Why CeMAP is Essential
In the UK to provide mortgage advice you must have a qualification recognised by the Financial Conduct Authority also known as the FCA or you will be unable to provide regulated mortgage advice.
Although there are many qualifications, CeMAP, stands out as the benchmark qualification in the financial services industry with over 115,500 of mortgage advisers having achieved this Certificate.
So first of all what does CeMAP stand for.
CeMAP is an acronym of Certificate in Mortgage Advice and Practice and is awarded by the London Institute of Banking and Finance, commonly known as LIBF.
As the title suggests it covers everything you need to know about the mortgage industry and how to offer informed professional advice.
The content and structure of the CeMAP qualification has been designed to meet the regulatory requirements and demands of a career in financial services. Employers from across the sector have assisted in the development of CeMAP meaning that the content aligns with real-world requirements that employers are looking for.
As discussed, it is a regulatory requirement for all mortgage advisers to hold CeMAP or equivalent qualification and for trainee mortgage advisers, it is a common requirement that you have minimum CeMAP 1 however with the limited roles and tasks you can complete on the single module, the industry has seen an increasing trend towards full CeMAP being required even in trainee mortgage adviser roles.
Once you’ve achieved full CeMAP status you are awarded full certification and can add the designation CeMAP after your name confirming your qualification to potential employers and future clients.
On average, it can take 3 to 8 months to obtain CeMAP, obviously you can obtain it quicker through fast track tutor led routes or it can take your time and choose to go at a slower pace spreading out the modules or studying on a self-study basis.
How is CeMAP Structured
So let’s take a look at what goes into earning this benchmark qualification.
CeMAP is a level 3 qualification in mortgage advice and practice accredited by OFQUAL.
CeMAP is broken down into seven units that are spread across three modules.
CeMAP 1: The UK Financial Regulations
This is the first module and consists of 2 Units.
Unit 1: Introduction to Financial Services Environment and Products and
Unit 2: UK Financial Services and Regulations.
This module is to do with the introduction to financial services and focuses on the regulation side of the industry and it will give you a really good foundation knowledge of the industry and also the legal and ethical side of things.
It is a two-hour exam consisting of 100 multiple choice questions split evenly over the two units, with a 70% pass mark on each.
This is the second module and consists of 4 Units.
Unit 3: Mortgage Law, Policy, Practise and Markets
Unit 4: Mortgage Applications
Unit 5: Mortgage Related Protection Products
Unit 6: Mortgage Payment Methods and Post-Completion Issues
This module will give you a thorough grounding in the mortgage application process, including the different products available and the issues borrowers may face after completion.
This is also a two-hour exam consisting of 100 multiple choice questions split over the 4 units with again a 70% pass mark on each.
CeMAP 3: Assessment of Mortgage Advice
This module consolidates all your prior knowledge gained in Modules 1 and 2 and teaches how to apply it to different scenarios.
This is also two hour exam however this time it is based on six case studies with ten multiple choice questions on each on how your would advice on these client in those various scenarios. 70% pass mark across whole exam
Taking Exams
Exams are registered through the LIBF and taken and moderated with Pearsons VUE Test Centres.
You can take them at one of the many Pearsons VUE exam centres dotted around the world making it nice and easy to access one nearby to you. Exams are also available online making it even more accessible for you to sit. With the online version you will be required to download some software giving your moderator control over your device, preventing any other programmes to be open. You will also be required to have a web cam and microphone so you can be observed throughout the duration of your exam and for the area to be clear of any learning aids that could be considered as assisting you.
Training Options
Choosing the right training is crucial. With so many training companies out there offering different training options, what one should you choose.
Accreditation is key.
Due the popularity of this qualification there a number of training options in the marketplace promoting courses via Google, under larger training networks and daily deal sites that are substandard.
It is important is to make sure they are a LIBF accredited training providers. These companies have gone through a rigorous process to gain the accreditation of an approved Learning Support Provider.
Futuretrend, with over two decades of experience, stands as a leading provider of CeMAP training, accredited by the London Institute of Banking and Finance.
What Course is Best for me
With the different courses available, it is crucial potential learners to find the right balance between their preferred learning style, the time they can commit to studying, and their budget when choosing a training option as your approach to learning can greatly impact your success in the course.
Whether you thrive with a live virtual training offering a more immersive and hands on guided experience with industry tutors giving real life examples, or you prefer the flexibility of self-paced study, there’s likely a method that suits your needs.
Considering the range of costs, it’s wise to weigh the investment against the level of support provided. Sometimes, a higher upfront cost may be justified by the additional resources, tutor support, or interactive elements included in the program.
It’s not just about the price tag but also about the overall value and effectiveness of the training and resources you are provided as part of your package in preparing you for your exams or achieving your learning goals.
Additionally, it’s advisable for individuals to speak to a Learning and careers adviser for the best advice of your next steps and best learning approach for you and to research reviews or testimonials from those who have taken these courses to gauge the effectiveness and satisfaction of past participants.
As you embark on this journey, remember that being a CeMAP Qualified Mortgage Adviser opens doors to a dynamic career where you guide individuals through one of life’s most significant decisions. Whether you prefer live virtual training or the flexibility of distance learning, the path to CeMAP certification awaits.