How Mortgage Brokers Qualify

Qualified mortgage brokers must undergo a series ofsubjects for each qualification can normally be
exams and receive some on-the-job training andcompleted via distance learning or through private
experience.training institutions.
Because all financial advice in the UK is regulated bySeveral post-graduate courses are also available that
the Financial Services Authority (FSA), mortgagecan bolster the credentials of mortgage brokers.
brokers fall under the stewardship of the regulator.They include the Advanced Certificate in Mortgage
The FSA has determined that mortgage brokersAdvice and Practice and a qualification in lifetime
must complete one of the approved qualifications andmortgages.
receive training and guidance from other qualifiedMortgage brokers may also use their qualifications
advisors before becoming authorised mortgageand experience as a base to launch a career in
brokers.financial advising. This will involve passing several more
Once mortgage brokers are authorised, they mayexams and gaining some experience as a financial
advise their clients in all matters relating to mortgagesadvisor.
within a bank or building society, a mortgageIn order to maintain their qualification, mortgage
brokerage, an estate agency, or they may establishbrokers must participate in continuing professional
their own practice and work on a self-employeddevelopment. This usually involves keeping up with
basis.the mortgage industry through some form of
The first step to becoming a mortgage broker is tostructured, ongoing learning.
pass one of several qualifications that are recognizedThere are no entry requirements for undertaking the
by the FSA. They include the Certificate in Mortgagemortgage broker qualifications. Therefore a finance
Advice from the Chartered Insurance Institute, therelated degree is not necessary. While some
Certificate in Mortgage Advice and Practice from theemployers may consider industry experience to be
Institute of Financial Services, or the Mortgagebeneficial, people skills and high levels of motivation
Advice and Practice Certificate from the Charteredare also highly regarded.
Institute of Bankers in Scotland (Scotland only).Working conditions will vary considerably depending
If the individual is already working for a financialupon whether the individual works on an employed or
institution their employer may cover the costs of theself-employed basis. Conditions will also vary between
qualifications. The study involved in passing themortgage brokerages.