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Personal Finance Society
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Key information

What does the qualification involve?

The Certificate comprises four core units from the Personal Finance qualifications framework providing 70 credits on successful completion.

Candidates are required to take the following compulsory units:

  • (R01) Financial services, regulation and ethics
  • (R02) Investment principles and risks
  • (R04) Pensions and retirement planning
  • (AF7) Pension transfers

There is no prescribed order in which units must be taken, however as AF7 builds on knowledge gained from R04, we recommend you complete R04 before moving on to AF7.

For the unit syllabuses, return to the Certificate in Pension Transfer Advice landing page where you will find the syllabus link at the top right of the page.


Unit overview:


Assessment method

Study hours*

Credits awarded

Unit level






(R01) Financial services, regulation and ethics

·         2-hour exam

·         100 multiple choice questions

·         65% nominal pass mark**




(R02) Investment principles and risk

·         2-hour exam

·         100 multiple choice questions

·          65% nominal pass mark**




(R04) Pensions and retirement planning

·         1-hour exam

·         50 multiple choice questions

·         65% nominal pass mark**




(AF7) Pension transfers

·         2-hour exam

·         3-4 written short answer questions

·         2 case study based questions

·         60% nominal pass mark**




Find out more about assessment methods, including exam policies and centres »

Units treated as equivalent

Due to the extent of syllabus overlap, certain combinations of current and withdrawn CII units will result in only one award of credits.

If a withdrawn equivalent is held you may not need to complete a current unit in order to satisfy a qualification's completion rules. Clarification should always be sought from CII Customer Service.

Find out more about credit awards for equivalent units »

*The recommended minimum study hours will vary depending on your experience and ability.

** The actual pass mark may vary from one session to another to ensure consistency in pass standards.