Preparing for the CII R06 exam
You’ve got a few weeks to go before your CII R06 exam and the specific case studies haven’t yet been issued. What, if anything, should you be doing now to maximise your chances of success? After all, the case studies only get issued around 2 weeks before the exam – is it pointless doing anything before these are issued?
Sure the really hard work will start when you see what’s in the actual case studies for your exam. But we believe in preparation and there are there things you can and should be doing BEFORE the case studies are issued that can ensure you pass first time.
Here are our top 5 tips to make the most of this important time.
Tip 1 – R06 is mostly about technique
If this is your first written CII exam, then you’ll be used to multiple-choice questions which are designed to test your knowledge. R06 is different; it’s a written exam and it is testing your ability to apply your knowledge to financial planning scenarios. Rarely will a great depth of knowledge be required in the CII R06 exam; it’s more about breadth of knowledge. Technique is discussed in more detail in our two free podcasts.
Here are three examples of what we mean by ‘technique’:
- When you first get the case studies, look at the client objectives that are shown at the end of each. Apart from some ‘generic’ areas (see the Tip 3), the questions in the exam will be based on these objectives.
- You need to know what the examiner is asking you for when you answer a question. Each question will have a verb such as list, state, outline, explain, describe and recommend. With list and state, no explanation is required so one or two word answers will be fine. Explain and describe require a longer answer that provides more depth.
- You should expect to have to use the information provided within the case study. Information isn’t provided to ‘pad out’ it out or confuse you so you should look to use this information in your answers wherever possible.
Tip 2 – complete at least one past CII R06 exam
You will find the four most recent published CII R06 exams on the CII website. You will see these on the right hand side under ‘useful links and downloads’. We believe that everyone should complete at least one of these under exam conditions before the case studies are issued. When we say ‘complete it under exam conditions’, let’s just be clear what we mean.
The R06 exam is a 3 hour paper and when completing it, you are faced with a ‘blank sheet of paper’ – there are no multiple choice questions and no ability to guess. So we suggest you allow 3 hours (or at least 1 1/2 hours each per case study) and you answer the questions as best you can – without looking at the answers. Give yourself an extra 10 minutes to read and digest the contents of the case study if you wish.
At this stage, it’s reasonable to ask why bother if this isn’t what I’m going to be tested on? Well, we think it is still a good exercise. It gives you a feel about what time pressure you will face in the exam and what good exam technique looks like. Most people will complete a practice paper before most exams – R06 is no different. It will help you to learn. They help you to practice the all important exam technique. You will not get this by simply reading through the answers that are provided for you. Most people that pass the exam don’t know any more than those that fail – they just answer the questions better (Tip 1).
Tip 3 The CII R06 exam tests generic areas of financial planning
There are likely to be two or three questions in a typical R06 exam that would apply to just about any client, in any situation. That’s why we call them ‘generic’. Because of this, the examiners don’t have to give you a clue in the case study information they provide. In other words, you won’t see them coming. Examples include a ‘review’ question and perhaps one or more of the following: benefits of different types of adviser charging, advantages of using an adviser, or the benefits of using a risk-profiling tool.
Most people answer these questions badly so make sure you prepare in advance – ideally before the case studies are issued because when they are, these will then inevitably get most of your attention.
Tip 4 Don’t start trying to read a study text from cover to cover (not close to an exam)
Reading the full R06 study text is probably not a good use of your time – and certainly not if it stops you from looking a past exam papers. But the CII R06 exam will test across a breadth of knowledge so there are likely to be areas that you are unfamiliar with. Just read around these areas. When you get the case studies, use the text as a source of information. For example, if an elderly couple don’t have a will, try reading up on wills, how they are set up, and the benefits of having them. While you’re at it, read up on powers of attorney as this may be examined as well unless ruled out in the case study.
Tip 5 What you should do when you get the case studies
Here’s what to focus on:
- Read each case study multiple times. You must be familiar with the info provided. Use a highlighter pen to emphasis information. Knowing the client’s objectives is especially important as the questions will largely be based on these.
- Build your knowledge of any technical areas that might arise. For example, if the case study tells you that the client’s are interested investing ethically, make sure you know about SRI.
- Look at previous CII R06 exam papers (Tip 2) to look at how exams have tested client objectives in the past. Rarely do the examiners’ come up with a new financial objective in the case study. For example, minimising the client’s tax liabilities has been asked loads of times before. Our audio material provides this information by looking at how various objectives have been tested in the past. There are only so many different ways an examiner can test the same client objective!!
Prepare well, stay calm and I hope this helps with your preparation.
Ian Patterson Author of the CF8, J07 and AF6 CII study texts, ex-examiner
CII R0 exam results
Which are the easiest R0 exams?
The latest CII R0 exam results show which are hardest, and which are the easiest. The R0 exam results will be of interest to anyone who is looking to sit these CII exams so go into them with your eyes open.
Are all the CII R0 exams the same style or format?
You could be forgiven for thinking that this should be a straightforward question. It isn’t. Some of the variation in pass rates is not solely due to the subject matter, but how it is examined.
Only R05 (Financial Protection) use just the standard format multiple choice question. This means that you will be given a question followed by four options and only one of these will be correct. R06 (Financial Planning Practice) is a written paper without a single multiple choice question to be seen anywhere. In addition, the R06 case studies are issued 2 weeks before the exam so the examiners expect you to prepare and read-up around on the potential technical areas that are likely to be tested before the exam.
The other subjects – R01, R02 R03 and R04 all use the standard format multiple choice questions, and the much harder variant – the multiple response question. So how does this format of question differ? Instead of four options, you will get usually 5 or 6 options and more than one answer will be correct. To get a mark, you have to identify all the correct answers.
R07 (Advanced Mortgage Advice) is not covered by this analysis.
What are the CII R0 exam results?
Here are the results for 2022 (the latest available):
R01 – 68% (-1% on the previous year)
R02 – 70% (+5% on the previous year)
R03 – 54% (-3% on the previous year)
R04 – 57% (No change on the previous year)
R05 – 78% (No change on the previous year)
R06 – 71% (-3% on the previous year)
What conclusions can we draw from this?
First of all, most of the 2022 pass rates are worse than those for 2021. As these are very established exams that have been sat by 1000’s of people, this suggests that they are not as well prepared as they have been in the past.
R01 – Financial Services, Regulation and Ethics.
In terms of CII R0 exam results, this is the third hardest R0 exam. This is partly because the regulations side of things – particularly to people new to the profession – is quite wide ranging. Many students find the content on the FCA a little dull. The exam also has 100 questions and 13 of these are those pesky multiple response questions. This makes the exam harder.
For many people, this will be the first R0 exam they complete. As some of the content on products and legal aspects are also covered in more depth in the other R0 exams, this is a sensible strategy.
Click here to get a students point of view of R01.
R02 – Investment Principles and Risk.
This is the forth hardest exam statistically although there will be many people who would say it is harder than this. Again, the syllabus is huge and you will need to get your head around it. Like R01, this exam is also 100 questions but 28 of these are multiple response. Many people regard a 50% success rate with this type of questions as being good going. So you can start to see why it is a difficult exam.
Click here to view the 5 myths of R02.
R03 – Personal Taxation.
Statistically, this is THE hardest exam. There are 50 questions and 11 of these are multiple response questions. With R03, you won’t be leaving the exam early! Of all of the R0 exams, this is the one that is most likely to put you under time pressure. There is a lot to do in an hour so you need to be well prepared and practised at answering calculation questions.
Click here to view the 5 myths of R03.
R04 – Pensions and Retirement Planning.
In terms of CII R0 exam results, this is the second most difficult exam. Like R03, it’s a one hour exam, there are 50 questions and 11 of these are multiple response questions. The challenge with R04 is the subject matter – pensions is a subject that causes confusion for many new and more experienced people alike. Unfortunately, you’ll struggle to get through this without a decent knowledge of the HMRC rules such as annual allowance and the transitional protections.
Click here to view the 5 myths of R04.
R05 – Financial Protection.
From the hardest exam, to the easiest. For some people, this is a good place to start their R0 exam journey. There’s still a broad syllabus but protection products such as critical illness and income protection are relatively straightforward. And, of course, there are no multiple response questions. That said, you’ll still need to have some knowldege of subjects like state benefits, and long term care so it isn’t all plane sailing.
Click here to view 10 free R05 practice questions
R06 – Financial Planning Practice.
The statistics say that this is the second easiest R0 exam. It is, but only if you get your head around the technique that you will need. This is a written exam that is based on two case studies that are issued 2 weeks before the exam. I’ve met very few people who walked out of this exam thinking they’d failed yet 29% still do. Be prepared to not only put in some hard yards in the two weeks before the exam, but also before then.
Click here to access our MP3 material which looks at past R06 questions.
If you want our thoughts on what is the best order to sit your CII R0 exams, click here
If you want to know more about our R0 exam audio books, click here
If you want to access or study and revision hub (which has lots of R0 exam-specific articles, click here)
Prepare well and pass first time.
Ian Patterson
Ex-examiner and author of the current CII CF8 J07 and AF6 study texts
R0 exam: technique
It will hopefully go without saying that if you are sitting a R0 exam – well any exam really – it is also important to know about exam technique.
In a recent conversation, I was told that because most of the R0 exams are multiple choice, there is no such thing as exam technique. I don’t agree with this; technique will still make a difference for many people.
You should look at exam preparation as two parts; what you do before the exam and what you do in the exam itself. I’ll now look at both of these areas in more detail.
Pre-exam preparation
Here are five tips on how to approach your pre-R0 exam preparation:
- Look at the syllabus and the learning outcomes. This covers the scope of the exam and tells you what you should be able to do. It is important because the exam questions are based on the learning outcomes in the syllabus, not the study text. In R01, for example, there are 11 learning outcomes and the number of questions on each one varies from 29 to 2. Each learning outcome is not treated the same way and because of this, some areas should receive more study time than others.
- Study the CII Exam Guide. This is available on the CII website, just Google ‘cii, r01’ or something similar and you’ll find it on the right hand side of the page for each R0 exam. The Exam Guide will give you the opportunity to see a complete exam paper. You should complete this at least twice under exam conditions; at the start of your preparation to establish a benchmark and towards the end to ensure you are ready for the exam.
- Read through elements of the CII study text. Unless you are new to the subject, just focus on the areas you don’t know. Look at the questions within the text and the useful summaries at the end of each chapter.
- Use the RevisionMate knowledge checker practice questions. Many people will get access to these as part of your exam entry. These are based on each chapter of the CII study text and they’re intended to help you check you’ve remember what you’ve read. These are similar to the standard expected in the actual exam so make sure you use them.
- Familiarise yourself with the tax tables. These can be found at the back of an Exam Guide. A lot of information will be provided such as the main allowances, tax rates and the main social security benefits. The exam isn’t really about having to remember this information, it’s about using and applying it. So don’t spend time trying to remember stuff that you don’t need to.
To get a student’s point of view on R01, click here.
In the R0 exam: technique
Now, moving on, let’s look at some tips in the exam itself. If you have revised thoroughly, an R0 exam shouldn’t be a problem. That’s the theory. Although there is not a huge amount of exam technique involved in answering multiple choice questions, most people will drop marks as a result of poor technique. Others will fail the exam because of it.
Here are seven golden rules to remember in a R0 exam:
- Rule 1 – read the question carefully and consider all of the options before attempting to answer. It sounds so basic doesn’t it? But from past experience, we know that candidates often get questions wrong because they didn’t read the question carefully, or didn’t understand all of the options, before answering it. Remember, if information is provided in the question, it’s there for a reason. You will be expected to use it in some way.
- Rule 2 – Pay attention to words in bold type and words in capital letters. For example, negative words will always be in bold capital letters. If is says ‘most likely‘, this means that more than one answer could be correct. So the answer the exam is looking for should clearly be more correct than the other options.
- Rule 3 – do not spend too long on any one question. You will have just over one minute per question. So keep an eye on the time – you should complete 12 or 13 questions every 15 minutes. The R03 exam, in particular, is a challenge to complete in the time available.
- Rule 4 – decide how you are going to attempt the questions before the exam. You can work through all of the questions methodically answering each one in turn, or you may wish to concentrate on those you know best first. It is possible to flag questions that you want to leave and return to them later, but make sure that you leave sufficient time to do so if you use this approach. Use a practice exam paper before the exam to work out what is best for you.
- Rule 5 – if in doubt about an answer, then use a process of elimination. Often one or more of the alternative answers will immediately strike you as being incorrect or implausible. Even if you only have a small amount of knowledge on a topic, you will often be able to eliminate one or even two of the possible answers – and this increases your odds of successfully answering the question.
- Rule 6 – make sure that you answer every question, even those where you have no idea of the correct answer. The law of averages should mean that you get some marks for guessing!
- Rule 7 – if you have time at the end, run through your answers or ‘flagged questions’ again to make sure that nothing has been missed and to check for obvious errors.
Further resources
Visit our dedicated revision hub if you want to access a free video or look at tips on a specific R0 exam. Click here.
If you want to work smarter rather than harder, why not listen to our audiobooks so you can learn on the go. These cover the technical content and also R0 exam technique.
Good luck with your exam and prepare well.
Ian Patterson
Ex-examiner and author of the CF8, J07, and AF6 CII study texts
R0 exams: the power of using the ‘link method’
When studying for your R0 exams, here’s how the ‘Link Method’ can help you
If you’ve ever had a spontaneous thought, triggered by something else; maybe something you see or hear… or a particular smell? You’ll realise that there must be all sorts of ideas connected in your brain that you’re blissfully unaware of, until all of a sudden… out one pops!
It’s how your brain works. Connections. And, contrary to what I was taught many decades ago at school, we now know that the brain continues to make new brain cells and create new connections throughout life. Providing you give it reason to!
If you are revising for your R0 exams, you’ll need to be efficient and effective with your time. The brain learns by associating new information with that which you already know. One popular method that maximises the benefits of this is the link method.
The link method could help you to pass your R0 exams. So what is it? There are three elements to it:
- Break down complex ideas and find substitute words or parts of words to represent them.
- Create vivid mental images of those ideas by using your amazing imagination
- Find associations between those visual images
So lets have a closer look at each step.
Step 1. Substitute words. You’re aiming for a clear and distinct image associated with the idea it’s representing. If the word naturally lends itself to an image you can go straight to the next step. If not, break the word up into syllables and play ‘word association football’, paying attention to the sound blocks, to create memorable pictures associated with those sounds.
In some cases, a list of information may lend itself to you making up a story which includes all of the elements on the list.
It also works if you create an acronym. In the R06 exam, for example, we use the acronym PATHETIC WINE to provide a template to ensure that an answer to to a question covers all the bits that the CII might give you a mark for. In most R06 exams, you’d get around 10% more marks if you SELECTIVELY included the following areas in your answers: Pension death benefits, affordability or budget; taxation; health; emergency fund; trusts; ISAs or National Savings Certificates; capacity for loss and attitude to risk; Wills and guardianship clauses; inheritances that are expected; nomination forms for pensions and ethical considerations.
In the R01 exam, you can remember what makes a valid trust by using SOW: the Subject (beneficiaries) must be clear, there must be an Object (another name for the trust property), and Words. Although there is no particular prescribed form of trust wording, it must be clear that a trust was intended.
2. Vivid pictures. Since you’ll need to build strong connections between the ideas to use the Link Method, you will need memorable images, so don’t go for the obvious. Instead, go for something that stands out. At the very least, make sure that it’s an odd colour, bigger or smaller than normal. Make it outrageous, rude, exaggerated, funny etc etc, because we know that it’s more likely to stick in your head. This makes it more likely to help you pass your R0 exams.
3. Association. Now you need to imagine the first image doing something to the next image, which in turn does something to the next, etc etc, linking the ideas together like a string of pearls.
Use your imagination and run through the sequence a number of times until you can see that chain of events clearly in your mind, flowing just like a story. If nothing else, try and associate what you are learning with a client or work related scenario that you have, or might encounter.
And that’s the Link Method.
If you want to try our unique R0 exam talking books, click here
If you are interested in exam technique, click here for our video on top revision techniques.
Give it a go and let me know how you get on.
Ian Patterson
Ex-examiner and author of the CII texts CF8, J07 and AF6.
Based on an article by Memory and Mindset Coach, Lysette Offley, Genius Material. Click on the link for other useful study tips and to read the original article.
CII R06 April 2018 Exam
The case studies for the CII R06 April 2018 exam are now available. If you have’t yet seen these, click here.
What do I do now?
You have from now until the exam at 9.30 on the 16th April to prepare. The case studies are issued in advance of the exam for a reason – to help you to prepare for the exam. This will test across a range of different aspects of financial planning that are based on two client case studies. As you will not know the actual questions you will face in the R06 exam until the day, it makes sense to prepare for any eventuality before then.
What areas should I focus on in the CII R06 April 2018 exam?
Based on the case studies, we believe that you may be required in the R06 April 2018 exam to have a knowledge of the following topics:
Case Study 1: John and Kate
• Their overall protection needs
• Critical illness protections (and IPI to a lesser extent)
• Factors to take into account with an investment strategy for the £50K
• Benefits/drawbacks of repayment of the loan, e.g. by remortgaging
• Benefits/drawacks of John incorporating his business
• How the High Income Child Benefit Tax Charge works
• How do risk-profiling tools work or benefits/drawbacks of using them
Case Study 2: Felix and Sally
• How DB schemes work (including spouse benefits once in payment)
• What would happen to Felix’s DB pension if his employers scheme entered PPF
• Income options from Sally’s PPP
• Deferring the state pension
• Taxation of their investments and how this can be minimised, e.g. PSA, DA and CGT annual exemptions
• Share Incentive Plans
How with-profits bonds work, e.g. potential MVR
• Potential risks with their current investment portfolio
How does the CII R06 April 2018 exam compare with previous exams?
I have to say that there are some familiar themes. Case study 1 is a relatively young couple with a family and relatively limited income whilst case study 2 is an ‘at retirement’ scenario. Both of these are familiar themes for R06. Of the two, case study 2 is perhaps the hardest to predict because although the client’s have plenty of assets, they do not currently have an inheritance tax issue. This is unusual for R06.
In a R06 exam, most of the questions are also based on the client’s stated financial objectives. Usually there are 6 to 8 of these spread across the two case studies. This time there are only 6. This could mean, especially on case study 2, that the examiners explore more non-technical areas. Don’t forget that this is a financial planning paper so it won’t just be about technical aspects. Prepare for questions such as using cashflow analysis, the benefits of using a financial adviser and the ever present ‘review’ question. This asks you to state the areas you would address when conducting an annual review of some aspect of the client’s circumstances.
What do I need to do to pass the CII April 2018 R06 exam?
- Familiarise yourself with the clients’ circumstances, right down to remembering the child’s name! Although the case studies that you will have in the exam are identical to what you have already, you should know their circumstances well. You should also be able to apply your knowledge to their circumstances – generic answers will not score well.
- Revise and read around the technical aspects. Google is a good place to start or use the CII R06 study text.
- Be familiar with the technique and style of answers the CII will want. This is NOT just about applying your day job to an exam paper. Click here for a FREE copy of the CII October R06 exam paper.
Preparation is the key. Good luck.
The Diploma Doctor
CII R0 exams: the best order?
The CII R0 exams are a hugely popular way of achieving Diploma status. Some people have no other choice than to sit all six R0 exams; others sit some of the R0 exams to accumulate CII credits towards Chartered status. Either way, it makes sense to think about the order you wish to sit them.
To achieve the CII’s Diploma in Regulated Financial Planning, you’ll need all six (or have credits from previous study). Going through from R01 to R06 in order might not always make sense. Here are the things to consider.
What is the easiest R0 exam?
This is a question we frequently get asked. It’s easy to answer and we’ll show the most recent exam results below. Whether it’s the right question is another matter!
The CII exam results for the main R0 exams in 2021 (the most recent results) are as follows:
R01: 69%
R02: 65%
R03: 57%
R04: 57%
R05: 78%
R06: 74%
There is clearly some variation between the different exams. But R06 is a very different exam to R03 as it is a ‘written exam’ and it is based on a case study that is issued two weeks before the exam.
Based on this analysis, the two easiest exams are R03 and R04 but we would caution against sitting these first. For most people, R04 (pensions) is a complicated area if you are not familar with it through your work. Many find that there are time pressures in the R03 (taxation) exam – you won’t have much time spare at the end!
Having said that, R05 (protection) has the highest pass rate. This is because ‘protection’ is less complex than some of the other areas, is generally more familiar to many students, and the exam does not have any of the beastly multiple-response questions where to get a mark, you have to get each of the options correct.
How do i decide which exam to take first?
We’ve just seen that exam results are a factor, but not the only factor. In reality, many people (especially those new to the profession) sit the R0 exams in order, i.e. they start with R01 and finish with R06. But this doesn’t need to be the case – you can sit them in whatever order you like. Here are our thoughts:
- Sit the subject you are most familiar with first. If you are working for a mortgage firm, you’ll probably be most familiar with protection so R05 might be a good place to start. If you work for an investment firm, you’ll be starting your study with some knowledge of investments (R02). Familiarity with a subject is a great way to ease yourself into the R0 exams. Remember that the syllabus to each subject is broad. Even if you are familiar with an area, there is likely to still be plenty in the exam that you are not familiar with so some study is almost always necessary.
- Don’t feel you have to leave R06 to the end. This tests broad financial planning scenarios. Contrast this with R02,3,4 and 5 which are specific planning areas where the knowledge you’ll need is narrow but deep. R06 will require knowledge that is broad but shallow. The case studies are issued two weeks before the exam so you can prepare on the technical areas that are most likely to be examined in advance which helps immensely. Our audio material gives the types of Q&As that have been asked previously in R06 for each client financial objective. Finally, there are only three R06 exam sittings in 2023 so if you leave R06 to your final exam, and you don’t pass, you will wait months before you can sit it again and get the result. The other R0 exams can generally be sat at any time.
- Regulation is not most people’s favourite topic! If you start with R01, it’s all about regulation (e.g. FCA, AML, GDPR), basic economic and legal background and an overview of financial services and providers. This isn’t what many students regard as exciting so why start with this? Besides, the more experience you gain in the workplace, the more you will inevitably become aware of FCA regulations so it makes sense if you leave this one.
Best order?
Subject to the above factors, here is what we suggest as an order to sit R01 to 6. Other training providers and students will have a different view but here goes…..
R05 – the most straightforward R0 exam with the highest pass rate
R03 – a tough exam but elements of it are also covered in R02, R04 and 6 so the knowledge you get in this exam will help with the other three to some extent
R02 – another tough exam but there is significant overlap with R03, i.e. investment products
R06 – sitting this isn’t really dependent on sitting the other exams first so you can be flexible when you sit it. Dovetail sitting this with when you sit other R0 exams and be aware that it’s only examined three times a year
R04 – leaving this until later on gives you time to prepare (if this is not a subject you are familiar with). It is the joint hardest R0 exam
R01 – you are unlikely to use much (if any) R01 content in the other R0 exams, and you’ve got to do it sometime!
How can we help with your exams?
We provide MP3 study material for R01-6 inclusive. They should be used in conjunction with a study text and practice questions such as the CII’s RevisionMate questions. There’s never enough time to study for exams so our MP3s provide a convenient way of making use of time such as commuting, walking, in the gym… That’s why over 66,000 people have used our material in the past.
We also have a number of blogs for specific R0 subjects to help you pass first time:
Until the next time, prepare well.
Ian Patterson
Ex-examiner and author of the current CII study texts: CF8, J07 and AF6
