‘Question & Answer’ Sessions from real world Advisers & others
Please note, the information below is based on the FASEA Standards at the time of writing. Some of the information may change and it will be updated accordingly. If you find the information useful, please feel free to pass my details to anyone in your Network or Organisation who might want to find out some more details about their situation.
Integrity offers FASEA consulting services and these will be available to both Individuals and Organisations to assess their training needs and determine the most suitable and efficient pathway for individuals to meet the FASEA requirements.
To find out more about any of the information below or how the FASEA Standards may impact on you and you Career plan, please contact Integrity on:
- 1300 400 346
- website: www.integrity.edu.au
Topic: How do I start a Career in Financial Planning under the new FASEA Standards?
Q: I’m NEW TO INDUSTRY and want to understand my options. How do I start and what is the best qualification to start with?
The Diploma of Financial Planning offers the best pathway in to a career in Financial Planning for anyone who is CAREER CHANGING / New to Industry, and not ready to commit to a Full Degree just yet.
Q: Can I use the Diploma of Financial Planning (DFP) as a pathway to an APPROVED DEGREE?
Simple answer is “YES”.
In 2019, the DFP will be a great entry qualification for anyone SEEKING A CAREER (New to Industry) in the broader Financial Planning industry, such as a Paraplanner or Client Services Officer (CSO) role (to name only a couple). The DFP will likely provide ADMISSION & CREDITS towards a FASEA Approved Degree offered by Universities. Integrity is liaising with various Universities to determine the details.
The Advanced Diploma of Financial Planning (ADFP) will likely provide FURTHER CREDITS towards a (FASEA) Approved Degree. By completing the DFP (& ADFP) you will be able to work and earn income whilst studying, and RECEIVE CREDITS & GAIN ENTRY to a FASEA Degree.
Topic: FASEA Standard 2: Education (EXISTING ADVISER – DFP only (no DEGREE)
Q: What is the Diploma of Financial Planning (DFP) worth in 2019 for an EXISTING ADVISER (with no Degree)?
*Assumption* you will meet University Admissions Policy for the PostGrad pathway.
In 2019, under the revised FASEA Standards, the DFP will NOT provide any CREDITS towards the PostGrad qualification (ie Grad Diploma of Financial Planning GDFP). The FASEA revised Standards have clearly stated the ADVANCED Diploma of Financial Planning (ADFP) will be ELIGIBLE for TWO CREDITS towards the GDFP. This appears to be a ‘blanket’ credit application across all FASEA Post Grad Course Providers.
What does this mean for You?
If eligible to enter GDFP & you only hold the DFP, then you will NOT RECEIVE any CREDITS. WHAT CAN I DO to maximise my CREDITS? If you upskill to the ADFP, you may be eligible for TWO CREDITS upon entry to the GDFP. This mean you may:
* SAVE between 6-12 months in structured, SEMESTER-BASED University study time.
* SAVE upto $6,000 in course fees
SAVE YOU TIME & MONEY – two of the most sought after ASSETS!
Topics: FASEA Standard 2: Education – “Career Changer”
Q: “…not sure what career changer definition counts as for grad diploma entry”.
“Career Changer” has not definitively defined although the FASEA Blueprint document seems to define “Career Changer” as “those with tertiary qualifications in another field and/or substantial work experience (minimum 3 years) in a related field at the discretion of the Education Providers’ post-graduate entry policy.” You will note the caveat here – “at the discretion of the Education Providers’ post-graduate entry policy”.
Will this result in a ‘race to the bottom’ in terms of what Higher Education Providers will accept as “substantial work experience?” How will the work experience be confirmed? Will FASEA and the Universities set a framework so it is a level playing field?
We need to avoid what I call the “RG146 Effect” – this is where there was a race to the bottom on course speed, quality and price as there was no setting of a standard framework or enforcement. I am not suggesting Higher Education Providers will do this. People & organisations always push things to the edge of what is set as acceptable as shown by the Banking Royal Commission.
Topic: FASEA Standard 2: Education – Q&A – What is a Related Degree
Q: “Joel, do you know how I can check whether my degree is a related degree? ”
Good question. The answer as detailed in the FASEA (Revised) Standards is for “Existing Adviser – Relevant degree pathway – This pathway is for existing advisers that have completed an AQF 7 (Degree), 8 (Graduate Diploma) or 9 qualification (Masters) in a related field of study that contains at least 8 courses in one or more of the designated fields of study in any combination – accounting, taxation/tax law (as defined by the Tax Practitioners Board (TPB)), finance law, finance, business law (as defined by the TPB), investment,estate law, banking and economics.” Please note, this Standard is still open for consultation so the above information may change.
… this Blog Post will be updated as new Q&A sessions take place.