IFS DipFA Fact Find exam 7th July 2016

The Fact Find for the next exam has just been released, and there is plenty to get your teeth into!

What is covered?

The fact find covers a wide variety of topics, such as;

  • Inheritance Tax Planning
  • Final Salary Pensions
  • Investment Planning
  • Ethical Investments

and more, all to be researched and then written up in a 3 hour exam.

As always, there may also be areas or information missing or incomplete, which you will be expected to spot and account for, followed by some amendments on the day.

What does the exam look like?

Remember, the exam is there to test your knowledge, understanding, and crucially the application of that knowledge to the client’s situation and needs.

You will have to write or type out a full Suitability Report from scratch in three hours.  Whilst the report may not fully resemble a ‘real life’ report, (it is after all an exam) that is a tall order.

A good thing to remember is that you need to explain your recommendations, and why they are suitable for the clients, even if it seems ‘obvious’.

How should you prepare?

Research and Practice!

Reading and studying the required areas covered in the Fact Find is essential. Web searching the basics and then following up with the IFS Study Topic Folders is useful for most candidates.

Then once you have formulated some solid recommendations practice delivering your report in the 3 hour limit.

Remember though that anything can come up as an amendment on the day if the subject is in the syllabus!

Where can I get help?

For those looking to gain extra support on top of the IFS help and guidance, Futuretrend are running online courses and a one day course in London on 11th June 2016

However you choose to study, Good Luck to all those engaging with this exam!

Paul Davis

IFS DipFA Coursework July 2016 A Five Point Guide to get you started…

Ok, so you’ve looked at your Coursework questions…what next?

First thing is to try and get your head around the main report question.  You need to consider how to draft a business report aimed at the MD of a company that has almost no employee benefits and wants to introduce an Auto-Enrolment pension, plus other potential benefits.  Think about what do you want to know about, and also what do they need to know about?  The question is very helpful here as it lists several points of required information for you.

Second, think about the structure of the report.  Based on my experience, a lot of candidates struggle here.  The Executive Summary has thrown some people.  You can search online for a simple “how to” on this.

Here’s a link I found to a really helpful detailed explanation of what a good executive summary should look like.  

Then think about having a report title, some chapters (with chapter headings!), and work out what each chapter will cover.  Tidy up at the end with a neat summary.

Third think about references.  The referencing has been massively simplified by the IFS, and the new approach is a welcome change of direction, as it will help candidates focus on the actual work rather then spend hours trying to format a full academic bibliography.  But you still need references!  Best to think about this as you go along…

Fourth, think about technical knowledge.  What do you know about stakeholder pensions?  Auto-enrolment?  Employee Benefits?  Costs?  Tax implications for the employer?  Tax implications for the employee?  Bound to be some areas you don’t know much about – best get studying!

Five, when going on to the short answer questions, remember they do not need referencing, or long introductions.  Most short questions in the Coursework can be covered using bullet points or short sentences.  They are called short questions for a reason!

Need more help?

If you are looking for more help, you can consider the Futuretrend online DipFA Coursework course, which I am running, and / or also the IFS tutors as well if you are signed up for them.

Good Luck!

Paul Davis, BA (Hons), Cert. Mgmt (Open), Dip. PFS,

Update on our BA & QA Work Experience Projects

The current project is an ERP (Enterprise Resource Planning) software application for a company that deals with fashion & lifestyle products.
The application is needed for teams in the company that manage multiple consumer brand portfolios consisting of different products that are sold globally. The application includes bespoke requirements for the company itself and would be usable only by designated employees. These employees have been using a spreadsheet for a long time and want this target application to replace the spreadsheet and also do much more than what the spreadsheet does.

The application is divided into multiple modules – Administrator module, where the Admin creates User profiles, Brand profiles, assigns permissions and restrictions to users based on their roles.
Actionlist Module-  This is where the business activities related to marketing, advertising & promotion are handled by the users.
Reports module- This module deals with generation of reports of various types that display the information in the form of graphs/charts to the users.
In this project, the trainee Business Analysts have accomplished end to end tasks of a BA- from Analysis to Sign-off of the documents.

The tasks they have worked and completed are:

– Elicit & analyze project requirements

– Facilitate Client meetings & interactions

– Interview and clarify project expectations with the client

– Create Product backlog

– Define Business Requirements and create Business Requirements Documents

– Define Scope of the project

– Create Functional Requirements Document (FRD)

– Create Use Case Model based on users and functions identified

– Design Process flow for the project

– Create elaborate Use Cases & User stories

– Design Wire frames/mock-ups

– Get the documents/artifacts reviewed by Client

– Update documents based on Client’s inputs

– Understand the Testing process and create Test cases

– Get all project requirements frozen and BA documents signed  off by the Client.

QA’s Quality Assurance analysts
were involved in

Test Planning,
Test Scripting,
Test Execution,
Defect Reporting and Tracking
Test Result and Completion reporting etc.
There is a new project in the pipeline and is expected to kick-off in mid June. It deals with the trading and auctioning of seafood and aquatic products in the international market. This project would actually demand the Business Analysts and Software Testers involved to exhibit their skills to the fullest as it is a complex application. Those who are familiar with subjects like trading, e-commerce, auctions will find it quite interesting and those that aren’t will be gaining valuable experience in a new domain.

For more details of what our work experience and mentoring program involves please visit  our dedicated web page for this here:
http://www.careertesters.com/work-experience-mentoring.html

A new Test Automation book from our Tutors Tanvi & Bis

Tanvi and Bis have been busy indeed!  Apart from holding down demanding IT Consultant  roles, teaching engagements all over the place… they’ve still found the time to write a book!

This book aims to help Software Test professionals to master Selenium WebDriver programming fundamentals in Java platform and also covers efficient Test Automation Framework creation using Page Objects and JUnit.

Authors Biswajit Nanda and Tanvi Nanda believe mastering Selenium Web Driver is possible by learning important methods provided by Selenium Web Driver and practicing those in examples. Once the methods are mastered, learning frameworks using tools like Junit and framework design methodologies like Page Object Model becomes important.

Based on these beliefs and principles, the book first has covered most of the common and important methods for achieving various automation goals and then has provided guidelines on how to establish a Page Object Model framework.

Click on the pic opposite to check the book out on amazon or click here

New Work Experience and Mentoring Project for Business Analysts and Software Testers

…coming soon

We are currently rounding up our ERP Project which started  in March. The students  and their  Project Manager (Chetan) have worked very hard on this and  a lot has been learnt. We’re now looking forward to the new project which will kick off on May 9th.Project Charter

Details will be published soon.

 

We are now taking registrations from aspiring Business Analysts and Quality Assurance Analysts for this programme. If you want to be part of this exciting team please sign up before April 30th 2016.

For more details of what our work experience and mentoring program involves please visit  our dedicated web page for this here:
http://www.careertesters.com/work-experience-mentoring.html

New Work Experience and Mentoring Project for Business Analysts and Software Testers

This will be an ERP Project  – Enterprise Resource Planning tool for marketing & tracking consumers commencing 21.3.2016

The project is about developing an application that will be used by Marketing, R&D and Advertising personnel within a reputed designer/lifestyle company.
Designated employees of different departments, i.e. marketing, brand managers etc would use the application to track activities of users around the world.

We are now taking registrations from aspiring Business Analysts and Software testers for this programme. If you want to be part of this exciting team please sign up before March 20th 2016.

For more details of what our work experience and mentoring program involves please visit  our dedicated web page for this here:
http://www.careertesters.com/work-experience-mentoring.html

New Business Analysis Mentoring Cohort

Registration for the next Business Analysis mentoring programme is now opened. For this cohort,

participants will work online to build an  Ecommerce training site like www.theknowledgeacademy.co.uk in a waterfall/agile model over 3 months.

This programme will cover the entire system development life cycle, from Business Analysis to Solution Architecture through to Software Testing. To see more about how this programme works please visit http://www.careertesters.com/business-analyst-mentoring.html

Mentoring start date: 6th Feb 2016

Note:This programme is suitable for those that have done our Business Analysis Essentials Training Course or have equivalent knowledge/Experience

Seasons Greetings from all at Futuretrend

seasonsgreetingsFuturetrend would like to wish all our students and followers the very best this festive season.

As we wind down towards the holiday season, we’d like to take this opportunity to express our greetings for the year to come. We’re looking forward to 2016 already!

As always the team are available via email if you need to contact us urgently.

CeMAP questions from our virtual learning zone (Item 2)

Every month we go through our CeMAP forums at http://www.cemap123.co.uk (which our students have access to as part of their CeMAP Training programme) to see what interesting queries have been posted.

Here is this months CeMAP query from Dave S:

Question:
Hello,
Can anyone please explain top slicing in plain English, perhaps with an example of how it would be calculated in a real life situation?

Dave

Hi Dave

Top slicing – The good news is that for CeMap you won’t be required to work out top slicing – it can be too complicated !!!

Essentially, with an Investment Bond, whereas one would think that any gain from the Bond would be subject to Capital Gains tax, it is in fact subject to income Tax!! The capital gain is calculated and then divided by the number of years that you have held the Bond – this is then added to your income over the preceding years. Too complicated – don’t need to know it – just remember that any gain is subject to income tax and not CGT.

Hope this helps

David Airs
CeMAP Trainer

Re: Top slicing

That’s a relief! Thank you David.

IFS DipFA Coursework (July 2015) – Baked Beans and Trains!

IFS DipFA Coursework (July 2015) – Baked Beans and Trains!  

 In financial services, we often take normal everyday words and convert them into jargon.  So it is with Platforms, Wraps and Supermarkets.  It’s nothing to do with travelling by train or buying baked beans!  It has, of course, everything to do with advising retail clients on investment and pension solutions.

This is a very useful and relevant essay for candidates taking the current Coursework assessment with the IFS, as the platforms, wraps and supermarket investment approach is now the norm for many adviser firms and their clients.

What are they?  The FCA has a useful definition for you;

“…online services, used by intermediaries (and sometimes consumers directly) to view and administer their investment portfolios…”

You are asked to explain what these are for the readers of an accountancy practice’s quarterly magazine.

It’s really an essay!

As always with the Coursework, this is really an essay set at QCF Level 4, which is roughly the equivalent of an essay required during the first year of a degree course.

However, it is not enough just to know what these things are!  You will have to make the essay read-able, with a solid structure and avoid over-emphasis on client-unfriendly jargon.  As will all Level 4 study, you need to show the examiner that you understand the products and can apply that knowledge in order to demonstrate understanding.

Start Your Research!

There is a lot of potential research available.  You could do worse than start by actually checking through the IFS Study Folders which has some information on platforms, as well as different types of investments and the tax treatments of such.  There is a huge amount of online research available – maybe start by checking the Money Advice website and searching for ‘platforms’; or by looking into one of the many online investment platforms that advertise widely, such as Hargreaves Lansdown, or Transact.  (These are just examples and there are many more!).

Need more help and guidance?
Anyone looking for additional help in this area can sign up for our  DipFA Coursework distance learning course