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The row over RO1 study material has reignited after an aspiring IFA slammed it as a “complete waste of money” and claims an insurer’s website offers more useful information.
Matt Bird, a new entrant to the industry who has failed the exam three times, claims he was tested on information not covered in the revision material and says he could have learnt more from Aviva's website.
"The audio and online revision aides I have found to be a complete waste of money and only marginally relevant to the exam content at best," said Bird in a letter to the CII.
"Aviva offer better info on their website and it is free of charge, unfortunately I only realised this recently."
Bird, who has a degree in economics and three A Levels, says the exams tested "phrases and situations" not covered in the revision text.
"I do not currently work in the profession, so how could I possibly know this information unless you provide it in the study aides," his letter continued.
He adds the audio aid and online workshop were "fairly brief" and covered material in far less depth than the text book which itself was "lacking".
He suggests the problems he has encountered are widespread amongst aspiring IFAs.
"I understand from a friend that works for an IFA firm they are having significant problems getting new trainees through the R01 exams," he told IFAonline.
The thirty-year old sales manager for a fruit and veg wholesale firm took the three exams between December and March.
He says he spent £500 trying to pass the RO1, with £107 for each exam, £97 for the course text, £35 for an mp3 audio aide and around £45 for an online workshop.
His costs will escalate to around £600 when he re-sits the exams.
Bird says his experience of the RO1 regime has left him concluding the CII is a "highly unethical" organisation.
However, CII spokesman David Ross says candidates lacking practical experience of giving financial advice will find the RO1 course difficult.
"If you have no experience whatsoever of providing financial advice this will be a tough ask irrespective of the learning aids provided," he says.
He compares it to the first year of a medical degree for students who never studied biology or worked in a GP's practice or hospital.
Ross says the CII does not hold data pass rates for new entrants because it would not be possible to decipher if a candidate is a new or existing adviser, but says a "significant majority" of RO candidates pass the exams.
He says the Level 4 qualification is not a memory test and requires the application of knowledge to various scenarios.
Last month, sole practitioner Christopher Miller hit out at the CII's RO1 exam for its "irrelevant" subject matter and said its inadequate preparatory material leaves advisers "gambling" with their futures.
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Relevant material
This is one of my biggest gripes with the CII having sat and eventually passed several J exams in recent years and now topping up with some of the RO's the fact that material NOT covered in the provided text or part of recommended reading is tested in the exam is in my opinion misleading at best and unethical at worst - forcing people to fork out for another exam as they fail. The fact the CII benefit financially from failing candidates makes it in their interest to fail candidates - this can;t be an ethical or fair situation.
Posted by: Paul Burnside
What happens post RDR?
So from 1st January 2013 you need RO1 to work as an IFA, yet the CII tell us that you really need to have worked as an IFA to pass RO1!?!?!? Chicken / egg? Very expensive farce?
Posted by: Bill
there's a surprise!
Time to wake up Mr Bird! Did you really think that reading six study books would give you enough knowledge to justify joining a profession? Surprise, surprise – you’re going to have to do some reading around the subjects you’re studying. I’m amazed that this is considered newsworthy!
Posted by: Richard Ross
R01...
I've been an IFA for 20 years, and have now done all of the R exams, 7 Js and 1AF with 3 AFs to come in a few weeks time. Yes, R01 was out of all of these exams an utter waste of time - quite how the Trusts element can be jammed in to this exam is a mystery - I gave up revising for this exam and instead did over a thousand practice questions, since the book was the equivalent of reading a Martian phone book, and about as relevent. I use my tax, investment and other knowledge daily, but alas R01 has yet to be used.
Posted by: IFA
DIY
I believe that it is high time we set our own exams as a profession and did not rely on people with questionable educational expertise and questionable motives like the CII
Posted by: snooks
How Refreshing
How refreshing to hear this - You can't just read a few manuals and expect to be able to pass exams to become an IFA! That's how it should be, you need to have some work based experience and learning time, before you can start giving advice to clients on finanical matters. I've been doing it for 37 years and I'm still learning. Most new IFAs will start in an admin role, progress to a para-planner before being 'qualified' to give advice. The alternative in the past has probably been to join a bank as a salesperson - they certainly used to take anyone, experienced or not.
Posted by: Stephen Cooper
LET'S JUST MAKE IT UP AS WE GO ALONG!!!
David Ross cannot be serious when he says 'First Year Medical students will find it difficult to pass their first year exams when they have never studied Biology,worked in a hospital or a GP's surgery.' Surely one would need Biology to be accepted on the course in the first place. DUH...won't the medical Students be tested on the SYLLABUS CONTENT that was delivered in their Lectures and Practical Sessions during their First Year. Or are they expected to be examined on Content that they had never even Studied!! One usually follows a Syllabus and can expect anything in the Exam from the Syllabus Content. One is not expected to answer Questions on: CONTENT NOT LISTED IN THE SYLLABUS
Posted by: Eva
The light dawns
Yet more evidence to underline why so may have such antipathy to the CII. It isn't only the issue with their plethora of exams which gives one the distinct impression that it is their gravy train at our expense, but also their Patrician attitude. It would be a good start if the CII realised that WE are the customers and not only adopted a policy of TCF but behaved like any other commercial organisation and actually put the customer first. Thankfully for those who take the trouble there are alternatives. It is always a wonder to me why these are not used more widely.
Posted by: Harry Katz
I must be a Martian!
What utter piffle that man David Ross speaks. The FSA has decreed that the only way we can be considered competent is to pass lots of exams and gradfathering is not acceptable. Yet here is a man stating that practical experience is needed to pass the exams! I speak, by the way, as one who has no trouble passing exams, but still feel that there is no substitute for experience.
Posted by: JD
memory test
Not a memory test? Have you looked at R O 2? Mathematical memory degree required
Posted by: dave king
Still wasting money on the Cii?
I have been saying this for years... If you are financially savvy, DON'T waste a penny on Cii (additional) study material as it is simply a waste of money. If David Ross comes back and says "oh no, we are not for profit, we pay chartered planners a lot of money to come up with this" then suffice to say its just another internal quango and back-hander club! DON'T WASTE YOUR HARD EARNED MONEY ON ADDITIONAL CII REVISION MATERIAL.
Posted by: Harry
Clarification
Dear All, The FSA define the content of the new exam framework. They did this following a lengthy consultation with the trade and professional bodies and practitioners. The CII, in common with all the other exam providers are required by the regulator to test you on a list of very specific learning outcomes. These are thes ame irrespective of the exam provider. If the CII or an other provider deviated from these learning outcomes then the exam wouldn't be RDR compliant. I appreciate the strength of feeling around what you are being tested on but it's not something the CII is responsible for. The questions that form the RO1 exam are written by practitioners. Generally Chartered Financial Planners. You are being judged by your peers not by the CII. As with every other exam in the world you are tested against the syllabus. If you are familar with syllabus you will pass the exam. If you knew everything in the textbook (and could apply it) you will pass the exam. The majority of advisers taking R01 pass the exam. The Diploma in Regulated Financial Planning is an example of the minimum benchmark for new entrants. Clearly, exprienced advisers are likely to find the exam easier than someone new to the sector. In the past new advisers would have been able to utilise a modular approach to their qualifications that would have allowed them to study at level 3 before going onto level 4 i.e. you studied certificate (A level) units before taking on diploma units (first year degree level). The FSA's decision will mean that new entrants can go straight in at first year degree / QCF level 4. There is no need for them to have studied at a lower level.
Posted by: David Ross
RO1 Exam
I have just passed my RO1 exam today which I sat at 1.30pm. I can honestly say after all that time I sacrificed reviewing studying texts and exam materials, it has been a complete waste of time.... (note -I passed the exam). I should be happy that I passed and yes I am, however my complaint is in regards to the contents of the exam as to how irrelevant it is to the study text. The RO1 book is a waste of money!! The CII have deliberately misled people in to thinking that the course material will help. This is nothing more than a money making scheme. The Cii should be ashamed of themselves, bunch of are thieves.
Posted by: Aftab Ejaz
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Been saying this for years
I have been saying this for years and have taken time to point out many, many mistakes in materials the study material etc is very disappointing in covering subject matter other provders do a much better job and for less costs.
Posted by: IFA