RO6 April 2019

Hi all!

I am going to sit RO6 in April but I'm not sure how to go about studying for it. I have seen a few posts saying there is no point in buying the CII textbook, and also some suggestions of purchasing the Brand analysis when the case study is released?

Can anyone give me any suggestions? This will be my first written CII exam so totally new territory for me!

Many thanks,
Meghan

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Comments

  • Hi Meghan.

    I looked at past papers, if you do you’ll notice smiliar topics coming up - which are general questions and not related to the case studies. Also, I’ll highly recommend the solution guide that is available soon after the case studies are released.

    John

  • @john.mackellar said:
    Hi Meghan.

    I looked at past papers, if you do you’ll notice smiliar topics coming up - which are general questions and not related to the case studies. Also, I’ll highly recommend the solution guide that is available soon after the case studies are released.

    John

    Hi John

    Thanks for your reply, is the solutions guide available from the CII directly or where would I get access to it?

    Meghan

  • AJO87AJO87 Member
    edited March 11

    Hi Meghan

    I am in the same boat as you, sitting my first written CII Exam R06 on 8th April and have similar thoughts and feelings.

    The CII book is very very woolly (even more than usual) and actually focuses more on the mechanics of actually giving advice (ie what to put in a factfind) than any knowledge as such, it seems to be an overview.

    I been advised as well to look at the past papers, October 2018 is on the CII website with examiners comments and model answers and the January 2019 case study is on there (without the questions).(https://www.cii.co.uk/learning/qualifications/diploma-in-regulated-financial-planning-qualification/unit-financial-planning-practice-r06/) .

    The solutions guide I believe John is referring to is the Brand FT analysis which literally everyone who passes seems to buy. Basically a few days after the case study is released there "analysis" is released of the areas and questions they believe will come up and I have lost count the amount of people that tell me all they did is learn the analysis and then passed the exam (https://brandft.co.uk/cii-r06-ro6-financial-planning-practice-analysis/#Overview).

    Issue is it isn't cheap for a pdf download , £77 if you pre order and I have managed to get it down to £70 as you get 10% off additionally if you never have subscribed to their newsletter before.

    I would also advise (if you havnt done so already to join the CII) you might as well anyway as you are going to have to do so to allow you to use the DipPFS accreditation but also (and I believe the CII have kept very quiet about this) you can access all of the study tests (2018/2019) online for all of the exams.

    https://www.cii.co.uk/learning/support/cii-study-texts/

    It basically allows you to read it online but also print sections off, It makes you wonder why you would bother buying the main book if you knew this (for some reason I did though).

    I hope all this helps. personally I am making little progress atm as I miss the structure of the multi choice exams of basically read the CII book, learn and pass. I am hoping the Brand Analysis will help and I will pass.

    Thanks

    Andy

  • I sat January R06 and passed having bought the Brand analysis so it is worth the money (let alone what you've already spent on the exam itself!). Also what the others have suggested in terms of looking at past CII questions and solutions is really useful.

    I didn't bother with the CII book at all, based on the advice from my colleague who sat it in 2017, so save your pennies and best of luck!

  • BP2012BP2012 Member

    Hi Meghan

    I also sat R06 in January 2019.

    I have used Wizard Learning throughout all of my studies for the previous R0 examinations but paid for Brand FT's case study analysis because of all of the feedback I had reviewed and the large number of people using it as preparation for their R06 examination.

    I was also given a copy of Redmill Advance's case study analysis which I personally found to be more useful and better structured than Brand FT's.

    Having taken the exam I felt really confident. I did pass the exam although I didn't get anywhere near the mark I had anticipated and I am normally fairly sceptical so this was a surprise.

    I did not use any of the CII materials. I relied solely on the two case study analyses and used them both to cross reference against one another (only because I had the second, I would not advise paying for two).

    The exams are always on a Monday - if you can, book some annual leave or ask your employer to grant study leave in the week prior to the exam. Focus 100% on the case study analysis and go over and over all of the detail as much as you can.

    Finally, I just read and read and read over the case study analysis material but, with hindsight, I wish I had tested myself by writing answers to questions. Some of the questions may have between 10 and 15 marks and I sometimes got lost in myself trying to reel off the answers in my head and should have been writing them down to feel more confident in what I was doing.

    It will also give you a little taste of the level of handwriting involved in a written examination!

    Also, re john.mackellar's comment - this is true. There will be some generic questions such as the importance of a Will etc. but these were covered off in both Brand FT and Redmill's case study analysis with many potential areas that may be covered within the exam which aren't directly linked to the content of the two case studies.

    Hope this helps and good luck.

  • Yonkers420Yonkers420 Member
    edited March 13

    Hi Meghan, I bought BrandFT for AF5 and read it the morning of the exam and managed to pass (skin of my teeth i may add)

    More of a reflection of their training materials than my intelligence!

  • Hi all!

    Thanks very much for all the responses - looks like BrandFT is the way to go! I will pre-order it now so I am ready to go.

    Also, re BP2012, I think I will take some time off in the week before to really focus on the case study.

    Feeling very unprepared at the minute but other than looking at the past papers, feel like there isn't anything I can do until the case studies are released!

    Thanks again and good luck to AJO87.

    Meghan

  • ToryTory Member

    Hi Meghan,
    Just to say that I'm taking the R06 in April too. I've also just pre ordered the Brand FT case analysis. I also have their notes and am going on my local CII institute's revision day. Basically, I'm doing everything I can to get a pass first time round.
    At the moment I'm doing the same as you, looking at past papers and I'm also writing out answers as I read to build up my handwriting ability - its a fair few years since I last did a 3 hour written exam but I remember it being pretty sore!
    Tory

  • AJO87AJO87 Member

    I have purchased the Brand Analysis and like an absolute idiot when I read through the case studies yesterday and worked on them I came up with a couple of questions but it was after the 5pm email support deadline. So I was wondering if anyone has a moment what there views are on the below.

    1. Brand have said as a way of improving tax efficiency that 2 people could Bed and ISA there OEICS. and the justification being that it makes use of the CGT annual exemptions and move investments to a tax free environment. But the OEICS total £106k and currently they don't have ISAs. I am assuming that means they can only transfer a maximum of £20k into each ISA but this isn't mentioned in their solution, is that right?

    2 . they have said that a medium risk investor could consider VCT EIS and SEIS due to the 30% and 50% income tax relief on contributions. I am shocked by this surely they are way to high risk for medium investors? or is this a CII verses a real world situation?

    Any help would be appreciated, I can now see why the email support day is there and I'm kicking myself I didn't use it.

    Thanks
    AJO87

  • SW1990SW1990 Member
    I’m doing this one tomorrow too - good luck!.

    Yes the bed and isa would only be £20k each per tax year so would only use some of the Oeic investment, So I would just elaborate on the answer tomorrow and maybe state the allowance figure. Some of the investment will also be moved to Mrs as she is a lower tax band to take advantage of her lower tax % and dividends and PSA. They can also use some of the OEIC/UT or use cash deposits do pension contributions especially as Chris is a higher rate tax payer and therefore can claim the extra 20% through self assessment to achieve 40% tax relief. And perhaps even take advantage of carry forward. (This was kind of mention re: pp contributions but the rest is just from my own knowledge so jus going to add that in the exam if asked just I’m case!)

    I thought the same re: VCT and EIS as they are high risk but thought no harm putting in if that question comes up.

    Sorry about my waffling I’m writing on my phone! And half panicking about tomorrow as not sure what to expect!




    > @AJO87 said:
    > I have purchased the Brand Analysis and like an absolute idiot when I read through the case studies yesterday and worked on them I came up with a couple of questions but it was after the 5pm email support deadline. So I was wondering if anyone has a moment what there views are on the below.
    >
    >
    > * Brand have said as a way of improving tax efficiency that 2 people could Bed and ISA there OEICS. and the justification being that it makes use of the CGT annual exemptions and move investments to a tax free environment. But the OEICS total £106k and currently they don't have ISAs. I am assuming that means they can only transfer a maximum of £20k into each ISA but this isn't mentioned in their solution, is that right?
    >
    > 2 . they have said that a medium risk investor could consider VCT EIS and SEIS due to the 30% and 50% income tax relief on contributions. I am shocked by this surely they are way to high risk for medium investors? or is this a CII verses a real world situation?
    >
    > Any help would be appreciated, I can now see why the email support day is there and I'm kicking myself I didn't use it.
    >
    > Thanks
    > AJO87
  • SW1990SW1990 Member
    Also apologies for all the mistypes in the above! Damn iPhone!
  • AJO87AJO87 Member

    @SW1990 said:
    Also apologies for all the mistypes in the above! Damn iPhone!

    Hey no need to apologise thank you so much for answering my query :)

    Good luck to you as well and don't worry I don't know what to expect either.
    Its been a LONG time since I have had to do a written exam (A level) and I never thought I would pine for the CII multiple choice or even the previously dreaded multiple response questions.

    Thanks for the elaboration as well, to be honest I found it hard to get any technique going as the CII R06 book is not that useful to say the least and I have never had an "analysis" before of an exam I was about to sit. So I wasn't sure if the brand answers were actually verbatim responses or (like the one we been discussing) ones that need some elaboration.

    Anyways hopefully we can give it our best shot tomorrow and forget about it until results day.

  • SW1990SW1990 Member
    How did everyone get on? I felt the analysis covered only about 30%/40% of the questions! A lot of curveball ones in there - hoping I managed to get enough marks!
  • DanWDanW Member
    > @SW1990 said:
    > How did everyone get on? I felt the analysis covered only about 30%/40% of the questions! A lot of curveball ones in there - hoping I managed to get enough marks!

    I thought the Brand Analysis covered a fair amount, but a few curve balls in there. I wasn't expecting the Renting the house v selling it question although pretty straightforward. The onshore bonds v oeic question caught me off guard as did the ESA & PIP benefits & taxation.
    I think I have done enough to get through but who knows!!
  • ToryTory Member

    Yeah, not sure how I got on with that this morning. The ESA and PIP question is 8 marks I definitely did not get! The bond vs OEIC question was a bit of a curve ball but managed to get some info on the differences between the two tax treatments which I hope covers some of the points they were looking for definitely not all 13 though. Fingers crossed now!
    Anyone know when we get the results?

  • DanWDanW Member
    > @Tory said:
    > Yeah, not sure how I got on with that this morning. The ESA and PIP question is 8 marks I definitely did not get! The bond vs OEIC question was a bit of a curve ball but managed to get some info on the differences between the two tax treatments which I hope covers some of the points they were looking for definitely not all 13 though. Fingers crossed now!
    > Anyone know when we get the results?

    17th May. Hopefully have done enough, the massive factfind question would have help most to get a good starting point
  • RC100RC100 Member

    Generally, I thought it was OK. Out of interest, what did people think of the last questions for Case Study 1? I think it was something about factors to discuss in relation to the inheritance at the next Annual Review?

  • SW1990SW1990 Member

    Yeah I am not sure if I done well or not, I literally gave it my all but not sure if I gave the 'CII style' answers well enough. I am hoping I got nearly full marks on some of the Fact Finding Q and the staying self employed questions to help balance out some of the weaker areas I may have had. Yes that inheritance question did throw me a bit when it said factors, as wasn't quite sure what sort of response they wanted. What did you think?

  • RC100RC100 Member

    @SW1990 said:
    Yeah I am not sure if I done well or not, I literally gave it my all but not sure if I gave the 'CII style' answers well enough. I am hoping I got nearly full marks on some of the Fact Finding Q and the staying self employed questions to help balance out some of the weaker areas I may have had. Yes that inheritance question did throw me a bit when it said factors, as wasn't quite sure what sort of response they wanted. What did you think?

    I went along the lines of if they were clearing the debt with the inheritance, so all the facts like how much is on the CC/Pers Loan and what rates of interest etc.. but then I thought about it after and surely they would have looked to do that as a priority and before the next AR?

  • DanWDanW Member

    @RC100 said:
    Generally, I thought it was OK. Out of interest, what did people think of the last questions for Case Study 1? I think it was something about factors to discuss in relation to the inheritance at the next Annual Review?

    Strange one that, they had concerns about the debts so the priority should have been using the inheritance to clear the Mortgage Arrears/CC/Loan in the first meeting. I went down the lines of if there was inheritance remaining after clearing the debt then what would they likely do with the excess (top up pensions / emergency funds etc) and also the usual questions you would ask at an annual review. It was a strange question.

  • SW1990SW1990 Member

    Just checked and i've passed - all the stressing over the last 6 weeks were worth it! How did everyone else get on?

  • RC100RC100 Member

    @SW1990 said:
    Just checked and i've passed - all the stressing over the last 6 weeks were worth it! How did everyone else get on?

    Also passed! 93, which I was quite shocked by, thought it would have been a lot closer... that's confirmed the full diploma for me now!

  • SW1990SW1990 Member

    @RC100 said:

    @SW1990 said:
    Just checked and i've passed - all the stressing over the last 6 weeks were worth it! How did everyone else get on?

    Also passed! 93, which I was quite shocked by, thought it would have been a lot closer... that's confirmed the full diploma for me now!

    Yay well done! I was so surprised I really thought I had a 50/50 chance of passing and got 107...I must have wrote down better responses than I thought! Yes same here DipPFS to us hahaha - well done RC100 :))

  • DanWDanW Member
    I got a pass as well, wasn't expecting the results until tomorrow at 8am?.
    93 I got 👍🏻
  • gilder33gilder33 Member
    Hi have received my result and failed with 76 Mark's. Must admit I am extremely shocked as answered all the questions and thought I aced it. To have 50 percent of my bullet points I am very confused as seemed confident and wrote down answers as per wizard expected solutions. Does anyone know if I can get my paper with where I got questions wrong as not sure how I improve into the next exam?
  • SH123SH123 Member

    Hi, I'm in the same boat I failed with a mark of 77. I came away from the exam thinking that I'd done enough to pass, after purchasing the Brand FT revision material.
    I've just booked my re-sit for July, and was thinking the same about making sure I get through it this time.

    My first thoughts are that for the other RO exams I passed first time using RedMill advance study help so I may purchase their material instead of Brand FT.

    I'm more than happy to do a trade on revision material if your planning on getting the wizard learning guide again?

  • SH123SH123 Member

    Also well done to all that passed, I think I fell short on case study 2, there were a few curve balls thrown in which I wasn't expecting.

  • I got a score of 100 and passed.

    Used RM Advance, I have used Wizard and Brand before, RM advance is the best by far.

    I have failed this before, so all I would say to the people who failed is to try and not offer any recommendations or solutions to most questions (other than when specifically asked to). They are very deliberate in the way the CII ask the questions. Most of the marks are for stating the obvious. That is the only change I made this time, and I received 20 plus extra marks.

    Good Luck all next time, and congratulations to all who passed.

  • SW1990SW1990 Member

    Well done to everyone who passed and those who didn't - im sorry to hear and sure you will smash it next time! I passed first time, I just used the Brand Analysis and looked at previous brand analysis also. I think i managed to get alot of marks from stating the obvious, someone I worked with mentioned this and its so easy to lose marks from just not stating things such as risk profile or fees etc. For example, the FF questions are always good to obtain full marks. The CII seem to look for the same key phrases so definitely look at their past papers too. I basically wrote anything I could think of that could be right - theres no negative marking but just be careful not to contradict yourself in your answer - good luck guys!

  • PSA89PSA89 Member
    edited May 22

    @SH123

    I am happy to trade revision material with you. I planning on getting the Redmill advance for it.

    Do you have the material that you used from last time?

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