The Chartered Insurance Institute (CII) level 4 Diploma in Regulated Financial Planning meets the FCA’s qualification requirements for retail investment advisers.
It is one of the most commonly recognised qualifications for financial advisers, paraplanners, technical consultants and financial administrators looking to develop their technical knowledge and financial planning capabilities.
The CII Diploma in Regulated Financial Planning is an RQF level 4 diploma made up of six core modules, commonly referred to as the ‘R0 exams’. There are six compulsory R0 exam units.
Each R0 exam unit covers a specific area of the core technical knowledge and financial planning capabilities assessed on the Diploma.
R01, R02, R03, R04, and R05 are assessed by multiple-choice exams. R06 is assessed by a written case study based exam.
The table below provides an overview of the six units, their credits, pass mark, national pass rate, and the number of study hours recommended by the CII.
| Exam | Recommended study hours | Credits | Pass mark |
|---|---|---|---|
| R01 Financial services, regulation and ethics | 60 | 20 | 65% |
| R02 Investment principles and risk | 60 | 20 | 65% |
| R03 Personal taxation | 50 | 10 | 65% |
| R04 Pensions and retirement planning | 50 | 10 | 65% |
| R05 Financial protection | 50 | 10 | 70% |
| R06 Financial planning practice | 100 | 30 | 65% |
There is no one recommended panacea in relation to the order candidates sit their R0 exams in. Some candidates follow the numerical order, so start with R01, then R02 and so on. BTS’s preferred order starts with R01, then R05, R03, R02, R04 and finally R06.
For candidates new to the industry, we usually recommending starting with R01 Financial services, regulation and ethics as this provides a sound knowledge base which is relevant to each of the other units.
Then, we recommend taking R05 Financial protection as this is a level 3 unit with no multi-response questions.
It is advisable to take R03 Personal taxation and R02 Investment principles and risk fairly closely together as there is significant syllabus cross-over between these two units.
The R04 pensions exam has within its syllabus rules relating to income and capital gains tax, plus a whole learning outcome on alternatives to using a pension. Therefore, it makes sense to ideally have sat and passed both the R03 personal taxation and the R02 investment and risk unit before attempting it.
The R06 Financial planning practice unit is usually sat as the final exam as it draws on knowledge and understanding from each of the other R0s.
The CII Diploma in Regulated Financial Planning is a level 4 qualification.
R01 – R05 are on-screen multi-choice exams where you have to identify the correct answer from a set of possible answers. This is trickier than it sounds when the options include clever distractors with plausible answers!
R01 and R02 are both two-hour papers with 100 questions.
R03, R04 and R05 are one-hour papers with 50 questions per paper. R03 in particular can feel time-pressured due to the number of calculations on the paper.
R06 is a three-hour written paper based on two case studies which are released to candidates two weeks before the exam date.
Timescales depend on what else you are doing in addition to your study.
The CII publish recommended study hours for each unit. It may take you more or less time depending on your other commitments. If you are approaching this on a full time basis, where study is your only or main focus, passing your level 4 qualifications could be achieved in around nine months.
If you are working as well as studying however, then 12-18 months (or longer) is more realistic.
Candidates sometimes find they can progress through some units quickly whilst other units can take a little longer. This can depend on your prior experience and knowledge, or even your preferences and interests. Studying a unit that interests you will usually feel much easier than one that is outside your comfort zone.
It’s worth pointing out that being a good financial adviser is not all about the qualifications. It will take longer to gain experience in doing the job. Skills such as building rapport, effective fact finding, and overcoming client objections can take months of practice to hone.
The Diploma in Regulated Financial Planning is examined by the Chartered Insurance Institute (CII).
Candidates need to enrol for each unit separately and can do so one at a time.
Each unit is ‘purchased’ from the CII website but be aware, the default option is to purchase ‘enrolment plus’ which includes the exam sitting and examining body revision aids.
Candidates do not have to purchase the examining body study text and revision aids. It is possible to purchase the unit as ‘assessment only’ which means just the exam voucher. You are then free to shop around for study materials that suit you.
You can read more about the CII Diploma in Regulated Financial Planning in the downloadable CII Qualifications Brochure.
The CII website also has several short videos to help candidates navigate the process of booking their exam.
The videos are well explained and guide candidates through the processes in an easy-to-follow fashion.
