Prior learning based on the CFA Society of the UK Level 4 Certificate in Investment Management (IMC)
The following examples illustrate routes to achieving CII level 4 personal finance qualifications with prior learning based on the Level 4 IMC.
Other routes are available and this example doesn't guarantee that all applications will receive the same prior learning award.
Non-CII qualifications and FCA-regulated activities
Imogen and Michael are discretionary investment managers, having completed the CFA Society of the UK Level 4 Certificate in Investment Management (IMC).
They wish to complete CII qualifications and add to their regulated activities.
They haven't previously passed CII qualification units.
Imogen graduated with a business degree and Graduate Diploma in Law from UK universities within the last ten years.
Email confirmation - both units passed without exemption(s)
The CII prior learning application form asks for a results transcript, which they don't have.
Their IMC qualification completion certificates state that they have achieved both units; however, this doesn't confirm whether each unit was awarded as an exemption.
They email the CFA Society of the UK to request explicit confirmation that they have passed both units through direct assessment, together with the dates they passed each unit.
They enclose 2 documents within the application form:
- IMC qualification completion certificate
- Email from CFA Society of the UK confirming their IMC unit pass dates and results (this email takes the place of the results transcript).
Different qualification structure impacts prior learning applications
The CFA Society of the UK Level 4 Certificate in Investment Management (IMC) has a different structure to CII qualifications:
- The CII Level 4 Diploma in Regulated Financial Planning consists of six units. Each has its own distinct subject area - regulation, investment, tax, retirement planning, financial protection and the financial planning process. Each syllabus area has its own assessment. For example, the learning outcomes for the regulatory content are assessed wholly assessed within a single unit examination.
- In contrast, the IMC consists of two units which span four subject areas - regulation, investment, tax and discretionary investment management. Each syllabus ares is assessed across both units.
This means that to be eligible for a prior learning award, Imogen and Michael must have passed both IMC units through direct assessment (without exemptions).
CII Level 4 Diploma in Financial Planning
Imogen doesn't plan to complete CII Level 4 Diploma in Regulated Financial Planning.
Instead, she prefers to add advising clients on mortgages and long term care insurance to her regulated activities.
She uses her prior learning awards for her IMC and her business degree to achieve the CII Level 4 Diploma in Financial Planning. She will complete this CII Level 4 Diploma in Financial Planning once she passes CII units (R01) Financial services, regulation and ethics, (CF6) Mortgage advice and (CF8) Long term care insurance.
Her (R01) Financial services, regulation and ethics pass and (J10) discretionary investment management exemption lead to the CII Level 4 Certificate in Discretionary Investment Management and, as a PFS member, Cert CII (MP) professional designation*
Her (R01) Financial services, regulation and ethics and (CF6) Mortgage advice passes lead to the CII Level 3 Certificate in Mortgage Advice and, as a PFS member, CertPFS (DM) professional designation**
When she passes (CF8) Long term care insurance, she also completes the CII Level 3 Award in Long Term Insurance*** and CII Level 4 Diploma in Financial Planning**** qualifications. As a member, she is eligible to use the DipPFS professional designation.
Prior learning awards for the CFA Society of the UK Level 4 Investment Management Certificate cost 20% of the price of CII qualification units and prior learning awards for degrees cost 50% of the price of CII qualification units.
Sets of non-unit specific credits
This is the most suitable route for Imogen because she has been awarded multiple sets of non-unit specific credits based on her professional qualification and degree.
The sets of non unit-specific credits do not contribute towards the CII Level 4 Diploma in Regulated Financial Planning, yet they do contribute towards the CII Level 4 Diploma in Financial Planning and Level 6 Advanced Diploma in Financial Planning.
Pre-requisite qualification
As Imogen's CFA Society of the UK Level 4 Investment Management Certificate is deemed equivalent, she may complete the CII Level 4 Diploma in Financial Planning without needing to complete a CII level 3 qualification.
Michael wishes to expand his FCA-regulated activities to include advising on mortgages, retail investment, securities and pension transfers. His route to the CII Level 6 Advanced Diploma in Financial Planning includes qualification units to achieve these aspirations.
He manages a team of paraplanners and wants to experience their professional qualifications. Once he has completed the Level 6 Advanced Diploma in Financial Planning qualification and uses the APFS professional designation, he decides to complete PFS Fellowship.
CII Level 4 Diploma in Regulated Financial Planning route to PFS Fellowship
Within his route, Michael wishes to complete the Diploma in Regulated Financial Planning. The set of 20 Diploma-level non-unit specific credits for the IMC would not reduce the CII unit passes he requires for his qualification and Fellowship aspirations, so he claims only the J10 exemption.
Prior learning awards for the CFA Society of the UK Level 4 Investment Management Certificate cost 20% of the price of qualification units.
Once he passes R01, he completes the CII Level 4 Certificate in Discretionary Investment Management and uses the CertPFS (DM) designation*.
Michael's R01 and CF6 passes lead to the CII Level 3 Certificate in Mortgage Advice and uses the Cert CII (MP) designation**
Once he passes all six (R01-R06) units, he completes the CII Level 4 Diploma in Regulated Financial Planning and uses the DipPFS designation***. He applies for a Statement of Professional Standing for advising clients on retail investment advice.
Michael then passes (J12) Securities advice and dealing. Having previously passes R01, R02 and R03, he completes the CII Level 4 Certificate in Securities Advice and Dealing and uses the CertPFS (Securities) designation****. He applies for a Statement of Professional Standing for advising on securities.
Within his CII Advanced Diploma-level passes, he passes (AF7) Pension transfers. Having previously completed the CII Level 4 Diploma in Regulated Financial Planning, he completes the CII Level 6 Award in Regulated Transfer Advice*****.
CII Level 6 Advanced Diploma in Financial Planning and Chartered Financial Planner title
When he completes the Level 6 Advanced Diploma in Financial Planning qualification, as a member, Michael is eligible to upgrade his DipPFS professional designation to APFS.
With 5 years' sector experience, he applies for the Chartered Financial Planner title.
PFS Fellowship
His route towards the PFS Fellowship membership level includes passes in (J07) to support his line management role.
Michael also passes (J09) Paraplanning. Having previously passed R01, R02 and R03, he now completes the CII Level 4 Certificate in Paraplanning and adds the CertPFS (Paraplanning) designation******.
When he reaches 350 CII credits, he upgrades his APFS designation to FPFS.