This is an exam where around two-thirds of the marks are gained from questions based on unseen case studies, which means your time in the AF7 exam has to be managed well. You must ensure that you have sufficient time not only to answer the questions but also to digest the information contained in the two case studies which you are seeing for the first time.
The exam has two distinct sections, with section A of the exam usually focusing on 3-4 short-answer questions that the CII can ask using generic question stems or given information for you to think about. Section B is then based on TWO case studies, of which you must be able to take on and then draw from to answer the related questions. Sounds a lot!
And that’s not even considering the various question stems that the CII typically use. Even for a candidate that is used to this from other units (R0 & AF), it would be very easy to misread a question or answer what you think you are being asked, when a large part of this exam is about your ability absorb quite a lot of information and draw from it – all under exam pressures.
It’s not new for BTS to be recommending practising as many exam standard questions as you can get your hands on (legally please – we don’t condone sharing!).
You’ll need to factor in upskilling on the time it takes you to read and digest information as well as your question and answering techniques. This is only going to come from practise!
However, we also cannot simply plough into this practise without ensuring that our technical knowledge is on point. As much as pension transfers is a refined area, it is also huge in terms of intricacies and nuances. And let’s face it, when being tested on such a specific area of financial planning, the CII will expect you to be able to demonstrate greater depth across the board.
Tackle the study guide first – use knowledge checkers such as the one included within the BTS study guide to measure where you currently are and where you are upon chapter or guide completion. Once your knowledge has been improved upon and feels secure, then look to past papers or case studies. (You can get a copy of the AF7 knowledge checker in the free sample of the BTS AF7 study guide!).
As always, it’s important to have a plan for this unit. BTS has put together a study plan based on the CII recommended study hours which can be accessed on our study plans page. Of course, this will be different for everyone but on the basis that this exam is sat twice per year, you know the dates you’ll be able to work towards and which sitting is going to be achievable for you. You can use our study plans as a guide and make it work for you.
Here’s another question based on the mock case study for Ed & Sue:
Outline four benefits and four drawbacks to Ed & Sue, of taking financial advice from a pension transfer specialist, before deciding on the best course of action in relation to their DB pension schemes. (8 marks)
Again, what is the question actually asking us to do?
Here we need to state facts about taking advice from a pension transfer specialist but also show the examiner why we are saying this. Remember this is an advanced level exam so the examiner will be looking for greater understanding, not just a list of facts. This question style is more generic, so although the question stem has used the case study names, the requirement here is to show general technical knowledge.
You’ll note that our model answer actually gives you enough answers for ten points, albeit, you will only ever be awarded the maximum marks for each question, in this case, 8. However, it’s always a good idea to write more where you can, just in case one of your answers doesn’t quite hit the mark.
There are two top tips to remember from the couple of example questions that we have shown you…
VERBS: Check the Command Word within each question stem, What Verb is being used…Explain? Comment? Recommend? Justify? this will help you Structure your answers in the right way.
BE SPECIFIC: Case Study or Generic? Make sure your answer is personalised to the case study of the question relates directly to the case study.
To provide our candidates with as many practice questions as possible, we have produced two resources to support the AF7 unit.
The BTS study guide includes eleven case studies, nine of these are used throughout the study guide for chapter activities and end of chapter knowledge questions. The other two are to be used within the specimen exam paper, also included with our study guide. The study guide also refreshes the key pension transfers knowledge covered in the AF7 syllabus and replaces the examining body study guide, so candidates can book their exam with the CII as ‘assessment only’ and use the BTS study guide, confident that the materials cover the full syllabus.
The BTS AF7 e-analysis contains a further five case studies and is a really good tool to use post-workshop, to really implement all the skills you have picked up during the day. Further details of our study guide, e-analysis and workshops can be found below in the AF7 Exam Overview.
View Our AF7 Exam overview/toolkit to purchase any AF7 Study support including Study Guides, e-Learning modules, online workshops and study buddy.
Find out more in depth help and advise to structure your AF7 studies by viewing our AF7 Study Plan.
Chat with other AF7 candidates in the dedicated BTS AF7 online forum room to help keep up to date , find out any new information and gain help and advise from others.
