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Any IFAs out there? - I am thinking of training, any advice?

8 replies

MuddlingThru · 15/07/2006 18:40

I have no experience in financial services. However I did do my degree in Maths and Economics, have had a career in sales, and am treasurer for a local charity - so good with figures. I am looking to develop a career in something that has the flexibility to work round kids (ds has just turned 1, I am pg with no2, would like a 3rd). I figured that lots of people would want financial advice outside of standard working hours and that I could start off low key whilst the kids were young and then as they got older and went to school build up the business. So I was thinking of studying for the CIFP over the next couple of years whilst I am a full time mum so that I would be qualified by the time baby 3 came along.
I would appreciate any thoughts or advice on this and starting my on my own as an IFA.

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TuttiFrutti · 16/07/2006 18:26

Bumping this for you.

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MuddlingThru · 16/07/2006 20:56

Thank you TuttiFrutti.

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mummyofeb · 17/07/2006 11:57

Like you, I've got a maths degree and I thought I wanted to go into the financial services after deciding that my previous career was not for me.

Not quite sure what advice I could offer you but certainly if you started a financial course at college, it would speak volumes on your commitment and perhaps put you in a stronger position of getting something in the financial services.
Not sure whether that helped. If you decided to do something "low key" you might find that you get rejected for being over qualified but you never know if you don't try!

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MuddlingThru · 17/07/2006 20:30

Thanks for the advice. I can see the over qualified argument applying to most things I am considering for whilst the children are small. I don't see many part-time/flexi-time jobs at the level that I am doing at the moment. I will need to convey the benefits of employing someone with potential to produce a higher quality of work for the budget allocated to the role. Ideally I would like to set up on my own - not too sure at this stage though how much experience I would realistically need before I could expect to go it alone as an IFA. I was hoping someone on mumsnet might be able to give some feedback/guidance. There is, however, plenty of time for me to research that whilst I am getting the qualifications.

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twoleftfeet · 19/07/2006 10:36

Hi MT. I'm in a similar situation, but don't have any real advice to offer I'm afraid! I have an Economics degree and have worked in financial services for 12 years prior to having children. However, have since had 5 years off work and would not want to go back to previous work anyway as it was very 'full-time' ie project work. I am looking into re-training as mortgage/financial advisor either through CII or IFS. Have you looked into both these routes? From what I can see you would probably need to gain some experience with a company before setting up on your own. Ultimately, that is what I am looking into doing too. My personal sticking point is that I have no sales experience at all! Anyone any ideas on trying to break into this? (in a part-time way?).

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MuddlingThru · 19/07/2006 18:10

Hi tlf. I opted to go for the CII route - got my first study pack today! I figured if I could get the CIFP between now and number 3 coming along I would be in a good position for looking for jobs when I am ready after that. I guess there is plenty of time between now and then to research the 'gaining experience' side of things - but I am a planner (not such a bad quality for an IFA) and also it is amazing how quickly time flies with the kids growing up.

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twoleftfeet · 20/07/2006 09:18

That's great - you certainly sound really committed. I presume you have some childcare sorted out, or are you doing all your studying in the evening? I am currently reading the info to decide which route to go - what made you choose the CII route as opposed to the IFS?. My understanding is they are both equally respected? Yes, time does really fly. Hoping I have not left it too late, but I really want to get my teeth stuck into something now...!

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MuddlingThru · 20/07/2006 18:38

I am planning to study for it in the evenings.
The fact that it is modular and there are exam sittings 4 times a year means that I can be flexible as to how quickly I progress through. The CII seemed to be quite heavily linked to the Personal Finance Society. When I flicked through some websites and Yellow Pages the PFS seemed to be quite a consumer focused brand which I figured could be useful if/when I set up on my own. So I opted to go for their preferred qualification.