What to Expect from the R01 Exam | How to Become an IFA

[@jacharakis]

I just started studying R01, and I guess I'm just so excited, that I find it interesting and not dry. When you said dry, I came to the defence of the stuff I'm learning, lol. Exams in a few weeks...

[@Louise.Fitzgerald_IFA]

@@jacharakis it's a lot to take in but I'm so pleased you're excited. Best of luck!

[@ebs1998]

Thanks, this video really helped me. I took the exam last week and passed. I'm onto the next one now.

[@Louise.Fitzgerald_IFA]

Congratulations!

[@joywaiden]

hi @eboneewalton9403. May I please ask how long of preparation you had for the exam so I can gauge my timeline. Thank you.

[@ebs1998]

@@joywaiden I've done R01 & R05 both I had roughly 4/5 weeks to study which I did alongside a full time job. I'm new to the finance industry so I basically studied only the recommended hours on the CII website for each and that was enough for me. I'd say to take the recommended time required for each exam and then see how much free time you have to study to gauge how long it would take.

[@FinanceDee]

Awesome video! Just finishing up the R01 textbook and going to prepare for the exam in the coming weeks :)

[@Louise.Fitzgerald_IFA]

Thanks for watching and good luck!

[@calumblair4908]

Thanks for the video Louise. Just started studying for RO1 with no background in finance, I'm excited and anxious but keeping positive!

[@Louise.Fitzgerald_IFA]

Thanks for watching. Good luck!

[@wonderingthoughts926]

Where are you today? 😎

[@invictus6360]

Did you pass.

[@richardsuchorzewski3899]

Very nicely presented and clear. Much obliged.

[@Louise.Fitzgerald_IFA]

Thanks for watching, and for the feedback.

[@MrSluby]

Just booked my R05 exam for next month, completed my R02 last year. Think I've been putting R01 off a bit haha. thanks for the videos on the exam! Only place I can find relevant information about the CII exams on KZbin at the moment.

[@Louise.Fitzgerald_IFA]

Well done and good luck! I noticed there is a distinct lack of info on the topic which is why I decided to address it in my KZbin videos. I'm glad you've found it helpful!

[@MrSluby]

@@Louise.Fitzgerald_IFA look forward to your videos going over the remaining exams!

[@therangemen8627]

Hi, great video, very helpful, I'm currently studying for R01, using the book and then following up with revision mate to solidify as best i can. Do you know where to access a large bank of questions? I feel like having hundreds of questions to work through would actually be the best thing to revise after you have covered the book. Many Thanks,

[@Louise.Fitzgerald_IFA]

You can get the latest revision guides on the cii website under the individual R0 exam headings, down the right hand side. They are the past exam papers with loads of questions. I hope that helps. Good luck!

[@therangemen8627]

@@Louise.Fitzgerald_IFA thankyou for your swift response, I will have a look.

[@alexanderef6730]

I'm so glad i've found this channel! I'm in my final year of studying Law and graduating in May hopefully into the finance sector and financial advising has really piqued my interest, and so this channel has been incredibly useful. I'm trying to get a meeting set up with the principal of a financial services firm near where I'm based, and your content is really helping me get a firm understanding of the industry before I manage to get some of his time. Have you got any advice on how I could impress? Thanks!

[@Louise.Fitzgerald_IFA]

Hi Alexander. Thanks so much for your support. I would honestly say just be yourself. If you have a true passion for the industry it will shine through. I'm sure you'll do great!

[@jamie7walker]

Thanks for the Great video! How similar are the questions in the wizard learning bank to those in the main exam? Keep up the great work 👍

[@Louise.Fitzgerald_IFA]

Thanks for watching. They're not worded in a very similar way but there are a great way to help reinforce the knowledge and identify gaps in your learning.

[@jamie7walker]

Fantastic, thanks so much. Great info 👏

[@JakeAndersonFitness]

Hi Louise! Hope you're well. I'm exploring a possible career change as an IFA and your videos have been really helpful. My backround is in sales and from the research i;ve done there seems to be a lot of transferable skills that employers would value highly as an IFA, such as people skills & relationship building. One thing that concerns me is that I never completed my A levels and actually left school at 16, and i'm wondering if I self studied, passed the exams and applied to firms, would they care that I didn't go to university and didn't graduate secondary school? Thanks for your insight!

[@Louise.Fitzgerald_IFA]

It's fantastic that you're considering a career change as an IFA, and your sales background positions you well for the transition! While a university degree can be beneficial, it's not necessarily a dealbreaker for becoming an IFA, especially considering your transferable skills. To become an IFA, you MUST complete a Level 4 Diploma in Financial Advice, regardless of your educational background. This qualification can be obtained through various providers and often involves self-study combined with exams. Your sales experience is a major asset. As an IFA, you'll be building relationships, understanding client needs, and presenting financial products. These are all areas where your sales skills will shine. While some firms might prefer candidates with a university degree, many value relevant experience and qualifications more. Your sales background demonstrates your ability to build rapport, communicate effectively, and achieve results - all essential for an IFA. Focus your efforts on successfully completing the Level 4 Diploma. This qualification demonstrates your commitment to the profession and equips you with the necessary knowledge. When applying to firms, clearly showcase your sales experience and transferable skills. Highlight your achievements and how they translate to the world of financial advice. Additional Tips: * Network with established IFAs to gain insights into the profession. * Consider taking additional financial qualifications to further strengthen your profile. * Emphasise your self-motivation and drive to learn in your applications. Don't let your educational background discourage you. By focusing on the Level 4 Diploma, leveraging your transferable skills, and demonstrating your drive, you can become a successful IFA. Remember, the financial services industry values experience and results alongside qualifications. I hope that helps!

[@JakeAnderson17]

Thank you for your detailed reply and encouraging words Louise, I really appreciate it! @@Louise.Fitzgerald_IFA

[@Louise.Fitzgerald_IFA]

You're very welcome.

[@gemibrahim1480]

Hi Louise, these videos are great and really helpful. Out of curiosity which of the R0 exams did you find the most challenging?

[@Louise.Fitzgerald_IFA]

Thanks Gem. I would have to say R01 and R02. I did them all in numerical order and so these were the first 2 I did, so it was getting my head around the format of them and the dry content. All the others were more practical and are things I use in my everyday job. Thanks for watching and I hope that's helpful!

[@gemibrahim1480]

@@Louise.Fitzgerald_IFA Thats great thank you, i am currently studying the R01 and am enjoying it in places but certain parts are very dry as you mentioned. Just good to know if it gets better or worse ha!

[@Louise.Fitzgerald_IFA]

It does get better in my opinion. Good luck!

[@DeclanHewitt92]

Thanks for the video, Louise. I've got my R01 exam booked in 2 days. I've always been interested in finance and I decided to go for it this year and work on changing my career to into some form of paraplanning, financial adviser role. I am nervous for it as there are so many different topics that this exam covers (different life insurances, government benefits, trusts, inheritance tax, FCA, PRA, FPC, acts, regulations, legislations, EU directives, principles etc!) When you pass R01 and the other R0's, would you put on your CV what percentage you got or would you just state that you passed the exam? I know the R01 pass mark is 65%, which is 65 questions correctly obviously, but there is a big difference between just squeezing through with 66% and getting a really good mark into the late 80's for example. I think this is putting pressure on me as well; not just passing but by how much I pass by as well haha!

[@Louise.Fitzgerald_IFA]

Hi Declan. Thanks for watching. I would just say you passed. No need to put the pass mark. A pass is a pass in my book. Good luck!

[@DeclanHewitt92]

@@Louise.Fitzgerald_IFA Thank you, just got back home now from finishing my R01 exam and I passed! Now onto R02. So relieved!

[@Louise.Fitzgerald_IFA]

Fantastic! Well done! 👏🏻👏🏻👏🏻

[@djml5815]

@@DeclanHewitt92 how hard was it in your opinion pal?

[@antoniodim2667]

Hi Louise, very useful. For the text books, do we buy them only via the CII website or there is another source (rg used or Amazon)? It mentions for R01, £250 for member and £342.37 for non members. Is it worthy to become a member before we book exams? Was it 80£ the membership annually, if you remember? As I understand from your comments above the provided text books are enough to pass. Thank you!

[@Louise.Fitzgerald_IFA]

Hi Antonio. The textbooks change slightly every year so the best way to make sure you get the most up to date one is getting it through the CII. You certainly can make a saving by being a member, but you'll have to calculate the saving Vs the cost of membership. This is different depending on the level of membership you select.

[@FRANK_DYK]

Also it’s only £265 for Enrolment plus. If you just want the Text book and the exam it’s only £181 for digital and £196 for paper back and digital. I guess you might know this now as this was 10 months ago.

[@benjy5921]

Hi thanks for the video, it was very informative. Out of curiosity, would you recommend the package including the additional revision aids or will the study text suffice.

[@Louise.Fitzgerald_IFA]

Hi Ben. Thanks for watching. From memory I believe you get access to revisionmate as standard with the study text. Certainly that is all I used for each exam

[@benjy5921]

Ok thank you for the heads up.

[@benjy5921]

Hi another quick question, would you advise that I complete the R0 in numerical order. I am currently working in the insurance/protection industry as a trainee adviser, but want to begin studying towards qualifications. Due to the current economic situation atm, I’m looking for something quite stimulating which I can apply myself to... would it be ok to begin with a more advanced unit then return to the R01 at a later date?

[@Louise.Fitzgerald_IFA]

Hi Ben. You can complete the exams in absolutely any order you like, but I believe you need to complete R01 before you can advise in any capacity.

[@yomiola4683]

Hello I just wanted to know if paraplanners and financial planner in uk get paid a salary or commission only or both

[@Louise.Fitzgerald_IFA]

Hi. That depends on the company you work for. Typically employed financial advisers get a base salary plus commission and paraplanners get a salary only.

[@yomiola4683]

@@Louise.Fitzgerald_IFA and one final question which job is easier accounts assistant or paraplanner

[@Louise.Fitzgerald_IFA]

I'm afraid I can't comment as I've never worked in accountancy.

[@yomiola4683]

@@Louise.Fitzgerald_IFA thats ok thank you I worked as an accounts assistant and I did vat returns all days long 8hrs every day I hated it am looking to switch to paraplanner or ifa administrator or financial planner hopefully its not data entry all day long, hoping its more diverse and a little easier than accounting

[@lensofequilibrium4946]

Hi Louise. Thanks for the video.Are there any good online resources in terms of past or mock papers for the r0 exams?

[@Louise.Fitzgerald_IFA]

Thanks for watching! Revisionmate has some good online tests you can do and I believe you can access some past papers from the CII website. If you can't find these, try getting hold of their customer services team and they should be able to clarify this. I hope that's helpful!

[@yomiola4683]

Can you please tell me how to gain access to past exam questions like a mock test on r01 exam standard questions

[@Louise.Fitzgerald_IFA]

Hi Yomi. Go to the CII website, qualifications, R01, then down the right hand side of the page are some links. Past papers can be found there.

[@yomiola4683]

@@Louise.Fitzgerald_IFA ok thank you very much

[@harrisonwhite9192]

Hello Louise, what is your opinion on the CISI's IAD vs the CII Diploma in regulated financial planning?

[@Louise.Fitzgerald_IFA]

Hi Harrison. I'm afraid I've only done the CII route so I can't comment on the CISI. They each offer very different examination styles so it really comes down to which you prefer. Sorry I can't help any further.

[@neeljoshi3553]

Hi, how often are exams held? monthly? thanks!

[@Louise.Fitzgerald_IFA]

The multiple choice ones are held at various times throughout the year.

[@darren8730]

Hi, I’ve just started this study program. Are the tax tables provided for the exam or something that has to be learnt in full?

[@Louise.Fitzgerald_IFA]

Tax tables are provided, though your response time will be quicker if you know at least some of it by heart.

[@darren8730]

@@Louise.Fitzgerald_IFA Great thanks!

[@HitmanPorter]

Please could you do r04 in depth?

[@Louise.Fitzgerald_IFA]

I'll be working my way through all the R0 exams

[@rroderzz]

I’ve just started my R01, how long did it take for you to study and then book/complete your exam?

[@Louise.Fitzgerald_IFA]

Hi. I started studying in September/October and took the exam the following March. I was working full time too.

[@rroderzz]

@@Louise.Fitzgerald_IFA What was the best way of studying for you, did you mainly read the textbook?

[@Louise.Fitzgerald_IFA]

I read through the textbook and used revisionmate a lot, as well as the past papers you can get from the CII. I also used something called Wizard Learning which I found very helpful.

[@ax50prodigy]

@@Louise.Fitzgerald_IFA does this mean it took you 6 months to do just the one R01? Or you did others at the same time?

[@Louise.Fitzgerald_IFA]

I did just the one exam in those 6 months. I was working full time too.

[@jasonburford2013]

Anyone know how I get my hands on some R01 past exam papers?

[@Louise.Fitzgerald_IFA]

You can get the exam guides (past papers) from the CII website

[@svdw23]

I've been looking to do the R01 with CII. I see that there is an option unit (FA1 & FA2). Are these essential or are the more specialist courses?

[@Louise.Fitzgerald_IFA]

Which overall qualification are you completing?

[@svdw23]

@@Louise.Fitzgerald_IFA award in Financial Administration with CII is what has been recommended to me. However, I am not sure whether just to complete R01 or include the option units. My aim is to go down the most efficient route to becoming a financial advisor

[@Louise.Fitzgerald_IFA]

If you have no prior exam credits with the CII, the most direct route to becoming an IFA is to complete the Diploma in regulated financial planning - units R01-6. 6 exams in total. You don't need any further qualifications.

[@svdw23]

@@Louise.Fitzgerald_IFA ah I see. Thank you for clarifying! I look forward to your next videos on the units. They are a great help!

[@Louise.Fitzgerald_IFA]

@@svdw23 thanks, and good luck!

[@Broomfield14]

Please can you do R03?

[@Louise.Fitzgerald_IFA]

Hi Alex. I will be working through all of the R0 exams over the coming months.

[@davidshah7449]

Did CFP WORK AS A FINANCIAL ANALYST????????

[@Louise.Fitzgerald_IFA]

Hi David, I'm sorry, I'm not sure what you mean.

[@davidshah7449]

@@Louise.Fitzgerald_IFA can a charterd financial planner work as financial analyst,or can he or she apply for the financial analyst job ,like CHARTERD FINANCIAL ANALYST DO ????????? CHARTERD FINANCIAL PLANNER????

[@Louise.Fitzgerald_IFA]

Hi David. I'm afraid I don't know - financial analysts are very different to financial advisers and it's not an area I have experience in i'm afraid.

[@jamesdennes7778]

Hello. Can you sign up to revision mate for free?

[@Louise.Fitzgerald_IFA]

Hi James. It is automatically included in every course enrolment.

[@AB1234-AB]

anyone taking these exams for a career change from a completely different industry

[@Louise.Fitzgerald_IFA]

I did! I studied film studies at uni and then did various admin jobs before becoming an adviser. Anyone can do it!