Natalie Dawes, Academy Support Adviser at BTS.
The AF5 exam is taking place 28th February 2023. Are you ready? Am I ready?!
I won’t lie, there was a part of me that thought it was absolutely mad, to start a new job and take on my first advanced exam at the same time. However, I am so well-conditioned to studying now, that in some ways, it was no real addition to factor in.
The decision to commit to this unit was made slightly easier by the fact that R06 could be described as a springboard into AF5, due to the clear similarities between the two units.
Don’t get me wrong, there are differences too and I’ll mention more on this further on in this article but my approach to AF5 has been adapted from how I tackled R06 and ultimately gained my DipPFS.
I never intended to end my studies upon completion of my diploma, so AF5 seemed like the obvious next step – or more, a strategic decision. They say financial services professionals are lifelong learners, and I believe this to be true.
There are elements of learning that we have no choice with, such as the expectation upon us keep up to date with the ever-moving feast that our industry is.
It’s not a requirement within the industry to study at an advanced level yet many professionals are taking it upon themselves to do so and not just advisers either, many paraplanners and even administrators (to name just a few) are also dipping into the advanced exams and some go as far as attaining Chartered / Fellow status. T
he fact that some actively choose to self-study beyond minimum industry expectation, shows professional dedication, to consistently strive to do better and in turn be able to support others further. This is how I view my studies, supported by my mantra at BTS, to walk in the very same shoes as our candidates.
I am a planner and believe me, I have followed my own study plan to the letter. Even with this approach though, it still feels as though the exam comes around so fast once you commit to a unit. The fact find for AF5 is being released this coming Friday, 10th February 2023 and yes, I’ll be on the CII website early doors, with a cup of coffee, refreshing the screen until the resource I’m waiting for appears!
I’ve spent the last couple of months working my way through the BTS study guide, e-analysis of the previous exam sitting and having a crack at some practice exam-standard questions. I would describe my experience with this unit so far, as very similar to that of R06 but at a much deeper level.
I’ve actually enjoyed this unit more though and I think this is down to one of the struggles I had with R06, where I found myself going into too much detail with my answers. AF5 requires the depth, to really show that I know my subject and that I can apply it appropriately.
Yes, I have a plan for this too – it’s needed, more so as there is a time constraint involved.
I’ll be treating the exam resource as if these people are real clients. So, my weekend will mainly be spent, getting to know them. I want to get to a point where I know the information inside and out, where I know these people as if they are my best friends. I’ll be forgetting all about the other clients I’ve been working on for AF5 over the previous couple of months and focusing solely on my new ones, that I’ll meet for the first time on Friday.
I’ll be making notes on the information using the ‘need, got, gap, fill’ method. Inevitably, there will be pieces of the puzzle missing from the information provided on the fact find. I need to uncover these missing pieces and consider what they could be, which will potentially add to my list of revision areas.
I’ve had many people ask me why I feel the need for revision at this point and suggest that surely our technical knowledge in the lead up to the exam should be where it needs to be. It’s key that our overall knowledge is excellent, more so when tackling an advanced exam with the greater depth requirements but, equally just when you think you have covered everything, you then pull the exam resource apart (in this case the fact find) and uncover a potential weaker area. Now is the opportunity to remedy this.
My approach here is with as much of a ‘real life’ mentality as possible. My view is that if I was in or pursuing an advisory role, I would likely stumble across clients from time to time with obscure scenarios that require greater thinking and the need for us to go back to the textbooks or consult with our colleagues. It’s also impossible to be an expert in every area of financial planning, there’s just too much to remember!
The exam is no different, it’s about working with the information we’ve got and doing whatever it is we need to do, to answer the questions to the best of our ability. This does mean forethought and a little prediction from the info we have, as to what those questions could be.
The next step in my plan is to attend the BTS AF5 1-day workshop on Wednesday 15th February 2023 and then it’ll be revise, revise, revise which will be supported by the e-analysis that BTS make available within four days of the exam fact find being released.
The main reason I am attending the workshop is to support my exam technique. Inevitably, any pieces of the puzzle I have already will be added to with further pieces through the interactive style that these workshops, through the trainer and through discussion and contributions from the other delegates.
Participating in this group session gives exposure to a wider thought process with the knowledge and expertise of others from varying roles and levels of experience – treat this scenario as your opportunity to talk to your colleagues about that obscure client case!
The remaining 13 days will be spent brushing up on any further areas that I’ve uncovered from the workshop and going through the exam questions provided within the BTS e-analysis specific to this AF5 exam sitting.
It’s pretty clear from this article that I am a planner. When it comes to my studies, I’ve learnt over the years that I don’t do well with ‘winging it’. I need structure and I need to know what I have coming. In addition to all the above, I have planned my diary from the day the fact find is released through to exam day.
For me, this maximises the time I have on my side to revise, it makes me aware of commitments that I cannot move and sets my mind to the right mentality and ensures I don’t take on other stuff that I really don’t need. With AF5 only being available to sit twice a year, it’s important to set myself up as best I can for success.
We’ll all have different approaches to planning for our exam and it’s important to find the right way for you. My plan provides me with a sense of calm, from having a clear structure of what I am doing and with all of it supported by some of the best resources available.
You can order the e-analysis using the AF5 Exam Overview link below. Plus, we are running a second workshop due to the first one being full. This is taking place on Wednesday 15th February 2023 – there are still a few spaces available and you can book below to secure your space. Let’s get exam ready and let’s do it together!
View Our AF5 Exam overview/toolkit to purchase any AF5 Study support including Study Guides, e-Learning modules, online workshops and study buddy.
Find out more in depth help and advise around how to structure your AF5 studies by viewing our AF5 Study Plan.
Chat with other Af5 candidates in the dedicated BTS Af5 online forum room to help keep up to date , find out any new information and gain help and advise from others.
