CII exams: getting to CII Chartered status (part 2)

cii chartered status

CII exams: getting to CII Chartered status (part 2)

CII Chartered status

If you are sitting exams on the road to CII Chartered status, one of the questions that we frequently get asked is ‘which CII exams should I sit next?’. Likewise, we also sometimes get asked about ‘what exams should I take to get CII Fellowship?’ Some exams could be considered for both. This is a big area – and it’s one that I’ve started to look at in two previous articles:

  1. Which CII AF exam should I sit next? Click here
  2. CII exams: getting to Chartered. Click here

The road to CII chartered status is a long journey and that also means that many people want to select the subjects that help them to shorten this journey. So in this article, I’ll look at a few more ideas that will help you to decide.

Investment subjects

In our article ‘which CII AF exams should I sit next?’, we looked at AF4 and the associated underpinning level 4 exams: R02 and J10. We also said that it is worth also considering J11 (Wrap and platform services) and J12 (Securitised advice and dealing). Taken together, they could be worth a whopping 110 credits. The important point is that there is also a significant amount of overlap between each of them which makes revision for them that little bit less onerous.

Let me continue on a similar theme as there are also other investment-related subjects that you could also consider.

FA4, FA5 and/or FA6

Collective investment scheme administration (FA4), Individual savings account administration (FA5) and Investment client servicing (FA6) are all level 3 exams that are worth 10 credits. This means that they are each one hour exams that comprise of 50 multiple-choice questions. But this doesn’t mean that they can’t also be used to get credits towards Chartered and Fellowship.

In simple terms, the content of FA4 and FA5 overlaps with much of the content of R02. FA5 is the pick of the bunch as ISAs (and their various reincarnations) are central to the financial planning process for many advisers. The content of FA6 can also be found in J12, but at a lower level. So if you need an extra 10 credits or so, these would be worth considering.

Details of the syllabus for each can be found here.

LP1 and/or LP2

Other options that are definitely worth looking at are Life and pensions customer operations (LP1) and Financial services products and solutions (LP2). These are worth 15 and 20 credits respectively and are again level 3 exams that test using multiple choice questions.

LP1 isn’t a technical paper. Instead it focuses on the fair treatment of customers, effective communication and  teamwork. In contrast, LP2 looks at the basics of life and health insurance products, mortgages, the key asset classes and tax wrappers (investment bonds, ISAs and pensions). As this is level 3, these are all areas that are covered at a relatively basic level.  This could be the easiest 20 credits you’ll ever get!

Details of the syllabus for each can be found here.

AF6 and J07

The final combination I’ll look at is AF6 (senior management and supervision) and J07 (supervision in a regulated environment). If your current or future role might involve managing people (which is what J07 is all about) or managing a regulated firm (that’s AF6), then this combination also has some overlap. Both might provide a welcome break from the ‘technical’ subjects. AF6 is worth 30 credits at Level 6 so it can count towards the four AF subjects that are required to get to Chartered.  J07 is worth another 20 credits. People sometimes think that J07 is all about training and competence; it’s not so don’t let that put you off!!

Conclusion

We believe that the purpose of exams is to make people more knowledgeable and effective. Sensibly, people who are on the road to CII Chartered status would choose the exams that are most useful to both themselves, and their business. That said, it pays to know what your exam options are and how to use this knowledge to your benefit.

Remember, work smarter, not harder. Until the next time.

The Diploma Doctor

Marie Patterson
Ian Patterson