Mortgages.scot

I get a few messages asking if the CeMAP Qualification is the right course to do whether it is to pursue a career as a mortgage advisor or simply to enhance knowledge for a role in the mortgage industry. Rather than reply to each person by email, I felt a post would cover it for everyone.

CeMAP Qualification

What is the CeMAP Qualification, what is involved, how much does it cost and so on? Let’s cover some of that in the table below.

Question Answer
Who runs the CeMAP Qualification? London Institute of Banking & Finance (LIBF)
Who can do the course? Anyone
What experience is required? None
How long does it take? LIBF suggest around 240 hours of study
How many exams are there? 3 – All multiple choice
What does it cost? £185 per unit, £555 for the full qualification

If you want to pursue a career as a Mortgage Advisor then the Financial Conduct Authority requires you have the necessary qualifications. The CeMAP qualification is one option and the most popular one.

This is only the 1st step to becoming a Mortgage Advisor, you can either look for roles on an employed basis or self-employed. The FCA requires you to be authorised to provide mortgage advice. Whilst that is possible to obtain directly with the FCA as an individual it is unlikely. You will need to find a network to work for that is authorised and will allow you to work largely on an independent basis, they will provide supervision of your work to satisfy the FCA that you are doing the job correctly. As they are the authorised business it is their responsibility to do this.

Many that work in the mortgage industry gain the CeMAP Qualification simply to gain knowledge of the industry. There are many roles related to mortgages that do not require a qualification such as CeMAP but there are advantages in being able to demonstrate advanced knowledge of the industry you work or want to work in.

What is it like to study CeMAP?

Although it has been a few years since I received my CeMAP Qualification I do help others in the office with theirs and provide advice and support where I can. In addition, I also renew my CeMAP Pro element each year.

There are 3 parts to CeMAP, each is studied one at a time and best done in order.

Module Description
Part 1 UK Financial Regulation
Part 2 Mortgages
Part 3 Assessment of Mortgage Advice Knowledge
For full details of the CeMAP Qualification check out this PDF.

Part 1- UK Financial Regulation

The 1st part of CeMAP is the one most find the most difficult, in fact, I have heard and seen more people giving up on it due to part 1. Now don’t panic! It’s a hard section but all section and all study can be difficult. It all depends on how much you already know and how interested you are in the subject.

As the title suggests it is all about financial regulation, it covers the basics of lending money, different types of lender, how the markets work, anti-money laundering, and more. It is certainly a very dry subject.

Part 2 – Mortgages

A far more interesting part of the course and more about the purpose of the course, mortgages. Here topics such as Mortgage applications, law, policies, protection, valuations and so much more are covered. Once you get into it this part is really good and really gets into the mortgage processes.

Part 3 – Assessment of Mortgage Advice Knowledge

Whilst there is a bit to learn in this part you have already covered much of the required knowledge and understanding required in parts 1 and 2. The exam for this one is focused on putting a number of realistic scenarios to you and then asking questions to test your understanding.

The Exams

Exams can be taken at your leisure as long as they are within 12 months of starting the course. The cost of the exam is included in the course cost. If you fail any of them then you will be charged for a resit.

Those with the means which is a computer and webcam can take the exams at home, COVID has caused a lot of changes everywhere! For those that can’t do this, you can select a centre to go and sit them. There are Pearson Vue offices all over the country so you should have one relatively close.

All 3 exams are multiple-choice so you can be somewhat tactical in that you will likely find you can often discard a couple if you are not entirely sure.

I suggest taking each exam once you have completed each module and are comfortable giving it a go. LIBF provide an online tool called the CeMAP Revision Tool that allows you to take mock exams or just test yourself on a particular part of the course.

Once you gain the CeMAP Qualification you are able to use the letter CeMAP after your name.

CeMAP Pro

Once a year has passed after you obtain your CeMAP Qualification you can at your own discretion sit the annual revision course. This allows you to keep your knowledge up to date and ensure you keep up with industry changes.

If you do it, you are able to update your CeMAP to CeMAP Pro and your name is added to a searchable register proving you have done it. You are also provided with a badge if you wanted to use it.

There is no requirement to do this. Consider it good practice and I would recommend it as a great way to demonstrate you care about maintaining your knowledge rather than just getting the CeMAP Qualification and stopping there.

Alternatives to CeMAP

An alternative to the CeMAP Qualification is to study with the Personal Finance Society (PFS), I am seeing more opting for this route. Their equivalent qualification is here. They offer a similar course but as you would imagine there are some differences although the goal and learning requirements are the same.

The PFS also offers a range of other Mortgage and Finance related qualifications that LIBF does not. Worth checking them out as study with them can result in credit towards other modules if you are interested in further study with them.