The Personal Finance Society says a record number of its members have graduated with qualifications at associate, fellowship and chartered level this year.
In total there were 1,570 qualifying members in 2013 compared to 747 qualifying members last year. Of those 1,570 who qualified, 56 per cent were awarded chartered financial planning status, 33 per cent qualified at fellowship level and 11 per cent qualified at associate level.
The rise in the number of qualifying members meant the PFS ran two graduation ceremonies in one year. Around 990 graduates attended the April and October graduation ceremonies which were split into five separate sessions over three days. The final ceremonies year took place at the CII Insurance Hall on 4 October .
Overall PFS membership has seen a 26 per cent increase in fellows over the last year to 30 September. There was an 18 per cent increase in chartered financial planners over the same period.
PFS chief executive Keith Richards says:”The sheer volume of graduates this year is evidence that an increasing number of individuals in the financial planning sector are seeing the benefits of further study and striving towards greater levels of professionalism.”
Highclere Financial Services partner Alan Lakey says: “I don’t want to be chartered or certified practise. I do what I need to do to practise in the areas I specialise in. For example I wanted to give advice on equity release so I did the equity release exams.
”Some people say that passing exams enhances your business and that’s fine. But that’s true only if you work in those areas, otherwise you’re passing exams just for the sake of passing exams.”