RDR boosts average age of UK industry exam takers, says CISI
The average age in the UK of those taking the Certificate in Private Client Investment Advice and Management (PCIAM) exam this year rose as a result of the Retail Distribution Review (RDR), reports the Chartered Institute for Securities and Investment (CISI)
CISI said the age range for the successful PCIAM candidates this year was between 23-69, but it noted that the implementation of the UK’s RDR significantly impacted the average age of candidates.
“In PCIAM sittings just before the exam was approved by FSA for RDR purposes, 67% of candidates were aged under 30, while this time around 16% are under 30 and 84% are over 30,” CISI said.
“Whilst the RDR is currently being implemented within the remit of the UK’s regulator, the FSA, successful candidates included entrants from Jersey, the Isle of Man and Gibraltar.”
RDR is also forcing investment professionals to return to exam taking, even if they have had decades of experience in the industry, the evidence from CISI suggests.
It points to Alison Edmonds aged 57, who is an investment director with Duncan Lawrie in the UK city Bristol. Edmonds received a distinction through the exam process, but had not sat a written exam for about 30 years.
“It was a very useful exercise to refresh my knowledge as requirements for retail investment advisers are changing so quickly,” Edmonds said.
CISI said that the youngest candidate to receive a distinction was Charlotte Yonge, aged 23, who is an investment associate at Ruffer LLP in London.
The pace of examinations is being stepped up in direct response to RDR CISI added.
“Between September 2011 and June 2012 CISI is running six PCIAM exam sittings, the highest number of sittings it has ever managed, primarily driven by the FSA imposed deadline of January 2013, the date by which retail investment advisers must comply with the RDR Final Rules on Professionalism,” the Institute said.