The Enterprise Investment Scheme Association, which represents IFAs and wealth managers, is behind the move.

The updated diploma also now contains a new section on using EIS and SEIS as a Financial Planning tool, featuring guidance on client suitability, EIS and SEIS tax reliefs, features and benefits, and worked planning examples with tax and investment return calculations.

Financial Planner Mark Brownridge CFPTM Chartered MCSI recently became EISA director general after moving from his job at Mazars Financial Planning, where he was head of research and development.

Mr Brownridge, who is a Fellow of the Personal Finance Society, said: “The updated qualification is designed to be even more focused on meeting the needs of advisers and wealth managers in using EIS and SEIS in financial planning. It is our aim that the EIS Diploma will soon become a standard text and qualification among advisers – and the wider EIS and SEIS industry.”

Many questions have been rewritten and refocused to ensure advisers and wealth managers derive maximum benefit from the Diploma.

It features rewritten and updated content reflecting changes in the regulation and tax treatment of EIS and SEIS.

Mr Brownridge, who is a Chartered and Certified Financial Planner, said: “Coming from an advisory background, I know that some IFAs and wealth managers can be reticent about using EIS and SEIS because of their perceived complexity.

“But this is changing. As professional standards in the advice industry rise, more advisers are understanding the benefits of EISA and SEIS and incorporating them into client financial planning. Aligned with this, we are seeing EIS and SEIS continue to grow in popularity.

“The EIS Diploma has already played a part in helping to bring about this change by giving advisers who hold it greater knowledge and confidence to recommend EIS and SEIS.”

An official launch event takes place on Thursday.