Higher Apprenticeship in Providing Financial Advice
On this page you will find out more information on Higher
Apprenticeship in Providing Financial Advice.
Apprenticeships are funded
programmes of study that help employers derive maximum value from
training budgets. They are available in many sectors, including
insurance and financial services. They play a key part in
addressing the skills gaps and shortages that exist in the wider
financial services sector and beyond. Apprenticeships comprise the
following elements:
- Knowledge qualification - this is the part that contains a CII
unit/qualification
- Competence qualification
- Key Skills/Functional Skills
- Employee Rights and Responsibilities (ERR)
Apprenticeships allow staff to
develop their technical knowledge, acquire new skills and benchmark
competence. Depending on the age of the Apprentice, the employer
contributes towards this work-based training on a sliding scale.
There are three frameworks that relate to financial services and
which feature CII qualifications - the Level 3 Advanced
Apprenticeship in Providing Financial Services; the Level 3
Advanced Apprenticeship in Providing Mortgage Advice; and the Level
4 Higher Apprenticeship in Providing Financial Advice.
What part
does the CII play in Apprenticeships in Providing Financial
Advice?
Staff taking the Higher Apprenticeship in Providing Financial
Advice take the CII'sDiploma in Regulated Financial Planning
qualification.
Those completing the Diploma in Regulated Financial Planning as
the knowledge qualification can apply to use the designation 'Dip
PFS' (CII membership and Continuing Professional Development
requirements apply).
Who delivers
Apprenticeships?
FE colleges and private training providers deliver
Apprenticeship for employers in the workplace. This allows the
employer to focus on other activity. Larger employers may also
deliver the Apprenticeship using existing in-house expertise.
Who funds Apprenticeships?
The National Apprenticeship Service (NAS) funds Apprenticeship
provision across all sectors in England, and allocates funding to
colleges and training providers.
For 16-18 year olds taking an Apprenticeship, neither the
learner nor the employer has to pay for the training.
For 19+ year olds taking an Apprenticeship, the employer will
typically pay 50% of the cost of the programme.
Who develops
Apprenticeships?
The Financial Skills Partnership (FSP) develops Apprenticeship
frameworks in the financial services sector. They do this in
consultation with professional bodies such as the CII and sector
employers.
Why take an Apprenticeship?
A Higher Apprenticeship in Providing Financial Advice offers
many benefits:
- Apprenticeship training is free for those below 19 years old at
the start of the programme, freeing up budget for other
activity
- This Apprenticeship takes 18-24 months to complete so is a
useful recruitment and retention tool
- Those completing the Diploma in Regulated Financial Planning as
the knowledge qualification can apply to use the designation 'Dip
PFS' (CII membership and Continuing Professional Development
requirements apply)
- Apprentices receive high levels of support from the delivery
team
- The content of the Apprenticeships meet the regulator's
training and competence requirements
- Anyone over the age of 16 who does not hold a degree is
eligible to study for one
- Allows for specialisation, rather than a 'one size fits all'
programme
- All exams are available online and on-demand, with results
provided instantaneously
- A 'Record of Achievement' is awarded for each CII unit passed
and a Certificate is awarded upon qualification completion,
providing portable and permanent evidence of learning undertaken.
Learners also receive an Apprenticeship award upon completion.
Progression routes
Staff who have completed this Higher Apprenticeship will hold
the Diploma in Regulated Financial Planning, which is now the
licence to practise qualification. Many professionals are
continuing their journey to higher levels, in this case the
Advanced Diploma in Financial Planning, and on toChartered
Financial Planner status.
Who should take a
Higher Apprenticeship in Providing Financial Advice?
- Anyone wishing to become a financial planner
- Anyone requiring an understanding of regulatory issues and the
process of giving advice to clients
- Anyone who is looking for an entry-level qualification towards
giving financial advice to clients
- Staff employed in support functions such as training,
compliance, human resources, marketing, IT and finance who wish to
improve their understanding of the business in which they work
- Anyone wishing to gain a professional qualification, acquire
knowledge and benchmark competence.
Apprenticeships in
Northern Ireland, Scotland and Wales
If you are based in Northern Ireland, Scotland or Wales and wish
to find out more about Apprenticeships, please contact CII via the
details below.
Next steps
If you are interested in being an Apprentice and would like to
apply for an Apprenticeship programme, please visit the
Apprenticeship Vacancy Matching Service website to check for local
opportunities or email discover@cii.co.uk for more information.