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.
There are two main changes:
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.
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:
See the ‘AF6 Examplar‘ for 2023/24 for further details.
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
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:
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.
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 J12 (Securitised advice and dealing). Taken together, all of these are worth a whopping 90 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.
Individual savings account administration (FA5) is a level 3 exams that is worth 10 credits. It is a one hour long exam that has 50 multiple-choice questions. But this doesn’t mean that it can’t also be used to get credits towards Chartered and Fellowship.
In simple terms, the content of FA5 overlaps with much of the content of R02. ISAs (and their various reincarnations) are central to the financial planning process for many advisers.
Details of the syllabus for each can be found here.
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. Both of these could be the easiest 35 credits you’ll ever get!
Details for LP1, for example, can be found here.
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 what AF6 is about), 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 just about regulation and training and competence; it’s not so don’t let that put you off particularly if you manage people.
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.
Ian Patterson
Ex-examiner and author of the current CII study texts: CF8, J07 and AF6
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