The LIBF professional body is changing the way is assesses its Advanced Diploma in Financial Advice to move it towards more practical elements.

From August it will introduce new assessments for all Advanced DipFA modules to make them more accessible and ‘give experienced financial advisers an opportunity to show how they put their learning and skills into practice’.

The Level 6 qualification, equivalent to a degree, is aimed at more senior financial advisers looking to expand their knowledge and test their experience of working in the field.

The Pension Transfer assessment will be split into two 1.5 hour exams which focus on material relevant to each unit. Rather than a single pass/fail 3 hour exam, the LIBF says the new format is more manageable and should reduce stress for learners.

For all other modules, as well as a one-hour exam, the LIBF has introduced timed assessments using case studies. Learners have two weeks to familiarise themselves with the case study, and then have four hours to complete an open book timed assessment that reflects the way that they would advise that client in real life, confirming which sources they used for their insights and recommendations.

The LIBF has also removed grading on forum contributions and video presentations.

The changes to assessments have been made in response to feedback from previous graduates.

John Somerville, director of financial services at LIBF, said: “We felt it was really important to offer these improvements to our Advanced Diploma in Financial Advice in response to feedback from our learners.

“Learners taking this advanced qualification already have the initial Diploma in Financial Advice plus the time they’ve spent as advisers. They’re experienced professionals and it’s only right to make our assessments more practical so we’re examining their client advisory skills as well as the theory they’ve learnt on their LIBF programme.”

The professional body will now also offer two separate study break fortnights over the Christmas holidays and busy tax year end period. During these periods there will not be any timed assessments, although the online courses and learning materials will still be available for those who do want to study.

The LIBF is a professional body which awards a range of qualifications in banking and finance, including the Level 6 Diploma in Financial Advice (Adv DipFA) and the Diploma in Paraplanning. The body also awards Chartered status with some qualifications.

The professional body has been offering the Advanced DipFA qualification since 2012. In 2024 it launched a new format of DipFA. This included mandatory modules in Taxation, Trusts and Tax Compliance and Managing Investments, alongside options to study other specialisms in retirement planning, pension transfers, later life planning or mortgage advice.

The London-based LIBF is a wholly-owned UK subsidiary of the International University of Applied Sciences, the university arm of IU. It was acquired by German educational technology provider IU Group for an undisclosed sum March 2023.