by Paul Davis<\/p>\n
IFS DipFA Exam (date 10\/10\/13)<\/b><\/p>\n
Some pointers…<\/b><\/p>\n
The Fact Find presents us with a fictional scenario for a Mr and Mrs Clark.\u00a0 In my opinion the scenario and advice requirements in this exam are actually fairly close to many \u201creal life\u201d cases that many Advisers may have seen during their career.\u00a0 Additionally, the Fact Find presents a number of challenges for students, mainly around the retirement objective and the interest only mortgage, amongst others.<\/p>\n
However, regardless of how life-like or not Students may feel the scenario is; it is of course actually there to test your knowledge, and crucially, the application of that knowledge to the client\u2019s circumstances and the suitability of your advice.<\/p>\n
This blog summarises some of the key issues students will need to consider for this exam, and some pointers that students may find useful to review and refresh themselves of in addition to other study \u2013 this blog is not a comprehensive guide to the exam but should get you started.<\/p>\n
As always, a solid understanding of taxation is required.\u00a0 Anyone not fully clued up on the tax treatment of income and investments should immediately head to the IFS Study Folders (issued by the IFS when they started the DipFA course), and look up the Taxation folder. \u00a0This is particularly crucial as Mr Clark is a high earner.<\/p>\n
Additionally, in preparation for one of our courses, some of the required subject specific areas to consider for further study are;<\/p>\n
This is most definitely not a comprehensive list, and of course don\u2019t forget, anything in the syllabus can be considered relevant for the exam.\u00a0 The amendments on the day can cover any issue covered in the Study Folders, or related to these areas.\u00a0 Students would be well advised to at least<\/i> review the sections of the Study Folders for areas of advice they are not familiar with prior to the exam itself.\u00a0 According to recent Examiner\u2019s reports, many students are missing out on marks as a result of not sufficiently addressing the amendments on the day.\u00a0 If there are gaps in your knowledge compared to the syllabus, you run the risk of being caught out!<\/p>\n
Further support can be found by booking attendance at one of Futuretrend\u2019s Dipfa courses<\/a>, or \u00a0requesting info about the remote support option.<\/p>\n Good Luck.<\/p>\n Paul Davis, Dip. PFS, Futuretrend Tutor.<\/p>\n