CeMAP Training and IFA’s

Many Independent Financial Advisers (IFA’s) are considering CeMAP training as a way to increase their business profitability by adding to the range of products that they are able to advise on. By undertaking the CeMAP training and becoming qualified, an Independent Financial Adviser can then offer mortgage advice as well as advising on the range of products in his or her current portfolio.

The CeMAP qualification recognises the training that the IFA has already undertaken by exempting a fully qualified IFA from the CeMAP 1 exam. In other words, if the IFA has already passed either CeFA 1 OR FPC 1 then they are exempt from having to sit the CeMAP 1 exam. This is obviously a major benefit for an IFA who is already qualified because he or she will not then have to study the CeMAP training material for the Module 1 exam. This exemption is because the FPC 1 and CeFA 1 exams cover the same material as the CeMAP 1 exam and so a duplicate test is not required.

In this situation the IFA would then study the CeMAP training material for the CeMAP 2 and 3 exams. As the CeMAP 2 and 3 exams are actually based on the same syllabus, this makes the conversion from IFA to mortgage adviser relatively straight forward. The CeMAP 2 / 3 syllabus looks at mortgage products, payment methods and the complete house purchase process and hence provides all of the information to ensure that the IFA is then fully equipped with the knowledge needed to give professional mortgage advice.

In the CeMAP exam process, the CeMAP 2 paper asks fact based questions on the syllabus, whereas the CeMAP 3 exam takes this knowledge and turns it into case studies that test not only the candidate’s knowledge but also the interpretation of that knowledge into real world situations. This case study, or synoptic, exam format is a major strength of the CeMAP exam process ensuring that the newly qualified mortgage advisers are able to apply their knowledge to the real world and not just recite facts.

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Until 2005 there was something called the CeMAP Bridge paper which provided a conversion for IFA’s into the mortgage industry, however this was scrapped in 2005 and consequently IFA’s now have to undertake CeMAP training for Modules 2 and 3. This is a more comprehensive exam process and ensures a greater degree of uniformity across the mortgage industry.

One major benefit for IFA’s in undertaking CeMAP training and becoming mortgage advisers in addition to their current role, is that they gain extra product range which they can offer to their existing customers. This means that their existing client base is also a possible source of additional business through the mortgage market. Having completed the CeMAP training, the IFA is then able to expand his or her business model to encompass the increased product range. This can yield many benefits, not just for the business, but also for the clients who can now avail themselves of a more complete advisory service. For more information on flexible Home Study for CeMAP training then click on the link.