie Patterson
Sam Patterson