Is the CeMAP Diploma worth it?

In order to practise as a mortgage adviser in the UK, the Financial Conduct Authority (FCA) requires individuals to have a basic Level 3 CeMAP qualification. This has been the case since the mortgage industry became better regulated in 2004. With this in mind, you may be wondering why any prospective mortgage adviser would bother with the more advanced CeMAP Diploma? 

In this guide, we explain exactly what CeMAP Diplomas are and how they differ from lower-level CeMAP qualifications. We also highlight what other qualifications these Diplomas are equivalent to. Finally, we outline the various benefits of gaining this qualification. 

What is CeMAP?

CeMAP stands for Certificate in Mortgage Advice and Practice. It is a FCA-required qualification here in the UK for any individual looking to work professionally as a mortgage advisor. Awarded by the London Institute of Banking & Finance, the Level 3 entry CeMAP can be completed by anyone, regardless of previous experience or qualifications. Learning is typically split into seven units which are taught over three modules. These are:

1. Financial Regulation
2. Mortgages
3. Assessment (testing knowledge on mortgage advice and financial regulation).

When it comes to the CeMAP Diploma course, this is a more advanced qualification. Individuals can only enrol on this course if they hold a Level 3 CeMAP qualification or an equivalent qualification in mortgage advice. This ‘Level 4’ Diploma builds on the foundation knowledge taught on the Level 3 qualification, and effectively acts as an additional module. This is known as the AMA module. 

While it’s not a FCA-requirement, the CeMAP Diploma can make you a more knowledgeable adviser. With this in mind, it can demonstrate to both prospective clients and employers alike that you possess a deeper understanding of the industry. Topics covered as part of the CeMAP Diploma include: 

• How the economic environment impacts the mortgage market 
• Property surveying processes
• Arrears and the consequences of non-payment of mortgages
• The different types of borrowers and tailoring advice around unique personal circumstances.

 

What is the CeMAP Diploma equivalent to?

The CeMAP Diploma is equivalent to a Level 4 qualification on the UK’s National Qualifications Framework (NQF). Although there is no direct recognised comparison, this is also approximately equivalent to the first year of an undergraduate degree programme. 

 

What are the benefits of a CeMAP Diploma?

If you already hold a Level 3 CeMAP qualification and are unsure if you should take the next step and sign up for a CeMAP Diploma, it’s important to consider the advantages of this industry benchmark qualification. Below we outline three key benefits of a CeMAP Diploma: 

• Enhanced career opportunities

Gaining a CeMAP Diploma essentially adds another string to your professional bow as a career mortgage adviser. Being able to say you have taken the initiative to go a step further and gain an additional qualification in your specialist field can make you a better prospect in the eyes of both prospective clients and employers. In short, by gaining this qualification and developing a deeper understanding of your industry, you’re giving yourself more career opportunities. This could be as part of a larger firm or by going it alone as a self-employed mortgage adviser. 

• Increased earning potential

Linked to the point above, simply by holding a CeMAP Diploma qualification, you may be able to enhance your earning potential. This could be through accelerated career progression within a firm, for example. On the other hand, having this additional qualification may provide you with the knowledge and confidence to set up your own mortgage advisory business. If you are successful, this could lead to vastly increased earning potential.

• Stand out from the crowd

The mortgage advice industry is a crowded market. However, by gaining a CeMAP Diploma you can help to differentiate yourself through a deeper understanding of your specialist subject. While Level 3 CeMAP qualifications are a respected qualification within the industry, this additional qualification can bring about a higher level of credibility and professionalism. As your services involve helping clients make one of the biggest financial decisions they are ever likely to make, these traits cannot be overestimated.

 

You can now complete a CeMAP Diploma course with Simply Academy. Our expert tutors and in-depth course materials are specially designed to help you become an outstanding mortgage advisor with industry-leading knowledge and expertise. 

You can book your CeMAP Diploma course online through our course pages or by getting in touch with our friendly Student Support team today.