IFA qualifications
Independent financial advisers (IFAs) need to pass examinations on a wide variety of financial and regulatory subjects to ensure that they improve their knowledge and stay up to date. There are many different qualifications that an IFA can hold. Unbiased.co.uk lists below the qualifications to help you understand what they are. Most qualifications have been through the national Qualifications and Credit Framework (QCF) to establish the level of the qualification. Unbiased.co.uk only lists qualifications that are on the Financial Services Authority (FSA) appropriate examinations list which allows registered individuals to provide financial advice.
- QCF Level 3 qualifications are equivalent to A-level standard. This is the minimum level of qualification that an IFA needs to currently hold.
- QCF Level 4 qualifications are the equivalent of components in a degree and this is the level IFAs need to achieve under the future Retail Distribution Review (RDR).
- QCF Level 4 + qualifications are at a higher level than components of a degree. Examining bodies offer advanced examinations at QCF levels 5, 6 and 7. Universities award financial services degrees, post graduate masters and PhDs and as a guide a PhD is at the highest QCF level - QCF level 8. Unbiased.co.uk has grouped the examinations that are QCF level 4+. Your IFA can explain in more detail the exams and designations they hold.
When you use the search tools to find an IFA in your local area, you’ll find that there are some useful options. You can specify what type of advice you’re looking for, and whether or not you’d like the results to only show IFAs with higher levels of qualification. Every IFA will be happy to tell you about their qualifications, designations, experience and area of expertise.
The awarding bodies and qualifications / designations listed on the unbiased.co.uk website
Chartered Insurance Institute
| Abv. | Name | Description | Level |
|---|---|---|---|
| ACII | Associateship Examination | Associate members are those who have gone on to secure more advanced qualifications by completing the Advanced Diploma in Insurance or its predecessor the Associateship. This shows a commitment to continuous professional development. | QCF4+ |
| AdvDipIP | Advanced Diploma In Financial Planning | This qualification enables professional advisers to develop specialist planning capabilities, covers topics like: personal tax and trust, business financial, pension and investment planning. | QCF4+ |
| AF1 | Personal Tax and Trust Planning | This examination assesses the candidate to develop in depth financial planning skills related to personal tax and trusts. | QCF4+ |
| AF2 | Business Financial Planning | This examination assesses the candidate to develop in depth financial planning skills related to business. | QCF4+ |
| AF3 | Pension Planning | This examination assesses the candidate to develop in depth financial planning skills related to personal and corporate pensions. | QCF4+ |
| AF4 | Investment Planning | This examination assesses the candidate to develop in depth financial planning skills related to investments and the management of investment portfolios. | QCF4+ |
| AF5 | Financial Planning Process | This examination assesses the candidate to develop an understanding of the financial planning process when giving advice to clients. | QCF4+ |
| AFPC | Advanced Financial Planning Certificate | In order to have completed this qualification, individuals were required to obtain three units. These could have been selected from any combination of the available units at that time but must have included the compulsory G10 unit - Taxation and Trusts. | QCF4+ |
| ALIA Dip | Associate | Associate members are those who have gone on to secure more advanced qualifications by completing the Advanced Diploma in Insurance or its predecessor the Associateship. | QCF4+ |
| CF2 | Investment and Risk | This examination assesses a knowledge and understanding of investment products and the risks involved. | QCF3 |
| CF3 | Financial Protection | This examination assesses a knowledge and understanding of financial protection plans. | QCF3 |
| CF4 | Retirement Planning | This examination assesses a knowledge and understanding of the various pension products, the pension tax regime and retirement needs. | QCF3 |
| CF6 | Certificate in Mortgage Advice | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, mortgage products, repayment options and the giving of mortgage advice. | QCF3 |
| CF7 | Certificate in Financial Planning and Lifetime Mortgage Activities | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, lifetime mortgage products, repayment options and the giving of mortgage advice. | QCF3 |
| CF8 | Certificate in Financial Planning and Long-Term Care Insurance | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, long term care insurance products and the giving of long term care insurance advice. | QCF3 |
| CF9 | Pensions Simplification | This examination assesses a knowledge and understanding of the Government’s simplified pension taxation regime which came into full effect on 6 April 2006 (A-Day). Eight tax regimes for pensions were reduced to one, radically affecting planning and transactions. | QCF3 |
| Chart FP | Chartered Financial Planner | Having achieved the APFS designation, advisers can go onto to achieve this recognisable benchmark of quality and ethical practice for financial services professionals, elevating financial planning and advice in the public eye to the same standing as other Chartered professions. The holder must demonstrate a combination of experience, financial qualifications, ongoing educational activity (continuous professional development) and ethical behaviour. | QCF4+ |
| DipFP | Diploma In Financial Planning | This qualification develops advanced technical knowledge and understanding across a broad range of key advisory areas. | QCF4+ |
| ER1 | Equity Release | This examination assesses a knowledge and understanding of the different types of equity release products, risks to the consumer associated with equity release and application of suitable equity release solutions according to the circumstances of different customers. | QCF3 |
| FCII | Fellow Membership | Fellowship of the CII is universally regarded as the premier qualification for those working in the insurance industry. This shows a commitment to continuous professional development | QCF4+ |
| FLIA Dip | Fellow | Fellowship of the CII is universally regarded as the premier qualification for those working in the insurance industry. | QCF4+ |
| G10 | Taxation and Trusts | This examination assessed a knowledge and understanding of the UK tax system, the law and practice of trusts, but also an ability to advise individual clients on the tax treatment of their investments and the use of trusts to meet their current and foreseeable future needs. | QCF4+ |
| G20 | Personal Investment Planning | This examination assessed a knowledge and understanding of investments and an ability to advise individual clients on the construction of investment portfolios to meet both their current and foreseeable future needs. | QCF4+ |
| G30 | Business Financial Planning | This examination demonstrated that the individual has a knowledge and understanding of all financial planning aspects of running a business and an ability to advise clients appropriately. | QCF4+ |
| G60 | Pensions | This examination enhanced general pension knowledge, particularly in pension transfers and opt-out business. | QCF4+ |
| G70 | Investment Portfolio Management | This qualification assessed a knowledge and understanding of portfolio investment management. | QCF4+ |
| G80 | Long-Term Care, Life and Health Protection | This AFPC module provided an advanced knowledge of life and health protection. The October 2004 examination qualified the individual to advise on long-term care insurance. | QCF4+ |
| GR1 | Group Risk | This examination assesses an understanding of group risks, including the operations of such schemes and their features and taxation. | QCF3 |
| H15 | Supervision and Sales | This examination assessed specialist supervisory knowledge and skills in the regulatory environment. | QCF4+ |
| H25 | Holistic Financial Planning | This examination assessed knowledge and understanding to analyse and evaluate a client’s circumstances and financial needs and produce a holistic financial solution based on an in-depth knowledge of financial services products. | QCF4+ |
| HR1 | Home Reversion Plans | This examination assesses a knowledge and understanding of the legislative and regulatory position of home reversion plans and their place in the advice process. | QCF3 |
| J01 | Personal Tax | At the end of this unit, candidates should be able to demonstrate an understanding of: the basic structure of the tax system and self-assessment; the main taxes on income and capital that may be charged on individuals, the self-assessment system and how tax liabilities are computed; impact of residence and domicile on an individuals liability to UK tax. | QCF4 |
| J02 | Trusts | At the end of this unit, candidates should be able to demonstrate an understanding of the: legal principles associated with the creation and management of a trust; main types of trusts that are common in the UK; taxation considerations relevant to trusts. | QCF4 |
| J03 | The Tax and Legal Aspects of Business | At the end of this unit, candidates should be able to demonstrate an understanding of: the main legal forms of business and how they are set up and managed; the consequences of bankruptcy or insolvency; business accounts and financial controls; the taxation of each type of business entity, its owners and employees; the main legal responsibilities businesses have to employees, suppliers and customers. | QCF4 |
| J04 | Pension Funding Options | At the end of this unit, candidates should be able to demonstrate an understanding of the: main tax and legal frameworks that govern the accumulation phase of building up retirement benefits under registered pension schemes; features of defined contribution and defined benefit pensions; choices faced by early leavers and use of transfer value analysis; State retirement benefits available, including the risks and suitability of contracting out of the State Second Pension. | QCF4 |
| J05 | Pension Income Options | At the end of this unit, candidates should be able to demonstrate an understanding of the: process of decumulating pension funds and the main issues for clients and advisers; main choices facing members of pensions schemes during decumulation; features, risks and tax treatment of the secured pension option; features, risks and tax treatment of the unsecured pension option; features, risks and tax treatment of phased retirement; features, risks and tax treatment of the alternatively secured pension option. | QCF4 |
| J06 | Investment Principles, Markets and Environment | At the end of this unit, candidates should be able to demonstrate an understanding of: how the economic environment and individual company performance affects investment performance and investment decision making; how risk is measured and managed; the main principles governing how to construct an investment portfolio; the range of investment management services, how their performance is evaluated and their regulatory environment. | QCF4 |
| J07 | Supervision in a Regulated Environment | At the end of this unit, candidates should be able to demonstrate an understanding of: the supervisors role in a regulated organisation; recruitment, training, attaining competence, maintaining competence and supervising competence; management information and performance standards; Financial Services Authority rules and guidelines in respect of competence and supervision; the legal and regulatory aspects of employment and supervision. | QCF4 |
| K10 | Retirement Options | This examination assessed knowledge and understanding of income generating options and applying the knowledge to retirement planning situations. | QCF4+ |
| K20 | Pensions Investment Options | This examination assessed knowledge and understanding of the range of investments available for planning of pensions and to be able to apply the construction of a pension portfolio management for a client. | QCF4+ |
| MAQ | Mortgage Advice Qualification | This qualification assessed the knowledge and understanding of the UK regulation environment in the financial services industry together with types of mortgage products and repayment options and the giving of mortgage advice. | QCF4 |
| RegDipFP | Regulated Diploma in Financial Planning | This qualification assesses a knowledge and understanding of the UK Financial services, regulation and ethics, investment principles and risk, personal taxation, pensions and retirement planning, financial protection and financial planning practice. | QCF4 |
| R01 | Financial Services, Regulation and Ethics | This qualification assesses a knowledge and understanding of the financial services industry, including regulation, legislation and the Code of Ethics. | QCF4 |
| R02 | Investment Principles | This qualification assesses a knowledge and understanding of investment products and the application of the investment advice process. | QCF4 |
| R03 | Personal Taxation | This qualification assesses a knowledge and understanding of the UK taxation system, and the ability to analyse the taxation treatment of individuals and trusts during the investment advice process. | QCF4 |
| R04 | Pensions and Retirement Planning | This qualification assesses a knowledge and understanding of an ability to analyse pension and retirement planning issues. | QCF4 |
| R05 | Financial Protection | This qualification assesses a knowledge and understanding of an ability to analyse financial protection planning issues. | QCF4 |
| R06 | Financial Planning Practice | This qualification helps advisers develop and demonstrate their financial planning capabilities. | QCF4 |
| SV1 | Saving and Investments | This examination assessed the knowledge and understanding of economic factors that affect risk from different investments, product features and regulatory framework of retail investments, taxation liabilities and portfolio planning. | QCF4 |
Personal Finance Society (PFS)
| APFS | Associate, Personal Finance Society | To achieve the Associateship grade, individuals would be required to have 6 AFPC (Diploma) units or equivalent. This shows a commitment to continuous professional development. | QCF4+ |
| Dip PFS | Personal Finance Society Diploma | To achieve DipPFS individuals must achieve 140 credits. At least 80 credits must be at Diploma or AFPC level. | QCF4 |
| FPFS | Fellow, Personal Finance Society | To achieve the Fellowship grade, individuals would be required to have 10 AFPC (Diploma) units or equivalent. This shows a commitment to continuous professional development. | QCF4+ |
ifs School of Finance
| ACIB Pre1996 | Associate of the Chartered Institute of Bankers | This qualification assessed the knowledge and skills to enhance the career and promotion prospects of those aspiring to middle and senior management positions. | QCF4 |
| Adv CeMAP | Advanced Certificate in Mortgage Advice and Practice | This qualification allows mortgage professionals to become qualified in more specialist areas such as supervising in a regulated environment, alternative residential learning and customer care. | QCF4 |
| AFA | Advanced Financial Advice | This unit concentrates on products, services and legislation that inform the financial planning and advice process. | QCF3 |
| CAifs | Chartered Associateship | Associate members are experienced alumni members who have successfully completed an ifs BSc (hons) degree or Associateship qualification and undertaken a programme of post-qualification Continuing Professional Development. | QCF4 |
| CeCM | Certificate in Commercial Mortgages | This unit covers common types of products and schemes, the legal and regulatory framework, factors affecting the value of commercial property, risk management in the various commercial sectors, information gathering, affordability, suitability and breaches of payment. | QCF3 |
| CeLM | Certificate in Lifetime Mortgages | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, mortgage products, lifetime mortgage products and the giving of mortgage advice. | QCF3 |
| CeLTCI | Certificate in Long-Term Care Insurance | This qualification assesses a knowledge, understanding and application of the different types of long-term care insurance. | QCF3 |
| CeMAP | Certificate in Mortgage Advice and Practice | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, mortgage products, repayment options and the giving of mortgage advice. | QCF3 |
| CeRCC | Certificate in Regulated Customer Care | This qualification assesses a knowledge and understanding of the regulatory and practical implications of the Treating Customers Fairly initiative. | QCF3 |
| CeRER | Certificate in Regulated Equity Release | This qualification assesses a knowledge and understanding of the principles of equity release, the different types of schemes available and the circumstances where equity release is an appropriate solution for the customer. | QCF3 |
| CeRGI | Certificate of Regulated General Insurance | This qualification assesses a knowledge and understanding of the general insurance environment, its products and the manner in which the industry is regulated. | QCF3 |
| CIB Pensions | Pensions Paper | This examination assesses the knowledge and understanding of the different types of pensions and annuities and their uses and applications. To compare analytically and contrast different types of pensions and annuities in the context of giving proper advice. | QCF3 |
| DipFA | Diploma for Financial Advisers | The Diploma enhances knowledge in core areas such as regulation, investment principles, risk, taxation and personal financial planning using real-life scenarios to develop the essential skills to apply this technical knowledge in practice | QCF4 |
| FRSE | Financial Services, Regulation and Ethics | This qualification assesses the understanding of the commercial and regulatory financial services environment, the role and legal obligations of regulated advisers and key concepts of risk and ethics. | QCF3 |
| PIC | Professional Investment Certificate | This qualification assesses the knowledge and understanding to advise clients on specialised financial products. | QCF4 |
Chartered Institute of Bankers in Scotland (CIOBS)
| ACIBS | Associate of the Chartered Institute of Bankers in Scotland | This qualification assesses the knowledge and skills to enhance the career and promotion prospects of those aspiring to middle and senior management positions. | QCF4 |
| CIP | Certificate in Investment Planning | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry together with packaged products (pensions, protection and savings and investments) and the giving of investment advice. Chartered Institute of Bankers in Scotland (CIOBS) qualifications are subject to a separate grading with the Scottish Credit and Qualifications Framework (SCQF) - www.scqf.org.uk | QCF4 |
| CMAP | Certificate in Morgage Advice and Practice | This qualification assesses the knowledge and understanding of the UK regulation environment in the financial services industry together with various types of mortgage products and repayment options and the giving of mortgage advice. Chartered Institute of Bankers in Scotland (CIOBS) qualifications are subject to a separate grading with the Scottish Credit and Qualifications Framework (SCQF) - www.scqf.org.uk | QCF3 |
| DipIP | Diploma In Investment Planning | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry together with packaged products (pensions, protection and savings and investments) and the giving of investment advice. Chartered Institute of Bankers in Scotland (CIOBS) qualifications are subject to a separate grading with the Scottish Credit and Qualifications Framework (SCQF) - www.scqf.org.uk | QCF4+ |
| LMAPC | Lifetime Mortgage Advice and Practice Certificate | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, lifetime mortgage products, repayment options and the giving of mortgage advice. | QCF3 |
| MAPC | Mortgage Advice and Practice Certificate | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, mortgage products, repayment options and the giving of mortgage advice. | QCF3 |
| MAPC | Mortgage Advice and Practice Certificate (Equity Release) | This qualification assesses a knowledge and understanding of the UK regulation environment in the financial services industry, equity release mortgage products, repayment options and the giving of mortgage advice. | QCF3 |
CFA Society of the UK (CFA)
| CFA | CFA Program | The CFA Program has been described as the gold standard qualification for the investment industry. This program thoroughly covers a broad range of investment topics including asset valuation, financial mathematics, corporate finance and portfolio management | QCF4+ |
| IMAAQ | Investment Management Asset Allocation Qualification | This qualification assesses the knowledge and understanding of portfolio investment management. | QCF3 |
| IMC | Investment Management Certificate | This qualification assesses a knowledge and understanding of portfolio investment management. If passed before September 2010 QCF 3 after then QCF 4 | QCF3 or QCF4 |
Chartered Institute for Securities & Investment (CISI)
| Cert IM | Certificate in Investment Management | This qualification assesses a knowledge and understanding of portfolio investment management. | QCF3 |
| CISI Diploma | CISI Diploma | This postgraduate finance qualification covers the areas of securities, investment, compliance, derivatives, corporate finance and operations. It provides flexibility and choice, enabling candidates to concentrate on areas relevant to their chosen career path. | QCF4 |
| CISI Masters | CISI Masters Programme (Wealth Management) | This qualification offers a postgraduate level specialist qualification encompassing the breadth of knowledge needed to provide a high quality service to clients. | QCF4 |
| IA | Investment Advice | This Diploma covers Regulation, Ethics, Investment Principles, Risk and personal Taxation. Specialist units cover advising in Securities, Derivatives and Packaged Products. | QCF4+ |
| MSI | Diploma | This qualification assesses the knowledge and understanding in areas selected from securities, investment, compliance, derivatives, corporate finance and operations. | QCF4+ |
| PCI | Certificate in Investment Management | This qualification assesses an understanding of the foundations of investment management: accounting, economics and financial mathematics, as well as of the various asset classes and the financial markets so that they can apply these subjects to the fundamentals of investment management - investment analysis, portfolio management and performance measurement. | QCF3 |
| PCIAM | Private Client Investment Advice and Management | This qualification assesses a broad understanding of the principles of private client investment within the context of the current regulatory environment. | QCF4+ |
Institute of Financial Planning (IFP)
| CFP | Certified Financial Planner | An internationally recognised financial planning credential. The holder must demonstrate a combination of experience, financial qualifications (usually AFPC/DipPFS) or equivalent, an IFP assessment, ongoing educational activity (continuous professional development) and ethical behaviour. | QCF4+ |
| FIFP | Fellow Examination | Fellow members will have passed the Institute’s fellowship examinations and have demonstrated five years relevant experience. | QCF4+ |
Pensions Management Institute (PMI)
| APMI | Associate, Pensions Management Institute | The aim of the examinations is to provide Associates with the professional knowledge and skills required to undertake, after sufficient experience, a position as a pensions specialist. | QCF4+ |
| FPMI | Fellow, Pensions Management Institute | Fellow members will have completed five years as an Associate Member and met the continuing professional development requirement for the last three years. | QCF4+ |
Scottish Qualification Authority (SQA)
| DipPFA | Diploma in Professional Financial Advice | This qualification assesses a knowledge and understanding of the financial services industry including: regulation and ethics, personal taxation, investment principles and risk, pensions and retirement planning, financial protection. | QCF4 |