IFS diploma for financial advisers
The IFS School of Finance is a registered charity, incorporated by Royal Charter, and has a remit to provide the financial services industry with a skilled and competent workforce, while also promoting a better understanding of finance among consumers.
The IFS launched its DipFA in 2008, and it has been recognised by the FSA as one of the transitional qualifications for the RDR. It is the only specialist financial education body with taught degree-awarding powers (TDAP) with effect from 2 January 2010, which allows it to award its own degrees. Its experience of learning and assessment appropriate to degree-level qualifications is evidenced in the approach to learning and assessment for DipFA.
Key features
- 9-month programme
- 3 assessment elements
- Successful completion of all 3 elements will ensure the RDR level 4 requirements are met
- Only failed assessments need to be re-sat
- The programme can be split into 3 separate sections to break up study over a longer period
Assessment elements
Financial services, regulation and ethics (FSRE)
- The foundation unit and is assessed by an online multiple-choice exam
- It covers the basic knowledge elements of the financial services environment and the role of the financial adviser by building on your level 3 knowledge (such as FPC, CFP, CeFA), but is tested at the required level 4
- The 2-hour exam comprises 100 questions and is sat at Pearson vue test centres
- Study for this should take 3 months
Advanced financial advice (AFA)
- Broken into a series of subject gateways
- Each contains reading references with assignments designed to test understanding of the advanced technical aspects of the syllabus
- This unit is assessed by a combination of coursework and a written final examination
- The format of coursework will vary, but generally includes a mix of short questions, and a 2,000-word assignment which is submitted online. This might be an article for the press or an essay
- Study for this should take 4 months
Examination
- The 3-hour, written final examination encapsulates the DipFA syllabus and focuses on the adviser’s ability to clearly communicate financial information and recommendations to customers
- A fact-find will be issued 2 weeks prior to the exam, which provides details of the client’s circumstances. These circumstances will form the basis of the examination, but aspects of the circumstances will have changed for the examination, as could happen with a live client
- The student has to produce a suitability report based on the amended circumstances of the client
- Study for this should take 2 months
Does this cover my RDR requirements?
- The DipFA covers all 6 elements of the RDR level 4 requirements
- Holders of the DipFA prior to June 2010 may have top up CPD requirements
How much will it cost?
- If studied via distance learning – £625
- Registration fee if studying through an external training provider – £525. Contact the training provider for information on fees
- Re-sit fees – £115 per assessment
