ifs School of Finance Diploma for Financial Advisers, DipFA
Hints and Tips
Financial Planning Principles (FPP)
Objective test comprising 75 multiple choice questions. FPP will be available until end
October 2010.
Pass mark 70%

The three areas that are proving to be the most challenging at present are:
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
Pass rate in the region of 68% (approx 5% achieving a distinction)
Risk – approx 25% of the questions come from this section of the coursebook
(34 pages)
Derivatives
Fixed Interest – Yield Curves
The online materials are broken down into topics. At the foot of each topic is a miniassessment for candidates to self-test. This can provide valuable additional revision.

There are 2 specimen papers available for FPP. Some candidates seem to use
these specimen papers for self testing on a regular basis. However, repeated testing
on the same questions leads to familiarity and therefore a false sense of security.
Only use these papers as mock exams in the last couple of weeks before the exam.
Financial Services, Regulation and Ethics (FSRE)

FSRE is the new objective test element of DipFA and will replace the original FPP.
FSRE has been available to sit at Pearson Vue centres from 1st September 2010.

FSRE comprises 100 multiple choice questions, 90 stand alone and 2 case studies
each with 5 related questions. The pass mark is 70%

As yet, there are no statistical information available due to short period of time and
small number of candidates that have sat (01/09/10 to 20/09/10)

The main differences between FPP and FRSE are less emphasis on risk and wealth
management and a new section added on ethics. Ethics is tested via the stand alone
multiple choice questions and through the case studies.

There is one specimen paper available for FSRE at present with another due to be
released beginning of October 2010.
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Advanced Financial Advice (AFA)

The ifs lists essential reading for AFA, this is really essential assumed knowledge.
Experienced IFAs should make use of the end of unit tests (found on the last few
pages of the Unit &/or Competent Adviser) to establish any gaps in knowledge that
is required. Those candidates new to advising will need to learn all areas of the unit
specification and this is better achieved from reading the texts
provided/recommended by the ifs – and then the end of unit tests.

For the Coursework – candidates should concentrate on the material relevant to the
topic/s given in the coursework assignment.
For the Exam – Candidates are advised to carry out a gap analysis to identify any gaps in
knowledge. Study should not be left until the last minute. The factfind will be available 6
weeks prior to the examination date.
Coursework
Pass Mark 50%

Pass rate in the region of 80%
Candidates are given 16 weeks to complete the coursework element. Those that
have failed have often left their study/research until the last minute and not applying
sufficient time and detail to the task. This is a level 4 qualification and requires
the recommended study hours

The coursework element comprises three short answer questions and a main task
with bibliography requirement.

When using a reference, candidates should not simply quote the text on its own but
should explain by giving it a context. Candidates should refer to the ifs referencing
guidelines to ensure work is compatible with Turnitin, the anti-plagiarism software
used at the ifs for all coursework assignments.

The coursework needs to be in the correct font and spacing, as detailed within the
coursework guidelines. A template is available to candidates in myifslearning.

Candidates will need to complete the headers and footers on the template – see
Appendix for how this is to be done.

The coursework has a specific word count. Please refer to your coursework
assignment and adhere to the instructions given regarding the word count. From
October 2010, the coursework main task will have a maximum word count of 4000
words and examiners will not mark beyond the maximum word count.. There is no
minimum word count as this is left to the discretion of the individual candidate. (For
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more information on how to electronically perform a word count please see appendix
2).

When researching answers for the coursework please make sure that all sources of
information are reputable (Wikipedia for instance will occasionally carry incorrect
information) and that the information is correct for the tax and legal jurisdiction
applicable. Candidates using the internet should click to have pages from the UK
(US pages often have higher hit rates)

The coursework needs to be written in appropriate language for the target
audience. The target audience will be indicated in the instructions of the coursework
assignment.

The Bibliography is in addition to the stated word count and makes up a proportion of
the overall marks. Candidates have generally not scored well on this section in the
past usually due to a lack of variety of sources of information. Ensure a record of
all sources used is kept as often candidates have said that they had a good source of
information but then couldn’t find the source again when they came to write the
Bibliography.

Within the Bibliography candidates are required to write one or two paragraphs on
five (or 3 from Oct 10 onwards) of the references given in their reference list. This
should be 100 to 150 words per reference and should comment on the usefulness
and relevance of the source on the subject matter.

On completion of the coursework assignment, it may be an idea to give it to someone
to read through (a work colleague perhaps) and check for language and grammar
issues. It would be preferable, however, if this was not someone who is currently
taking the DipFA qualification.. Do not expect feedback from your ifs tutor.

If unsure of the coursework format please refer to the online materials. Coursework
exemplars and past papers are available on the DipFA microsite.

The coursework carries a 50% pass mark however, if the candidate scores between
45% and 49% then contribution ruling will apply. This means, if the candidate
scores well on their exam element then they may achieve an overall pass (see later).

It is possible to ask for a piece of coursework to be re-marked, however, all narrow
fails are double marked by the Chief Examiner as a matter of course.
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Exam

The fact find is provided 6 weeks before the exam. No paper is allowed to be taken
into the exam and a exact copy of the pre-released factfind will be given to each
candidate at the examination. Candidates will also be provided with a question paper
that will advise of additional information that will need to be taken into account when
answering the question.

Think about how you will present your work to the examiner.

Paragraphs should be no longer than 5 or 6 lines. If your writing is large or untidy,
keep sentences well spaced with large gaps between paragraphs to break it up and
make it easier to read.

Use headings to point the way for the examiner with relevant and effective
underlining and subheadings to indicate the key points. Make diagrams clear and
simple.

If you are used to typing, make sure you practise writing well-presented answers by
hand.

Prior to the examination, it is a good idea for candidates to type out the possible
suitability report to enable them to cut and paste and get the report in an appropriate
style. It is then a good idea to re-write this report longhand to prepare writing for an
extended period of time. This also allows the candidate to time how long it takes to
write out the report (if it takes 5 hours outside of the exam then there needs to be a
lot of cuts…).

Express yourself clearly and try to write legibly. Diagrams and tables should be clear
and neat.

Remember to keep an eye on how much time you have. It should take candidates
almost the full 3 hours to write the report, which leaves little time to go back and
make corrections. It is good to be clear on the framework.

If the worst comes to the worst and you do run out of time, put down a note form answer
to scrape some credit. Successful planning, however, will mean you do not get into that
situation.

You will be required to produce a full written report for the client, together with fully
justified recommendations. A full report should cover all areas discussed in the
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factfind, areas of need identified and areas agreed for action. Recommendations
should cover both general and specific product-related issues. General areas would
include issues such as the need to make a will, check tax codes, put a life policy in
trust, set up a power of attorney and so on. Specific product recommendations will
involve proposing solutions to problems, needs and objectives identified.

There is no shortage of paper so leave a large amount of blank paper between each
section to allow you to go back and put in remembered details (it may look a little
messy but not as messy as having asterisks dotted here and there). If the markers
find the report hard to follow as they are required to move from page 3 to page 16
and then back to page 4 then marks will be lost for poor communication.

A total of 150 marks are allocated to the final examination, a maximum of 10 marks
are available for summarising the clients' current situation. A maximum of 30 marks
will be awarded for the quality of communication. Examiners will pay particular
attention to the layout, format and overall clarity of the report and the appropriateness
of the language used.
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Navigating the ifs Website
When you receive your log in you should see the following page:
By going to ‘My Studies’ and then choosing ‘DipFA Course’ in the top menu you will be able
to find the information you need. A couple of tips:

The study materials and resources for each unit are housed within the content for
each unit is accessed from the DipFA Course home page.

For the Gap Analysis tool go to the Online CDT link in the top menu
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To access the information you need to submit your coursework click on Online Materials
and then on the left-hand side Advanced Financial Advice which will bring you to this page
–
Finally, if you wish to view example documents and exemplars–for each unit, please do the
following:
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FPP
Go to the ‘FPP specimen assessment material’ link:
FSRE
Go to the ‘FSRE specimen assessment material’ link:
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AFA
Go to the ‘AFA specimen assessment material’ link:
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Appendix 1 – Headers and Footers
From the following website: http://support.microsoft.com/kb/211432
What Are Headers and Footers?
A header or footer is text or graphics that is usually printed at the top or bottom of every page in a
document. A header is printed in the top margin; a footer is printed in the bottom margin.
Headers and footers can be as simple as the document title and a page number, but you can create
headers and footers that contain graphics, multiple paragraphs, and fields. You can specify a different
header or footer for odd and even pages or use a different header or footer for the first page of a
section or document. If you divide a document into sections, you can use different headers and
footers in each section. For example, you might want the header for each section to reflect the title of
that section.
How to Add or Remove Headers and Footers
To create a header or footer, follow these steps:
On the View menu [for the 2007 version of word you will find this on the Insert tab], click Header and
Footer. Word displays the Header and Footer toolbar and switches to print layout view.
To switch between the header and footer, click the Switch Between Header and Footer button on
the Header and Footer toolbar.
A non-printing dashed line encloses the header and footer areas. Text and graphics in the document
are visible, but dimmed. To display or hide the document text, click the Show/Hide Document Text
button on the Header and Footer toolbar.
You can type and format text in the header or footer area the same way you do in the main document.
After you have created your header or footer, click Close on the Header and Footer toolbar to return
to the main part of the document. In print layout view (on the View menu, click Print Layout), the
headers and footers are visible but appear dimmed.
To edit an existing header or footer, either click Header and Footer on the View menu [Insert Tab], or,
in print layout view, double-click a dimmed header or footer to switch quickly to the header or footer.
To delete a header or footer, follow these steps:
Position the insertion point somewhere in the main text area of the document.
On the View menu, click Header and Footer.
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Select the header or footer information you want to delete, and then press DELETE or BACKSPACE
on the keyboard.
To return to the document, click Close on the Header and Footer toolbar, or double-click in the main
text area of the document.
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Appendix 2 – Word Count
From the following website: http://office.microsoft.com/en-us/word/HA012303581033.aspx
Count the words as you type
When you type in a document, Office Word 2007 automatically counts the number of pages and
words in your document and displays them on the status bar at the bottom of the workspace.
Count the words in a selection or selections
You can count the number of words in a selection or selections, rather than all of the words in a
document. The selections don't need to be next to each other for you to count them.
Select the text that you want to count.
The status bar displays the number of words in the selection. For example, 100/1440 means that the
section accounts for 100 words of the total number of words in the document, 1,440.
Tip To select sections of text that aren't next to each other, select the first section, and then hold
down CTRL and select additional sections.
The Word count icon can be found within Tools [for 2007 version of Word this is on the Review
Tab].
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