Key Qualifications in Retail Banking
For ‘non-regulated’ sales roles (Personal Banker/Customer Advisor) and Branch Manager roles it is normally a requirement to undertake an examination in General Insurance or ‘GI’ at the start of your career. GI includes house insurance, car insurance, contents insurance, travel insurance and all the other products you’re offered when you open a new current account. This basic qualification enables the Personal Banker to offer a full and consultative service to their customers.
For those wishing to tread a different path, many head down the route of ‘regulated sales’. A career as a Mortgage Advisor, Financial Advisor or Financial Planning Manager calls for the following mandatory qualifications:
CeMAP (Certificate in Mortgage Advice and Practice)
This qualification enable professionals to advise customers on mortgages. With more than 80% of applicants registering for mortgage advice qualifications, CeMAP® is the benchmark qualification for the industry. CeMAP is examined by ifs School of Finance.
CeFA ® (Certificate for Financial Advisers)
The Certificate for Financial Advisers (CeFA) provides financial advisers with grounding in the essentials of the financial services market. It covers regulatory issues, the mechanics and purpose of the main products on offer and the process of giving advice to clients. CeFA® is examined by ifs School of Finance.
Certifcate in Financial Planning
The Certificate in Financial Planning represents the highest, globally recognised professional certification that a Financial Planning professional can be awarded. The qualification will develop your knowledge and understanding of regulatory issues, the mechanics and purpose of the main investment products and the process of giving advice to clients.
Successful completion will allow you to demonstrate your knowledge and understanding of the market and will confirm your ability to function effectively within it as a qualified provider of financial advice. It develops an understanding of the sector, reflecting the priorities of the Financial Services Authority (FSA) and the Financial Services Skills Council (FSSC), as well as satisfying their requirements with regard to ‘appropriate’ qualifications for financial advisers.
IMC (Investment Management Certificate)
The Investment Management Certificate (IMC) is an FSA approved threshold competency examination that aims to test your knowledge of the regulations and practices of financial markets, the categories of securities and the principles of investment management. The IMC is examined by CFA Society of the UK (formerly UKSIP).
Some banking establishments will take on candidates who are not qualified or part-qualified and will encourage and assist them to complete their studies, although this is often dependent upon market conditions. When the market is buoyant, this is more likely. When the market is tougher, clients will expect qualifications and commensurate levels of experience from day one.
