Taking qualifications with both CII and CISI
DanGB
Member
Hello everyone
I passed my DipPFS diploma November 2024. I'm not working in financial services, but I am planning on trying to do a career change to paraplanning at some point in the future. I have had a little break from the studying, but I'm now thinking about doing another qualification or unit, to keep building my knowledge.
I was thinking about doing the J09 unit to get the CII Certificate in Paraplanning, but because it's 100% coursework and I'm not working in the industry I think I might be a bit lost with it and struggle to complete the assignments properly without study support guidance.
I noticed that CISI also do a Certificate in paraplanning, and I think I can get credit for my RO3 and RO2 CII unit passes so I'll only need to complete the CISI Financial Planning and Advice unit to get the certificate. This unit is a 2hr MCQ exam, so no coursework to worry about.
Are there any disadvantages to swapping between CII and CISI qualifications? Alternatively should I try and stay with CII and just pick another CII qualification like the CII level 3 Award in long-term care insurance?
Thanks in advance for any thoughts or advice.
Dan
Comments
Firstly, congrats on passing the Diploma - impressive without any industry experience.
Sure, you can take more exams. The CII and CISI are both fine. Personally, as you have already started down the CII route, I would stick with them for the time being.
However, I suggest you consider pausing the formal study and get some experience in asap. Technical knowledge tends to evaporate rapidly without practical application. Plus, you do not know what it is like to work as a paraplanner yet - you might prefer to work in compliance or become an adviser/planner.
If you really cannot enter the profession just yet (why?), apply some of the knowledge to your own personal situation, i.e. a personal financial plan. And read/watch around the subject, not necessarily exams.
Thanks for the advice Radnor, really appreciate it. The reason I can't pull the trigger just yet on changing careers is due to my personal financial planning. An entry position in administration for example is likely to be about a quarter of my current salary - so a big drop. My current role, in my current industry, keeps my personal financial plan on track. I have worked for the same employer for a long time, but restructuring every few years means redundancy is a real possibility and the redundancy package I would get would give me the opportunity to try something new. I would use the package to supplement a lower salary. I am not totally just waiting for redundancy, because as part of my planning I'm also building up a fund that I could use to supplement a lower salary when I make the jump. So my thinking was to try and keep my technical advice knowledge ticking along for next year or 2 so it doesn't fade and it stays refreshed and up-to-date. I'm constantly reading and watching around the subject (thanks paraplanner assembly btw) and I'm keeping a record of my "CPD", but if I keep picking up exams I would have something to show for my reading and I hope it would demonstrate a bit of motivation and dedication. I won't have any direct experience, but I will have transferable skills from another regulated industry. In my current role I advise R&D and commercial colleagues about the best ways to bring regulated products to market,I keep them updated on changes in regulations, and I write strategic reports assessing risks to our products globally and I recommend actions to take. This is why I believe paraplanning would be a good choice for me, but I really love the fact that the advice I can give will go towards putting people in the best possible position. I'm really motivated by giving great advice and great service.
Will give my experience gap some more thought though, thanks.
Sounds good DanGB. FYI, unless you want to, you won't necessarily have to start out as an administrator. There are opportunities to jump straight in as a junior/trainee paraplanner or adviser. I suggest you start reaching out.