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70% pass new CII savings and investment exam

Candidates for the inaugural session of the CII&#39s new Savings & Investments exam have achieved a 70 per cent pass rate.

The CII says the fact that 688 of the 983 candidates passed on their first sitting could be attributed to the quality of the exam but also to the level of existing IFA investment knowledge. Advisers who took the exam on July 15 needed to get a grade of 70 per cent to pass.

Developed in consultation with the industry, the exam is designed to bridge the knowledge gap in the invest-ment market which was highlighted in the Sandler report and the subsequent feedback statement to the FSA&#39s CP157 paper.

It builds on the investment knowledge provided through benchmark qualifications such as the Financial Planning Certificate but can be sat as a stand-alone exam.

The CII says the new exam is proving popular with IFAs wanting to improve their investment knowledge and says it has already had nearly 700 entries for the next exam session on October 23. Fees for sitting the exam are £65 for CII members and £75 non-members.

Marketing director Steve Radford says: “The FSA feedback statement commented on a &#39strong feeling that all advisers need to be qualified in the area of savings and investments&#39 and this exam is clearly meeting that need.”

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