How to pass the CII R06 Financial Planning Practice Exam

The April R06 exam results came out on Friday 28th May. BTS could see many successful candidates posting both their R06 and level 4 Diploma certificates on social media sites such as LinkedIn.

But what about those candidates that ‘deferred their success’ this time around? It's never nice to fail an exam, so how do you pass the CII R06 Financial Planning exam, ideally first time around?

R06 is usually the final R0 unit that candidates attempt, normally to round off their Diploma, and attain their level 4 qualification and Statement of Professional Standing (SPS). The Financial Conduct Authority requires this from advisers wishing to carry out regulated activities with retail clients.

The exam has good countrywide pass rates. The Chartered Insurance Institute (CII) release these each year.

Current pass rates show an increase from 67% in 2019 to 78% in 2020.

2 case studies, 3 hours, buy a provider R06 analysis and learn it. Easy, right?

Nope!

The word on the street and in the pub (pre and post pandemic) is that the R06 exam is easy. Candidates see the pass rates, compare them to some of the other R0 units and think passing is going to be a relative ‘walk in the park’.

An R06 analysis is duly purchased (not many candidates bother to read the compulsory CII R06 study guide), and the questions and answers worked through. So why is this not enough for some candidates? And why do some candidates attempt R06 multiple times if it’s so easy?

The answers are not in front of you…

Unlike R0 units 1-5 in the R06 exam candidates do not have the answers in front of them. All they have is each question and a blank screen to fill. Let’s face it, with the likes of R01-5 if you really did not know an answer you could resort to the ip, dip, sky, blue method. And sometimes the answers tripped something in your memory that helped.

The R06 exam is scarily different when faced by that blank screen.

No provider can predict all the questions that will be examined

Nor should they be able to. Otherwise, how is this a suitable test of a candidate’s fact-finding, analysis and recommendation skills? The R06 exam is all about bringing together the technical areas individuals have learnt on R0 units 1-5, but more importantly it’s about applying this knowledge to the two exam case studies.

A provider may correctly guess a question area, but their wording and question slant is likely to be different from the exam version. As a result, if a candidate has simply learnt these questions and answers regurgitation of said answers is unlikely to result in maximum marks scored.

Before you type a thing first consider each question carefully

Before you type (or write) a thing jot down on your scrap paper the key words in the question stem. Does the question want you to ‘list’, does it want you to ‘explain’, is it generic or does it include words such as ‘specific to the case study’?

Which part of the advice process is it testing you on? Remember the R06 exam is going to ask you to complete questions based on all the stages of the financial advice process. Is the question looking for factfinding answer, factors, some comparisons, or a recommendation with rationale?

Unless candidates take a few minutes to try and clearly identify the nub of each question they run the risk of giving generic answers when the question wants specific ones, giving fact find answers rather than factors, and so on…

Look at the marks available for each question

Combined with what the question is asking you to do (list, explain) this will give you a good idea of how many different points you need to ideally get down. So if the question says list and it has 8 marks you need a minimum of 8 different points (ideally at least 10 just in case the examiner does not agree with some of your frankly fab- in your opinion- answers).

If the question is asking you to recommend and justify make sure your answers do both – have a column headed up ‘recommendation’ and another ‘justification’. You want to make it as easy as possible for the examiner to find your answers and award you lots of marks.

Typing out War and Peace for a question that only has 6 marks is probably going to be a bit of a waste of your valuable time. It’s amazing how many candidates type a lot down, come up thinking an exam pass is in the bag, and then are very shocked on results day.

Answer the question you are being asked…

If the question wants you to ‘recommend’ a product, make sure you do just that. Typing out ‘life policy’ will probably get you absolutely no marks as that is not a recommendation.

If the question wants a product to cover death or serious illness don’t just recommend a WOL or term assurance policy – that obviously only covers the case study client if they die. Not what the question was asking for…

If you are recommending a life policy to mitigate an IHT liability make sure you put it in trust (and say which type of trust) otherwise you are simply compounding the client’s problem.

How do BTS support their candidates?

BTS support R06 candidates in several ways.

We always suggest you start with our R06 study guide as this gives you a solid introduction to the question answering techniques that are so crucial in the R06 exam.

BTS produce an analysis of the two case studies in an e-Learning format. We have analysed every single sitting of both R06 and J08 which was what this unit was previously known as. So, we like to think we have a bit of experience.

We also run two-day workshops. Over the course of two days, delegates work with a BTS facilitator to work through some possible technical areas that may be examined, and practise some of the questions and answers we have produced, in a group environment. Attendees benefit from being in a group with other R06 candidates. All are in the same position, and it’s amazing how much input from your peers can help your own examination processes. It’s also very common for little study groups to be formed going forward to the exam.

Don't just take our word for it...

An update from Luiza Todd

The dust has now settled on the news that the Chartered Insurance Institute are no longer running ‘in-house’ exam revision workshops.

This still feels like such a strange decision for an examining body to make. I cannot believe that there is not still a huge appetite for R0 exam support in our industry.

Many existing advisers have moved on to the advanced qualifications in a quest for Chartered Financial Planner status, but to encourage new blood into our industry, surely we still need to provide adequate support for individuals looking to sit and pass the CII R0 exams?

Over the festive period, having time to think and muse over recent announcements and events, I have some more thoughts to share with you in relation to Bespoke Training Solutions (BTS) and what we will be doing in 2018.

What about BTS 2018 revision workshops and their availability?

We have published an initial schedule of R02, 3, 4 and 6 workshop events. To start with, we plan to run these three times a year, but if we get enough interest we will happily extend this.

Just to remind you, our schedule of planned dates in 2018 is as follows:

R01	15th – 16th February	26th – 27th April	15th – 16th October
R02	5th – 6th March	10th – 11th May	25th – 26th October
R03	18th – 19th April	4th – 5th June	26th – 27th November
R04	8th – 9th March	14th – 15th June	26th – 27th November
R06	26th – 27th March	9th – 10th July	1st – 2nd October

To book a place, you can contact us at: http://www.bespoketrainingsolutions.com/contact-us/

I can’t stress enough that the workshops need your support to be run.

We need a minimum of six delegates to be financially viable. Numbers will be capped at a maximum of 12 (probably) as we are great believers that, once a group is above a certain number, any learning tends to be diluted.

Please help us make these a success by:

sharing with anyone and everyone who you think might be interested
contacting your local PFS regional representatives; surely their members need to know that these options are now available?
telling your own companies, in case they have any students studying towards these exams
…and anything else you can think of…

BTS have a proven track record of outstanding R0 exam success, gained over many years of supporting candidates. We use top class trainers and first-rate workshop materials and practice questions.

Please help us to ensure candidates still have somewhere to go for R0 face to face support.

Thanks in advance.

Luiza

BTS have just run a RO5 workshop for one of our Wealth Management clients. This involved an action-packed two-day workshop facilitated in London. The attendees were mainly second careerists with little or no financial services experience. This workshop was full to brimming with relevant theories and practice, lots of handouts, including one page ‘crib-sheets’ for last minute pre-exam cramming, plus lots of practice ‘exam style’ questions.

RO5 is always talked about as an ‘easier exam’ in the RO set. Well, countrywide results in 2016 averaged at 67.09%. If it is so easy, why are results not better?

We have achieved a 93% pass-rate with our group of 14. We had 13 first time passes and only one fail. Some students used the BTS RO5 study guide, some the new BTS App RO Study Buddy.

We are delighted with these exceptional results based on BTS’s input and materials, plus a lot of hard work from our fantastic students.

Here is a selection of the feedback we received from some of our RO5 students.

“Last week I attended two revision workshops in preparation for the RO5 exam. The BTS facilitator was very thorough and kept the sessions fun and interactive. There were lots of real life examples too, which really helped with understanding the concepts. All important aspects of the course were covered and there was also a lot of focus on exam style questions. Happy to say that I passed first time and found the exam straightforward”.

Maria Isaeva – Trainee Wealth Manager

“I have been on the BTS workshops for both the R01 and R05 exams. I am new to the finance industry, so the thought of CII exams was very daunting to me. The BTS facilitator improved my knowledge and confidence so much during the workshops I honestly don’t think I would have passed without it. With two days workshops for each exam it was a case of prioritising important areas of the syllabus rather than trying to cover everything. I can’t speak highly enough of my experience and will be using BTS for all my future R0 exams”.

Connor Essam – Trainee Wealth Manager

“Having already established an average understanding of the requirements of the R05 myself, BTS really helped tie everything together which ultimately gave me a real understanding to pass this exam. My understanding before BTS was a little fragmented, and so working with Luiza really helped me focus on the important aspects of this exam”.

Jim Springate – Trainee Wealth Manager

“I have now experienced two training courses with BTS and passed both exams first time … I cannot thank you enough for the brilliant training and I honestly feel that I would not have passed the exams without you!!”

Olivia Higson – Trainee Wealth Manage

I found it extremely helpful in being able to put into practice the content of the R05 book. This was invaluable when it came to the exam. The test papers, and being able to have any queries answered, helped massively too

Nick Lake – Trainee Wealth Manager

We have just found out that the Chartered Insurance Institute have made the decision that, from 2018, they will no longer offer R0 workshops to the general market for candidates who are studying for these exams.

This means that the qualifications that involve such a commitment in terms of study time, question practice, and monies on study guides and exam sittings, are no longer supported by the best learning method of all – face to face workshops.

Let’s face it, these are tough exams to pass on your own. CII countrywide pass-rates for 2016 make staggering reading:

R01 57.01%
R02 57.92%
R03 50.46%
R04 54.07%
R05 72.11%
R06 73.23%

Now, not everyone attends a face to face workshop, but for those that do I am convinced that it makes a huge difference to their chances of exam success.

So, what are BTS doing about this?

For the last year, BTS have not offered open workshops, as guaranteeing required numbers in any one geographic area has been a challenge, but we can’t stand by, watch this market change, and offer nothing to help.

BTS currently run four to five R0 workshops each week for our own private clients.
We have a wealth of experience in all the R0s to pass on to individuals who are attempting to sit these exams and are looking for some support.
We achieve exceptional pass-rates. Just go onto our website at www.bespoketrainingsolutions.com and see for yourself.

We are now going to offer two-day workshops to support R01, 2, 3, 4 and 6, as these are the hardest to pass without some face to face support.

Venues are likely to be central, so probably somewhere in the Midlands, but ultimately this will depend on where attendees are based. If the bulk are in Scotland than the workshop will be run in the north!

Here is the schedule of planned dates in 2018:

R01	18th and 19th July	15th and 16th October
R02	10th and 11th May	25th and 26th October
R03	4th and 5th June	26th and 27th November
R04		26th and 27th November
R06	4th and 5th July	1^st and 2^nd October

To book a place, you can contact us at: http://www.bespoketrainingsolutions.com/contact-us/

To be able to offer this support we need enough people need to sign up. Please let all your financial services contacts know!

This will help us to make sure that the option of face to face R0 workshops continues to be available.

BTS have just completed another R01 workshop for six Edinburgh students. All were sitting their R01 exam within a few weeks of the workshop and were concerned about retaining knowledge in subject areas that were… a tad dull!

The R01 financial services, regulation and ethics exam is not getting any easier. Pass-rates country wide remain very low at 57.01%.

Our six students all passed their exam sittings, giving BTS and the students the desired 100% pass-rate overall. This is our third 100% set of results on our last three RO1 workshops. As you can imagine we are dead chuffed! This is also testament to the hard work of the students, using BTS materials to thoroughly prepare for the exam sitting.

So how do BTS do it?

Using materials that are as close to the exam standard as possible
Giving students lots of practice questions and answer sheets that explain why the right answer is correct (not just ‘it is A’!)
Giving students one page crib-sheets on key exam areas, such as record keeping, cancellation periods etc, so they can look at these the day before the exam
Making the BTS R01 study guide as good as it can be, with lots of activities, pictures, practice questions, summaries and key points; all designed to help with an R01 exam pass

Here is the feedback we received from some of the students.

“Having failed on my first R01 attempt (before I experienced BTS) and the stress of needing to pass the exam to allow me to take the next step in my career, you took a huge amount of pressure off my shoulders. The R01 workshop broke everything down so it was clear and easy to understand and I really took in a vast amount on the workshop. Without your help, it is quite possible I wouldn’t have passed the exam, and I wouldn’t be taking the next step to further my career. I would like to thank BTS and I very much look forward to the workshops for the remainder of the R0 exams.” Connor Preston – Trainee Wealth Manager

“Having not sat an exam in over 15 years I was apprehensive about sitting the R01 exam. Thankfully, with BTS’s help I passed first time. With their guidance I was really able to focus on what was important. Throughout the workshop, areas were explained in such a fashion it was difficult not to remember them! Backed up with the study guides, it gave me a confidence which transferred into a pass. I can’t recommend BTS highly enough.” Martyn McNeill – Director

“Having not sat exams for 23 years, the thought of studying, revision and actually sitting an exam were daunting to say the least. I opted to study for the R01 exam using the BTS R01 study guide and found it really user-friendly. I was apprehensive attending the 2-day R01 revision workshop as I hadn’t had an opportunity to go through the entire study guide and was only on Chapter 5. I needn’t have worried. The exam buster workshop hugely helped me get a better understanding of not only the subject matter for the exam, but also the style of questions and how best to approach my studying. BTS’s style of workshop delivery worked perfectly and the handy hints and tips on how to remember key info was invaluable”. Mary Macfarlane – Trainee Wealth Manager

“The BTS exam buster workshop helped me navigate a lot of information and focus on key areas likely to be tested. Being new to the financial sector and CII exams, I found the learning outcome summary questions, mock exam, and summary sheets to be excellent resources. Without this directed learning, I think I would have struggled to pass R01 first time.” Dianne Greig – Trainee Wealth Manager

“I recently passed my R01 with the help of BTS. I found the study guide very helpful in the way it highlighted key points and broke the material down. The workshop I attended was particularly good, Luiza provided lots of exam tips that made a big difference on the day and was able cement my knowledge through some great examples. Thank you for all your help!” Adam Leech – Trainee Wealth Manager