New Model Business Academy launches work based alternative assessment
The New Model Business Academy has today (12th December) announced the launch of its Alternative Assessment qualification. The Diploma in Professional Financial Advice (NMBA Alternative Assessment Method) is a fully FSA approved route to achieving the Level 4 Diploma and results from the ‘Work Based Assessment Project Group’, set up by Ken Davy in January 2010. The Project Group was made up of prominent industry figures including Peter Hales, former CII President and Aviva Sales & Marketing Director, Len Warwick CBE, former Chairman of the SIB Training & Competence Panel, and SimplyBiz Group Sales Director Steve Braidford and has worked with the FSA, SQA and Calibrand to create a practical alternative to the traditional exam route.
Ken Davy commented:
“It has taken almost two years to achieve, but I believe this is tremendous news for a great many experienced advisers, their practices and their clients. The Diploma in Professional Financial Advice (NMBA Alternative Assessment Method) is a unique offering which will provide IFAs who may be struggling with the examination route the opportunity to achieve their Level 4 qualification and continue to serve their clients beyond the 1st January 2013. The Alternative Assessment involves a rigorous Level 4 qualification process and is not in competition with examinations, which we still encourage, but is simply a more practical method of qualifying. Nonetheless, we believe the work based Alternative Assessment will prevent many good quality IFAs being needlessly forced to abandon their clients when the RDR is implemented.”
The primary method of assessing advisers will be through the submission of sample cases, along with supporting documentation, covering investment, pensions and tax. Every Level 4 learning outcome must be covered by candidates, including a separate knowledge assessment on financial services regulation & ethics. For advisers part way through the examination route, there are exemptions for learning outcomes that have already been satisfactorily completed.
The cost of the NMBA Alternative Assessment at £980 is about half the price of the CII’s alternative assessment.
Advisers can apply for the Alternative Assessment by registering free with the NMBA (www.nmba.info) with immediate effect.
