Hitting the ground running: 5 tips to nail your financial advice exams (2024)

Tip 1: Choose your exam path wisely

Begin by understanding the types of financial exams and the options available to you.

There are 3 main professional bodies that issue the financial advice qualification within the UK financial services industry.

The Chartered Institute of Securities and Investment (CISI) offers the Investment Advice Diploma (IAD), the Chartered Insurance Institute (CII) provides the Diploma in Regulated Financial Planning (DipPFS) and those qualifying via the LIBF (London Institute of Banking and Finance) will achieve the Diploma for Financial Advisers (DipFA).

Whilst each organisation qualifies you with the Level 4 qualification, each has a different approach to examination. For example, whilst the CISI is purely multiple-choice, the CII combines multiple choice with a written exam, The London Institute takes a coursework assignment approach, also supported by multiple choice.

When assessing your options, Lewis advises, "It's all about your individual goals and objectives – what do you want to achieve? Do you benefit from a certain level of support from the profession and what level of technical knowledge do you want?"

Evaluating your time frame, desired level of support, and preferred learning style will help you land on an assessment route that suits your aspirations. Whether opting for the flexibility of CISI, the detailed approach of CII, or the practical skills focus of London Institute, align your choice with your career aspirations and personal preferences.

Tip 2: Craft a realistic study timeline

Success in financial advice exams requires a well-thought-out study plan. Lewis recommends prospective financial advisers dedicate a realistic time frame of 6 to 9 weeks of revision for each exam.

"6 to 9 weeks is a realistic goal, as most people can achieve this alongside their current roles. If you wish to, people have been able to pass financial advisor exams in a week when studying full-time.

"The trick is to keep the ball rolling and build momentum by taking the exams at regular intervals.

If you study and take the exams consistently over a set period, you will benefit from the knowledge rollover from each chapter and learning outcome, you'll be continually developing core technical knowledge and you won't experience knowledge fade."

Studying for your financial planning qualifications, little but often, will give you a balanced approach to learning and will help you retain more information over the long term

Tip 3: Embrace a blended learning approach

As with studying for exams at school or university, tailoring your study strategy to your learning style will lead to a more effective revision process.

Lewis shares his preferred method:

"When I did my first exam, I found studying from text was challenging, but once I introduced audio, face-to-face practice, and videos, it enhanced my ability to retain information. Therefore, the remaining exams became easier and easier because I understood the level of support that I required."

Combining different learning modalities, such as videos, audio materials and practice questions can help you reinforce your understanding. This blended approach ensures a comprehensive grasp of the material and caters to diverse learning preferences, whilst also keeping the process interesting.

There is a wealth of resources available to support you with studying. At the Academy for example, we partner with Redmill Advance, a training provider that creates a series of video boxsets to support exam preparation. Studying is an iterative process, so the sooner you understand your learning style, the more effective your revision will be.

Tip 4: Practice, Practice, Practice: Focus on questions

Understanding the style and shape of the exam is crucial to passing with flying colours. Lewis’s top tip for success is to prioritise practice questions.

‘Try to do as many practice questions as possible,’ he emphasises. ‘Quite a lot of people only use past practice exams right at the end of their study. In reality, this should form part of your revision from the get-go.’

Actively engaging with practice exams from the beginning of your study journey will help you identify areas of improvement and reinforce correct answers:

‘When you're doing practice papers, if you get something wrong, it's a brilliant opportunity to go back and refer to the study material to reinforce what the correct answers were. And then for the next time you can build on that knowledge.’

Lewis also highlights a key message: don’t be disheartened if you don’t pass an exam first time round. ‘It's quite common for individuals to be unsuccessful with their first or second attempt’ he explains. ‘It’s like a driving test – failing first time doesn’t mean you should abandon the process altogether. Understanding and using the feedback from your exam sittings can enhance your preparation for the retake.’

Tip 5: Seek support and leverage resources

Don't navigate the exam journey alone. Lewis highlights the importance of having a support system, stating, ‘studying for something new – especially if you haven’t studied in a while – can be overwhelming and daunting. Don’t get me wrong – they are challenging exams. They are deemed to be level 4, which is Undergraduate standard. But they’re more than achievable and having someone there to support you and bounce ideas with can really make a difference.’

Whether you tap into available resources from the examining bodies and training providers or make the most of peer-to-peer learning and mentorship through programmes like the Academy, a sense of shared purpose goes a long way.

Lewis encourages people to talk to others, especially at times where the exams feel especially challenging. "Talk to people who have done it before – I guarantee you’re not alone in how you’re feeling! Whether it’s within SJP or in the wider profession, there’s always people willing to support others.’

Becoming a qualified financial adviser: an opportunity that’s too good to miss

Lewis concludes by highlighting the brilliant opportunity available in completing a professional qualification and becoming a qualified financial adviser.

"I joined the financial services profession 19 years ago, straight out of school, with no qualifications.

"Since joining SJP, 14 years ago, I’m now diploma qualified, a Chartered Financial Planner with Fellow status, completed the CMI Chartered Manager qualification and now undertaking a Master’s with the support of SJP and the wider profession."

The value of getting qualified – no matter what industry you choose to join – is powerful.

By gaining the Level 4 Diploma in Financial Advice, people can join the financial services industry, building a career without generating the debt that is so often associated with academic development.

It provides you with the opportunity to make choices at your own pace and decide on a career that truly makes a difference to you and others.