Every year, hundreds of people apply for roles within the Financial Services industry, in areas such as financial administration, life insurance, pensions, investments, mortgage, and general insurance. It’s perfect for those with drive and ambition, enabling you to advance quickly, and benefit from a competitive pay structure.
There are several courses you can do, depending on the specific area you want to go into. So, let’s take a look at what qualifications you need to be a Financial Advisor.
Financial Administration
If you are looking to get into financial administration, in a role such as Insurance Underwriting Administrator, Broking Administrator, or Banking Cashier, the CF1 (Certificate in Financial Planning) and FA1 (Award in Financial Administration) qualifications are ideal. CF1 gives you a basic understanding and knowledge of the financial services industry, including regulation and legislation. FA1, on the other hand, arms you with the bookkeeping skills needed to record financial transactions.
General Insurance
To get into general insurance, such as household insurance, in a role such as Paraplanner, you would need to complete a the Chartered Insurance Institute (CII) qualification, which is nationally recognised qualification within the insurance industry. The CII course focuses on business risks such as health and safety, financial risk, skills retentions, and the loss of IT capacity, and will develop your ability to manage these risks.
Mortgage Advice
If you’re an aspiring Mortgage Advisor, you have a couple of options. Firstly, you can do the standard Certificate in Mortgage Advice and Practice (CeMap) qualification. Once you have completed this, you will be a fully qualified Mortgage Advisor.
As a Mortgage Advisor, you will be able to provide mortgage advice, either self-employed or on behalf of a lender such as a high-street bank or building society.
The CeMap qualification is broken down into three levels. Level 1 covers the UK financial regulations, Level 2 is about mortgage lending and, in Level 3, you will be able to put your knowledge into practice. It’s advisable to study Levels 2 and 3 together after completing the Level 1, as they go hand in hand.
You can also become a Mortgage Advisor through CII qualifications. After completing CF1, the CF6 unit will develop your understanding and knowledge of the various types of mortgage products and repayment options, and how to effectively give mortgage advice.
If you would like more information on any of the course above, please get in touch with me on 01332 345450, extension 6151 or email me at Kavita.pun@babington.co.uk.