FA1 Exam: Life Office Administration
The Award in Financial Administration is for anyone who works within the financial services industry, including financial services sales staff, administrators, customer support and technical advisers. To meet the standards set by the FSA, staff members in all areas need to be able to show that they have the essential skills and knowledge to do their jobs to the best of their ability. The Award in Financial Administration meets the QCF Level 3; however, a QCF Level 4 certification will be required of anyone who desires to work in a financial advisor capacity beginning January 1, 2013.
To obtain the Award in Financial Administration, candidates must pass two of four exams: the CF1 or R01 Exam (UK financial services, regulations and ethics), and either the FA1 Exam (Life office administration) or the FA2 Exam (Pensions Administration). While there are no formal entry requirements for the Certificate in Financial Administration, making it open to anyone regardless of their education or previous work experience, it is highly recommended that the CF1 or R01 Exam be taken before FA1 or FA2. The reason for this is that both the FA1 and FA2 exams build on skills honed in the CF1 or R01 exams.
The FA1 exam, Life Office Administration, is intended to provide candidates with a solid understanding of life issues. The unit is worth 10 credits, has a recommended 40 study hours, and consists of 50 multiple-choice questions. The exam lasts for 1 hour and has a nominal pass mark of 70%. The exam takes place at test centres at several cities throughout the UK, including London, Leeds, Glasgow, Manchester and Cardiff. It is scheduled throughout the year, meaning you can choose the date and location that suits you.
A wide range of learning resources are available from Brand Financial Training. To prepare candidates for the FA1 exam, mock exam papers are conveniently available as instant PDF purchases; there is no need to wait for them to arrive in the post, since you can download them straightaway and work through them at your own pace. The mock exam papers are closely based on the CII exam papers. They consist of three full sets of 50 questions and answers, with cross-references to the CII study text. Improve your chances of passing your FA1 exam with mock exam papers from Brand Financial Training.
Information in this article is correct as at October 2011