The practical investment planning (PIP) qualification now counts towards an individual's advanced diploma awarded by the Chartered Insurance institute (CII).
Practical Financial Exams has said its SCQF Level 9 PIP qualification is eligible for 15 advanced diploma non unit-specific credits towards the CII financial planning qualifications.
This means advisers can use PIP towards their CII Level 6 advanced diploma in financial planning, which can lead to eligibility for chartered financial planner status.
This is confirmed on the CII website in the exemptions search, where individuals can check whether exams and qualifications obtained through other professional bodies or universities count towards their learning.
Michael Pashley, managing director at Practical Financial Exams Limited, said: "This is a phenomenal result following a thorough evaluation by the CII of PIP's syllabus, learning materials, assessments, and our policies, processes, and procedures.
"This is a huge benefit to the profession and enables financial advisers and those in related support roles to study practical and soft skills alongside the CII's more theoretical AF, J0, and R0 units, on their quest for chartered status.
"From a credit perspective, where we see PIP being of enormous value to CII candidates is in bridging the advanced diploma credit gap which occurs when candidates opt for AF7 as part of their journey.”
PIP takes around 100 hours to complete and candidates must produce a written suitability report and a portfolio of work-based evidence (such as recorded role plays and reflective statements), which are supported by a professional discussion with an assessor.
The qualification was launched at the beginning of this year (January) to focus on the practical and soft skills involved in investment planning.
Earlier this month (June 1), PIP was also formally recognised as a specialist unit for the advanced diploma in financial advice awarded by the London Institute of Banking & Finance.
What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know