FASEA fleshes out degree requirements

The Financial Adviser Standards and Ethics Authority (FASEA) has released a key element of its regime – the degree and other qualifications requirements for new entrants to financial planning and existing advisers.

FASEA is proposing the maximum requirements for a New Entrant will be an approved bachelor’s degree (AQF7) of 24 subjects; and for an Existing Adviser will be a Graduate Diploma of 8 subjects.

The authority said the minimum requirements for a New Entrant would be an approved Graduate Diploma (AQF8) of 8 subjects and for an Existing Adviser would be one subject being FASEA’s Bridging Course – The FASEA Code of Ethics and Code Monitoring Bodies – for those with a FASEA approved Bachelor or Master degree.

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The outline was contained in the initial Legislative Instrument released late yesterday which was the result of consultation between March and June.

The FASEA documentation outlines the process for degree and course approval.

The announcement said that FASEA proposes a revised set of education pathways for new entrants and existing advisers including a further defined recognition of prior learning (RPL) framework for existing advisers.

It said the documentation provided guidance around the course credits that would be available for the Advanced Diploma of Financial Planning (including the historical eight course Diploma of Financial Planning – “DFP 1-8”) and coursework undertaken for industry designations such as the FPA’s 5 unit Certified Financial Planner designation or the AFA’s Fellow Chartered Financial Planner designation, which together with other relevant designations would be considered for approval by FASEA.

The announcement said recognition of prior learning [RPL] would be available for the eight subject graduate diploma as well as bridging courses on the Corporations Act and Behavioural Finance, Client and Consumer Behaviour and RPL would also be available for the new entrant pathway as per the policies of approved education providers for both the bachelor degree and graduate diploma programs.

It said FASEA was issuing an initial Legislative Instrument in respect of historical and current bachelor degrees, graduate diplomas and master degrees that had been approved and that future Legislative Instruments would add new degrees, equivalent qualifications, bridging courses and approved coursework to obtain a designation.

“FASEA will continue to assess education for approval as applications are received,” it said.

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Well get on with it, or extend the completion date out a few more years. This is like torture, not to mention embarrassing for new entrants who wanted to commence 6 months ago.

yes I was just reflecting this is coming up to Christmas, 1 year since Sanders sent out his initial bombshell just prior to last Christmas. I must say it hasn't changed that much and the key issues as they were then, RPL, remain in consultation

.....and what about those who have been in the industry for decades that don't wish to be advisers but can't change employers because they don't have a required degree because no one knows what it is.

A rather positive spin Mike. If you look closer, most past degrees are only approved if the adviser completed a long list of specific subjects. This will catch out a lot of advisers. Most courses offer some choices, so advisers will be reading the list and comparing it to their transcripts. It will be like checking your numbers for a Powerball win. Great for the lucky few, but I suspect a large number will be disappointed. I really don't understand what the agenda is here. My Masters Degree in FP appears to be worthless all because I chose one subject over another 10 years ago. I am shattered. The course is no longer offered, so I can't even go back and complete the extra subject. Those with an ADFP or a CFP are receiving better treatment.I am at a loss to understand what is going on.

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