# How to become a financial advisor?



## colc1 (23 Feb 2006)

Could someone please recommend a good course if you wanted to get into financial advising?  

Thanks in advance


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## Fuzzy (23 Feb 2006)

the QFA diploma (qualified finanical advisor) would be useful. I think this course can be done with Institute of Bankers.


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## CCOVICH (23 Feb 2006)

QFA is pretty much the minimum.


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## colc1 (23 Feb 2006)

How long is this course?


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## jpd (23 Feb 2006)

Loads of info at [broken link removed]

You have to sit a 4 part exam & exams are twice a year (Jan and May/June). 

In theory, you could sit all 4 parts in one go but most people would take 1-2 years to complete.


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## colc1 (23 Feb 2006)

Thanks very much guys much appreciated!  I didnt see anything about costs relating to doing the course, i.e. fees, etc. any ideas?   I would be thinking of doing it by home study if I do it


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## CCOVICH (23 Feb 2006)

It's pretty much self study, there are tutorials that are a waste of time (for QFA 1 anyway). It won't require a huge amount of effort to get through the first few.

To sit certain exams and retain QFA status, I think that you have to be a member of the [broken link removed], , or the [broken link removed].

Costs vary-QFA 1 is €310 currently.

If this is work related, ask your employer if they will pay some or all of the costs.


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## Potblack (23 Feb 2006)

You must be a member of the LIA www.lia.ie IOB  or the Insurance Institute www.insurance-institute.ie
From what I recall a lot of the Broker Market, Financial Advisors and Life insurance market tend to be members of the LIA.

As a QFA you must then do CPD, Continious Professional Development and the LIA/IOB have launched an online CPD website so people can do this from thier own computer [broken link removed]
.


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## colc1 (23 Feb 2006)

CCOVICH said:
			
		

> It's pretty much self study, there are tutorials that are a waste of time (for QFA 1 anyway). It won't require a huge amount of effort to get through the first few.
> 
> To sit certain exams and retain QFA status, I think that you have to be a member of the [broken link removed], , or the [broken link removed].
> 
> ...


 
How do you become a member of LIA, IBI or the insurance institute, can anyone join them?  €310 is very good value it sounds to me, though I dont think my job (civil service) will cover it, not really job related   thanks everyone for your help, thanks ccovich


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## CCOVICH (23 Feb 2006)

Just follow the links, I don't know if you have to be employed by a relevant firm to qualify, but you may well have to be.

Best of luck.


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## colc1 (8 Mar 2006)

Do people know to what level you have to go, i.e. QFA 1, 2, 3, etc. before you really can start practising as a self-employed advisor?


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## Potblack (8 Mar 2006)

At present you do not have to do the QFA exams to become a Financial Advisor. However the Financial Regulator recently issued a paper (CP 14)on proposed minimum competency requirements which they intend to introduce in 2007. Details can be found on thier website [broken link removed] (under consultation papers)

In this case, you must complete all modules of the QFA 1-4 to obtain the qualification (or hold an eqv qualification) to meet the Financial Regulators requirements.

If you have no experience in the Financial Service area, I would recommend that you start by enrolling for a qualification (QFA or another) and seek a position within a firm where you can gain experience.


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## Betsy Og (8 Mar 2006)

You dont need to be with a particular firm to become a QFA. Its going from 4 parts to I think 6 in the Summer, so if you want to get on the 4 parts I think you have to apply by July.

Have 1 & 2 in the bag - 2 easier than 1. Handy enough so far compared to other professional exams.

Re actually practising, if on your own then fairly sure you'd need full QFA first, and then of course authorisation as Multi-Agency Intermediary or Authorised Adviser etc. Illegal to attempt to provide this service with authorisation - and of course you wouldnt be eligible to get commissions from any institution you might point someone toward.

I think you'd need to work somewhere for a wee while first, just to get into the swing of it - personal opinion only.


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## Lusty (5 Jul 2006)

Hi Betsy Og

Seriously considering doing the QFA Qualification now in september.  How are you finding it so far?  Im not working in the industry at the minute but i have been talking to lia and that is not a problem thankfully. 

Is there any advice you can give me?

Lusty


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## Betsy Og (5 Jul 2006)

3 out of 4 down, tackling #4 in September.

Beware Part 1, tricky enough, 2&3 were grand. Try to get through the book in good time so you get to recap over it. Use the exam paper in the couple of days beforehand, write your MCQ answers on a bit of paper (not in the boxes) so you can do more than once (believe me you wont remember all the answers from the first time).

I tend to take the odd shorthand note just to focus the mind and provide a very quick summary (talking maybe 5 A4's in bullet points for each part), but thats just me. I find theres loads of "commonsense" type commentary so you need to pick out the "ooh, didnt know that" bits or you find yourself day dreaming through reams of notes.

Not the worst by any stretch, so far anyway.


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## ixus (6 Jul 2006)

Would it be madness to attempt all of these exams in September? Have been thinking of doing just that.

Think the two MCQ's are on the one day, followed by the other two on the same  day a fortmight later.


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## CCOVICH (6 Jul 2006)

I didn't find the first exam too bad at all after spending one year in the life assurance business.


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## ixus (6 Jul 2006)

Have had  a year in an Asset Finance company, did the Asset Finance cert which included Financial Services Environment. Those exams were handy enough, would like to get a look at some sample QFA exams. Would be able to determine then how much work I'd need to put in.

QFA 1 is MCQ, right? 

Any examples of the type of questions?


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## Lusty (6 Jul 2006)

Ixus

I cant seem to find past papers for QFA 1 though if you go onto the lia website www.lia.ie you can download a full contents list of the subjects you will be studying.

The course is changing now in september instead of 4 modules there will be 6 and the first 5 modules will be 80 MCQ with a pass mark of 60% and the 6th module will be a written exam.

Hope this is useful to you


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## money man (7 Jul 2006)

I was just going through the bankers website...lots of info but basically is the new course going to be harder to pass then the old 4 modules? is there anyway you can enrole for the 4 module course now before september. i am leaving my job next week and woudl be able to study a good bit? I would love to be able to get it in this time but would i be better off waiting ?


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## Betsy Og (7 Jul 2006)

The sense I got was that they werent getting harder, just subdividing (cynical people might suggest a money racket....). I understand that the pass rate is coming down also. 

Plus the fact that all MCQ's except the last whereas under the current format both 3 &4 are written papers.

You would defo, IMHO, need to be on full study leave to get the whole lot in one sitting. Sure whats the panic unless you need it to switch jobs and at that an employer would surely take you on with, say, 2 done and 2 to do.


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## ixus (7 Jul 2006)

money man said:
			
		

> is there anyway you can enrole for the 4 module course now before september.



Just checked this yesterday and the closing date was either last Friday or today. However, i think they would accept you if you payed in full in the next week or two. Ring admin at www.bankers.ie and check.

This is for the exams in September I'm refering to.


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## ranger (8 Jul 2006)

Hi,

I completed the QFA in a little over a year. I did one module every quarter and it worked a treat. It can be done in six months but why put yourself under the pressure. I work in financial services for a big international Co. I have approached a number of companies in relation to financial advising and financial planning jobs and eventhough I'm QFA qualified and have 9 years experiencing in stockbroking and investment banking. But without sales experience(2-3 years field sales) they won't touch you. Tired of all the knock backs I'm I am looking into opening my own FS company.

ranger


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## dubmick (24 Aug 2006)

CCOVICH said:


> It's pretty much self study, there are tutorials that are a waste of time (for QFA 1 anyway). It won't require a huge amount of effort to get through the first few.
> 
> To sit certain exams and retain QFA status, I think that you have to be a member of the [broken link removed], , or the [broken link removed].
> 
> ...



Why are the tutorials a waste of time for QFA 1?


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## CCOVICH (24 Aug 2006)

dubmick said:


> Why are the tutorials a waste of time for QFA 1?


 
In my case, the instructor was just reading from the manual and had no practical experience of the industry.

The QFA 1 exam is MCQ-everything you need to know is in the manual.


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## dubmick (24 Aug 2006)

I am going go to the tutorials on Saturday and Sunday.  I have barely even looked at the manual and the exam is in two weeks.


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## CCOVICH (24 Aug 2006)

dubmick said:


> I am going go to the tutorials on Saturday and Sunday. I have barely even looked at the manual and the exam is in two weeks.


 
Plenty of time IMHO.  Cram.  The hard stuff is in later exams.  QFA1 is fairly basic.


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## patickj200 (5 Dec 2007)

i am looking two start a course in jan to become a financial adviser can anyone help me in finding a course?Thanks


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## sara:) (5 Dec 2007)

The best course is the QFA which you can do in galway which is where you are located i notice. Check with lia to see can you start in jan


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