Ifs School Of Finance Diploma For Financial Advisers, Dipfa

ifs School of Finance Diploma for Financial Advisers, DipFA

Hints and Tips

Financial Planning Principles (FPP)

Objective test comprising 75 multiple choice questions. FPP will be available until end October 2010.

Pass mark 70% Pass rate in the region of 68% (approx 5% achieving a distinction)

· The three areas that are proving to be the most challenging at present are:

o Risk – approx 25% of the questions come from this section of the coursebook (34 pages)

o Derivatives

o Fixed Interest – Yield Curves

· The online materials are broken down into topics. At the foot of each topic is a mini-assessment for candidates to self-test. This can provide valuable additional revision.

· There are 2 specimen papers available for FPP. Some candidates seem to use these specimen papers for self testing on a regular basis. However, repeated testing on the same questions leads to familiarity and therefore a false sense of security. Only use these papers as mock exams in the last couple of weeks before the exam.

Financial Services, Regulation and Ethics (FSRE)

· FSRE is the new objective test element of DipFA and will replace the original FPP. FSRE has been available to sit at Pearson Vue centres from 1st September 2010.

· FSRE comprises 100 multiple choice questions, 90 stand alone and 2 case studies each with 5 related questions. The pass mark is 70%

· As yet, there are no statistical information available due to short period of time and small number of candidates that have sat (01/09/10 to 20/09/10)

· The main differences between FPP and FRSE are less emphasis on risk and wealth management and a new section added on ethics. Ethics is tested via the stand alone multiple choice questions and through the case studies.

· There is one specimen paper available for FSRE at present with another due to be released beginning of October 2010.

Advanced Financial Advice (AFA)

· The ifs lists essential reading for AFA, this is really essential assumed knowledge. Experienced IFAs should make use of the end of unit tests (found on the last few pages of the Unit &/or Competent Adviser) to establish any gaps in knowledge that is required. Those candidates new to advising will need to learn all areas of the unit specification and this is better achieved from reading the texts provided/recommended by the ifs – and then the end of unit tests.

· For the Coursework – candidates should concentrate on the material relevant to the topic/s given in the coursework assignment.

For the Exam – Candidates are advised to carry out a gap analysis to identify any gaps in knowledge. Study should not be left until the last minute. The factfind will be available 6 weeks prior to the examination date.

Coursework

Pass Mark 50% Pass rate in the region of 80%

· Candidates are given 16 weeks to complete the coursework element. Those that have failed have often left their study/research until the last minute and not applying sufficient time and detail to the task. This is a level 4 qualification and requires the recommended study hours

· The coursework element comprises three short answer questions and a main task with bibliography requirement.

· When using a reference, candidates should not simply quote the text on its own but should explain by giving it a context. Candidates should refer to the ifs referencing guidelines to ensure work is compatible with Turnitin, the anti-plagiarism software used at the ifs for all coursework assignments.

· The coursework needs to be in the correct font and spacing, as detailed within the coursework guidelines. A template is available to candidates in myifslearning.

· Candidates will need to complete the headers and footers on the template – see Appendix for how this is to be done.

· The coursework has a specific word count. Please refer to your coursework assignment and adhere to the instructions given regarding the word count. From October 2010, the coursework main task will have a maximum word count of 4000 words and examiners will not mark beyond the maximum word count.. There is no minimum word count as this is left to the discretion of the individual candidate. (For more information on how to electronically perform a word count please see appendix 2).

· When researching answers for the coursework please make sure that all sources of information are reputable (Wikipedia for instance will occasionally carry incorrect information) and that the information is correct for the tax and legal jurisdiction applicable. Candidates using the internet should click to have pages from the UK (US pages often have higher hit rates)

· The coursework needs to be written in appropriate language for the target audience. The target audience will be indicated in the instructions of the coursework assignment.

· The Bibliography is in addition to the stated word count and makes up a proportion of the overall marks. Candidates have generally not scored well on this section in the past usually due to a lack of variety of sources of information. Ensure a record of all sources used is kept as often candidates have said that they had a good source of information but then couldn’t find the source again when they came to write the Bibliography.

· Within the Bibliography candidates are required to write one or two paragraphs on five (or 3 from Oct 10 onwards) of the references given in their reference list. This should be 100 to 150 words per reference and should comment on the usefulness and relevance of the source on the subject matter.

· On completion of the coursework assignment, it may be an idea to give it to someone to read through (a work colleague perhaps) and check for language and grammar issues. It would be preferable, however, if this was not someone who is currently taking the DipFA qualification.. Do not expect feedback from your ifs tutor.

· If unsure of the coursework format please refer to the online materials. Coursework exemplars and past papers are available on the DipFA microsite.

· The coursework carries a 50% pass mark however, if the candidate scores between 45% and 49% then contribution ruling will apply. This means, if the candidate scores well on their exam element then they may achieve an overall pass (see later).

· It is possible to ask for a piece of coursework to be re-marked, however, all narrow fails are double marked by the Chief Examiner as a matter of course.

Exam

· The fact find is provided 6 weeks before the exam. No paper is allowed to be taken into the exam and a exact copy of the pre-released factfind will be given to each candidate at the examination. Candidates will also be provided with a question paper that will advise of additional information that will need to be taken into account when answering the question.

· Think about how you will present your work to the examiner.

· Paragraphs should be no longer than 5 or 6 lines. If your writing is large or untidy, keep sentences well spaced with large gaps between paragraphs to break it up and make it easier to read.

· Use headings to point the way for the examiner with relevant and effective underlining and subheadings to indicate the key points. Make diagrams clear and simple.

· If you are used to typing, make sure you practise writing well-presented answers by hand.

· Prior to the examination, it is a good idea for candidates to type out the possible suitability report to enable them to cut and paste and get the report in an appropriate style. It is then a good idea to re-write this report longhand to prepare writing for an extended period of time. This also allows the candidate to time how long it takes to write out the report (if it takes 5 hours outside of the exam then there needs to be a lot of cuts…).

· Express yourself clearly and try to write legibly. Diagrams and tables should be clear and neat.

· Remember to keep an eye on how much time you have. It should take candidates almost the full 3 hours to write the report, which leaves little time to go back and make corrections. It is good to be clear on the framework.

· If the worst comes to the worst and you do run out of time, put down a note form answer to scrape some credit. Successful planning, however, will mean you do not get into that situation.

· You will be required to produce a full written report for the client, together with fully justified recommendations. A full report should cover all areas discussed in the factfind, areas of need identified and areas agreed for action. Recommendations should cover both general and specific product-related issues. General areas would include issues such as the need to make a will, check tax codes, put a life policy in trust, set up a power of attorney and so on. Specific product recommendations will involve proposing solutions to problems, needs and objectives identified.

· There is no shortage of paper so leave a large amount of blank paper between each section to allow you to go back and put in remembered details (it may look a little messy but not as messy as having asterisks dotted here and there). If the markers find the report hard to follow as they are required to move from page 3 to page 16 and then back to page 4 then marks will be lost for poor communication.

· A total of 150 marks are allocated to the final examination, a maximum of 10 marks are available for summarising the clients' current situation. A maximum of 30 marks will be awarded for the quality of communication. Examiners will pay particular attention to the layout, format and overall clarity of the report and the appropriateness of the language used.

Navigating the ifs Website

When you receive your log in you should see the following page:

By going to ‘My Studies’ and then choosing ‘DipFA Course’ in the top menu you will be able to find the information you need. A couple of tips:

· The study materials and resources for each unit are housed within the content for each unit is accessed from the DipFA Course home page.

· For the Gap Analysis tool go to the Online CDT link in the top menu

To access the information you need to submit your coursework click on Online Materials and then on the left-hand side Advanced Financial Advice which will bring you to this page –

Finally, if you wish to view example documents and exemplars–for each unit, please do the following:

FPP

Go to the ‘FPP specimen assessment material’ link:

FSRE

Go to the ‘FSRE specimen assessment material’ link:

AFA

Go to the ‘AFA specimen assessment material’ link:

Appendix 1 – Headers and Footers

From the following website: http://support.microsoft.com/kb/211432

What Are Headers and Footers?

A header or footer is text or graphics that is usually printed at the top or bottom of every page in a document. A header is printed in the top margin; a footer is printed in the bottom margin.

Headers and footers can be as simple as the document title and a page number, but you can create headers and footers that contain graphics, multiple paragraphs, and fields. You can specify a different header or footer for odd and even pages or use a different header or footer for the first page of a section or document. If you divide a document into sections, you can use different headers and footers in each section. For example, you might want the header for each section to reflect the title of that section.

How to Add or Remove Headers and Footers

To create a header or footer, follow these steps:

On the View menu [for the 2007 version of word you will find this on the Insert tab], click Header and Footer. Word displays the Header and Footer toolbar and switches to print layout view.

To switch between the header and footer, click the Switch Between Header and Footer button on the Header and Footer toolbar.

A non-printing dashed line encloses the header and footer areas. Text and graphics in the document are visible, but dimmed. To display or hide the document text, click the Show/Hide Document Text button on the Header and Footer toolbar.

You can type and format text in the header or footer area the same way you do in the main document. After you have created your header or footer, click Close on the Header and Footer toolbar to return to the main part of the document. In print layout view (on the View menu, click Print Layout), the headers and footers are visible but appear dimmed.

To edit an existing header or footer, either click Header and Footer on the View menu [Insert Tab], or, in print layout view, double-click a dimmed header or footer to switch quickly to the header or footer.

To delete a header or footer, follow these steps:

Position the insertion point somewhere in the main text area of the document.

On the View menu, click Header and Footer.

Select the header or footer information you want to delete, and then press DELETE or BACKSPACE on the keyboard.

To return to the document, click Close on the Header and Footer toolbar, or double-click in the main text area of the document.

Appendix 2 – Word Count

From the following website: http://office.microsoft.com/en-us/word/HA012303581033.aspx

Count the words as you type

When you type in a document, Office Word 2007 automatically counts the number of pages and words in your document and displays them on the status bar at the bottom of the workspace.

Count the words in a selection or selections