The instruments were created after 150 formal submissions were received by FASEA during its consultation period.
FASEA chief executive Stephen Glenfield said it welcomed all submissions and continued to welcome feedback as it related to the newly released legislative instruments.
“We welcome stakeholder feedback as we move to the final stage of development for the relevant providers degrees, qualifications and courses standards, and it will be reviewed prior to the release of the final standard,” he said.
FASEA is now proposing the maximum requirements for a new entrant to be an approved bachelor’s degree of 24 subjects and for an existing adviser will be a graduate diploma of eight subjects.
The minimum requirements for a new entrant would be a graduate diploma of eight subjects and for an existing adviser one subject being the bridging course; FASEA code of ethics and monitoring bodies.
However, that minimum standard is only applicable to those existing advisers with a FASEA approved bachelor or master’s degree.
FASEA has released for consultation a summary of outcomes for advisers that recognises prior learning, with less courses needed depending on prior education undertaken.
For instance, an adviser with a relevant degree would have to do four subjects consisting of three bridging courses and one FASEA approved unit.
Whereas an existing adviser with a non-relevant qualification that is an AQF7 or higher would have to complete seven courses.
Existing advisers defined as a relevant provider at any time between 2016 and 2019 have until 2024 to have completed the relevant educational pathways.
The standards are not finalised and are open again for consultation, with FASEA continuing to assess new degrees, equivalent qualifications and bridging courses to obtain a designation.
Compare the pair. Now if I’ve understood correctly:
If I have a non-related Masters, and did DFP (4 subjects) + ADFP (4 subjects) + CFPC (5 subjects), I still need to do 4 more subjects at Grad Dip level (total 17 subjects).
But if I have a non-related Masters, and did a Grad Cert to begin with (4 subjects), then Grad Dip (4 subjects), I need to do 1 more subject (total 9 subjects).
Decisions made of course, many years before FASEA was but a twinkling in someone’s eye.
Go figure. What a bloody lottery.
[quote=The Big Cheese]Assuming someone has a masters in applied finance, an undergraduate finance degree, and a diploma of financial planning, am I right to assume this will require 4 units of additional study?.[/quote]
That’s not my interpretation. Doesn’t it say that with a relevant degree plus the Diploma (the 8 unit FPA one), you need only do the Ethics unit?
From page 12 of the FPS001 Education Pathways Policy
“Existing advisers who have completed a Relevant Degree and an Advanced Diploma in Financial
Planning are required to undertake:
(i) FASEA Code of Ethics and Code Monitoring Bodies bridging course.”
Earlier on page 11 they equate the Advanced Diploma with the 8-unit DFP.
Providing a Relevant degree is one written into the legislation. A Bachelor of Commerce Degree not listed on the standards is therefore not “relevant”. i.e a degree completed 10 years ago at a merged Uni is unlikely to be on the list due to a) it’s age and b) the Uni not being around.
Fasea is a con, a rort, a greedy grubby fee earner that the politicians would dismember if they understood this ridiculous industry.
Assuming someone has a masters in applied finance, an undergraduate finance degree, and a diploma of financial planning, am I right to assume this will require 4 units of additional study?
Given the current credit/RPL info available, would it not be wise (and cost effective) to complete an ADFP to receive an additional 2 credits?
I like to think I’m not an idiot, but I’m finding these announcements really confusing..
was looking at that myself
Check the DFP. IF its the old Deakin 8 unit FPA one you may not need to.
Lol open book exam now. What a pointless exercise. Reading comprehension and thats it.
No degree required now, just a grad dip.
Another bailout for the dinosaurs with limited technical knowledge. Not shocked, this industry will never be a profession…
Grad dip means one already has an undergrad or postgrad.
This does not match with your comment referring to “dinosaurs with limited technical knowledge”.
Please, what does the closed book exam test? Short term memory?
And how does a bunch of academics setting coursework not based on the reality of the day to day running of the business weed out dodgy advisers?
These ‘dinosaurs’ you speak of likely excel at solving the clients problems and giving them good outcomes.
If you’ve actually done one of the approved degrees you would know the coursework is written by someone who either isn’t in the industry and/or couldn’t make it in the industry so all it adds is a bunch of rubbish that is thrown out the window in place of more relevant information when working in the industry.
Speaking on behalf of the DD’s (Dinosaurs with Degrees) please dont lump us all together. If the exam had been scheduled upfront then most with limited technical would have failed already.
oh shut up. All you want to do is whinge and demean your seniors. Bad man.
Grad Dip is a higher qualification than a degree.. clearly you have neither.