Testing times for finance pros

Bad news for Ireland's junior financial services community - anyone with less than four years' experience will have to sit exams.

The new requirement took effect on January 1st. It's all part of a bid by the financial regulator to improve expertise in the industry and applies to anyone who works for a firm that advises consumers on financial products, sells these products, or deals with claims and reinsurance.

New exams might sound onerous to anyone who's got to sit them, but recruiters are (at least) unphased. "This is a good move for the professionalism of the industry," says Rossa Mullally, recruitment consultant for Sigmar Recruitment. "The rigorous approach to training and accreditation will serve both professionals and clients well," she adds.

Which exam will you have to take? That all depends upon where you work. The QFA (qualified financial adviser) is the only professional qualification named by the regulator as meeting all of its new requirements for every category of retail financial products, although in order to sell general insurance policies, QFA holders must sit a bridge examination.

The exceptions

Who'll be able to sidestep the new regime? The only people exempt from these rules are 'accredited individuals' - namely professionals who already have the relevant qualifications or have been carrying out the same duties for at least four years in the last eight.

But even if you've been working for the requisite amount of time, you'll still need to pass the new exams if you want to advise on different product types.

Take it slow

The good news is there's no rush. Everyone will have until January 2011 to obtain the necessary qualifications. Those who join the industry in the meantime will have four years in which to do so.