Is an A-level qualification enough for financial advisers?

Qualifications are almost irrelevant except to get a job.

Someone with a Ba in Finance can be totally useless to advise

Someone with no qualifications at all can be brilliant in explaining clearly your options. And give a well thought out set of recommendation

Specialised training and the ability to absorb facts and understand financial products is all that is needed, not a degree !
In the past most people managed with A levels – only 5% went to University.

In my experience, there is little correlation between qualifications and competence. Competence and moral character should be the key factors. In an ever changing market, the ability to understand clint ambition and need, then match that to available products, is more important.

Although, rationally, “there is little correlation between qualifications and competence” so that “specialised training and the ability to absorb facts and understand financial products are all that are needed, not a degree”, I agree wholeheartedly with Jack Morrell’s comments above as it would demonstrate an ability to undertake research, analysis, differentiation, and exposition together with some evidence of application and diligence. I think the degree-standard course should have at least one compulsory component from philosophy, psychology, economics, social studies, or similar, so that when we see the initials QFA [qualified financial adviser] we can place some reliance on their efforts [I know, . . . all GP’s have degrees these days. . .] and hold them accountable. Having said all that, though, how are we supposed to get a measure of their actual, current, competence?

I’m sorry – Qualifications and courses do not make competent operators.

My long experience of teachers gives really excellent indications . All now have degrees – All go on a practical teaching course incorporating one compulsory component from philosophy, psychology, economics, social studies, or similar. A good number are incapable of effectively teaching.

I also taught a number of subjects – at school and Uni – A great many could pass the course including practicals – but fail dismally when attempting a real life problem outside of the classroom..

The same applies to IFAs

Hanah

Whilst I agree IFA’s should have more than just an A qualification to do the job as there are specialist functions within the whole financial advice arena, there are far more important questions to be asked by the investor of the IFA re tied/not tied, commission or fee, AMC’s etc. That is just as likely to have a more significant effect on the returns you get on your investment than qualifications.

If you really want to tackle the IFA issue tackle it in its entirelty not just part of it