QFA Financial Advice study guide
QFA Financial Advice · Work through your exam, one topic at a time.
The QFA Certificate in Professional Financial Advice is a professional qualification offered by LIA, an educational and professional association for individuals working in the financial services industry. LIA describes itself as the Centre of Excellence for the Education and Development of Finance Professionals, and its courses are offered in partnership with Atlantic Technological University Sligo, ranging from Level 7 to Level 9 on the National Framework of Qualifications. The QFA Financial Advice study guide has 12 sections and about 2,872 words.
01Life Assurance
Life assurance questions test whether you can match a product to a need and read a policy correctly. Know the difference between term assurance (pure protection, no maturity value), whole-of-life (guaranteed payout, often reviewable premiums), endowment (protection plus savings), and unit-linked/investment bonds where the payout depends on fund performance.
267 words, about 1 min02Pensions
Pension questions test the three pillars : state (basic/social), occupational (defined benefit vs defined contribution), and personal (personal pension, stakeholder, PRSA). Know contribution limits , tax relief , annual allowance / lifetime limits , vesting , retirement ages , annuity vs drawdown , tax-free lump sum , and death benefits .
248 words, about 1 min03Savings & Investments
Investment questions test risk and return , asset classes (cash, bonds, equities, property), diversification , time horizon , and suitability . Know accumulation vs income units, bid/offer spreads , charges (initial, annual management, exit), and tax wrappers .
223 words, about 1 min04Personal General Insurance
Personal lines questions cover home, motor, travel, and personal liability insurance. Know the principles of insurance : insurable interest, indemnity, utmost good faith, contribution, subrogation, and proximate cause.
212 words, about 1 min05Commercial General Insurance
Commercial questions test business interruption , public and products liability , employers' liability , commercial property , fleet motor , and professional indemnity . Know sum insured , declaration-linked and adjustable policies, and co-insurance .
209 words, about 1 min06Private Medical Insurance & Associated Insurances
PMI questions test inpatient vs outpatient , day-case , excesses , waiting periods , pre-existing conditions , moratorium vs full medical underwriting , and underwriting declarations . Know associated covers : critical illness , income protection , and personal accident .
224 words, about 1 min07Housing Loans
Mortgage questions test loan-to-value (LTV) , repayment vs interest-only , fixed vs variable rates , tracker vs standard variable , APRC , term , deposit , and affordability . Know mortgage protection (life cover matching the loan), mortgage indemnity guarantee (MIG) , and buildings insurance requirements.
208 words, about 1 min08Home Reversion Agreements & Associated Insurances
Home reversion questions test how a homeowner sells all or part of their home to a provider for a lump sum or income while retaining a lifetime lease to live there rent-free. Know reversion percentage , discount to market value (because the provider waits to realise value), no-negative-equity treatment, and valuation .
221 words, about 1 min09Consumer Credit & Associated Insurances
Consumer credit questions test APR/APRC , credit agreements , hire purchase , personal loans , credit cards , overdrafts , and payment protection insurance (PPI) . Know total cost of credit , early settlement , default , arrears , and cooling-off rights.
215 words, about 1 min10Credit Union
Credit union questions test common bond (membership eligibility), savings/shares , loans , dividends , loan interest rebates , and governance (board of directors, supervisory committee, credit committee). Know volunteer vs professional structures, prudential regulation , and member protection schemes.
196 words, under 1 min11Debt Management Services
Debt management questions test debt advice , budgeting , debt consolidation , debt settlement , IVA-style arrangements , and insolvency routes. Know the difference between debt management plans (informal, negotiated repayments), debt consolidation loans (one loan replaces several), and formal insolvency (bankruptcy, arrangement).
212 words, about 1 min12Ethics
Ethics questions test integrity , fairness , transparency , due skill and care , conflicts of interest , confidentiality , know-your-client , and suitability . Know the six ethical principles commonly examined: integrity, objectivity, competence, confidentiality, professionalism, and fairness.
437 words, about 2 min