What is DipFA®?
The ifs School of Finance Diploma for Financial Advisers (DipFA®) is a new qualification for financial advisers who wish to enhance their prospects by demonstrating a higher level of knowledge and skills. All parts of the DipFA® are accredited at Level 4 in the National Qualifications Framework, consistent with the professionalism proposals within the FSA’s ongoing Retail Distribution Review.
The DipFA®:
- is a challenging and relevant programme of study that builds on existing adviser expertise and qualifications and reflects what advisers actually do
- is accredited at Level 4 in the National Qualifications Framework and contributes to the key RDR objective to obtain a higher-level qualification by 2012
- enhances knowledge in core areas such as regulation, investment principles, risk, taxation and personal financial planning
- uses real-life scenarios to develop the essential skills to apply this technical knowledge in practice
- is achievable within nine months assuming you have already completed a relevant benchmark Level 3 qualification
Act now – no regrets
With the final details of the RDR to be confirmed, no qualification can claim to be ‘RDR compliant’. However, the FSA has made it clear that those preparing for its introduction now will not regret their foresight.
‘Given the timescale involved in creating the new examinations, we have stated that you may choose to proceed now with existing qualifications, providing all parts are at a level equivalent to Level 4 – and we have also set out a 'no regrets' position… meaning that you could address any gaps between the level four qualification you achieve and the new minimum benchmark requirements using formal CPD rather than further examinations.’
FSA Qualifications Web Statement 200903
Key facts
- Entry requirement is a recognised financial advice qualification at Level 3 (eg CeFA®)
- DipFA® comprises two compulsory units:
Financial Planning Principles (FPP)
Advanced Financial Advice (AFA) - Both units are set at NQF Level 4
- Registration costs £495 via the Training Wizard programme.
- Registration fee includes a study guide, an online support service with a dedicated tutor and electronic access to a wide range of reference materials
- On successful completion you can use the letters DipFA® after your name
- There are four registration intakes a year, in January, April, July and October
Studying for the DipFA®
The level of DipFA® is reflected in the complexity of the technical knowledge and the mix of application and communication skills that is required for successful completion. It is a challenging and intensive programme of study that equates to 310 hours of guided learning undertaken over a nine-month period. Study and assessment comprises three elements:
Element 1
The initial period of study is oriented towards completion of the Financial Planning Principles element, which assesses knowledge and understanding of the broader financial services environment and the specific issue of assessing risk within customer advice scenarios.
Assessment of the FPP element will take place from month three and will be an electronic objective test, available at over 150 test centres nationwide, with confirmation of the results provided on the day.
Element 2
The second element is the completion of the Advanced Financial Advice coursework assignment, in month seven, designed to test technical knowledge and its application.
Element 3
The third and final element, at month nine, is a three-hour written examination combining knowledge, understanding and application of both units. This will be held at a number of UK locations and will be based on a realistic, real-life scenario that reflects what advisers need to do to provide added value to their customers in terms of detailed, technically appropriate advice delivered in language accessible to consumers. Two weeks before the exam the ifs will issue a factfind on which the examination questions will be based.
Students will be expected to formulate a report showing detailed analysis and recommendations. The pass marks are 70% for the objective assessment and 50% for the coursework and examination. Students are required to complete all three elements successfully to be awarded the DipFA®. There may be compensation for a marginal fail between the latter two assessments.
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