We have recently covered the first two units of CeMAP known as CeMAP 1 and CeMAP 2 and today we will finish covering the units with a guide to CeMAP 3. Make sure you check out the other content covering the units 1 – 6 before reading this one.
What is CeMAP?
The Certificate in Mortgage Advice and Practice (CeMAP) is the industry-standard qualification for Mortgage Advisor’s and is provided by the London Institute of Banking and Finance (LIBF). Many businesses and Mortgage Advisors alike view CeMAP as the go-to Mortgage Advice qualification so if you are looking for a career as a Mortgage Advisor this is the place to start!
What is a Mortgage Advisor?
Mortgage Advisors help their clients find the best mortgage deal for purchasing their homes, for many it will be their first time so you will assist them throughout the process. You will build relationships with various clients and learn about their circumstances to provide them with the best available deal.
Module 3 – Assessment of Mortgage Advice Knowledge (ASSM)
Assessment of Mortgage Advice Knowledge (ASSM) is the last of the three modules for the CeMAP qualification and is commonly known as ‘CeMAP 3’ and consists of one unit, which is:
- Unit 7: Assessment of Mortgage Advice Knowledge
How is CeMAP 3 tested?
CeMAP 3 consists of “one unit with six case studies, each with ten linked multiple-choice questions”
This is the first unit of CeMAP where you will have to deal with a case study so your revision will need to be tweaked in order to accommodate for this exam type, this will be covered later in the blog.
The exam can be taken at a time and location of your choice at over 150 Pearson VUE test centres across the UK with the benefit being that you will receive your results on the same day.
You will have 12 months to complete each module and sit the exam. Your first exam is included in the registration fee for each module. If you wish to retake an exam you will need to pay a resit fee. We will go more into the fees associated with CeMAP 3 later in this blog.
How long does CeMAP 3 take?
The entire length of CeMAP is 6 – 12 months so it is likely that CeMAP 3 will take anywhere from 2 – 4 months to complete.
The beneficial thing with the CeMAP qualification, stated by the LIBF, is that “everything is online [and] you can study at a pace that suits you” meaning unlike more traditional qualifications where you have to take hours of in-person study only to wait weeks for the exam result, the LIBF allows students to fit the qualification alongside their personal commitments and work life.
What does CeMAP 3 cover?
Beacon Financial Training, one of the LIBF recognised Accredited Learning Support Providers, state that with CeMAP 3…
“These case studies are practical examples of client cases that you may face. Once you have read the case study, you are presented with ten multiple choice questions. Again, this is a skill you need to learn and practice. The case studies are very realistic, which means you will be provided with some information that is superfluous and unnecessary – much like what a client will tell you when you are sat with them. You need to learn to select the appropriate information and decide the best thing to do.”
How much does CeMAP 3 cost?
- Module cost – £190
- Total qualification cost – £570
All fees are taken from the LIBF
- Exam resit fee – £160
- Login to your MyLIBF account to resit an exam.
- CeMAP Revision Tool (CRT) Module 3 (ASSM) – £90 (or all three CeMAP modules – £240)
- Additional revision tool modules, which are only relevant to the CeMAP® qualification, can be bought in a bundle that includes UKFR. By purchasing in a bundle there is a discount offered in comparison to the individual purchase of these modules.
- Specimen Papers (paper copy) – £28 per paper
- Ask The Experts (online tutor support) – £30 for 3 months
- Accredited learning providers – Price can vary depending on provider
How to study for CeMAP 3
The best way to study for CeMAP 3, in our opinion, is to focus on the exam type which for unit 7 combines a case study with multiple-choice questions. On the whole, it will look very similar to the other CeMAP units you will just be presented with a case study that you need to dissect in order to correctly answer the questions.
This will be useful for you as you likely can use the same methods used to study for CeMAP 1 and 2. We recommended a few tips before you start revising:
- Utilise practice questions – The best way to revise for this module is by knowing what the exam will look like as it will be different from CeMAP 1 & 2. Unlike the two previous modules where you could create you own questions, you will be unable to do this to the same extent with this module as the case studies are so in depth and niche. We would definitely recommend, if you are in a position to, that you invest in any extra study content you can get your hands on. This will give you the best understanding of how the case studies are laid out and what the examiner will be expecting from you. Make sure that if you do purchase any additional study material that it is from one of the accredited learning support providers alternatively there are many free videos and blogs out there that will give you a good base understanding of the exams.
- Know the content – Although this may sound obvious, this is even more important because you can’t make up for a lack of knowledge by using good writing technique as you could in other exams. MCQs are black and white in that if you are right, you are right there are no partial marks awarded for partial understanding. You will have to interpret what the case study is telling you in order to apply your knowledge to the question and answer correctly.
- Create a study schedule – View this as a plan that will get you to the point where you ace the exam. Utilise the above tips to ensure you are working smarter and not harder! There are loads more great resources with more information regarding how to answer MCQs so it can be worth going through these to see if you get any inspiration.
Which course provider to use for CeMAP 3?
This is a very frequent question we get here in relation to the CeMAP qualification, and we always answer the same. We recommend people refer to the list of Accredited Learning Support Providers provided by the LIBF and make the best decision for them and their learning style. For the CeMAP qualification this includes:
|Quilter Financial Adviser School|
|Beacon Financial Training|
|Clarity Financial Training|
|Futuretrend Training Academy|
This is especially important when you consider our previous point regarding utilising practice questions for your revision. We recommend that you research what ALSP can offer you the best materials and training for the final CeMAP unit.
CeMAP 3 FAQs
- Does CeMAP 3 expire?
No. The CeMAP qualification does not expire.
- Can I put CeMAP after your name?
Yes. But after you complete this module (as long as you have completed CeMAP 1 and 2 that is!)
- Who should I go to for additional support with CeMAP 3?
The LIBF has posted a list of Accredited Learning Support Providers which you should go to.
- Is CeMAP equivalent to a degree?
No. CeMAP is a Level 3 qualification.
- Is CeMAP 3 multiple choice?
Yes, however, you will have the added element of having to use a case study to inform your answers to the MCQs.
- How many CeMAP levels are there?
There are 3 CeMAP modules.
It is worth noting that we are currently preparing a Q&A blog & video to cover CeMAP FAQs in more detail. If there are any questions that you would like answered or ones that you feel others would benefit from knowing, please get in touch at email@example.com or on 0208 0040 896.
For most people, CeMAP 3 is the final step in achieving your full CeMAP qualification and marks the start of an exciting future career as a Mortgage Advisor. We really hope that your CeMAP studies have been successful and that you have a happy and successful career as a Mortgage Advisor!
Once you do qualify, it is really important that you have a plan for after the qualification. We recommend you check out our dedicated page for Mortgage Advisor jobs so you can see what’s available in your area. We have a variety of roles across the UK that could be of real interest for those who have just gained their CeMAP qualification.
We recommend you have a free, confidential and no-pressure chat with one of our experienced Financial Services Recruitment Consultants as they will be able to talk through any options that may be available to you, advising and supporting you throughout the recruitment process free of charge!