R06 is usually the final R0 unit that candidates attempt, normally to round off their Diploma, and attain their level 4 qualification and Statement of Professional Standing (SPS). The Financial Conduct Authority requires this from advisers wishing to carry out regulated activities with retail clients.
The exam has good countrywide pass rates. The Chartered Insurance Institute (CII) release these each year.Â
Current pass rates show an increase from 67% in 2019 to 78% in 2020.
Nope!
The word on the street and in the pub (pre and post pandemic) is that the R06 exam is easy. Candidates see the pass rates, compare them to some of the other R0 units and think passing is going to be a relative ‘walk in the park’.
An R06 analysis is duly purchased (not many candidates bother to read the compulsory CII R06 study guide), and the questions and answers worked through. So why is this not enough for some candidates? And why do some candidates attempt R06 multiple times if it’s so easy?
Unlike R0 units 1-5 in the R06 exam candidates do not have the answers in front of them. All they have is each question and a blank screen to fill. Let’s face it, with the likes of R01-5 if you really did not know an answer you could resort to the ip, dip, sky, blue method. And sometimes the answers tripped something in your memory that helped.
The R06 exam is scarily different when faced by that blank screen.
Nor should they be able to. Otherwise, how is this a suitable test of a candidate’s fact-finding, analysis and recommendation skills? The R06 exam is all about bringing together the technical areas individuals have learnt on R0 units 1-5, but more importantly it’s about applying this knowledge to the two exam case studies.
A provider may correctly guess a question area, but their wording and question slant is likely to be different from the exam version. As a result, if a candidate has simply learnt these questions and answers regurgitation of said answers is unlikely to result in maximum marks scored.
Before you type (or write) a thing jot down on your scrap paper the key words in the question stem. Does the question want you to ‘list’, does it want you to ‘explain’, is it generic or does it include words such as ‘specific to the case study’?
Which part of the advice process is it testing you on? Remember the R06 exam is going to ask you to complete questions based on all the stages of the financial advice process. Is the question looking for factfinding answer, factors, some comparisons, or a recommendation with rationale?
Unless candidates take a few minutes to try and clearly identify the nub of each question they run the risk of giving generic answers when the question wants specific ones, giving fact find answers rather than factors, and so on…
Combined with what the question is asking you to do (list, explain) this will give you a good idea of how many different points you need to ideally get down. So if the question says list and it has 8 marks you need a minimum of 8 different points (ideally at least 10 just in case the examiner does not agree with some of your frankly fab- in your opinion- answers).
If the question is asking you to recommend and justify make sure your answers do both – have a column headed up ‘recommendation’ and another ‘justification’. You want to make it as easy as possible for the examiner to find your answers and award you lots of marks.
Typing out War and Peace for a question that only has 6 marks is probably going to be a bit of a waste of your valuable time. It’s amazing how many candidates type a lot down, come up thinking an exam pass is in the bag, and then are very shocked on results day.
If the question wants you to ‘recommend’ a product, make sure you do just that. Typing out ‘life policy’ will probably get you absolutely no marks as that is not a recommendation.
If the question wants a product to cover death or serious illness don’t just recommend a WOL or term assurance policy – that obviously only covers the case study client if they die. Not what the question was asking for…
If you are recommending a life policy to mitigate an IHT liability make sure you put it in trust (and say which type of trust) otherwise you are simply compounding the client’s problem.
BTS support R06 candidates in several ways.
We always suggest you start with our R06 study guide as this gives you a solid introduction to the question answering techniques that are so crucial in the R06 exam.
BTS produce an analysis of the two case studies in an e-Learning format. We have analysed every single sitting of both R06 and J08 which was what this unit was previously known as. So, we like to think we have a bit of experience.
We also run two-day workshops. Over the course of two days, delegates work with a BTS facilitator to work through some possible technical areas that may be examined, and practise some of the questions and answers we have produced, in a group environment. Attendees benefit from being in a group with other R06 candidates. All are in the same position, and it’s amazing how much input from your peers can help your own examination processes.  It’s also very common for little study groups to be formed going forward to the exam.
“Without the Study Guide, Study Buddy and especially the 2 day course I don’t think I would have passed. The CII official book is full of text and the revisionmate resources are no way near as good or useful as BTS Resources.”
Ben | R02 Candidate | February 2022
“I’d like to comment on how useful the 2 day course was. It was extremely useful being able to have a different perspective on learning. Also being able to ask questions on anything I was unsure with directly face to face was a huge help and I cannot thank you enough for the 2 day course. You managed to keep me engaged for 2 whole days on a subject that isn’t exactly the most exciting topic.”
Ben | R02 Workshop Attendee | February 2022
“I would advocate to anyone not to give up on exams. I completely underestimated the workload / life balance. Nonetheless, I was not giving up and want to thank BTS for your support as it has really helped, so thank you. ”
R02 Workshop Attendee | February 2022
“I found the convenience of Study Buddy on my phone was a real boon. What I actually did was to write down the questions that I failed and for each one put a learning point below.
As I’m sure you can understand I was immensely relieved having pressed the submit button to more or less instantly receive a Pass notification. Thank you very much indeed for your help.”
Angus Mackenzie | Acumen Financial Planning | February 2022
