The latest sitting of the CISI’s Certificate in Private Client Investment Advice and Management exam resulted in a record-breaking pass rate of 77 per cent, with successful entrants ranging in age from 23 to 69.

While before the Financial Services Authority approved the PCIAM for Retail Distribution Review purposes 67 per cent of entrants were aged under 30, it would now seem that older advisors are looking to the CISI’s certificate to satisfy the regulator’s new minimum qualification requirements. In the latest PCIAM sitting 84 per cent of candidates were over 30.

The CISI also published record-breaking figures in relation to its Masters in Wealth Management, a Level 7 qualification. The Financial Services Authority stipulates that all advisors are QCF Level 4 qualified by the start of January 2013; the PCIAM is a Level 6 qualification.

The latest Masters in Wealth Management exam was taken by 103 candidates, the highest ever number. Additionally, the pass rate for the Portfolio Construction Theory unit was 78 per cent, the highest past rate for this unit for six sittings. Some 157 candidates have now achieved the full CISI Masters in Wealth Management qualification, the Institute said.

“This outstanding success achieved by both our PCIAM and Masters candidates shows that firms and individuals are also looking to achieve a competitive edge by aiming for higher level exams, demonstrating excellence in their areas of expertise. They also show that there are no barriers of age or location; hard work and tenacity really have shown through in the results,” said Ruth Martin, managing director of the CISI.

The CISI will be holding six PCIAM exam sittings between September 2011 and June 2012.