If you’re just starting out in the industry, you might be curious about the AF exams and whether they should be a cause for concern. On the other hand, if you’ve already obtained your Level 4 diploma and aspire to become a Chartered Financial Planner or achieve Fellowship, things can still be quite perplexing.
Let’s take a moment to unravel what Chartered and Fellowship actually means and explore the path to achieving these titles!
If you’re looking to enter the financial services industry, especially if your goal is to become a Financial Adviser, you’ll typically start by obtaining a QCF Level 4 qualification. One of the most popular choices is the CII’s Level 4 Diploma in Regulated Financial Planning, which requires passing six exams (R01-R06).
Even if your ultimate aim is to become Chartered or achieve Fellowship, it’s common for many individuals to begin by completing this Level 4 Diploma. So, if you’re currently at this stage, there’s no need to worry about the AF exams just yet!
Becoming Chartered signifies that you are surpassing the FCA’s basic criteria and distinguishing yourself from others. Achieving Chartered status requires dedication and effort, placing you among the elite professionals in the financial services sector.
In addition to individual Chartered membership, firms also have the option to apply for Chartered status if at least 50% of their advisors are Chartered.
Achieving the status of a Fellow of the Personal Finance Society signifies that you have reached and upheld the highest level of professional excellence.
By using the designatory letters FPFS, Fellows can proudly showcase their accomplishment to both colleagues and clients.
After obtaining your Level 4 diploma, you have the opportunity to expand your knowledge by pursuing the Advanced Diploma. This will not only enhance your expertise but also enable you to apply for Chartered Financial Planner / Fellowship Status once you have over 5 years industry experience.
To become Chartered, you will need a total of 290 CII Credits. If you aspire to achieve Fellowship, you will need a total of 350 CII Credits.
If you have already completed the Regulated Diploma in Financial Planning, you will have already acquired 100 CII Credits. This means you will need an additional 190 credits for Chartered status and 250 credits for Fellowship.
It is important to note that out of the required credits, 120 must be achieved at Level 6 and AF5 is a mandatory Level 6 requirement.
| AF5 | Financial Planning Process | Level 6 Written Exam | 30 CII Credits |
After completing AF5, you will require an additional 90 credits at level 6. You have the flexibility to select from the following level 6 exams or coursework options:
| AF1 | Personal tax and trust planning | Level 6 Written Exam | 30 CII Credits |
| AF4 | AF4 Investment Planning | Level 6 Written Exam | 30 CII Credits |
| AF6 | Senior management and supervision | Level 6 Coursework – 3 assignments | 30 CII Credits |
| AF7 | Pension Transfers | Level 6 Written Exam | 20 CII Credits |
| AF8 | Retirement Income Planning | Level 6 Coursework – 3 assignments | 30 CII Credits |
Once you have successfully earned 100 credits through your Regulated diploma and an additional 120 credits from your Level 6 exams, you will require 70 more credits to become Chartered and 130 credits to become a fellow. To fulfil these remaining credits, you have the option to select from any of the remaining Level 6 units or from any of the following exams:
| Exam | Level / Assessment Type: | Credits: |
|---|---|---|
| J02 – Trusts Exam | Level 4 Written Exam | 20 CII Credits |
| J05 – Pension Income Options | Level 4 Written Exam | 20 CII Credits |
| J07 – Supervision in a Regulated Environment | Level 4 Written Exam | 20 CII Credits |
| J09 – Paraplanning | Level 4 Coursework | 30 CII Credits |
| J10 – Discretionary Investment Management | Level 4 Multi-Choice | 20 CII Credits |
| J12 – Securities Advice and Dealing | Level 4 Multi-Choice | 20 CII Credits |
| R07 – Advanced Mortgage Advice | Level 4 Multi-Choice | 20 CII Credits |
| ER1 – Equity Release | Level 3 Multi-Choice | 15 CII Credits |
| CF6 – Mortgage Advice | Level 3 Multi-Choice | 20 CII Credits |
| CF8 – Long Term Care | Level 3 Multi-Choice | 15 CII Credits |
| FA1 – Life Office Administration | Level 3 Multi-Choice | 10 CII Credits |
| FA2 – Pensions Administration | Level 3 Multi-Choice | 10 CII Credits |
| FA5 – ISAs Administration | Level 3 Multi-Choice | 10 CII Credits |
| GR1 – Group Risk | Level 3 Multi-Choice | 10 CII Credits |
| LP1 – Life and Pensions Customer Operations | Level 3 Multi-Choice | 15 CII Credits |
| LP2 – Financial Services Products and Solutions | Level 3 Multi-Choice | 20 CII Credits |
| LP3 – Life and Pensions Principles and Practices | Level 3 Multi-Choice | 10 CII Credits |
Surprisingly, it might actually be beneficial for you to take multiple exams around the same time because of the overlap in their syllabus.
Here are a few combinations that we suggest:
Now that you have a clear understanding of the requirements to become Chartered and achieve Fellowship, we suggest creating a well-structured study plan. Take some time to think about which exams align with your interests and would have a positive impact on your daily responsibilities.
You don’t have to sit the exams in any particular order, and this offers a great level of flexibility.
At BTS, we offer support for a wide range of exams from the R0s, J0s, AFs and CFs, so feel free to reach out and find out how we can assist you on your journey towards Chartered/Fellowship!
Read our Advanced Diploma in Financial Planning FAQs to find out information such as;
and more!
Find out more in depth help and advise to structure your Advanced Diploma AF studies by viewing our AF1, AF4, AF5, AF7 and AF8 Study Plans.
View Our Advanced Diploma AF Exams overview/toolkits to purchase any AF Study support including Study Guides, e-Learning modules, online workshops and study buddy for AF1, AF4, AF5, AF7 and AF8.
Read another insightful article ‘Level 4 to Level 6 – Just how big of a step up are the AF exams’ to find out more about information about the Higher Diploma AF Exams.
