Mortgage Debt :: The CeMAP Qualification: All You Need to Know

The UK mortgage market is regulated from Read the Full Guide Financial Services Authority (FSA) and their rules state that you should have the full CeMAP qualification to deliver mortgage advice, so to become a mortgage advisor the CeMAP qualification will be the first step.



What will be the CeMAP qualification?

CeMAP means Certificate in Mortgage Advice and Practice and to gain this qualification you must study for, and pass, the exams in each of three modules.

Prior knowledge

To make CeMAP exams, you no longer need to have any academic qualifications and you also do not even need to possess had any relevant work experience. What you should have however, is the will to achieve the financial sector.

The three CeMAP modules

CeMAP 1 ? UK Financial Regulation

This module will be the same as the 1st module for the CeFA qualification, which should be attained to present financial advice. It covers the setting and basic knowledge in all of the areas of finance, including the role with the Bank of England as well as the FSA, mortgages, pensions, insurance and more. The CeMAP 1 exam consist of 100 multiple choice questions over two hours, but a 70% pass rate; it doesn't mean it is easy.

CeMAP 2 ? Mortgages CeMAP 3 ? An assessment of mortgage advice knowledge

The syllabus for both CeMAP 2 and 3 could be the same, but each exam will try out your knowledge in another way. CeMAP 2 can be a 100 multiple choice question exam based directly on the syllabus, whereas CeMAP 3 gives six practical case studies where there are 10 multiple choice questions on each.

Ways to study for the CeMAP qualification

When you register for each module with the FSA, you will be sent a syllabus and learning manual, plus they do offer online support forums. Most people, however, see that these materials are difficult to review from and so there are plenty of CeMAP training providers ? even though FSA won't endorse any CeMAP training firm especially so be wary of any firm claiming to be such.

To select a reputable financial training provider, make sure you check that any price quoted includes all the materials needed, like training manuals whether online or offline, CeMAP mock exam papers from real ifs past papers and tutor support, with one tutor with a reasonable variety of students.

Home study is popular with those unable to take time out to get a full time CeMAP course. Most providers offer some form of distance learning and, providing you with can be fairly self-disciplined within your study, there's no reason why you can not get your CeMAP qualification like this. Check what email or telephone tutor support can be acquired before purchasing.

Using the CeMAP qualification Once you have your CeMAP qualification, there are numerous areas for a mortgage advisor to be effective in. Mortgage advisors operate in financial institutions like banks or building societies, in estate agents, which has a mortgage broker firm and even on a self-employed basis.

Some companies will employ someone with just the CeMAP 1 qualification, although this does vary and a lot of prefer one to first have the entire CeMAP qualification for those who have no prior experience.