IFS DipFA Fact Find exam date 10\/04\/14<\/b><\/b><\/p>\n
Some pointers\u2026<\/p>\n
The Exam due for the April provides a relatively straight forward financial planning scenario, based as it is on a single fictional client, Alexander Eyre.<\/p>\n
Many of the issues present in the exam are very similar to \u201creal life\u201d scenarios so the IFS have provided a suitable exam challenge for students looking to qualify as financial advisers.<\/p>\n
However, as in all fact find exams, regardless of how \u201clife like\u201d or not the exam is, the scenario is actually there to test your knowledge, and crucially, the application of that knowledge, to the client\u2019s circumstances, needs and objectives.<\/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.\u00a0 This is particularly crucial as Mr Eyre has both self employment and paid employment income, as well as various liquid assets already accumulated.<\/p>\n
Additionally some specific areas to consider are;<\/p>\n
Trust Rules and taxation plus Trust investment planning<\/p>\n
Retirement planning<\/p>\n
Needs based Protection planning<\/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\u00a0at least<\/i>\u00a0review 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\u00a0Futuretrend\u2019s DipFA courses<\/a>.<\/p>\n Paul Davis, Dip. PFS, Futuretrend Tutor.<\/p>\n