Supporting Staff Development Through Financial Services Exams and Qualifications

Investing in employee development through financial services qualifications can deliver significant benefits for both staff and the business. While not every team member will want to pursue exams, supporting those who do can boost engagement, performance, and long-term retention.

This article is correct as at 13 May 2025.   

There are significant benefits to both employers and employees when it comes to supporting employees through exams and formal qualifications. Whilst some employees may not have the desire for progression, others will snap your hand off for the opportunity to improve their knowledge and skills and potentially progress within the business. The benefits of professional development may be obvious, but this isn’t something all businesses offer. Around 70% of UK businesses offer qualification training programmes as a staff perk, but only around 30% of employees will actually engage with this. Whilst the costs can be substantial to support an employee through, for example, the CII Diploma in Regulated Financial Planning, so can the benefits.

For the employee, passing exams and gaining qualifications can help to improve their skills and employability, and it can also help them to feel more valued, especially if this results in a promotion into a more fulfilling role. But what are the benefits to employers?

1. Enhanced Skills and Knowledge: Employees gain specialised knowledge and skills, leading to improved performance and productivity. Understanding more about the advice process will enable an employee to take on responsibilities which is likely to have direct financial benefit for the business.
2. Increased Employee Engagement: Investing in professional development demonstrates that the employer values their staff, boosting morale and job satisfaction.
3. Higher Retention Rates: Employees are more likely to stay with a company that supports their career growth, reducing turnover costs of having to regularly replace staff. Though their loyalty is not guaranteed, the chances of them staying within the business are improved if staff feel valued.
4. Improved Innovation and Creativity: A well-trained workforce can bring fresh ideas and solutions, as well as new perspectives that perhaps haven’t been considered.
5. Stronger Reputation: Companies known for investing in employee development attract top talent and enhance their brand reputation.
6. Leadership Development: Professional qualifications can prepare employees for future leadership roles, ensuring a strong internal talent pipeline. It could also help with things like succession planning, if that’s on your radar.
7. Compliance and Risk Management: In regulated industries like financial advice, having qualified staff should help to ensure compliance with regulatory standards, reducing risk, and could also help staff to understand the reasons why the regulation exists.
8. Increased Efficiency: Higher levels of training and knowledge can streamline processes and improve the overall efficiency of teams, leading to cost savings. This is especially true when it becomes possible to delegate more work to a trained/qualified employee.
9. Customer Satisfaction: A well-trained workforce can provide better service and support, leading to improved customer satisfaction and loyalty. And of course, better client outcomes.

Whilst some employees will go on to study for a full regulated diploma and subsequent promotion into paraplanning or advice, others may be more suited to studying a lower-level qualification such as the CII Award in Life and Pensions Foundations or the CII Award in Financial Administration. These qualifications offer a solid foundation for employees in administrative or regulatory supporting roles and are a great way to boost their confidence and sense of value.

There are many different exam options out there, including those that are multiple choice online exams, or coursework-based written assignments. Though we understand there are risks when it comes to encouraging staff to take exams, we hope that the benefits outweigh the risks in most cases.

In next week’s article we will look at how employers can help employees through their qualifications to minimise the impact on the business whilst maximising the chances of exam success.