A Business Development Manager (BDM) is the main contact for advice firms when they’re working with a provider or lender, so the most important part of the role is relationship management.
As a BDM, you really are aiming to be an intermediary between the two.
There are no specific entry requirements for the role and some business development managers work their way up from an entry role in a firm. Sales and marketing experience is often a key requirement.
A Protection BMD will need excellent technical knowledge relevant to the sector. It can therefore be useful to have relevant qualifications.
The main examining bodies offering qualifications are:
At BTS, we support the CII route so the information in this profile focuses on qualifications offered by the CII.
Protection Business Development Managers may benefit from studying individual units such as the R01 Financial services, regulation and ethics and the R05 Financial protection. These two units form 1/3 of the CII Diploma in Regulated Financial Planning. Whilst it is not necessary for a Business Development Manager to hold the full Diploma, it is useful to know what the full qualification looks like. Below you will find an overview of the CII Diploma in Regulated Financial Planning.
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. An RQF level 4 diploma is an FCA requirement for Financial Advisers wishing to provide regulated financial advice. There are six compulsory R0 exam units.
There is no set order in which to take the units, you can sit them in any order you choose, as individual units. 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.
If a candidate wishes to continue to achieve the full Diploma, it is advisable to take R03 Personal taxation and R02 Investment principles and risk next, and fairly closely together as there is significant syllabus cross-over between these two units. R04 would usually be attempted as the penultimate unit due to the knowledge required from the other units. 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.
BDMs work within a range of settings including financial advice firms or specialist protection firms.
