Prior learning based on the CISI Level 4 Investment Advice Diploma
The following examples illustrate routes to achieving CII level 4 personal finance qualifications with prior learning based on the CISI Level 4 Investment Advice Diploma
Other routes are available and this example doesn't guarantee that all applications will receive the same prior learning award.
Non-CII qualifications and Statements of Professional Standing
Chris is an experienced financial advisers who has Statements of Professional Standing for advising on retail investment products and securities, having completed the Chartered Institute for Securities and Investments Level 4 Investment Advice Diploma (Financial Planing and Advice and Securities versions).
Chris joins CII and renews with CII when her SPSs expire.
Documentation certified by PFS member
To ensure Chris' application is successful, she ensures the CISI qualification completion documents are certified as true representations of the originals.
Chris would like to use the CISI digital verification to confirm the authenticity of the CISI qualification results documentation; however, CII doesn't accept this because it would require CII and/or Chris to pay a fee.
So, instead, Chris asks a PFS member to certify her academic summary and completion certificate as true representations of the originals. The PFS member certifies these documents by email, as outlined in Step 2A(ii) of the application process.
When Chris completes the application form, she enters the PFS member's name and PIN.
Chris encloses 3 documents within her application form:
- CISI qualification completion certificate
- CISI academic summary (results transcript)
- Certification email from PFS member
Qualification structure
The CISI Level 4 Investment Advice Diploma (Financial Planning and Advice version) contains three units that cover the six syllabus areas within the CII Level 4 Diploma in Regulated Financial Planning's six units.
These assessment differences impact the prior learning award and pathway to CII qualifications.
The maximum CII prior learning award - for all three versions - consists of:
- an exemption from (R01) Financial services, regulation and ethics for passing the CISI UK Regulation and Professional Integrity unit
- a set of 20 Diploma-level non-unit specific credits for passing the CISI Investment Risk and Taxation unit
- a set of 20 Diploma-level non-unit specific credits for passing the CISI Financial Planning and Advice unit and/or
- a set of 15 Diploma-level non-unit specific credits for passing the CISI Derivatives unit and/or
- an exemption from (J12) Securities advice and dealing for passing the CISI Securities unit
Choice of CII level 4 qualifications
Chris isn't required to complete the CII Level 4 Diploma in Regulated Financial Planning in order to continue advising.
Nevertheless, it meets one of the criteria to complete the CII Level 6 Advanced Diploma in Financial Planning and achieve the CII Chartered Financial Planner title, so she chooses to complete this route.
If instead, Chris were to complete the Level 4 Diploma in Financial Planning instead, she would follow the route illustrated within this alternative case study.
Pathways to CII qualifications
CII Level 4 Diploma in Regulated Financial Planning
As the sets of non-unit specific credits do not contribute to the CII Level 4 Diploma in Regulated Financial Planning, Chris claims only the exemption from R01.
Chris passes R02, R03, R04, R05 and R06 to complete the Level 4 Diploma in Regulated Financial Planning and use the DipPS professional designation.
Chris now has 100 CII credits that contribute towards the CII Level 6 Advanced Diploma in Financial Planning.
Prior learning awards for the CISI Level 4 Investment Advice Diploma cost 20% of the price of the CII qualification units.
CII Level 6 Advanced Diploma in Financial Planning and Chartered Financial Planner title
When Chris completes the Level 6 Advanced Diploma in Financial Planning qualification, as a member, she is eligible to upgrade the DipPFS professional designations to APFS.
Chris' J12 and R01 exemptions, together with her R02 and R03 passes, lead to the CII Level 4 Certificate in Securities Advice and Dealing and uses the CertPFS (Securities) designation*.
Once she passes all six (R01-R06) units, Chris completes the CII Level 4 Diploma in Regulated Financial Planning and uses the DipPFS designation**. She applies for a Statement of Professional Standing for advising clients on retail investment advice.
Chris' R01 exemption and J10 pass lead to the CII Level 4 Certificate in Discretionary Investment Management and the CertPFS (DP) designation***. At least one of these two units must be passed through direct CII assessment to achieve this CII qualification.
Chris' R01 exemption and CF6 pass lead to the CII Level 3 Certificate in Mortgage Advice and the Cert CII (MP) designation****.
Within her CII Advanced Diploma-level passes, she passes (AF7) Pension transfers. Having previously completed the CII Level 4 Diploma in Regulated Financial Planning, she completes the CII Level 6 Award in Regulated Transfer Advice*****.
Chris' (J09) Paraplanning pass, together with her R01 exemption and R02 and R03 passes, lead to the CII Level 4 Certificate in Paraplanning and the CertPFS (Paraplanning) designation******.
With 5 years' sector experience, Chris applies for the Chartered Financial Planner title.
PFS Fellowship
On reaching 350 CII credits, Chris upgrades her APFS professional designation to FPFS.