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Home » Qualifications » Certificate in Discretionary Investment Management
 

The essential qualification for the discretionary investment management sector

This qualification develops the wealth strategy and portfolio management skills required for effective discretionary investment management.

As well as satisfying the FCA's appropriate qualification requirements for those managing client investments or acting as a broker fund adviser, the certificate is also relevant for those in investment-related support roles who wish to further demonstrate their knowledge of investments.

The Certificate is available to study as a standalone qualification or as a top up where the Diploma in Regulated Financial Planning is held. It comprises two units:

  • (R01) Financial services, regulation and ethics; and
  • (J10) Discretionary investment management.

Upon completion candidates will be awarded the Certificate in Discretionary Investment Management. PFS members are entitled to use the designation CertPFS (DM). Continuing Professional Development requirements apply.

Why the Certificate in Discretionary Investment Management?

The Certificate delivers many advantages:

  • Satisfies the FCA's appropriate qualification requirements for those managing client investments or acting as a broker fund adviser.
  • Improves long-term career prospects by improving knowledge and understanding, and by demonstrating commitment to self-improvement.
  • (R01) Financial services, regulation and ethics is also a unit within the Diploma in Regulated Financial Planning. Successful completion therefore shortens the time required to complete this qualification for anyone seeking to be a retail investment adviser.
  • PFS members are entitled to use the designation CertPFS (DM). Continuing Professional Development requirements apply.

Is the Certificate in Discretionary Investment Management right for me?

The Certificate is appropriate for a wide range of people, including:

  • All advisers undertaking discretionary investment activities who need to comply with the FCA's appropriate qualification requirements.
  • Individuals working in investment-related support roles, such as training, compliance and finance who wish to improve their understanding of the business.

Your next step

Now that you have read about the Certificate in Discretionary Investment Management, gained an understanding of what it offers and established it is the appropriate qualification route for you, it is time to finalise your entry.

The links at the top of this page contain all the information you require to study for and complete the Certificate. As you read through this information, you will learn about the units on offer, the available learning materials, how to enter and the terms and conditions relating to entry.

Please take time to read this, as it will help you choose the study programme that best fits your needs.

You can also access FAQs here

 

Introduction

« Back to Introduction

CII qualifications require completion of one or more units, each covering a specific topic that is individually assessed. Assessment methods vary depending on the level and subject matter of a unit, and include:

  • Multiple choice examinations - the assessment method for Certificate, Award and financial services 'R0' Diploma units assessed in the UK.  Exams are delivered on-screen at a network of over 80 public centres across the UK. Sittings are available year-round, often on a weekly basis.
  • Written examinations - the assessment method for Diploma and Advanced Diploma units, excluding financial services 'R0' Diploma units, and also all units examined outside the UK. Sittings are typically available twice yearly in April and October at over 50 public centres throughout the UK and over 100 public centres outside the UK.

What you need to know

It is essential that candidates familiarise themselves with our service, in particular the rules and procedures that are in place. This should include both exam policies (before the assessment) and notes to results (after the assessment).

Things you need to know before the exam

Things you need to know after the exam

Key facts

Key facts for the Certificate in Discretionary Investment Management

Level of qualification Core
Number of available units 2 Diploma units
Compulsory units 2 units
• (R01) Financial services, regulation and ethics
• (J010) Discretionary investment management
Credits required to complete (existing credits carried forward) 40
Credits per unit R01/J10 - 20 credits
Combination of units at any level allowed Not applicable
Exam format R01/R02
• Online, 2 hours
• 100 multiple choice questions
Average study time per unit R01/J10 - 60 hours
Availability of exam sessions (Details shown apply to the UK. Outside of the UK exams are offered twice-yearly) Year-round
Availability varies from centre to centre, but typically weekly
Entry requirements? None
Credits available for prior learning? Yes
Record of Achievement issued for each exam pass? Yes
CII/PFS membership designation CertPFS (DM)
PFS members are entitled to use on completion
Office of the Qualifications and Examinations Regulator (Ofqual) approved? Yes
Level 4

 

Completion requirements

Entry requirements

There are no formal entry requirements for Certificate in Discretionary Investment Management and no prescribed order in which the units must be taken.

Studying for the Certificate

The recommended minimum study hours are shown in the tables below (these will vary according to your experience and ability).

The nominal pass marks are also shown, however, the actual pass marks may vary slightly over time to ensure that the pass standard remains constant.
Completion requirements

To complete you are required to pass two units, these are:

Units Study hours Exam format Nominal pass mark Credits and Level
(R01) Financial services, regulation and ethics 60 2 hour exam. 100 multiple choice questions 65% 20 - Diploma

(J10) Discretionary investment management
 
 

 60 2 hour exam. 90 multiple choice questions

Syllabus updates 2013-14

Regulatory changes brought about by the replacement of the FSA with three new financial services regulatory bodies, which include the Financial Conduct Authority (FCA), are having a significant impact on CII customers, the way you conduct your business and therefore the content of our syllabuses, study material and exams for certain exam units.

Further background on these regulatory changes can be found below under our frequently asked questions.

What do these changes mean for CII customers?

Some CII units examine on aspects of the FSA. To ensure that we're examining on current issues and regulation, syllabuses and study material for these units are being updated to reflect regulatory changes.When will these updates be made?

Updated syllabuses have now been published - available to download from each qualification page on this website - and will be examined from 01 Sep 2013.

For all financial services units, new study text editions will be published in July 2013 as normal.

Are there units that will be impacted by the changes more than others?

Yes, the following units have more content that will be affected:

CF1*, CF6, R01*, R05, J07, J09, J11, FA1, ER1

* These units will be particularly affected by this change

How significant will the updates be?

Changes to the regulatory regime will result in some changes to the legislative position that is being examined - this will largely consist of updating references to the FSA, and its roles and responsibilities, to the new regulatory bodies. As detailed above, some units will be more impacted than others.

Are there any changes to the current testing period that will affect the life of existing study texts?

Changes to the regulatory regime will result in some changes to the legislative position that is being examined - this will largely consist of updating references to the FSA, and its roles and responsibilities, to the new regulatory bodies. As detailed above, some units will be more impacted than others.

Background - what's changed?

From 1 April 2013 fundamental changes were made to the regulatory regime as the Financial Services Authority (FSA) was disbanded.

  • A new regulator, the Financial Conduct Authority (FCA), is now responsible for policing the behaviour and conduct of all firms, with a focus on ensuring consumers are protected and markets work well. It is also responsible for the solvency and stability of smaller firms such as IFAs.
  • The Prudential Regulation Authority (PRA) is responsible for the solvency and financial stability of the larger institutions (banks, insurance companies, etc.) whose failure could trigger a financial crisis.
  • Within the Bank of England sits the Financial Policy Committee (FPC), responsible for scanning for emerging risks to the financial system.
J10
Discretionary investment management
R01
Financial services, regulation & ethics
 

Assessment information

It is important that candidates entering for a CII assessment familiarise themselves with our service, in particular the rules and procedures that are in place.

Find out more »

Syllabuses

J10 Discretionary investment management

At the end of this unit, candidates will be able to advise clients on a range of discretionary investment management issues, including:

  • establish and meeting client objectives;
  • the behaviour, performance, risk profile and correlation of key investment types;
  • the role of the investment manager;
  • discretionary and non-discretionary portfolio management;
  • investment fund objectives and approaches;
  • the fundamentals of economics applicable to investment management;
  • how investment returns are related to investment risk;
  • the principles of portfolio theory;
  • performance measurement;
  • data regression;
  • indices;
  • the principles of performance measurement;
  • financial analysis;
  • ratio analysis;
  • information sources and disclosure obligations and bias thereof;
  • the principles of performance management and portfolio theory;
  • analysis and interpretation of financial information and ratios.

R01 Financial services, regulation and ethics

At the end of this unit candidates will be able to demonstrate their knowledge, understanding and skill in applying the following topic areas:

  • UK financial service industry in its European and Global context;
  • how the retail customer is served by the financial service industry;
  • Regulatory framework, powers and responsibilities to protect the consumer;
  • the legal concepts and considerations relevant to financial advice;
  • the Code of Ethics and its impact on the business behaviours of individuals.


Read about updates that will affect financial services qualification units »

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