Leading financial services education provider LIBF has announced significant improvements for learners on one of its most popular advanced qualifications.
LIBF, which is part of Walbrook Institute London, is transforming the way it assesses learners on its Advanced Diploma in Financial Advice (Advanced DipFA), at the same time as offering new study breaks to support work/life balance. This level 6 qualification, which is equivalent to a degree, is aimed at more senior financial advisers looking to expand their knowledge and test their experience from working in the field.
From this August, LIBF is introducing new assessments for all Advanced DipFA modules to make them more accessible and give experienced financial advisers an opportunity to show how they put their learning and skills into practice.
The improvements have been made in response to learner feedback to make the assessments closer to financial advisers’ day-to-day work as well as testing them on the learning materials on the course.
The improvements include:
- Splitting the Pension Transfer (PETR) assessment into two 1.5 hour exams which focus on the material relevant to each unit. Rather than a single pass/fail 3 hour exam, the new format is more manageable and should reduce stress for learners.
- For all other modules, as well as a one-hour exam, LIBF has introduced timed assessments using case studies. Learners have two weeks to familiarise themselves with the case study, and then have four hours to complete an open book timed assessment that reflects the way that they would advise that client in real life, confirming which sources they used for their insights and recommendations.
With these changes, LIBF has also removed grading on forum contributions and video presentations, which didn’t suit all financial advisers. LIBF has been successfully using this type of assessment in its Advanced DipFA Financial Planning in Retirement (FPIR) module for three years, with excellent learner feedback.
The new assessments test financial advisers’ knowledge using realistic scenarios in a way that is plagiarism and cheat proofed, as they are asked to give their professional advice on what they would do in that scenario.
LIBF has been offering an Advanced DipFA qualification since 2012. In 2024 it launched a new format of DipFA. This included mandatory modules in Taxation, Trusts and Tax Compliance and Managing Investments, alongside options to study other specialisms in retirement planning, pension transfers, later life planning or mortgage advice.
In addition to the assessment improvements, LIBF is also offering learners what it believes is a sector first – offering two separate study break fortnights over the Christmas holidays and busy tax year end period. During these periods there will not be any timed assessments, although the online courses and learning materials will still be available as always for those who do want to study.
John Somerville, Director of Financial Services at LIBF, said:
“We felt it was really important to offer these improvements to our Advanced Diploma in Financial Advice in response to feedback from our learners.
“Learners taking this advanced qualification already have the initial Diploma in Financial Advice plus the time they’ve spent as advisers. They’re experienced professionals and it’s only right to make our assessments more practical so we’re examining their client advisory skills as well as the theory they’ve learnt on their LIBF programme.
“At the same time as announcing these improvements to our assessments, we’re also delighted to announce new study breaks available for all our Advanced DipFA learners. These take into account both the Christmas holiday period and the tax year end, when financial advisers will be busiest, advising their clients on tax affairs and completing their returns for their own businesses.”
Lewis Prosser, Exams and Accreditation Consultant at St James’s Place, added:
“LIBF’s introduction of timed assessments at Level 6 is a practical and grown-up approach to assessing Financial Services Professionals which should be applauded. The timed assessment format reflects real-world scenarios, requiring individuals to respond even when uncertain but with the chance to pause and reflect. It encourages both responsiveness and reflection while reinforcing good behaviours of validating answers/responses, rather than guessing when uncertain.
“The shift away from coursework to instead requiring initial research on a pre-released case study, followed by a time constrained assessment, pushes individuals to prepare thoughtfully and think on their feet, with the added reassurance of being able to verify key details. It is a compelling blend of preparation and agility.
“I also welcome splitting the assessment into two parts and spacing each course over a six-month period, as this should support deeper more sustained knowledge retention and encourages longer-term engagement. The inclusion of structured breaks is another strong feature. With learner wellbeing clearly a priority, the timing of examinations breaks around tax year end and the festive season, is the right thing to do. It gives individuals a chance to truly switch off at key moments in life and return to their studies with renewed focus and energy.”
Find out more about LIBF’s Level 6 Advanced Diploma in Financial Advice at: https://www.walbrook.ac.uk/libf/professional-qualifications/financial-and-mortgage-advice/level-6-diploma-in-financial-advice-adv-dipfa/
