If you want a career as a mortgage advisor, then the first step is to take a CeMAP training course and then pass the CeMAP exam, but what do you learn in a CeMAP course?
CeMAP training has three modules: 1, 2 and 3.
Module 1
In Module 1 there are two units. In the first unit, you are introduced the financial service environment and financial products. In the second, you learn about financial services and financial regulations.
This module provides a good general overview of financial services and the regulatory framework that covers financial products. Financial services are highly regulated, and students learn about the laws and legal procedures that affect financial services.
Module 2
Module 2 has four units. The first goes into depth about mortgage law, practices and the market.
The second looks at the process of mortgage applications, while the third deals with mortgage payment methods and mortgage products.
Finally, the fourth looks at what happens if mortgages get into arrears and issues that can arise after a mortgage has been completed.
As well as having the knowledge about mortgage products, the student explores the process of finding the most suitable mortgage for a client.
Module 3
The third module brings together the skills and knowledge that the student has learnt in modules 1 and 2. Case studies are used to explore the mortgage advice process. This can involve roleplaying in which the student takes on the role of a mortgage advisor.
In preparation for the CeMAP exam, a student will be expected to study previous exam questions. If he or she can accurately answer previous exam questions, the student will be ready to take the CeMAP exam.
Although the amount you need to know about mortgages and the financial market appears a lot, by going step-by-step through the course, most students do not find the task of studying CeMAP too daunting.
The exam
After a student has studied all CeMAP modules and feels prepared, they can take the CeMAP exam which is administered by the London Institute of Banking and Finance. This is taken at various centres throughout the UK.
Getting started
It does not take long to be ready for the CeMAP exam. Modules can be studied at Beacon Financial Training as two intensive five-day courses; one covering Modules 1 and the other Modules 2 and 3. Studying is carried out in small groups of 12 or less with expert tutors. Most students are expected to pass the first time, but anyone who fails the exam can take it again.
For people who cannot spare 10 whole days to complete the intensive CeMAP training, there is a home study option where students can work at their own pace.
For any questions you may have about the CeMAP syllabus, talk to one of our expert advisors at Beacon Financial Training.
A CeMAP qualification obtained after a Beacon Training Course is an opportunity to enter the interesting and rewarding mortgage advisor profession.
