Growing number of young people entering industry
Registrations from those aged 30 or under to its leading Certificate in Mortgage Advice and Practice (CeMAP) qualifications have risen from 25% of registrations in 2008 to 46% in 2013.
Anne Kiem, chief executive at the Institute of Financial Services, said: “The growing number of young people choosing to enter the mortgage advice industry is highly encouraging and something that stands to benefit both the long-term future of the industry and the consumer seeking advice.”
The news that a growing number of young people are entering the industry is a welcome relief after research released yesterday by Equifax Touchstone revealed that thousands of intermediaries are leaving the market.
Introduced in 1998 CeMAP quickly established itself as the qualification of choice for mortgage professionals and is now considered to be the in premier qualification the financial services industry, with 80% of practising mortgage advisers holding the qualification.
It meets the educational standard required by the Financial Conduct Authority (FCA) of anyone wishing to achieve a ‘licence to practise’ and work as a mortgage adviser.
Kiem said: “Since its introduction 15 years ago, CeMAP has played a crucial role in raising standards and offering new opportunities for mortgage practitioners, as well as encouraging new entrants to the industry.”
Laura Evans, mortgage adviser at Prosser Knowles Associates, who, at 17, was the youngest person to complete the Institute’s CeMAP qualification, said: “I chose to study CeMAP through the IFS as it was the next logical step in my academic development.
“I began work at Prosser Knowles in 2011 as an administration apprentice and was quickly encouraged by the company to pursue my ambition and acquire qualifications in the finance industry.
“I chose the IFS as they came highly recommended as a leading finance qualification provider. Whilst studying I found that the materials, support and resources were excellent; so much so that I have also chosen to study the Diploma for Financial Advisers qualification through the IFS.
“Since completing the CeMAP qualification I have been able to vastly increase my confidence in dealing with clients and my own personal development and profitability.
“I would recommend the IFS CeMAP qualification to anyone who is looking for an alternative to the time and cost constraints of university and has an interest in entering the financial industry. ”