CII Versus CeMAP
Embarking on a career in mortgage advice in the UK brings with it the essential task of selecting the right qualification. The Financial Conduct Authority (FCA), the UK’s regulatory authority for mortgage advice, plays a crucial role in this journey. The FCA rigorously reviews various qualification providers to ensure that the certifications they offer, such as the CeMAP qualification from The London Institute of Banking & Finance Limited, sufficiently prepare candidates for a career in mortgage advice. On the FCA’s website, you’ll find a comprehensive list of approved qualifications, particularly those covering activities “20” and “21” which are considered adequate for someone to be effectively-prepared to provide mortgage advice and equity release advice respectively.
However, it’s important to note that within the financial industry, not all qualifications are perceived equally, despite meeting the FCA’s standards. Considering the substantial investment involved in these courses, choosing the right one becomes even more important.
For those researching this field, there are two current qualification providers:
A comparative glance of the two main providers shows minimal differences in cost (assumed no resits), and the European Qualifications Framework (EQF) rating. Whilst these are similar, there are more expected hours with LIBFs CeMAP if completing it through the study material provided.
| Qualification provider | Modules | Cost (£) | Expected Study Hours | EQF Rating |
| Chartered Insurance Institute (CII) | CF6 & CF1 CF6 & R01* | 546 (a) 626 (b) | 160 | 3 |
| The London Institute of Banking & Finance Limited (LIBF) | CeMAP 1-3 | 669 | 230 | 3 |
* R01 is EQF 4 (a) 2 modules at £231 and 1 years membership at £84. (b) R01 at 311 and CF6 at £231, with 1 years membership.
Despite the similarities in price and the additional study hours for LIBFs CeMAP, you’d expect to see the CII as the preferred route for mortgage advice. Further, by completing the R01 qualification with the CII, you would have 1 of the 6 modules that are required to be able to provide financial advice for those who may want to move into this at a later stage.
However from our research c89% of current mortgage advisers hold CeMAP through the LIBF rather than the CIIs Certificate in Mortgage Advice, so they must be doing this for a reason. In our experience it isn’t down to businesses preferencing it; we’ve yet to come across a business that would only accept CeMAP and so there must be other reasons.
One potential reason, is the level of additional study support that is available in the market for CeMAP, yet this isn’t so obvious for the CIIs Certificate in Mortgage Advice. Another reason is most businesses and information only ever refers to CeMAP.
In summary, while the cost is similar, CeMAP is the most popular choice by those taking the qualification, possibly due to the level of study support in the industry, where as the CIIs Certificate in Mortgage Advice could be a better choice for those who may want to move into financial advice at a later stage.
Whichever path you choose is right for you, there are additional steps you should take as early as possible to put yourself in the best position for starting a career in mortgage advice.
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