How to steer career towards being an IFA?

[I kill Bunnies]

I am reviewing my options in case of enforced career change in future.

I have a strong background in pensions and hold FPMI status with PMI after completing their ADRP among other qualifications.

If I wanted to steer towards a career as an IFA (albeit a junior role to start with) would my existing qualification/status already qualify me as level 4 in financial advice with the FCA?

The link below suggests this can be done:

Financial-Adviser | Explore careers | National Careers Service

nationalcareers.service.gov.uk

If anyone has experience or knowledge in this area please let me know.

 

[dowie]

If I wanted to steer towards a career as an IFA (albeit a junior role to start with) would my existing qualification/status already qualify me as level 4 in financial advice with the FCA?

Doubtful, if your existing qual is only specific to pensions.

Like I did my "FSA exams" back in the day (CISI certificate in securities and certificate in derivatives) but that would mean I could say trade on behalf of clients or indeed work on the retail side as a stockbroker.

But being qualified as a stockbroker doesn't mean you're qualified as an IFA or vice versa, both have some overlap in that both can advise on investment funds, unit trusts etc. but can't do each other's jobs unless they take additional qualifications.

You presumably have some overlap too when it comes to pensions, but being qualified to advise on pensions doesn't necessarily mean you can advise on say insurance products or ISAs like an IFA can.

As you're perhaps aware the exams themselves aren't expensive for this stuff and you can obtain the study materials secondhand or borrow from colleagues, you don't have to pay for a training course if your employer isn't otherwise sending you on one.

Also, level 4 is at the level of first-year uni, it's not like you're taking the CFA exams or training to be an actuary (both of which are level 7 quals - masters level), so it's not a huge hurdle especially if you've already taken similar (and indeed more advanced) exams before - like your pension thing is level 6, equivalent level to the final year of uni.

 

[booyaka]

Check with CII/PFS whether your existing qualifications would count. You might just need a few top ups etc.

Units treated as similar

Due to the extent of syllabus overlap, certain combinations of current and withdrawn CII units will result in only one award of credits. If a withdrawn equivalent is held you may not need to complete a current unit in order to satisfy a qualification’s completion rules.

www.cii.co.uk

As for IFA - Level 4 is fairly simple to achieve even if you don't have it already. It's not particularly hard or difficult to get.

I did FPC's 1/2/3 back in the day, then did LVL 4 with PFS about 15 years ago. Never bothered with anything beyond that.

Lots of companies/individuals are chartered these days but I don't think it makes any difference to most clients. I know one person who has a Lvl 6 diploma/fellowship of CII etc - but can hardly string 2 words together in front of the client....

Hardest part starting from the "bottom" would be a junior/trainee role will come with the very basic salary, and you would have to work hard from their to build your own client bank. Also remember that if your employed it's likely any clients you add/work with are likely to be "owned" by the firm you work for. Check contract etc.

Ultimately a vast amount of IFA's these days are probably some form of self employed.... Most adviser roles which are employed are tied/multi tied roles within a firm.