Despite concerns that advisors may prefer to leave the industry rather than study for the new Retail Distribution Review (RDR) compliant qualifications, the Chartered Institute for Securities and Investment has revealed a record pass rate in a recent sitting.

There were 137 successful candidates, out of a total of 181, for the CISI Certificate in Private Client Investment Advice and Management last December: the highest pass rate since its inception in 1988. There were also record numbers of merits and distinctions awarded.

The candidates sitting the exam were from the private client wealth management sector and typically hold jobs in broking, investment management and private banking; 76 of them were over 40 at the time of sitting the exam, implying professionals are willing to meet the extra burden of the RDR. 

“The FSA’s Retail Distribution Review requirements are undoubtedly...a factor, particularly in pushing up pass rates amongst older candidates. We have a long established practitioner panel which oversees this exam and this panel has confirmed the quality of these candidates has definitely improved in the last few sittings,” said Ruth Martin, managing director of the CISI.