The key to passing the AFPC lies in the preparation. Steve Radford outlines what candidates can do to make sure they pass with flying colours
We all prepare ourselves for exams in different ways. Some people like to make pages of notes, while others find a few key words will do. But the trick is to find a method that suits you.
Revision is a key part of the preparation process, and if you talk to anyone who is getting ready to sit an exam they will normally have a tried and tested routine that they swear by.
Although it needs a personal approach, there are some generic rules that can be applied to make sure you are in the best shape when it comes to sitting Advanced Financial Planning Certificate (AFPC) papers, or any other exam.
None of this is rocket science ' it relies more on common sense, being realistic about the time that you will actually have to spend on your studies and the dedication to stick to your study plan.
Obviously the more time you can spend and the earlier you start, the better. The first question you need to ask yourself is how many individual papers do you want to sit at any one session. If you are looking to complete the AFPC you will need to complete three subjects. It is tempting to want to do all three at once, but remember to be realistic.
Investing time
The Chartered Insurance Institute (CII) recommends a study time of 60 hours for a half credit AFPC subject, and 120 hours for a full AFPC paper. Take a look at the syllabus as well to see what it covers and do not assume that if you are familiar with a particular topic you will be able to cut corners with your preparation. You will feel much better if you only attempt one or two papers and pass them, rather than take three and fail.
Once you have decided which exams you want to take the next step is to plan out your study and revision programme. Use the syllabus as a guide to your study programme, remember the exam is based on the syllabus and not on any specific coursebook, textbook or manual. Spread your programme out and include time for a social life. Do not cram everything into a last minute programme of intensive study.
A positive attitude is essential to the success of your studies. Comparisons with athletes are extremely popular when describing study preparation. The will to win, a belief in yourself, imagining that you will succeed are all common phrases, however unlike an athlete you do not have to beat another candidate to win.
Thorough preparation will mean you are more confident so it will pay dividends. Make sure that you read, understand and check that you know all of your study material. Do not just read it through, use question and answer sessions with colleagues or mentors. Try to revise as you go to help check your understanding. A useful tip is to go over the key points from the evening's study first thing the next morning. Remember to take regular breaks when studying as well.
You will want to make notes as you study. Use your imagination when writing these up to make them effective. Put in some humour, colour or graphics to make them memorable. The trick is to activate your mind. Try mind-mapping or mnemonics too if you can.
Study options come in different forms and the CII has an extensive range for AFPC students. Coursebooks form the basis of most self-study programmes and you can enhance this with a correspondence service. Perhaps one of the best study options is the continuous assessment service available on selected AFPC subjects. Quite simply, marks gained can ' providing they meet the requirements of the scheme ' be counted towards the final exam mark through a fixed adjustment. Past results from the CII indicate that the performance of candidates in the exam is substantially better if they have completed continuous assessment.
Examiners' reports containing model answers from previous exams, key fact cards, case study workbooks and audio tapes are also available. For some, study using a computer is preferable and the CII can supply a compilation AFPC CD-ROM containing a series of interactive case studies to form a bridge between the coursebook and the exam. Face-to-face tuition from the CII and the Society of Financial Advisers (SOFA) can help you to study or revise, find out what is on offer and include it in your study programme.
All of your study and revision will, however, be undermined if you forget the final step in the preparation process ' preparing for the exam itself. Make sure you plan your time in the exam before you get there, you will be wasting valuable time if you have to work this out when faced with the paper. The half credit AFPC exam subjects last two hours and comprise 14 compulsory short answer questions, each carrying ten marks.
The full AFPC exam lasts three hours and carries 200 marks, all except H25 have three sections. In Section A, 45 marks can be gained from compulsory short answer questions designed to test knowledge across the syllabus. Section B is a compulsory case study requiring the display of analytical and application skills and carries 75 marks. While Section C, carrying 80 marks offers a choice of two out of three structured questions requiring discursive answers.
However you choose to study for your AFPC exams remember to be positive, organised and above all prepared.
Cover notes
To complete the AFPC advisers need to sit three papers, although CII advises candidates not to sit all three at once.
The CII recommends study time of 60 hours for a half credit AFPC paper and 120 hours for a full AFPC paper.
The exam syllabus should be used as a guide when candidates are planning their own study programme.
