Mortgage Debt :: The CeMAP Qualification: All You Need to Know
The UK mortgage industry is regulated by the Financial Services Authority (FSA) in addition to their rules state that you should have the full CeMAP qualification to supply mortgage advice, so to become a mortgage advisor learn the facts here now CeMAP qualification is the first step.
What could be the CeMAP qualification?
CeMAP stands for Certificate in Mortgage Advice and Practice and gain this qualification you must study for, and pass, the exams in all of three modules.
Prior knowledge
To take the CeMAP exams, you don't to have any academic qualifications and you also do not even need to get had any relevant work experience. What you should have however, may be the will to achieve in the financial sector.
The three CeMAP modules
CeMAP 1 ? UK Financial Regulation
This module may be the same as the 1st module to the CeFA qualification, which have to be attained to present financial advice. It covers the setting and basic knowledge in every areas of finance, including the role with the Bank of England along with the FSA, mortgages, pensions, insurance and much more. The CeMAP 1 exam consist of 100 multiple choice questions over couple of hours, but with a 70% pass rate; it doesn't mean it is easy.
CeMAP 2 ? Mortgages CeMAP 3 ? An assessment of mortgage advice knowledge
The syllabus for both CeMAP 2 and 3 is the same, but each exam will test out your knowledge in another way. CeMAP 2 is often a 100 multiple choice question exam based upon the syllabus, whereas CeMAP 3 gives six practical case studies high are 10 multiple choice questions about each.
Ways to study for that CeMAP qualification
When you create each module using the FSA, you'll be sent a syllabus and learning manual, plus they do offer online support forums. Most people, however, discover that these materials are difficult to examine from so there are plenty of CeMAP training providers ? although the FSA will not endorse any CeMAP training firm particularly so be suspicious of any firm claiming to be such.
To choose a reputable financial training provider, make sure to check that any price quoted includes all of the materials needed, for example training manuals whether online or offline, CeMAP mock exam papers from real ifs past papers and tutor support, with one tutor to some reasonable amount of students.
Home study is popular with those can not take time out for any full time CeMAP course. Most providers offer some form of distance education and, supplying you with can be fairly self-disciplined inside your study, there's no reason why you cannot get your CeMAP qualification in this way. Check what email or telephone tutor support is available before purchasing.
Using the CeMAP qualification Once you have your CeMAP qualification, there are numerous areas for a mortgage advisor to work in. Mortgage advisors work with financial institutions including banks or building societies, in estate agents, using a mortgage broker firm as well as on a self-employed basis.
Some companies will employ someone with just the CeMAP 1 qualification, although this does vary and lots of prefer you to first have the total CeMAP qualification for those who have no prior experience.
