The CISI Level 7 case study assessment is one of the most demanding challenges for financial planners and paraplanners.
My experience tells me that many people come to the CISI L7 case study under prepared. So, to help you, here are some tips from me that should help you:
1. Structure your time:
This assessment will require 150-200 of work in a condensed 10-week period. How are you going to manage that? You already know how you like to work.
- Maybe you like to get up early or stay late and do a couple of hours a day outside office hours.
- Or maybe you’re the type of person who likes to block out 2-3 hours at a time to immerse yourself in the case study.
Whatever your learning preferences are, plan and block out your diary now to avoid last-minute pressure.
2. Tell loved ones you won’t be around much:
One of the biggest things people forget to do is to get support from loved ones. You will be largely abandoning them for 10 weeks! I know some who have embarked on the case study just a few weeks before their baby is born! Don’t do that!!!
Make your time away from friends and family count. So, plan, plan, plan.
3. Understand what CISI requires of you before you start:
They require a 60-page report detailing how EVERY one of the client’s four objectives can be met. You cannot pass by ignoring one or more of them and you can’t just say, “Let’s park that for this year” either.
Review the candidate guidance (see www.cisi.org/cfp) for a copy. That document contains the assessment criteria against which your plan will be marked.
There is no need to guess how your submission will be marked; you have the exact same criteria as the assessor in this document. Mark your own plan against these criteria before submission.
4. Don’t skip detail on the analysis:
Remember that using cashflow software is not recommended by me. I don’t know a single person who has passed using software alone. Get familiar with excel as that will be the easiest way to demonstrate to the assessor that you can meet every one of the client’s objectives.
I repeatedly see people skipping detail in this area by not taking the time to think about the potential solutions that are available to the clients; most just jump straight to the recommendations.
If you want to pass, you need to demonstrate that you have considered all the viable solutions. You should be doing this in real life anyway, so it does rather worry me that this is not an automatic step!
5. Get your brain thinking more critically:
Critical thinking is a skill that I have seen dwindle in paraplanners and planners over the last 10-15 years, mainly due to time saving software. Now, with AI impacting our lives, this trend is likely to continue. The problem is that you need it to pass this assessment!
Don’t just follow a course or your software blindly in the hopes that it’ll give you the right answer. Instead, consider all viable options for the clients. This assessment is not a test of everything you know; it is a test of the application of your existing knowledge to meet a specific set of client objectives.
Use your critical thinking brain as a scalpel to cut through the myriads of jargon and options to crate the right set of solutions that work for the clients in your case study.
6. Take your time with the assumptions:
Assumptions, yes, I know it’s my favourite subject, are the cornerstone of financial planning and one of the most important aspects of a financial plan. All assumptions, excluding the ones given to you by CISI, need to be reasoned and reasonable. It is also handy if they are robust enough to stand up to scrutiny in court one day!
To that end I recommend a three-step approach:
- Look back – what does history tell you?
- Assess today – how does the current situation compare with the past?
- Look forward – what is most likely to happen in the future?
Your plan in a forward-looking document and history alone should not be relied upon. Even the FCA says that past performance is no guide to the future!
7. What the examiner expects from you:
You now know the criteria against which your plan will be marked. The CISI will also tell you the page, font and line spacing requirements (you can adjust the margins to suit if needed). You then need to produce a plan that clearly demonstrates exactly how ALL the client’s objectives are met.
Sounds easy, doesn’t it?
The marking, as you’ll see from the criteria, is quite subjective, so you need to make your plan as simple and coherent as possible.
Checklist before submission:
- Follow the page, font, and spacing rules provided by CISI.
- Show how every objective is addressed.
- Keep the report coherent, free from jargon, and typo-free.
- Ask a mentor or peer to review your plan.
The CISI L7 case study assessment is tough, but with discipline, planning, and critical thinking, you can succeed. Approach it step by step, use these tips, and you’ll be in a strong position to achieve a pass.
Don't forget to browse through our free resources, podcast series, and details of courses designed to support your CISI Level 7 journey.
