Working for yourself can offer you more freedom and a sense of achievement, but finding a career option which is rewarding while offering a satisfying salary isn’t always easy. However, for many people, becoming a mortgage advisor ticks both these boxes. Helping others build a future through buying a property while earning an outstanding income, practicing as a broker has much to offer.
There are multiple ways you can become self-employed as a mortgage advisor, but there are specific pre-requisites. You’ll need the certain personal qualities and skills to be successful as well as a qualification proving you are proficient in your area of expertise. In this blog, we’ll take a deep dive into going your own way as an advisor and show how a Certificate of Mortgage and Practice (CeMAP) qualification will be instrumental.
Are you suited to being your own boss as a broker?
Before we look at the CeMAP qualification, consider whether you have what it takes to not only become a broker, but to steer your own ship. Mortgage advisors must have excellent abilities in numeracy and literacy to handle multiple calculations, product research and assist with contract completion. A certain familiarity with technology is also required as the process of selecting and comparing mortgages and mortgage applications often use a digital approach.
Mortgage advisors must be strong communicators who can explain often complex information to their clients in clear to understand language. It’s understood that securing a mortgage involves transactions of large amounts of money, which can be extremely stressful for parties involved. As a result, advisors must be honest individuals who can create a calm and safe environment for their clients. Advisors must be comfortable with interacting with people as their role involves communicating not just with clients, but also other advisors, surveyors, lenders and other industry professionals.
To be your own boss, take additional qualities. You must work under your own volition and make decisions while accepting responsibilities for them. You must be able to plan and have an eye for detail while never losing your overview of the business as a whole.
Get your CeMAP qualification to begin practicing
While you may already have the characteristics required to be a broker and your own boss, you will still require a qualification. While you won’t need a degree to practice, the UK’s Financial Conduct Authority (FCA) insist that every advisor has an appropriate qualification as evidence of their knowledge and skill in practicing mortgage advice. CeMAP was created for this reason and, with over three different modules, gives course candidates a firm foundation in their new career, as well as abilities they can use to deliver advice to clients.
For instance, while CeMAP training will provide brokers to be with a background in the financial sector, the legislation governing mortgage advice and the different types of mortgage products which are available. However, CeMAP also teaches more practical and personal skills to students like showing them how to help their clients to complete applications, managing their expectations and how to match different products to a variety of personal circumstances. CeMAP also helps advisors in training prepare for several obstacles which can occur in the later stages of completing an application.
To finish their training, mortgage advisors must sit their final exams and if successful, they can begin practicing as a broker and become self-employed.
How to use your qualification to become a boss
There are multiple ways that you can use your CeMAP qualification to take charge of your own career. The first is to start your own company and act as an advisor. With the letters CeMAP after your name and qualification under your belt you have the right to practice in the UK and can hire additional brokers to assist as your business develops.
It’s understood that while you are newly qualified and wish the freedom of making decisions for yourself, you might want some practical experience before launching a firm of your own. However, you can still be your own boss during this period if you prefer. Providing they have a CeMAP qualification, many mortgage broker businesses will hire self-employed advisors to bolster their current staff. This way, you can keep a measure of independence while cutting your teeth in your new career.
Start your journey to being your own boss with a CeMAP training course
Here at Beacon Financial Training, our support surpasses simply providing high-quality training. Our CeMAP courses are taught by professional instructors who are experts in the arena of mortgage advice, but even after courses are completed and exams passed, we continue to help our students with guidance.
If you are ready to run your own mortgage broker firm or wish to become a self-employed advisor, take your first step on the path with a CeMAP qualification.
Still unsure? Why not try out our online CeMAP training module for free.
