The CeMAP Qualification: All that you should Know
The United kingdom mortgage market is controlled through the Fsa (FSA) as well as their rules condition that you need to possess the full CeMAP qualification to supply mortgage advice, so to become mortgage consultant the CeMAP qualification is the initial step.
What’s the CeMAP qualification?
CeMAP means Certificate in Mortgage Advice and exercise and also to gain this qualification you have to study for, and pass, the exams in every of three modules.
To accept CeMAP exams, you don’t need to possess any academic qualifications and you don’t even must have had any relevant experience. What you need to have however, may be the will to achieve the financial sector.
The 3 CeMAP modules
CeMAP 1 United kingdom Financial Regulation
This module is equivalent to the very first module for that CeFA qualification, which should be achieved to provide financial advice. It covers the backdrop and fundamental understanding in most regions of finance, such as the role from the Bank of England and also the FSA, mortgages, pensions, insurance and much more. The CeMAP 1 exam consists of 100 multiple choice questions over two hrs, however with a 70% pass rate it doesn’t mean it is simple.
CeMAP 2 Mortgages
CeMAP 3 An exam of mortgage advice understanding
The training for CeMAP 2 and three is identical, but each exam will test out your understanding in different ways. CeMAP 2 is really a 100 multiple choice question exam based on the training, whereas CeMAP 3 gives six practical situation studies and you will find 10 multiple choice questions about each.
Methods to study for that CeMAP qualification
Whenever you sign up for each module using the FSA, you’ll be sent a training and learning manual, plus they do offer online support forums. Many people, however, discover that these materials take time and effort to review from and thus you will find lots of CeMAP training companies even though the FSA doesn’t endorse any CeMAP training firm particularly so be skeptical associated with a firm declaring to become such.
To select a trustworthy financial training provider, make sure to make sure that any cost cited includes all of the materials needed, for example training manuals whether offline or online, CeMAP mock exam papers from real ifs past papers and tutor support, with one tutor to some reasonable quantity of students.
Home study classes are well-liked by individuals not able to consider break for any full-time CeMAP course. Most companies will offer you some type of distance education and, supplying you may be fairly self-disciplined inside your study, there’s pointless the reason why you cannot get the CeMAP qualification that way. Check what email or telephone tutor support can be obtained before buying.
While using CeMAP qualification
After you have your CeMAP qualification, you will find lots of areas for any mortgage consultant to operate in. Mortgage experts operate in banking institutions for example banks or building communities, in auctions, having a large financial company firm or perhaps on the self-employed basis.
Some companies employ someone with only the CeMAP 1 qualification, even though this does vary and lots of prefer you to definitely first possess the full CeMAP qualification for those who have no prior experience.