FASEA has announced that the accounting qualifications will partially recognised as prior learning after lobbying from the accounting bodies.
FASEA has spent months deliberating whether to include the CA designation and has now approved the coursework recognised as prior learning.
Both the Chartered Accountants Australia and New Zealand and Certified Practicing Accountants qualifications will be partially recognised due to this decision.
FASEA chief executive Stephen Glenfield said, “The awarding of credits for coursework to attain the CPA and CA ANZ designations provides appropriate recognition to existing advisers who have undertaken these further studies.”
FASEA said those who completed the coursework to attain the CPA designation in or after 1989 would be awarded one credit recognition for prior learning.
FPA CEO Dante De Gori welcomed the initiative, saying the group was supportive of any decision that raised the collective standard of the emerging profession.
“The FPA welcomes the latest decision by FASEA to acknowledge prior learning for accounting professional designations with at least one credit,” he said.
Mr De Gori said that the FPA was the first body to obtain accreditation for credits for prior learning and would continue to lobby FASEA to include more.
“Further, the FPA is continuing to work with FASEA on obtaining credits for the pre-2003 CFP programs such as CFP 1-4,” he said.
ifa readers were not impressed by the news, with commenters asking why FASEA was allowing accountants to be able to give advice.
“I think this is to keep accountants happy and giving advice when all the financial advisers leave the industry,” said one comment.
“Advisers no more! In 10 years it will be known as the accounting sphere,” said another.
The announcement by FASEA will also mean that advisers who completed specific financial planning electives as part of the study to attain the CPA designation have been awarded two credits for prior learning.
The decision is a recognition of the chartered accountants course content and the assessments undertaken to complete the program.
A maximum of two credits towards completion of higher education requirements can be awarded for an existing adviser who has completed one or more of the prescribed approved courses to attain a professional designation.
CA ANZ financial advice leader Bronny Speed welcomed the announcement and looked forward to clarifying what studies would count.
“Having worked hard with, and alongside, FASEA over the last 18 months to lift standards, the next step is to continue to engage with them to clarify what studies will count for further credits,” she said.
“This includes maximum recognition for their completion of a relevant degree, further studies to gain the CA designation as well as studies to enable registration on ASIC’s Financial Adviser Register.”
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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