Career Change Idea - anyone a mortgage adviser?

[CogitoErgoSometimes]

After 20-odd years being in an industry that I've never really enjoyed or excelled at, I'll be in a position in about 12 months time to make a career change. Have always found financial matters interesting (hence hovering around this board), was top student in accountancy at uni and thought I might finally stop fighting nature and do what everyone said I should have done to start with! Have been reading up on the qualifications I'd need to be a mortgage adviser. More general 'Financial Adviser' seems to need huge amounts of qualifications (more from 2013) which I'm not sure I've got time to acquire Am aware that the housing market is slow at the moment but I'm looking at starting in 2012 which gives things time to pick up. All good in theory.

The question is to anyone that does it for a living... is there a living to be made? What is the best entry point for a newcomer? And has anyone successfully made the switch from being an employed adviser and gone independent & self-employed? Thanks in advance.

Can't advise you. Can only say that I've been really impressed by your postings here and think that you'd be an ace mortgage adviser! Also, no matter the actual state of housing market, plenty of people still need advice and yours strikes me as extremely sound. Good luck.

I am a CeMAP qualified. I am currently overseas but am moving back next year. Dependant on your area I can point you in the direction of a good company to start you off that are nationwide.

I have been in contact and am going to be aplying to them when I return.

That "a" should not have been there.

By the way cog on a personal level I think you should do CeMAP

institute.ifslearning.ac.uk/Qualifications/QualificationsinMortgageAdvice/CeMAP.aspx

and then complete CeFA

institute.ifslearning.ac.uk/Qualifications/QualificationsinFinancialAdvice/CeFA.aspx

If I am honest I think you would be a better financial adviser than simply mortgage adviser because you have a wider range of interest. Whereas I am just a property wh*re!

I am going to complete DiPMAP next year and go self employed. If you ever need a helping hand give me a shout.

Thanks everyone for the advice and encouragement. I'll keep your name handy and maybe PM you if that's OK Gonzo33. Maybe financial adviser would be more 'me' and I shouldn't be so frightened of a bit of hard work and a few exams :)

Your always welcome Cog as in anyone else interested in my line of work.

For your information you have to do exams on mortgage advice as part of CeFA and can carry across CeMAP to cover that section.

Can you start off with CeMAP and then move on to completing other modules? Or is it best to do it the other way around, aim for the biggest qualification and do mortgage advice as one module? Do you have to have a full 'set' in order to call yourself a qualified financial adviser? Is 12 - 18 months giving myself enough time? And will companies really take me on on the strength of the qualification, even if I haven't had direct experience in the industry? Lots of questions, sorry. This would be a complete 180 degree turn around in career for me, am also a sole parent, so pretty scary stuff that I can't afford to cock up much! :)

Cog don't apologise. It is better to ask and have a realistic view of how things will work, or won't!

Can you start off with CeMAP and then move on to completing other modules?

CeMAP is a separate qualification to CeFA. i would recommend doing CeMAP first to enable you to change career.

Once that is done you can apply through the above links to complete CeFA minus the mortgage advice and practise section.

Do you have to have a full 'set' in order to call yourself a qualified financial adviser?

Yes you will need to have passed ALL the CeFA and/or CeMAP to be a fully qualified FINANCIAL adviser. After completing CeMAP you will be able to confirm you are a qualified mortgage adviser.

Is 12 - 18 months giving myself enough time?

I was a single parent working full time when I undertook CeMAP and I completed it (start to fully qualified) within 6 months. However I was working in a mortgage environment at the time.

will companies really take me on on the strength of the qualification, even if I haven't had direct experience in the industry?

If you have had sales experience then companies will take you on. if you have financial services experience they will as well. I know a lot of companies will look at your overall work experience. You may well start as a trainee, and basic salary for that can range from 15-20k. However, bonus will always be paid if you are getting completions.

On a final note. I was a sole parent whilst doing this course and working in a very demanding full time job. It can be done, I promise you. It will not be easy and I often fell asleep reading the course work and awoke to read the course work.

If you have any questions at all feel free to message me at any stage.

Hi Cogito

I'm a financial adviser and I although I have a colleague who (as a very experienced) mortgage adviser keeps very busy, I think if you really are interested in all things finance you may find that a holistic adviser is more you.
I retrained after running an SME as I felt that having kids and working 60 hour weeks was not what I wanted. So whilst having 2 kids I've done (well just about to complete at the next round of exams) my Chartered Financial planning qualification. It's perfectly possible, but it does take commitment and hard work (which kind of goes without saying). I have loved every minute of it and not found it hard to stick my head in a book.
I've been working in a Chartered Financial Planning company part time as well as studying.
In the last couple of years I've specialised in Pensions, but at the more complex technical end of things which requires additional licences and a generalist can't do this. The ability to pick my favourite area has been possible because of the qualifications I have worked for (it's an FSA requirement for certain areas of advice).
I believe the entry requirement from 2013 has actually made it easier to get in to the industry, but at a higher level. If you do the RO exams from the CII you will have a diploma with 6 exams (I did 9).
Have a look at this website below, as if I'm honest I believe the CII exams are the best most highly regarded exams in the industry and achieving Chartered or even Fellowship status (my next aim) is definitely regarded as the top achievement. They are undoubtedly quite academic/technical, but well worth the effort. As accountancy exams the chartered is expected to take about 3 years (more if you have 2 kids whilst doing it), but it is flexible as you self select the modules. The chartered qualification is equivalent to a degree. As you self select you could do the mortgage advice modules and use the credits towards a higher qualification, however the diploma in regulated financial advice doesn't cover mortgages as this is not part of the RDR (retail distribution review)

www.cii.co.uk/financialservices/qualifications/landing.aspx

I tend to try and study 10 hours and find I can just about manage that.

From what I've seen you're really interested in all things finance, so I think you would absolutely LOVE it.

On that note I better get on and do some work !!!

Not sure how people email each other on mumsnet, but quite happy to chat more.

Thanks for the advice. The more I think about it the more I fancy starting down the mortgage advice track. A straw poll of people I know also confirmed that I am seen as 'trustworthy'... which is probably an asset.

Cogitio etc - from your posts it's clear you know lots about finance. The industry needs more well informed and trustworthy people like you! PM message me if you want to know about life on the dark side - working for the big institutions (not as good as it sounds!)

Good luck!