A Guide to The Diploma in Paraplanning (DipPP)
The Diploma in Paraplanning (DipPP) is an excellent qualification choice for Paraplanners and can help collate and expand on your knowledge of the industry. As a Paraplanner you can expect a career with good earning opportunity, stability and progression. Often people think of paraplanning as a stepping stone in a career path towards Financial advice. Whilst this is true for many, a career in paraplanning can be a great option long-term even without desire to become an Advisor. In fact, this is an increasing trend, with the FT adviser stating that ‘Paraplanning is becoming a profession in its own right’. They also found that 77% of female Paraplanners and 38% of males, have no desire of becoming Advisors and see paraplanning as their long-term career.
If you want to improve your knowledge, technical abilities and career prospects then the Diploma in Paraplanning (commonly abbreviated to DipPP) could be a great opportunity for you.
How the DipPP can benefit you
Paraplanning is an extremely technical career, it is a vital part of providing excellent financial advice and therefore, typically, the more qualified an individual is the better paraplanning opportunities will arise. There are also progression opportunities within paraplanning such as Senior Paraplanning roles and routes into Management, if that is an aspiration then getting a paraplanning qualification could be a great career move.
One of the paraplanning specific qualifications that is available, is the Diploma in Paraplanning awarded by the LIBF. Not only will completing this qualification enhance your career and prospects, but it can also help to expand your knowledge and become an increasingly developed and experienced Paraplanner.
The content of the Diploma in Paraplanning
The diploma is comprised of 2 units. Across these units you will cover:
- The UK financial services industry in its European and global context
- The Financial Conduct Authority’s (FCA) responsibilities and approach to regulation
- The different types of risk and how they relate to institutions and individuals
- Ethical, legal and vulnerability considerations
- The impact of taxation on investments and other recommended solutions
- The skills you need to produce a suitability report
All of these study areas are likely to be directly transferable to your role at some point in your career, making this qualification very valuable. Studying these areas will give you an advanced approach to how you write research reports for clients, your understanding of products and providers, the legalities and regulation of the FS industry and so much more.
How long does it take?
After you have applied for your course, the average completion time is usually around 9 months (according to the LIBF). The first unit takes on average 3 months for students to complete. Upon registration you have a time cap of 12 months to complete the first exam. The LIBF advises against waiting till the end of the qualification to take the exam, instead they recommend that it should be completed before moving on to Unit 2.
Unit 2 is slightly different. You have 2 opportunities to register for it throughout the year, this is because Unit 2 has sessions that you will also have to attend. The LIBF recommends that Unit 2 should take 6 months of study.
How will the DipPP be assessed?
Unit 1: As mentioned earlier, you will take an exam at the end of your first unit. This exam will be multiple choice and you will have 90 minutes to finish. There are also 2 case studies that will also need to be completed. Each of these case studies has 5 multiple choice questions.
Unit 2: Unit 2 is made up of 2 pieces of coursework. Your coursework will have deadlines which will correspond with your registration date.
Cost of DipPP
The cost for the full DipPP qualification is £940, this includes your exam entry costs and study materials. If you want tutor support throughout your qualification, it’ll cost you an additional £110 bringing the overall cost to £1,050. The tutors that you will be working with are all experienced in financial advice as well as being experts on the content of the qualification.
You can study for this course through the LIBF directly, if this is what suits you. There are however, a number of course providers who offer the DipPP that could have additional learning materials, webinars and study guides that could be of benefit to you. An examples of course providers that offer the DipPP is Clarity Financial Training.
Everyone learns differently, so there is no universal answer to what is the best study route. Our overarching recommendation however, is to just make sure that whoever you are learning with are accredited training providers.
To conclude, the Diploma in Paraplanning can be a great choice if you are looking to improve your technical abilities and expand your knowledge of the industry, products and services, legislation and so much more, this could be a brilliant qualification for you to work towards.
If you are looking for a Paraplanner role, get in touch today. We have a multitude of different roles that could be an excellent fit for you.
Tel: 0208 0044 154
Email: [email protected]
Linkedin: Premier Jobs UK
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