FASEA adds courses, prior learning credits

FASEA adds courses, prior learning credits

The Financial Adviser Standards and Ethics Authority (FASEA) has approved a number of courses and education credits from prior coursework as part of its education standards for advisers.

The government body has approved three bridging courses from Queensland University of Technology, for advisers to meet the education standard. The programs were said to align with FASEA’s required curriculum and standards.

Since 2017, the body has approved a range of courses including 66 historical courses, 63 current bachelor or higher degrees and 27 bridging courses.

“The approval of these additional bridging courses builds on the body of courses approved by FASEA and approves additional choice to advisers seeking to meet the education standard by 1 January 2024,” Stephen Glenfield, chief executive, FASEA said.

Meanwhile advisers who have completed coursework to attain a CIMA professional designation from the Portfolio Construction Forum in 2001 or afterwards have been awarded one credit recognition for prior learning.

Advisers who have completed coursework to attain the Chartered Financial Analyst designation offered by CFA Societies Australia have been awarded one credit for prior leaning.

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So far, the body has approved credits for coursework to attain a professional designation for eight professional associations. A maximum of two credits toward completion of higher education requirements can be awarded for an existing adviser who has completed one or more of the approved courses.

“The awarding of credits for coursework to attain the CIMA and CFA designations provides appropriate recognition to existing advisers who have undertaken these further studies,” Mr Glenfield said.

The body said it will assess any further applications from providers for acknowledgement.

The courses and credit recognitions have been added after the first round of exam results have come out – with more than 90 per cent of advisers who participated passing.

A spokesperson for FASEA told ifa the overwhelming majority of advisers passing showed the exam was set at a fair level.

“The standards authority is confident that the exam process was thorough and objective, and that the marking of the exams also carried the rigour one would expect for a high-stakes exam of this nature,” they said.

“In all, this was an exercise in fairness. The result shows the exam to be set at a fair level, and that those advisers yet to sit the exam should draw confidence from the knowledge that a high proportion of the initial round of 597 advisers achieved the standard or above of a competent adviser.”

Existing advisers who hold a relevant degree, will be required to undertake four courses consisting of a financial advice regulatory and legal obligations bridging course, ethics for professional advisers bridging course, behavioural finance: client and consumer behaviour, engagement and decision-making bridging course and FASEA-approved unit (financial advice capstone subject).

Advisers who hold a non-relevant degree will need to complete a FASEA-approved graduate diploma.

FASEA provides guidance on courses required to meet the education standard via its Education Pathways tool as well as its Australian Qualification Feedback Services.

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