Advisers will be able to combine a Master of Financial Planning degree from the Deakin Business School with the FPA’s CPF Certification Program, according to a statement.
The degree will include the CFP certification capstone as an elective option, which counts towards its Master of Financial Planning.
CFP certification units 1, 2, 3 and 4 have been mapped against the masters units at Deakin Business School.
Deakin Business School’s head of the department of accounting, Peter Carey, said the goal was to provide the highest quality study options for financial planners.
“At a time when all financial planners are grappling with the need to satisfy new education standards and demonstrate the highest level of professionalism and competence with their clients, this partnership demonstrates our commitment to working closely with the profession,” Mr Carey said.
FPA chief executive Dante De Gori said the move would allow financial planners to combine their study requirements into one single course.
“This is a significant win for financial planners, who will now be able to graduate with both an academic qualification and the highest global professional designation in financial planning, which is recognised in 27 countries around the world,” Mr De Gori said.
“This partnership is designed to offer choice and flexibility to financial planners and brings the education options in line with other professions, like accounting, who already embed designations into their academic programs.”
I don’t understand the point of getting the CFP when FASEA has set the new standards in spite of institutions like the FPA. There’s a reason why the CFP only gets (a small) partial accreditation versus something like the new Master’s which appears to be the number one credential to have.
Everyone knows what a Master’s is but not a CFP.
Advisers (particularly new advisers) are effectively certified now anyway by passing the FASEA exam and logging the professional year. So does the CFP hold any value at all – if not a net negative value, given the annual payments to FPA?
To me it looks like the FPA is clinging on for dear life after failing to deliver for its members and the industry more broadly through the RC.
This could kill two birds with one stone if I was interested in getting a Masters (more interested) or CFP (less interested). Would be interesting to see if people would be eligible for this program if they have completed a Graduate Diploma somewhere else. I’m guessing not which probably means Deakin/FPA might need get the numbers they were hoping for.
I have heard that no institution can give more than 50% RPL for material completed elsewhere. So if you were enrolling in a 12 unit Masters at Deakin, you could only get credit for a maximum 6 units from your 8 unit Grad Dip. However if you progress from a Grad Dip to a Masters with the same institution, you get credit for the full 8 units.
I suspect FPA will announce similar arrangements with other institutions to offer CFP Certification as a Masters elective, so you may be better off waiting until it’s available at the same place you did your Grad Dip.
I’m not sure how Dante can say they would graduate with a professional designation. They might be able to graduate with CFP Certification, but the CFP Designation also requires non academic criteria to be satisfied. This includes at least 3 years experience (or PY + 2 years for new entrants).