Diploma for Financial Advisers (DipFA)
DipFA is the minimum level qualification you need to become a financial adviser, as laid down by the Financial Conduct Authority (FCA).
Financial advisers provide regulated financial advice to help people make the most of their existing wealth. This can include planning for retirement, advising on investments, helping people to make tax efficient savings, and more.
The key responsibilities include:
meeting with clients and discussing their financial goals
answering client questions and educating them about investment options and potential risks
researching and recommending investments for clients
helping clients plan for the future, such as retirement
monitoring client account performance or accommodating life changes, such as marriage.
Financial advisers can work in established companies or build their own businesses. This means that as well as being a rewarding career, working in financial advice can offer flexibility and limitless opportunity.
Whether you've just graduated from university, are moving up in an existing role or looking to start a whole new career, a career in financial advice has never been more fulfilling.
When studying DipFA you’ll learn all the skills you need to begin your career as a financial adviser. And, because we include case study-based learning, you’ll gain practical knowledge that you can immediately apply in the workplace.
During your studies, you’ll become a Member of LIBF (MLIBF). Membership offers benefits such as career support and access to professional networking events.
Fees
£1,380 for the full qualification
Students can also register by module and the fees are:
Module one – Financial Services, Regulation & Ethics (FSRE): £320
Module two – Taxation: £220
Module three – Investment: £220
Module four – Protection: £220
Module five – Retirement Planning: £220
Module six – Coursework: £180
The price includes your study materials and first assessment entry.
Study duration
The DipFA can be completed within 9 months. However, you’ll have 12 months to complete the module(s) that you register for.
Modules
Six
Your studies will cover
The purpose and structure of the UK financial services industry
The Financial Conduct Authority’s (FCA) main aims, and the rules and regulations that apply to financial advice
The different risks that might affect customers’ financial needs, including both economic and personal
The potential solutions for the main areas of financial advice
How to source and analyse client data.
How to create, implement and maintain financial plans
How to formulate and communicate financial advice to clients
Your qualification at a glance
Assessments
Assessment is made via multiple-choice exams and final coursework. View the assessment section for further details.
You can take your exams at a test centre or at home with remote invigilation.
Once you’ve passed you’ll receive a digital certificate. A paper copy can also be ordered for an additional fee.
Regulation
Registered with Ofqual in the Regulated Qualifications Framework (RQF)
Meets the Financial Conduct Authority's (FCA) examination standards
Appears in the Financial Adviser apprenticeship standard
Module information
If you wish to study Financial Services, Regulation and Ethics (FSRE) on its own you can view the qualification page here.
Are you eligible for an exemption?
If you have qualifications from us or another awarding body, you may be eligible to apply for recognition of prior learning.
Key module dates
To allow you to tailor your studies to your lifestyle, you can select the coursework Fact Find submission date that best suits your needs. If your situation changes you can amend the start date of your coursework before the Fact Find is released without charge – keeping you in control.
Please note that the Fact Find is released four weeks prior to the submission date. Results are usually announced four weeks after the submission date.
What study materials do I get?
As part of your fee, you’ll get:
online access to our learning platform, Brightspace
specimen coursework assignment
unit syllabuses
online tutor forum
specimen exams and exemplars
online access to our student portal, MyLIBF
online access to our virtual library, KnowledgeBank.
Additional study support
We offer a variety of additional study support options for you to purchase when you first register with us, or later through your MyLIBF account by clicking on the “Purchase Additional Study Support” button.
Tutor support
You’ll get access to our team of experienced web tutors through an online tutor forum.
The tutors are all experts in their fields and have extensive experience in financial services, meaning they can explain the theory and show you how to put it into practice.
You’ll be able to engage in discussion with your tutors and fellow students, as well as ask questions to help you prepare for each assessment.
Assessments
Module one
You’ll take a two-hour multiple-choice exam that is split into two units. Each unit will include:
25 multiple-choice questions.
Three case studies with five linked multiple-choice questions.
Both units are worth a total of 80 marks.
Modules two to five
You’ll take a 90-minute multiple-choice exam, for each module, that is split into two units. Each unit will include:
20 multiple-choice questions.
Two case studies with five multiple-choice questions related to each case study.
Each unit is worth 30 marks.
Module six
Coursework consisting of pre-released fact find, with an essay response worth 240 marks.
Resit attempts
There are no restrictions on the number of times you can resit a module if you are unsuccessful. For the multiple-choice units (modules one – five) you will only need to resit the unit(s) you have failed.
Exam and assessment information
Fees
You can register to study DipFA throughout the year.
Corporate bookings
If you are a company and want to register a cohort of students onto DipFA please email corporate@libf.ac.uk for further information.
US$1,758
Module fees:
Module one – Financial Services, Regulation & Ethics (FSRE): £320
Module two – Taxation : £220
Module three – Investment: £220
Module four – Protection: £220
Module five – Retirement Planning: £220
Module six – Coursework: £180
The price includes your study materials and first assessment entry.
Additional costsYou may also be interested in
Certificate in Mortgage Advice and Practice (CeMAP) Level 3
The industry-standard qualification, CeMAP provides a practical approach to study and covers the core aspects of the mortgage market, laws and regulations.
When you pass you can apply for your licence to practise as a regulated mortgage adviser.
Explore CeMAP qualificationLevel 6 Diploma in Financial Advice (Adv DipFA)
As a Level 6 qualified financial adviser, you’ll demonstrate the highest level of professionalism – both important to showcase your credentials and for your customers to know they are getting the best service. The Adv DipFA will broaden your skillset and help you achieve chartered status.
Explore Adv DipFA qualification
Certificate in Regulated Equity Release (CeRER) Level 3
Support your customers to release value in their homes with the appropriate equity-release schemes. If you currently hold CeMAP, being qualified to advise on equity release will add to your skill set.
Explore CeRER qualificationAccredited learning support providers (ALSP)
There are a number of organisations offering courses for LIBF qualifications, especially in financial and mortgage advice. To help students make an informed choice, in addition to the DipFA Academy and online Digital Academy we also accredit a select number of reputable training organisations. These organisations have joined our ALSP scheme. To keep this status their provision is subjected to regular quality checks by LIBF.
Using an ALSP is entirely up to you – it is NOT a requirement of your studies – but this extra support might be beneficial to your learning. You’ll need to pay for such provision directly to your chosen ALSP.
Please note that you will still need to register and complete DipFA with us as the qualification awarding body.
Find out more
Progression
Advance your career with a Level 6 Diploma in Financial Advice (Adv DipFA) and – if you have three years’ relevant work experience – you could get chartered status.
Get the credit you deserve with a Statement of Professional Standing (SPS). Find out if you’re eligible.
The Certificate of Professional Achievement (CPA)
The Certificate of Professional Achievement (CPA) will show potential employers that you’re qualified to advise customers.
If you’re looking for your first position as a financial adviser, you’re between jobs or working in a non-advice role, CPA will help you demonstrate that you’ve:
completed DipFA or you hold another Retail Distribution Review (RDR) compliant Level 4 qualification
met the requirements of our CPD scheme, and
adopted our Code of Ethics.
In other words, you have everything you need to practise as a retail investment adviser in the UK, apart from the required Statement of Professional Standing (SPS).
If you start working for a company that adds you to the FCA register within three months of having your CPA, we'll convert it to an SPS at no extra charge.
You may also be interested in
Certificate in Mortgage Advice and Practice (CeMAP) Level 3
The industry-standard qualification, CeMAP provides a practical approach to study and covers the core aspects of the mortgage market, laws and regulations. When you pass you can apply for your licence to practise as a mortgage adviser.
Explore CeMAP qualificationLevel 6 Diploma in Financial Advice (Adv DipFA)
Develop an enhanced level of skills and demonstrate the highest of professional standards with this advanced qualification which leads to chartered status.
View course
Questions about our professional qualifications?
If you have any questions about our professional qualifications in finance and banking, please contact our customer services team.
Festive closure: our office will be closed from 5:00pm on 24 December 2024, reopening at 8:00am on 2 January 2025 (UK time). We hope you have a wonderful festive season and look forward to supporting you in the new year.
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