A huge 574 candidates sat the exam in November, the largest number in one sitting since the qualification was first launched in 1987, and the pass rate was 69 per cent. Of the candidates, 31 received distinctions and 119 were awarded merits; in fact, Katharine Dymoke of Deutsche Bank Private Wealth Management, scored 94 per cent - the highest result ever recorded for the exam.

Back in September the CISI reported that for the latest sitting of the PCIAM exam 84 per cent of candidates were over 30, proving that older advisors are not opting to leave the industry rather than return to the classroom to satisfy the UK regulator’s new minimum qualification standards.

The Financial Services Authority has stipulated that all advisors are QCF Level 4 (undergraduate equivalent) qualified by the start of January 2013; the PCIAM is a Level 6 qualification.