How many qfa exams

The QFA is the only professional qualification named by the Irish Financial Services Regulatory Authority as meeting all of its new minimum competency requirements for every category of retail financial products, although in order to sell general insurance policies, QFA holders must sit a bridge examination.

A full list of the recognised qualifications is contained in the appendix to the financial regulator's minimum competency requirements, available at www.

The financial regulator's minimum competency requirements will be mandatory from January 1st next year. The financial regulator has given new entrants and people with less than four years' experience a period of four years to obtain a recognised qualification in relation to their area of the financial services.

According to Hannan, completing the modules and sitting the six exams that make up the QFA diploma would take an average of two years for someone who is working full-time and studying part-time. The course is broken down into six modules - life assurance, pensions, investments, loans, regulation and financial planning - and QFAs must undertake a continuous professional development programme. Every finance bill or social welfare bill or budget has things in it that advisers need to know.

Anyone who has sold and provided advice on retail financial products for four of the past eight years will be "grandfathered" and won't have to acquire the QFA diploma in order to carry on with their business. Banks and insurance companies sell high volumes of products through their network of call centres, which typically have a high turnover of staff, who will ask questions and give details on the product by following a prescribed script.

These employees will not be required to have any qualifications, although the financial regulator has specified that they must be given an appropriate level of ongoing training and that the person who devises the script - or acceptance criteria - has accreditation.

The financial regulator's consumer director, Mary O'Dea, says she expects financial services firms to interpret the minimum competency requirements "in a reasonable and practical manner". Although the requirements are set up so they can develop alongside future market developments, O'Dea says the regulator is hoping to avoid making any material changes to the competency rules over the next three years. But the regulator will undertake a review of the financial intermediary market next year.

Under this review, it will consider changing the way in which it currently categorises brokers. They can also be multi-agency intermediaries, who will provide advice on the range of companies with which they hold written agencies.

These agency appointments should be clearly displayed on the broker's premises, the idea being that consumers can satisfy themselves that the broker is giving advice on a sufficiently wide cross-selection of products. Finally, brokers can be authorised advisers, who should be able to give their clients advice on the full range of financial products available on the market. But these terms are confusing for consumers, the regulator's chief executive Patrick Neary said last week, much to the relief of the two bodies that represent brokers - the Professional Insurance Brokers' Association Piba and the Irish Brokers' Association IBA.

But O'Sullivan doesn't believe that people understand this, or even think about it for too long. Although many brokers refer to themselves as independent financial advisers, there are various states of independence.

Most brokers fall into the category of multi-agency intermediary, which means there will always be companies and products that they won't advise on. For example, Quinn Direct does not sell motor or home insurance through brokers, meaning consumers shouldn't be surprised if a multi-agency intermediary never mentions their existence.

Most brokers also accept commissions from the companies whose products they recommend, rather than charge an upfront fee. Although some independent financial advisers do give people a choice between paying a fee for their advice and letting the broker be paid by commission, most consumers are happy to agree to the commission system. Training to become chartered normally takes place via a training contract in an accountancy practice or business, and usually takes about three and a half years.

However there are now other flexible routes as a result of recent changes to the education model such as with Chartered Accountants Ireland, you can study outside of a training contract at a time and place that suits you. You can also avail of a new distance learning education model where lectures are offered online. Qualification processes can vary but you will need to complete examinations. Apply for a 3 year apprenticeship straight after degree Any Discipline with a small — medium or large sized organization and register with preferred Accountancy institute.

Work and Study for exams with the relevant Accountancy body. Lifelong learning is vital for our professional community. Continuing professional development CPD helps you to maintain and increase the knowledge and competence you gain from both formal study and professional experience. Keeping your qualifications and knowledge up to date enables you to meet and exceed customer and regulatory requirements. More than 20, of our members are undertaking CPD.

Our CPD programmes support a range of professional designations. You can become a:. Students can choose to focus on and become accredited in just one area, or they can study and become accredited across a range of areas. The Diploma course is designed to allow Credit Union staff to achieve a benchmark level of competency, specific to the requirements of their working environment. Working within the pensions industry for a major life company also meant that a lot of the material on the exams I already knew from daily working life.

Are you happy you completed the QFA exams and do you think that they have opened more opportunities for you?

Having the QFA exams completed played a huge role in my career progression and created greater opportunities for myself. Do you plan on continuing education and if so which exams do you have in mind? Yes I do, I plan on obtaining the Certified Financial Planner CFP qualification at some point over the next few years - my ultimate goal is to be a financial adviser. I actually begin working in customer services for a few months, and I then moved on to working in pensions administration where I began doing my QFA examinations.

I have now completed these and have moved on to work in an insurance brokers office once again doing pensions administration. What would you advise graduates who are interested in getting into the financial services industry? Be prepared and willing to do more exams in whatever area you are in, they are the key to career progression! It is clear from the above that by completing the QFA examinations, you are automatically giving yourself an edge against your competitors in an increasingly competitive jobs market.

This is an attractive sector and there is always going to be lots of competition, therefore completing all six modules of these exams is one way of staying ahead of the game and immensely benefiting your career. To discuss further career opportunities in the Financial Services sector, please feel free to get in touch with myself at the below contact details.

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