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Topics: FSA| Financial Services Skills Council| RDR
Age is no barrier to attaining further qualifications, results from the latest round of Chartered Institute for Securities and Investment (CISI) exams suggests.
Of the successful candidates sitting its QCF Level 6 Certificate in Private Client Investment Advice and Management (PCIAM) in September, most were aged over 40 while more than 20% were in their 50s, the CISI says.
The results may quell the fears of some veteran advisers reluctant to return to the exam room after so many years.
A key recommendation in the RDR is that minimum qualification requirements for advisers, independent or restricted, will increase from QCF Level 3 to Level 4 at the end of 2012.
The CISI says the stand-alone PCIAM certificate has been designed to enable existing FSA authorised practitioners to demonstrate their competence at understanding and applying the principles of private client investment advice.
It has been approved by the FSA and Financial Services Skills Council (FSSC) as a qualification advisers can attain now under the regulator's 'no regrets' CPD pledge.
Ruth Martin, CISI managing director, says: "Many of the practitioners taking the PCIAM for RDR purposes have not sat an examination for some time and are understandably nervous about the experience.
"Our experience with this first PCIAM sitting, since the FSA stipulated its RDR requirements in June 2009, shows that such practitioners will pass, and are passing these high level examinations."
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exams.
Do I assume that if the participants do not pass that they will have their occupation taken away from them. I have never had a problem with increasing my knowledge, but I do have a problem of having my livelehood taken away by an organisation who may have qualifications in other areas(or in some cases none at all)by some date selected possibly by a pin in a calender
Posted by: terryarch
Age is no threat to exam success
Of course it is. I will be 58 in December and currently running an IFA practice in the most difficult of financial climates, keeping my clients happy and fitting in all the necessary work for TCF and RDR and I have enough brain power for hours of study and exams??? I don't think so. I only have weekends left and I do not intend to spend them studying it is far to tiring at my age. The Labour Government are going to get rid of at least 40% of the IFAs whether they intended that or not as most of the IFAs I meet of my age are talking about retiring. What a shame, all that experience - just brushed aside. I have been 40 years in the industry but this means nothing in the new regime - quite ridiculous!
Posted by: Judy S
Age is a threat to exam success
I note the CII give age 40 to 50 The CII diploma exam is 2 hour I and many friends who are over 55 we all find we run out of time but the CII will not consider that as they wish to keep making money out of us in resit after resit they are not hear to support us. Many of the questions are not cleare the study booke is not very helpfull
Posted by: Arthur White
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Age is a threat
Three hour written exams become harder the older you get. I have been an Associate Lecturer for the Open Universtiy for many years and had students into their 80s. The older people were excellent when it came to Tutor Marked Assignments (TMAs), but there was always a big discrepancy bewteen their course marks and exam marks. I am no spring chicken and I can tell you that even though I hold a London honours degree (2:1), a Masters degree (distinction) and a PhD, a written 3 hour exam is a daunting propsect for me. I cannot calculate as quickly as I used to, and it takes me much longer to remember the facts (that will be out of date in two years) for particular questions. Age is a threat, a serious threat. Faculties weaken as we get older and eventually they cease working altogether!
Posted by: Ken Durkin