The UK mortgage industry is regulated by the Financial Services Authority (FSA) and their rules state that you must have the full CeMAP qualification to provide mortgage advice, so to become a mortgage advisor the CeMAP qualification is the first step.

What is the CeMAP qualification?

CeMAP stands for Certificate in Mortgage Advice and Practice and to gain this qualification you must study for, and pass, the exams in each of three modules.

Prior knowledge

To take the CeMAP exams, you do not need to have any academic qualifications and you do not even need to have had any relevant work experience. What you should have however, is the will to succeed in the financial sector.

The three CeMAP modules

CeMAP 1 – UK Financial Regulation

This module is the same as the first module for the CeFA qualification, which must be attained to give financial advice. It covers the background and basic knowledge in all areas of finance, including the role of the Bank of England and the FSA, mortgages, pensions, insurance and more. The CeMAP 1 exam is made up of 100 multiple choice questions over two hours, but with a 70% pass rate; this does not mean it is easy.

CeMAP 2 – Mortgages

CeMAP 3 – An assessment of mortgage advice knowledge

The syllabus for both CeMAP 2 and 3 is the same, but each exam will test your knowledge in a different way. CeMAP 2 is a 100 multiple choice question exam based directly on the syllabus, whereas CeMAP 3 gives six practical case studies and there are 10 multiple choice questions on each.

Ways to study for the CeMAP qualification

When you register for each module with the FSA, you will be sent a syllabus and learning manual, and they do also provide online support forums. Most people, however, find that these materials are difficult to study from and so there are plenty of CeMAP training providers – although the FSA does not endorse any CeMAP training firm in particular so be wary of any firm claiming to be such.

To choose a reputable financial training provider, be sure to check that any price quoted includes all the materials needed, such as training manuals whether online or offline, CeMAP mock exam papers from real ifs past papers and tutor support, with one tutor to a reasonable number of students.

Home study courses are popular with those unable to take time out for a full time CeMAP course. Most providers will offer some form of distance learning and, providing you can be fairly self-disciplined in your study, there is no reason why you cannot get your CeMAP qualification using this method. Check what email or telephone tutor support is available before purchasing.

Using the CeMAP qualification

Once you have your CeMAP qualification, there are plenty of areas for a mortgage advisor to work in. Mortgage advisors are employed in financial institutions such as banks or building societies, in estate agents, with a mortgage broker firm or even on a self-employed basis.

Some companies will employ someone with just the CeMAP 1 qualification, although this does vary and many prefer you to first have the full CeMAP qualification if you have no prior experience.