Overview

The Diploma for Financial Advisers (DipFA®) is a QCF* Level 4 qualification.  It is a high quality, cost-effective, FSA-approved programme that meets the qualification standard required of anyone wishing to work as a financial adviser.

DipFA® is a UK specific qualification and comprises two mandatory units:

Unit 1 - Financial Services Regulation and Ethics (FSRE)

Unit 2 - Advanced Financial Advice (AFA)

The DipFA® meets the FSA’s Retail Development review (RDR) qualification requirement for independent retail financial services advice and provides a practically oriented and cost-effective approach to study and assessment. The DipFA® is a benchmark qualification that meets the standards required for those giving professional advice on retail investment products.

DipFA® key facts and benefits:

• can be completed in nine months
• comprehensive distance-learning support
• case-study-based learning and assessment partly multiple choice testing – results provided on the day
• Institute Membership opportunity available
• monthly course start dates
• year-round examinations – nationwide locations

Upon successful completion of the DipFA® you can use the designation ‘DipFA®’ after your name. 

View our video: An introduction to the DipFA®

*Read more about the Qualifications and Credit Framework (QCF)

Cost

*The external training provider fee does not include tuition fees and you will need to contact the training provider directly for more information.

Please note: As of 1 July 2012 the registration fee for this qualification will increase to £650 (£550 if studying through a training provider) with the examination resit fee increasing to £120.

Units

DipFA® consists of two mandatory units:

Unit 1 – Financial Services Regulation and Ethics (FSRE) Y / 601 / 2801

The unit explores the environment within which the financial services industry operates and the key components and interrelationships of the financial system. The unit focuses on the principles underpinning the regulatory framework and the implications for the financial advice process, and develops the learners’ understanding of the importance of the concept of risk with specific focus on how risks relate to institutions and individuals. The unit also focuses on the legal concepts relevant to financial advice and the interplay between regulation and legislation. The unit examines the FSA’s approach to ethical and unethical behaviours and develops students’ understanding of the Code of Ethics. Finally, the unit introduces the concept of the skills required to advise clients.

View the FSRE aims, learning outcomes and assessment criteria.

Unit 2 – Advanced Financial Advice (AFA) F / 601 / 2808

The unit concentrates on products, services and legislation that inform the financial planning and advice process. The unit focuses on the principles and theories that underpin investment, retirement planning and protection, and considers the interrelationships of these topic areas. The unit also develops the students’ understanding of the importance of consumer oriented communication and ethical behaviours through the practical application of financial planning knowledge and skills through the financial advice process.

View the AFA aims, learning outcomes and assessment criteria.

Assessment

Unit 1 - Financial Services, Regulation and Ethics (FSRE)

FSRE has one objective test comprising of 100 multiple choice questions.

The FSRE objective test is available at over 150 Pearson VUE test centres nationwide with the result provided on the day.

Unit 2 - Advanced Financial Advice (AFA)

AFA is assessed by coursework and examination. The coursework is submitted after approximately 16 weeks of study and comprises a written assignment and short answer questions.

The AFA examination takes the form of a written examination which centres on the production of a report, based on a client Factfind. The Factfind is made available six weeks prior to the examination date.

For a list of examination dates please see the DipFA® Study Planner.

Both paper-based and electronic examination venues are available. View AFA examination venues.

Studying

It is recommended that you spend 400 learning hours of study time on the Diploma for Financial Advisers (DipFA®). The complete course is achievable within 9 months.

DipFA® Study Planner.

The DipFA® can be studied in the following two ways:

• Distance learning – Comprehensive materials, including audio learning, ebooks and online student forums are provided. You will be sent hard copies of the two core texts. You will also have individual access to an experienced web tutor who will provide you with expert guidance and support.
• Through a training provider, where you may benefit from direct tuition. The materials are available online and you will be sent copies of the two core texts. You will not be allocated with a web tutor or additional Institute learning exercises as your learning provider will offer support in these areas. View further information on training providers.

All students who choose distance learning with the Institute will receive online and printed study resources that cover both Financial Services, Regulation and Ethics (FSRE) and Advanced Financial Advice (AFA).For both the FSRE and AFA units, you will receive online access to the study texts and you will also be sent printed copies of the study texts. The study texts also contain review questions and activities. For the AFA unit you will also be given online access to further readings.

An online support service for the FSRE and AFA units will also be available for all students, covering relevant technical knowledge and communication skills.

Please note that in order to reflect any changes to syllabuses, including matters arising from the annual Budget, the study materials for some (though not all) units are updated annually, usually in July. It is your responsibility to ensure you are studying from the most up-to-date materials. The latest learning materials, updates and amendments can be found on my ifslearning.

Registration

By phone - call Further Education Customer and Student Enquiries on +44 (0) 1227 818609 (option 1). Please have your VISA/MasterCard/debit card to hand when you call.

By post/fax - download and complete the registration form. To view this file you need to have Acrobat Reader installed on your computer. This is free and available from the Adobe website. When you have completed the form either send it to the address stated on the form or fax it to +44 (0) 1227 784331.

Please note that the DipFA® units are available to study separately, for further detail please contact Further Education Customer and Student Enquiries on +44 (0) 1227 818609 (option 1) or email us.

Membership

Membership of the Institute of Financial Services provides access to cost-effective and appropriate services that meet the very specific needs of the financial and mortgage adviser community and costs just £66 per annum.

Progression

When you have successfully completed the DipFA® qualification you are able to apply for your Statement of Professional Standing (SPS).

If you wish to take up further study with the Institute you can proceed, with credit, to the Professional Certificate in Banking (PCertB®). Additionally you may consider other ifs Level 4 qualifications such as the ifs Level 4 Diploma in Mortgage Advice and Practice (DipMAP®) or the ifs Level 4 Diploma in Retail Banking Conduct of Business (DipRBCB®).