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Nearly half of advisers fail loan exams

Almost half of mortgage advisers sitting one of the two key qualification exams are failing with only two months to go until the December 31 MCCB deadline, according to the exam boards.

They say advisers are rushing to meet the deadline but are failing their exams due to a lack of preparation.

The latest results show that of the 1,317 people who sat the Chartered Insurance Institute&#39s Maq exam in September, 47 per cent or 612 failed.

The CII says it has been deluged with applications and is marking 2,590 entries for October exam sittings alone. It has already had 4,746 entries for the final exam sessions before the deadline, including resit candidates.

The estimated pass rate for rival exam Cemap is as low as 54 per cent.

The Institute of Financial Services says more than a third of candidates sitting its single bridge paper for IFAs failed the exam.

In the last month, it has had 1,564 entries, of which 608 were resits. Spokesman Simon Ashmore warns that candidates are not prepared and are not allowing enough time to complete the necessary revision for the papers.

CII spokesman Steve Rad-ford says: “So many people are failing due to a lack of preparation. They assume that bec-ause they are doing a job related to their subject, they can pass without revision.”

MCCB chief executive Luke March says: “Obviously, I am disappointed at the level of failures but I believe the level of the qualifications is right.”

•Mortgage Brief, p52

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