This brings the total number of those who have passed the exam to 1447. The first exam was held in April this year and Savings and Investments has proved extremely popular with some 2000 entries – double the CII’s expectations – to date. Candidates are performing extremely well in the exam, achieving an overall pass rate of 70% - a testament to good study and revision.
Savings and Investments is designed to bridge the knowledge gap in the investments market highlighted in the Sandler Report and in the feedback to the FSA CP157 exam framework consultation. This commented on a ‘strong feeling that all advisers need to be qualified in the area of savings and investments’.
CII qualifications director Lucy Courtenay said, “The take-up of this new exam bodes well for the new financial services standards framework to be introduced next year by the Sector Skills Council. We are delighted that so many financial advisers are voluntarily choosing to sit this new exam and expand their knowledge in this area. It also demonstrates the CII’s ability to deliver appropriate exams for financial services practitioners.”
Extra exam sessions are being run by the CII in 2004 and advisers will have opportunities to sit the exam in January, April, July and October. The closing date for exam entries for the January exam is December 17, 2003.
The CII’s Savings and Investments exam has been developed in consultation with the Industry. It builds upon the investment knowledge provided through benchmark qualifications such as the Financial Planning Certificate (FPC) but can be sat as a stand-alone exam for anyone specifically seeking to improve their knowledge and understanding of key investment products and practice.
A further benefit of the exam is that it also serves as a platform for further study, providing a half credit towards the CII’s Advanced Financial Planning Certificate (AFPC) when held in conjunction with the FPC.
