So, here we are, the Fact Find for the April exam has been released.\u00a0 There are some intriguing aspects to these hypothetical clients\u2019 situations.<\/p>\n
There is a complex arrangement of the client\u2019s financial affairs at death, and some interesting aspects of their current financial affairs.\u00a0 In many ways, the IFS have delivered a more challenging exam than we have seen for a while, yet perhaps this is actually more realistic in terms of how people\u2019s actual financial arrangements are in real life.<\/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 clients circumstances, needs and objectives.<\/p>\n
This blog summarises some of the key issues candidates 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 pensions, 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, as well as the Retirement Planning folder.<\/p>\n
For this particular exam, some key areas 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 Candidates would be well advised to at least 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 candidates 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<\/strong><\/em>\u2026<\/p>\n Further help can be found via Futuretrend\u2019s DipFA fact find training courses.<\/a><\/p>\n