Students at Edinburgh University School of Law have become the first students in the UK to study the Financial Planning Certificate 1 (FP1), as part of the financial services module of their Legal Diploma.
Moreover, results achieved by the 116 students at the end of last year suggest all but three passed the financial services and regulation mobule of the Financial Planning Certificate with an average pass rate of 97.4% - substantially higher than the current UK standard of 62.2% within the financial services community, according to the Chartered Insurance Institute.
Such high marks are largely as a result of the training methods, suggest Elaine Tyre, deputy director of the Edinburgh University diploma course as students adopted the ed. LEARN software produced in a collaboration between the CII and the Life Insurance Association.
"The students loved ed. LEARN. They could work at their own pace and would frequently go online for twenty or thirty minutes between lectures. And, if there was something they were unclear about they were be able to go back and look it up, without appearing stupid," says Tyre.
Including FP1 is only a small step towards completing the FPC examinations, points out Eduinburgh University, however, officials believe those students who completed the first stage of the three-pronged FPC exam – currently required as a minimum standard for any individual who wishes to become a financial adviser – will complete FP 2 and 3 once in employment at private client practices.
What do you think this communicates about the current standard of FP examinations? Are exams too easy? Does the content reflect the knowledge of advisers? Or is this a sign of improving knowledge and standards?
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