Route to Chartered: The FOUR key investment exams
AF4 is the CII’s level 6 investment planning exam. It is a three-hour, case study-based written paper. It builds on the technical knowledge gained from the R02 and J10 diploma exams, and requires a much more in-depth understanding of private client investment planning considerations, and an advanced knowledge of the technical aspects which underpin it. It is a pillar of the CII’s Level 6 Advanced Diploma in Financial Planning, providing 30 level 6 credits towards Chartered status upon successful completion of the unit. AF4 is examined twice a year; in April and October.
We firmly believe in double-bubbling your credits, so if you’re going to sit AF4, we also recommend you sit R02, J10, and the CISI’s PCIAM exam alongside it. Obviously, this only applies where the qualifications have not already been attained!
I’m willing to bet you’ve heard of R02 and J10 – they’re both diploma-level CII exams, providing 20 level 4 credits apiece towards your Advanced Diploma and Chartered status. What you might not be as familiar with is PCIAM.
The Level 6 Certificate in Private Client Investment Advice and Management (PCIAM, pronounced “P-cam”) is a single-unit qualification offered by the Chartered Institute for Securities and Investment (CISI). Upon successful completion, candidates can apply to the CII for 30 non-specific Level 6 credits. Similar to AF4, PCIAM is a three-hour, investment-focused, level 6 written exam.
At Expert Pensions, we strongly advocate taking AF4 in April/October, followed by the CISI PCIAM exam in June/December. If you have AF4, R02, J10, and PCIAM, this is a total 100 credits towards your qualification goals, including 60 of the 120 you require at Level 6 for your Advanced Diploma and Chartered status.
|Title||Investment Principles and Risk||Discretionary Investment Management||Investment Planning||Private Client Investment Advice and Management|
|Subject matter||100% Investment||100% Investment||100% Investment||80% Investment, 20% other financial planning areas|
|Recommended study hours||60||60||150||200|
|Exam Length||2 hours||2 hours||3 hours||3 hours|
|Structure||Online multiple choice||Online multiple choice||Written||Written|
|CII credits awarded||20 (level 4)||20 (level 4)||30 (level 6)||30 (non-specific level 6)|
|Recent pass rate||62.79% (2017)||86.24% (2017)||48.96% (2017)||57% (June 2018)|
Route to Chartered Part 3 – The differences between PCIAM and AF4 will be posted on our blogs page next week – watch this space!