More Sleep, Better Memory!

by Catriona Brand on May 6, 2012

Written by Lysette Offley, Genius Material

Going short on sleep does you no favours whatsoever. Planning, problem-solving, learning, concentration, working memory and alertness all suffer. IQ scores also fall.

Sean Drummond from the University of California, San Diego, points out that staying awake for 21 hours reduces your level of ability to a similar level to when you’re drunk!

While many of us may not stay awake for 21 hours in one stretch, how many of us have had two or three late nights and early mornings on the trot? Because that has the same effect!

Conversely, people sleeping an extra hour or two perform much better than they normally do in tasks needing sustained attention, such as taking an exam.

And of course, being able to concentrate harder means that your overall mental performance is better. If you’re able to boost your power of attention, everything else improves too.

You need good quality sleep to allow your brain to process new memories and to practise new skills. Your brain even solves problems for you while you’re asleep. So if you’re trying to learn some new information, as you do when you revise, try studying for a couple of hours, taking regular breaks during that time, and then going to sleep. You’d be better off doing that than slogging through the night.

Because, while you’re asleep your brain continues to work for you, reactivating the circuits it was using when you were studying and moving those new memories into long-term storage.

That means that the next day all that information will be there for you – you’ll have a better memory for what you’re trying to recall.

Of course if you’re trying to revise for an exam it’s very important to revisit that information the next day after you’ve slept on it or pretty soon you’ll forget it anyway.

Carlyle Smith of Trent University in Peterborough, Ontario, is one of the many advocates of taking a nap after training of any sort, and points out that as well as helping you develop a better memory for your studies, it applies to any skills, such as learning to play a new videogame, playing the piano, driving the car or playing tennis.

There are other benefits too. You can solve problems and have flashes of insight in your sleep. The Russian chemist Dmitri Mendeleev purportedly created the structure of the periodic table in a dream after spending all day struggling with how it all fitted together.

And, as the story goes, in 1862, Here Kekulé woke up from a daydream in which he saw a snake biting its own tail forming a continuous circle, and realised that this must be the shape of a benzene molecule – the very problem he’d been challenged by for some time previously. (This also lends weight to the contention that in some circumstances at least, imagination is more important than knowledge.)

So, if you want to develop a better memory and get the most out of your brain, if you’re revising for exams and want to give yourself the best chance of remembering what you’ve studied, all the research points towards the benefits of shorter bouts of revision, punctuated by regular naps.

The perfect excuse for sleeping on the job if ever I heard one!

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Professional status and the level of pay that accompanies years of learning is a hot topic for many financial advisers who have kept an eye on a recent age discrimination case that could have a huge impact on careers.

The kerfuffle surrounds a Supreme Court ruling in the case of Homer v West Yorkshire Police.

The police force’s policy required civil servants working for the Police National Legal Database (PNLD) to have a law degree if they wanted to attain the highest pay grade.

Mr Homer joined the PNLD in 1995 and was turned down for promotion and more money because he did not have a degree.

He took a claim to an employment tribunal on the grounds that the decision amounted to indirect age discrimination under equality laws because he did not have enough time between the application and his retirement to study and pass a degree course.

After claim and counter-claim through lower courts, the case arrived at the Supreme Court, where five judges unanimously agreed with his claim.

Some financial pinks have picked up another discrimination complaint against the Chartered Institute of Insurance (CII) that argues a policy that a degree more than 10 years old did not count as points towards chartered status is ageist.

Surely this is not so if the person with the qualification has the opportunity of upgrading a degree before retirement.

The point of the Supreme Court ruling is not that having an old degree or none at all amounts to discrimination when striving for a higher professional status – what the court said was that not letting Mr Homer attain a higher pay grade was discriminatory because he could take no action to remedy the situation, so the glass ceiling on his career was something he could do nothing to change based purely on his age.

The CII rule is in line with that of many other venerable institutions, including the Institute of Financial Planning and the ifs School of Finance.

The CII and Equality and Human Rights Commission decline to comment on individual cases.

Rather than shout discrimination, perhaps the more reasonable solution is to keep qualifications up-to-date with cpd and refresher courses rather than relying on past achievements.

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Recent Comments:
  • David Cathcart:
    I had this argument with the CII, this was my case: 1987 - Honours degree in Applied Maths from Liverpool University 1989 - MBA from Manchester Business School Plus 1993 - Full FPC 2000 - G10 CII orginally said that my degree and MBA did not count because they were more than 10 years old. Then they have recently changed their mind and said that todays syllabus for the degree and MBA are not compatable. Let me say two things: 1. the degree and MBA were far more difficult to pass in the 80's than today 2. Ironically most of what is covered in the CII R0, J0 and AF papers on tax, trust and investment theory was covered in my MBA. Yet still they do not class my level 7 as being adequate to allow any exemptions. Funny enough I interviewed a Chartered Financial Planner, who had sat every exam available. I asked her two questions, what was a Section 21 Order and state the formula for Capital Asset Pricing Model (CAPM for those in the know). Have a guess what the answer to each question was, yes you guessed it she did not know. Have a guess what, I did, but according to the CII I am only level 3 so couldn't possible know that sort of stuff. What was even more alarming was she didn't even know how to calculate Sharpe and Alpha Ratios. Come on surely a thicky like me can't know more than a Chatered Financial Planner who has sat and passed every CII exam. But as the CII quite rightly point out, they don't test your knowledge, they test whats in the study text - I'll use that one the next time the FSA say I have been negligent in not carrying out more in depth due diligence on toxic products, I just point out that it wasn't in the study text for that product.
  • Catriona Brand:
    Thanks for your comments Bob. Interesting to read that you saw younger students struggling with the application but being good at the 'remembering' part. I imagine the opposite may well be true for older students. I also agree with your point about looking up certain items. I guess it's true of exams across the board whether it be financial services, law, medicine etc, that there are just some things that you'll always look up, even if you do think you know the particular fact you need! In every exam I have ever sat (not just financial services), I have always thought it ridiculous that you have to memorise certain information - some of it you'd look up in 'real life', and other bits you'd never need to know so why stick it in your head in the first place?! Catriona.
  • Bob Donaldson:
    It is all very well stating that you should keep qualifications up to date, however it becomes harder as the years go by. I am now aged 58 have both G60 and G20 but needed 30 points to attain diploma status. I did both JO5 and JO4 passing one in October and awaiting the result for the other. I thought that I would do exams which were useful to me rather than exams for exams sake. I have used your revision/question material which I have found very good and I also attended a CII two day revision course which was OK but the tutor taught more of what she wished to rather than what was actually going to be in the syllabus and past exam questions. Lots of calculations etc. I found the exam extremely hard (Pension Funding Options) however it was interesting to see the younger students on the CII course struggle with the application skills but good at remembering pure fact. It is an unfair situation where we have to learn and regurgitate all this fact when only a fool when giving advice would not look up such items. It will be interesting come RDR whether or not anyone decides to put their employer in the dock over unfair dismissal if they do not have the qualifications. We wait and see.

Qualifying policies offer a tax-free home for extra cash

April 22, 2012

Qualifying insurance policies were once a popular tax-saving tool, but now Chancellor George Osborne has opted to cap the investment, are they still worth recommending to clients?
These investments took a battering some years back, when they lost favour with savers in the mortgage-linked endowment mis-selling scandal and as tax-free saving plans like PEPs and TESSAs  [...]

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We Asked, You Bowled Us Over!

April 8, 2012

In February of this year I asked, on behalf of everyone here at Brand Financial Training, if you would spare us a few minutes of your time to fill out a feedback questionnaire with regards to how you are getting on with your exams.  I expected a good response, but was bowled over by the [...]

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Recent Comments:
  • Catriona Brand:
    Hi Robert, Thanks for your input. In the past (before the economy went pear-shaped) I think it's true that large companies did provide a lot of training for staff. This includes Providers but also larger advisory firms. However in recent years we have noticed (and hear from our customers) that companies are generally no longer willing to provide training for staff, nor are they so keen to pay for outside help such as training or learning resources. Often they get the study text and first exam sitting paid for, but that's it. The onus is now more on the individual to "get on with it" and to use their own finances to fund any extra training and help they may require. I find that short-sighted of some companies given the RDR deadline, but then again maybe the money just isn't there for companies to pay for hundreds of staff to go through training or receive resources. I should also say though that there are still some companies and networks out there who do work very hard to help their staff. Certainly my aim is to ensure Brand Financial Training provide resources that both individuals and companies can access to ensure that individuals and staff in general pass their exams. It's great to hear that you feel we are achieving that. There's always more to do though! Best wishes, Catriona. Brand Financial Training
  • Robert Warren:
    Hi Catriona I would like to comment on your comments. About a year ago I wrote to the PFS re the diploma training but the answer was not to my liking and so I have left matters. My view is that there were two communities when this exam thing started: the IFA and the Provider. The Provider group will be easily dealt with as they in effect attended day release and had tutors laid on etc. So if they fail then they have a serious problem! The IFA generally came from a different group and worked alone. Their problem was greater as they had nobody to talk to help them understand the requirements of the exams and how to plot a path through them. After failing J04/05 for the first time I found Brand and also went on the course with the CII. This opened my eyes and it was during discussions with the others that I realised that you had to ‘respect’ the exams if you were going to pass. In fact one bloke told me that he signed out of work from the course to the exam day. Now I just could not do that but I came pretty close. When I wrote to the PFS I related this and also suggested that there was an ideal model of distance learning in the Open University. There they know people are going to have problems and do everything to help you through. Unlike our dear CII. So why not pay them a call they are only at Milton Keynes! Now I see what you are doing as a similar process you are providing tutorials etc and using the technology properly to get the message out there. So all power to your elbows and if you want any further comments along this line I am happy to provide them. I am pretty jarred off at the CII who have missed a trick but you may want to step into the breach yourselves and also make a packet whilst you are there! Think about it and ask yourselves why most IFAs have abandoned the CII!!! Regards Robert

How to organise yourself for more effective revision

April 8, 2012

Written by Lysette Offley, Genius Material
If you want to do well in your exams, it’s important to manage your revision carefully. Make sure you’re well-organised – that you have everything that you need. Record your progress so that you know where you are. It feels good when you can see that you’re winning.
Chunks
Divide everything that [...]

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What the CII Exam Pass Rates DON’T Tell Us

March 12, 2012

It was short and sweet.  It was an email that simply said:
“I just wanted to send you a quick email to let you know that the official CII exam pass rates for 2011 are now available. You can find them here:
http://www.cii.co.uk/pages/about/passrates.aspx#FS
I would be very interested to hear your comments about the numbers of people [...]

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Recent Comments:
  • Andy Sheppard:
    I too have had my issues with some of the CII exams. I firmly believe there is a lot of padding out of course material, particularly in RO3. For a large percentage of that particular coursebook I would refer clients to their accountant if they had questions. RO2 and RO3 could have feasibly been merged into one exam. The taxation of an investment is a major consideration alongside the risks involved, and is also covered in RO2. There have been a couple of comments regarding the time advisers have had to do these exams. It is of course true that we have known about these exams for years and have had plenty opportunity to complete them. The fact that some haven't completed them doesn't make their concerns any less relevant though. I have one exam left to complete which is next month, and fortunately I have passed them all first time, but I have experienced some of the same issues mentioned by others with regards to course material. I haven't received immediate feedback for any of the RO exams I have sat, although it was available on all CF exams. These were sat at different test centres and only 2 were on the city and guilds system, so I'm not sure the reason behind this.
  • David Ross:
    David, I would guess that this was a technical glitch - if it was then you have our apologies. Ordinarily candidates would be provided with a provisional mark at the end of the exam. We would then confirm your mark within a week or so. The reason for this is to ensure that the exam was condusted correctly e.g. that the invilgalation was carried out correctly. I am happy to pick this up with you separately if you would prefer. My email is david.ross@cii.co.uk
  • David Ross:
    Huw, When it comes to written papers logistically it is simply not cost effective for us to return papers to candidates. Our approach is not uncommon and most examination boards do not return papers to candidates. As written papers will vary from sitting to sitting a question is not going to be repeated so specific feedback is unlikely to be of value. We do make past papers and mock exams available to candidates and we provide extensive learning materials in various formats. Additionally we also provide feedback on how a candidate has performed in each area of their exam. The CII is regulated by OfQual and we are obligated to Treat Candidates Fairly. I can assure you that our processes are transparent and that we adhere to all of the requirements placed on us by our regulator. I am happy to address any specific concerns you might have. You can contact me at david.ross@cii.co.uk
  • David Ross:
    Martin, When it comes to written papers logistically it is simply not cost effective for us to return papers to candidates. Our approach is not uncommon and most examination boards do not return papers to candidates. As written papers will vary from sitting to sitting a question is not going to be repeated so specific feedback is unlikely to be of value. We do make past papers and mock exams available to candidates and we provide extensive learning materials in various formats. Additionally we also provide feedback on how a candidate has performed in each area of their exam. I am happy to address any specific concerns you might have. You can contact me at david.ross@cii.co.uk

FAQ – Pre-RDR trail commission

March 6, 2012

The FSA has finally published guidance on how commission will be paid to financial advisers post retail distribution review (RDR).
The full guidance is complex and lengthy – and can be found here [link: http://www.fsa.gov.uk/static/pubs/policy/ps12-03.pdf ].
Basically any ‘steering advice’ is an intervention that cancels pre-RDR commission.
Think any statement that starts “I recommend you do or do [...]

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CII Exam Re-Marks Spark Concern

February 21, 2012

You may be interested to read an article just published by Money Management with regards the recent CII exam pass rates, and the re-marking of papers.
http://www.ftadviser.com/2012/02/20/ifa-industry/your-business/cii-exam-re-marks-spark-concern-EcV4QtSLZD5e87XzHyurEK/article.html
Note that the CII exam pass rates can be found here:
http://www.cii.co.uk/pages/about/passrates.aspx#FS
I emailed our customer base recently regarding these figures, and there were a lot of question marks with regards whether [...]

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Is it time for high earners to look at fixing their pensions?

February 20, 2012

Now’s the time for urgent pension planning for high earners as the government has given the heads up that tax breaks are likely to be scrapped in the next Budget.
HM Revenue & Customs is already coping with a flood of fixed protection applications from 70,000 wealthy taxpayers who fear they will lose 50% relief and [...]

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Memory vs. Understanding

February 14, 2012

Many delegates ask me for advice on how they can improve their memory. Exams require candidates to be able to recall lots of facts so developing a good memory means you are more likely to pass. Sounds obvious but I believe it’s the wrong approach.
You need to make a distinction between memorising and understanding something. [...]

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