Please note that, in common with other examinations recognised for advising on Packaged Products, the IAC will, during the course of 2004/05 be replaced by a new examination scheme. Details of the new scheme can be found under IFA Qualification
IAC candidates will be given opportunities to complete the IAC as the examination will run during 2004 and into 2005. There will be credit transfer arrangements into the new scheme and these can be seen on the IFA Qualification site

IAC candidates who wish to transfer to the IFA Qualification should note that there is no charge for transferring but the Institute requires written notice of the request to transfer. If candidates' examination entry is sponsored by their employer, the request to transfer must be supported by a letter from their employer. Notice must be addressed to the Client Services Team, who can be contacted on 020 7645 0680 or email to customerops

Click here to view IAC closure information.


"The IAC has been recognised as the most rounded of the qualifications available to investment advisers"
(Victoria Nye, Director of Education & Training, Investment Management Association)


The IAC™ is practitioner led programme for staff involved in advising private customers on packaged products, securities and derivatives. It equips individuals with a broad grasp of regulation, the investment instruments and products and the process of giving sound financial advice.

As an independent financial adviser your clients want to know that you hold a qualification that underpins your professionalism, integrity and excellence. The IAC™ is the most rounded qualification of those available to advisers offering independent advice on the investment of clients' capital. The IAC™ prepares candidates for the investment driven industry in which they will work. In addition to covering life assurance and pensions, the syllabus provides in-depth treatment of equities, bonds, derivatives and collective investment scheme vehicles, which are the financial instruments and products that support many investment opportunities available to the public.

The IAC™ is developed and monitored by practitioners from all the major investment sectors. This ensures that the demands of the examination go hand in hand with candidates’ work-experience as it requires candidates to handle realistic client scenarios and to construct portfolios using current market rates and investment strategies.

The IAC™ is recognised by the Financial Services Skills Council as an Appropriate Examination for individuals:

• engaged in advising on investments which are packaged products, securities or derivatives;
• taking private customers through stakeholder pension scheme decision trees;
• engaged in supervising administrative functions relating to the effecting of life policies and operating stakeholder pension schemes.

• Paper 1 - An Introduction to Financial Services
• Paper 2 - Investment, Savings and Protection Products
• Paper 3 - Financial Advice

• To assess candidates' knowledge and understanding of a broad range of investments, savings and protection products, their nature and characteristics.
• To assess candidates' understanding of the process of giving financial advice, their understanding of the practical considerations involved, and of the regulation and practices related to the advisory function.
• To assess candidates' ability to apply their knowledge and understanding to practical financial issues.

• The Financial Skills Council
• FSA
• The Law Society
• The Law Society of Scotland
• The Jersey Financial Services Commission
• The three Institutes of Chartered Accountants
• The Malta Financial Services Centre