The QFA qualification is 5 multiple choice exams, followed by a case study where the answer is always the same, just with slightly different details. It's extremely easy to pass all on the first go (source: I am a QFA).Personally I think you'd want better than the QFA, it's pretty basic and if I was going to an advisor I'd want someone who either had years of experience or a better qualification, in fact the experience would sway me more than the qualification to be honest. Thing is though people don't often enough question qualifications so might get away with it from that point of view but if someone knows nothing about finance then I don't a QFA will give you enough to start advising people without relevant experience.
I know, I've done it! I did the multiple choice ones without even reading any of the books that went with it, read the book for the case study one alright but even at that experience alone would nearly carry you through. Applied for and did it on a whim because my employer was offering €1,300 if you passed! Several of the younger staff where I worked completed it too (for the money of course!) and they knew diddly squat about financial advice in my opinion, neither life nor financial experience but were so fresh out of school they were nearly still in study mode! Which is why I wouldn't consider it as a qualification on it's own sufficient for giving advice.The QFA qualification is 5 multiple choice exams, followed by a case study where the answer is always the same, just with slightly different details. It's extremely easy to pass all on the first go (source: I am a QFA).
QFA was always a life assurance sales qualification, but it ended up being an accepted qualification for the CBI Minimum Competency. I think it also gives an exemption for the CFP.I think you should study for the Certified Financial Planner instead. It would be the most serious qualification and the most difficult to get.
I think of the QFA as a qualification for life assurance sales people probably working for life companies.
Brendan
QFA loans could be passed from just hearing the warnings at the end of ads for loans. QFA Investments is common sense. The rest just need a read of the supplied book to pass.If you don’t have the knowledge either by studying or experience by working in the areas, you’re very unlikely to pass.
The course does give you a good broad knowledge but understandably not hugely in depth.
.
You do realise that the majority of 'Financial Advisors' are simply retailers of financial products. The connection between 'Financial Advisor' and financial advice is comparable to the connection between 'Car Salesman' and car buying advice.I currently work in tech and am getting very tired of it. I'm on a very decent wage, have a family, house with a mortgage, and living very comfortably. However, I want to work at something that enjoy, and one of those things is financial advice.
Currently, my thoughts are as follows. Study part time and get my QFAs. While working, start with advising friends / colleagues / anyone willing to trust me to get some experience. Focus in on a niche and start establishing a business. Quit my job in tech once there is a stable enough revenue in the business.
Questions:
Am I mad?
What sort of salaries are financial advisor business owners taking in?
Any advice from those in the financial advice world as to what steps I should be considering?
This is a solid description of my understanding too. My perspective is that I do not want to be a glorified financial salesperson. I'm keen to educate people....I know of so many friends / colleagues / family who lack some basic understanding of personal finance and want to help teach them and advise them on planning for their futures.You do realise that the majority of 'Financial Advisors' are simply retailers of financial products. The connection between 'Financial Advisor' and financial advice is comparable to the connection between 'Car Salesman' and car buying advice.
This doesn't sound like a sustainable basis for a new business venture, particularly in an area where you lack work experience.I'm keen to educate people....I know of so many friends / colleagues / family who lack some basic understanding of personal finance and want to help teach them and advise them on planning for their futures.
I think there is absolutely a need for the role you describe, but there is probably a reason why it is not the usual role of a Financial Advisor, presumably there is no money in it. Also the big institutions like it the way it is.This is a solid description of my understanding too. My perspective is that I do not want to be a glorified financial salesperson. I'm keen to educate people....I know of so many friends / colleagues / family who lack some basic understanding of personal finance and want to help teach them and advise them on planning for their futures.
The CBI registration is probably one of the bigger hurdles. I want to continue in my full-time job (which is not related in any way to finance) while also achieving the necessary requirements to be authorised by the CBI.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?