FSP more valuable than education, Finsia survey finds
Financial services professionals have endorsed the Financial Services Institute of Australia’s (Finsia's) new work-based Financial Services Professional (FSP) credential over education-based programs as the way to improve industry standards.
A survey of Finsia members showed that when compared to postgraduate university degrees and other education-based qualifications, 83 per cent of respondents thought the FSP credential would add more value to the industry.
Finsia chief executive Dr Martin Fahy (pictured) said industry professionals believed that education-based credentials don’t drive professionalism and higher conduct standards like work-based credentials do.
“Education-based programs signal to the potential of a candidate, whereas professional qualifications signal to the candidate’s actual capability,” he said.
Through the work-based FSP program, Dr Fahy believed the “professionalism of the nation’s financial services sector will be enhanced along with the quality of services provided”.
He added that this would be achieved through learned behaviour, where industry norms were ingrained in candidates by more seasoned professionals.
The first enrolment will commence 1 February, 2011, with between 150 and 200 candidates expected to complete the course over the year.
Dr Fahy expected that a further 1,000 candidates will complete the program each year over the next five to 10 years.
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