How to get your CeMAP qualification

If you like meeting and helping people while earning a decent living, a career in mortgage advice is ideal. According to the UK’s National Careers Service website, the average yearly salary of a mortgage advisor can range from £22,000 to £70,000 depending on experience. To enter the mortgage advice industry, you must first get the Certificate in Mortgage Advice and Practice or CeMAP.

The CeMAP is a qualification required by the UK’s Financial Conduct Authority (FCA) for anyone who wants to be a professional mortgage advisor. It is proof that a person has the relevant experience and the skills to practice as a mortgage advisor.

So how do you get CeMAP certification? We’ll answer that and other questions in this article.

What is CeMAP?

The CeMAP certificate is a Level 3 qualification given by the London Institute of Banking and Finance (LIBF) and the Office of Qualifications and Examinations Regulation (Ofqual).

To become a mortgage advisor, you can get your CeMAP qualification online, especially if you are working and have to attend to other responsibilities. All you need is access to the internet. You can take the CeMAP course anytime and anywhere, and you can work at your own pace.

Here are some of the LIBF’s accredited CeMAP training providers:

• LIBF
• Simply Academy
• Beacon Financial Training
• Effectus Learning
• Futuretrend Financial Training
• TradeQuest
• Clarity Financial Training
• Douglas James Training
• Expert Pensions
• Quilter Financial Adviser School
• ICS Learn

What will you learn from the CeMAP course?

The CeMAP course is usually split into seven units, delivered over three modules. While some people take between three and nine months to complete the course, students are given 12 months to study before the exam.

Here’s a breakdown of the CeMAP course:

Module 1 – UK Financial Regulation

This has two units aimed at teaching aspiring mortgage advisors how legislation and regulation interact.

• • Introduction to Financial Services Environment and Products
  • UK Financial Services and Regulation

Module 2 – Mortgage

This has four units looking at the following:

• • Mortgage law, practices, and markets
  • Mortgage applications
  • Mortgage payment methods and mortgage products
  • Mortgage arrears and post completion

Module 3 – Assessment of Mortgage Advice

This prepares students for the CeMAP exam through case studies exploring the mortgage advice process and role-playing, in which the students take the role of a mortgage advisor.

How to register for CeMAP qualification

You can register for all three modules at the same time or individually through the LIBF using the CeMAP registration link. You’ll have to pay the registration fee, which includes the CeMAP exam fee. The payment must be made directly to the LIBF.

How much does a CeMAP qualification cost?

The CeMAP has three modules; each module costs £215. Completing the CeMAP course will cost £645.

If you fail the test, the resit fee is £180. There is no restriction on the number of times you can resit a unit, but you would need a new registration for a resit.

The structure of CeMAP exams

CeMAP Module 1, which has two units, entails 50 multiple-choice questions for each unit. To pass each unit, a student must get at least 35 correct answers or 70%.

CeMAP Module 2 has four units:

• • Units 3 and 4 each has 25 multiple-choice questions
  • Unit 5 has 20 multiple-choice questions
  • Unit 6 has 30 multiple-choice questions

A student needs to get at least 17 answers right or 68% to pass Units 3 and 4.

For Unit 5, the passing score is 14 out of 20 or 70%.

Unit 6 requires a passing score of 21 correct answers out of 30 questions or 70%.

CeMAP Module 3 has one unit. It has six case studies, each of which has ten linked multiple-choice questions. This unit requires a passing score of 42 correct answers out of 60 questions or 70%.

The exams can be taken at Pearson VUE test centres in the UK or at home with remote invigilation through OnVue.

Preparation tips for CeMAP Exams

The LIBF offers five tips to prepare and pass the CeMAP exam:

1. Make a study plan for CeMAP

Registering for CeMAP through the LIBF provides students with a weekly study planner aimed at keeping their learning on track.

The LIBF recommends up to 80 study hours for CeMAP Module 1 if you’re new to mortgages. Manage your time wisely and decide whether you want to take the first module before work, in the evening, or over the weekend, depending on what is best for you.

The LIBF also suggests booking a CeMAP exam right away as part of the study plan. You can always move the date of your exam if you need to.

2. Take advantage of your work experience

If you’ve worked at a mortgage company, at a lender, or even in a different sector, you can always use your prior experience to enhance the learning experience.

3. Find the study technique that works best for you

The best study techniques are relative to what works for you. The general tip is to check out the CeMAP syllabus and find out the learning outcomes for the topics. Usually, the questions from the CeMAP exams are about the desired learning outcomes.

Some study technique tips:

• • take notes
  • understand and learn the concepts in chunks
  • take regular breaks
  • Take the assessments at the end of each topic to see how much you’ve learned
  • address your learning gaps first before you move on to a next topic

4. Talk to experts

Through the LIBF’s CeMAP course, you can apply lessons learnt when you get to the workplace. This also provides connections with people in the financial services industry, including the mortgage sector.

If you’re new to the profession, talk to people in the mortgage advice industry and read news and reports about the field. This allows you to understand what is happening in the sector and get context for your CeMAP learning, the LIBF said.

A good place to start building these connections is our Best in Mortgage section. Reach out to any of the recognised experts in the UK for insights into the mortgage industry.

5. Use study tools and support to improve memory and retention

The LIBF encourages CeMAP students to use tools included in the CeMAP course, which include:

• VLE Brightspace: this includes the study planner, syllabus updates, and the tax table provided by the LIBF
• student-led discussion forum: access is also included in the CeMAP course provided by the LIBF
• study tip videos

Here are some of LIBF’s other CeMAP support tools:

CeMAP Revision Tool (CRT)

This is an online exam practice tool that includes LIBF’s specimen CeMAP exams designed to support learning in each CeMAP module.

CRT also has additional test questions for a topic you’d like to test your knowledge on.

Through the CRT, you can adjust the exam timer according to your confidence level. In the early stages of CeMAP studies, you can take the test slowly and later choose to take the test in simulated real-life exam conditions.

The tool also provides feedback on wrong answers to bridge knowledge gaps.

CeMAP 2 Module Support (MORT)

CeMAP module 2’s four units tackle the mortgage application process, including laws, products, and issues that borrowers may deal with after mortgage completion.

Through LIBF’s MORT, you can get audio-visual tutorials that cover the most challenging topics under the course.

MORT also provides narrated videos with animation. Technical content is made easier through what the LIBF calls a “jargon buster” for every complicated topic.

Additionally, MORT provides a comprehensive glossary of terms presented in a flashcard format, which helps students, especially those who are visual learners.

Once you pass the CeMAP exams, you can get a digital CeMAP certificate from the LIBF. If you want a paper copy, you can order it for an additional fee.

To find more tips to pass the CeMAP exams, watch this video:

If you’re joining the mortgage industry as a newbie, don’t worry. You can become a mortgage advisor even without experience.

Career opportunities for CeMAP certificate holders

The CeMAP certificate is the main requirement to become a professional mortgage advisor in the UK. Mortgage advisors, sometimes called mortgage brokers, can work freelance or for companies temporarily.

In some cases, mortgage advisors work for banks as in-house staff advisors to build societies and specialists in the mortgage industry.

Mortgage advisors can also become tied brokers offering limited mortgage products to their clients.

Another option is to become whole-of-market advisors responsible for doing research on all suitable products to find the best deals for their clients.

Earning the CeMAP certification can also land you various roles and lead to other career options such as:

• private banking assistant: CeMAP-certified individuals are trained to advise customers on various financial transactions, including applying for mortgages and loans
• relationship support assistant: this job is about supporting high-value clients while working for a bank to assist in client relations
• protection advisor: this role also usually involves a CeMAP qualification, allowing a protection advisor to guide clients on insurance options
• business owner: it will help to have a CeMAP qualification if you plan to set up your own mortgage advice company
• wealth management advisor: this role involves working with high-profile individuals and companies that are looking for new ways to manage their assets. With CeMAP certification, wealth management advisors may be valuable for assessing clients’ situations to provide them with the best advice on tax and investing strategies.

What’s next after you get your CeMAP qualification?

Typically, after getting your CeMAP certificate, you can choose to study for another mortgage qualification such as CeMAP Diploma. This helps in achieving continued professional development (CPD), depending on your career goals.

But before taking on further mortgage studies, you must first find out the right CPD for you. Ask yourself a few questions:

• What areas of knowledge do you need to update?
• What enquiries and questions do you usually get from current and prospective clients?
• How updated are you on regulatory changes and new products and services?
• What topics interest you the most?

Once you have answered these questions, you may decide to get a CeMAP Diploma. Having this qualification will allow you to:

• get a deeper look at more complex mortgage scenarios
• develop better research skills
• deal with specialist cases better

With the CeMAP Diploma, you can learn new aspects on the mortgage advice process, including:

• specialist mortgage products
• importance of customer-focused advice
• importance of good communication and ethical behaviour

The CeMAP Diploma only has one module that can be completed within six to 12 months, costing £525, including the study materials and exam entry.

After you get your CeMAP qualification, congratulations! You’re on your way to becoming a mortgage professional in the UK. It’s a competitive industry, so you’ll need our mortgage rates database to give you an edge over your peers. It features interest rates of the top 10 mortgage providers in the UK, updated regularly. Make it part of your mortgage toolkit.

Do you think gaining CeMAP certification is worth a try? Let us know in the comments.