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The institute said 585 candidates sat the units of its Diploma and SII Masters examinations this summer, with a subsequent overall pass rate of 68 per cent.

This is an 8 per cent increase compare to the number of advisers who sat the exams last summer.

The SII Diploma is aimed at senior practitioners and is pitched at a standard to match National Qualifications Framework (NQF) Level 7 - Masters Level.

The first candidates also sat the new SII Masters Programme in Wealth Management, which is also pitched at NQF Level 7, this summer.

David Bowden, managing director of BPP, said: "In our many years of providing training for this industry we have rarely seen such a fast take-up of a course at this level and it is pleasing to see the value that wealth managers are placing on gaining a professional qualification.

"We'd like to congratulate this initial group of students on these excellent results and look forward to further successes in the future."

Ruth Martin, Managing Director of the SII, said: "We are delighted with the very strong numbers and excellent pass rates this year, particularly those for the new SII Masters units. Many congratulations to all our candidates who have worked so hard."