The exam, which will sit within the CISI level 4 Investment Advice Diploma, is designed to provide a direct study pathway to the global Certified Financial PlannerTM certification.
The CISI took over from the IFP late last year as the licensing authority for the CFP marks in the UK, through agreement with global body FPSB. This followed the merger of the CISI and IFP.
The Investment Advice Diploma is taken by professionals seeking a career within wealth management and requires candidates to take and pass three exams.
The workbook for the exam will be released in June 2016, with the first sitting in August 2016, the CISI said. The exam will be available to take by computer-based testing.
The technical elements covered within the Financial Planning and Advice Exam include financial protection, pensions and retirement planning and Financial Planning skills. These build on the core knowledge gained from the UK regulation and professionalintegrity and investment, risk and taxation units of the IAD.
The exam is broken into three elements - financial protection, retirement planning and Financial Planning.
The syllabus includes protection planning, selecting appropriate protection solutions, pensions law and regulation, state retirement benefits, defined benefit and defined contribution schemes.
The exam also tests Financial Planning fundamentals, Financial Planning recommendations, establishing the client-planner relationship and developing and communicating.
The CISI told sister publication Financial Planner magazine: “The unit will be assessed by a single exam paper, of between 2 – 3 hours duration, which will draw from across the syllabus and include a mix of multiple choice and multiple response questions with some based on case studies.
“Candidates will be required to consider the full range of solutions, products and the instruments on which the solutions are based, and candidates will also be assessed on other matters on which a Financial Planner may be consulted and, in doing so, to draw on any of the subject matter covered in the UK regulation & professional integrity and investment, risk & taxation units.”
More information is available via the CISI website.