FINANCIAL PLANNING EDUCATION AT DEAKIN

Transcription

1 FINANCIAL PLANNING EDUCATION AT DEAKIN deakin.edu.au/financial-planning

2 RESHAPING THE FINANCIAL PLANNING INDUSTRY The Australian Government s proposed legislative changes will affect the education, training and ethical standards required of financial advisers both new and existing. Under the proposed legislation, new financial advisers will be required to complete a degree, undertake a professional year and pass an exam. Existing advisers will be provided a transition process and will be required to meet degree-equivalent status (or have a recognised transition pathway determined by the independent standard setting body) and pass an exam. The new education requirements are expected to be effective from 1 July 2019, with existing advisers having to meet the new standards by 1 January Deakin Business School, DeakinPrime and DeakinDigital have joined forces, to support the commitment to increasing professional standards in the financial planning industry and supporting advisers on the journey to higher education. ABOUT DEAKIN Deakin University is ranked in the top 3% of universities worldwide across the three major international university rankings 1, is listed in the top 50 universities under 50 years of age, and holds a 5-star QS rating, highlighting the quality of both our research and teaching. Deakin is one of the largest universities in Australia, with over course enrolments and more than 3700 staff. Despite its size, Deakin has a proud reputation for teaching. For the past six years, Deakin has been ranked no. 1 in Victoria for student satisfaction, attesting to the importance the University places on delivering value to students.deakin also received the Premier s Award for International Education Provider of the Year at the Victorian International Education Awards, along with two additional awards: Excellence in Education (University) and Excellence in International Education (Student Employability and Careers). And in a world first, Deakin is using IBM Watson, a cognitive computing platform, as an online student engagement adviser. ABOUT DEAKIN BUSINESS SCHOOL Deakin Business School (DBS) prepares graduates for careers of the future. We harness emerging technologies to facilitate innovative, borderless and personalised education. Our research informs our practice and impacts the communities with whom we engage. As one of Australia s leading business schools, we strive to fulfil our mission by developing multi-faceted capabilities, incorporating a blended learning environment, strong research competencies, comprehensive student services, and an innate corporate and industry focus. Flexible educational delivery offers students a choice in the time, pace, place, content, learning style, assessment, and collaborative opportunities of study experience. The study experience is supported by a suite of student support and retention services specifically aimed at the diversity of our cohort. In 2016 DBS received accreditation by AACSB International, the longest serving global accrediting body for business schools in the world. Only 5% of business programs worldwide are AACSB accredited. Deakin Business School is one of only 3 in Victoria, Australia. 1 Shanghai Jiao Tong ARWU, Times Higher Education World University Rankings, QS World University Rankings WHAT WE OFFER UNDERGRADUATE BACHELOR OF COMMERCE (majoring in financial planning) At undergraduate level students can undertake a financial planning major sequence in the Bachelor of Commerce. This qualification is assessed at AQF level 7, meeting educational requirements for new advisers. A practical feature of this qualification is the ability for students to complete credit points through work integrated learning subjects. A work integrated learning subject places the student into a business environment where they gain real world skills and experience through either an internship or work-based project, while contributing to the success of their host company. The program also allows advisers to meet any education requirements as set out in the Tax Agents Services Act (TASA), including completion of an Australian Tax Law and Commercial Law course approved by the Tax Practitioners Board (TPB). The financial planning major in the Bachelor of Commerce has subjects in these areas that have been approved by the TPB. Course Summary - M300 Bachelor of Commerce AQF Level 7 Duration Course rules Study mode options Admission requirements Professional recognition International recognition 3 years full time or part time equivalent Students must complete 24 credit points to gain the qualification comprising: core units (8 credit points) financial planning major (8 credit points) work integrated learning, general electives or second major (8 credit points). Face to face, online and blended Successfull completion of VCE or equivalent; those aged 21 and over who do not hold VCE or equivalent can apply under Alternative Admission Graduates are eligible for entry into the CERTIFIED FINANCIAL PLANNER Certification Program which is offered by the Financial Planning Association of Australia. The Bachelor of Commerce (Financial Planning) is recognised by the Association of Financial Advisers (AFA) as a pathway into the Fellow Chartered Financial Practitioner (FChFP) designation. Deakin s Bachelor of Commerce is internationally recognised and EPAS accredited by the European Foundation for Management Development (EFMD). EPAS is an international quality benchmark for business programs worldwide. Deakin is the only Australian university with EPAS accreditation for its Bachelor of Commerce. 2 DEAKIN.EDU.AU/FINANCIAL-PLANNING

3 POSTGRADUATE MASTER OF FINANCIAL PLANNING Deakin s Master of Financial Planning (MFP) is a professionally oriented course specifically designed to meet the education needs of the financial planning industry. The MFP is aimed at those aspiring to join the financial planning industry as well as those currently employed in the industry. Students are required to collect, analyse and synthesise financial planning information, then use their skills to prepare financial planning solutions and effectively communicate these solutions to the client. The MFP emphasises the professional responsibilities of the financial planner in both an ethical and a compliance sense. Built on an extensive body of financial planning knowledge, the MFP culminates in the preparation of a comprehensive Statement of Advice for a client. A graduate certificate and graduate diploma offer pathways into the Master of Financial Planning. The program offers an entry point for diploma and advanced diploma qualified advisers at graduate certificate level (AQF 8) which then articulates into the graduate diploma (AQF 8) and Master of Financial Planning (AQF 9), with credit applied along the way for prior learning and relevant work experience. Degree qualified advisers can enter immediately at the master s level. All advisers who complete the Master of Financial Planning will gain entry and advanced standing into the certification programs of the financial planning professional associations. The program also allows advisers to meet any education requirements as set out in the Tax Agents Services Act (TASA), including completion of an Australian Tax Law and Commercial Law course approved by the Tax Practitioners Board (TPB). The Master of Financial Planning has subjects in these areas that have been approved by the TPB. Course Summary - M770 Master of Financial Planning AQF Level 9 Duration Course rules Study mode options Admission requirements Professional recognition 2 years full time or part time equivalent Students must complete 16 credit points to gain the qualification comprising: core units (10 credit points) specialist elective units (4 credit points) general elective units (2 credit points). Face to face, online, blended (face to face and online) a three year undergraduate degree a master s degree in a different discipline a graduate certificate in a related discipline and 5 years relevant work experience. International students also require an IELTS overall score of 6.5 (with no band score less than 6) or equivalent. Applicants without an undergraduate degree who have five years relevant experience in a financial planning environment may enrol in the Graduate Certificate of Financial Planning and upon completion, articulate into the MFP. The Master of Financial Planning has been assessed as an approved degree by the Financial Planning Education Council. Graduates are eligible for entry into the CERTIFIED FINANCIAL PLANNER Certification Program which is offered by the Financial Planning Association of Australia. Successful completion of the Master of Financial Planning also provides advanced standing for three of the five CFP Certification subjects, namely CFP 2, CFP 3 and CFP 4. The Master of Financial Planning is recognised by the Association of Financial Advisers (AFA) as a pathway into the Fellow Chartered Financial Practitioner (FChFP) designation. Graduates who successfully complete the Master of Financial Planning will be eligible for entry into the AFA s Fellow Chartered Financial Practitioner designation and may receive advanced standing. DEAKIN BUSINESS SCHOOL 3

4 POSTGRADUATE MASTER OF PROFESSIONAL PRACTICE (FINANCIAL PLANNING) The Master of Professional Practice (Financial Planning) is designed for those experienced financial planning professionals seeking to progress their career through a professionally recognised postgraduate qualification. The course will suit those financial planners with significant professional experience within the industry who seek recognition for their prior learning, skills, demonstrated expertise and experiences. Credit for prior learning is recognised through the discipline-based knowledge and skills developed by professionals in the workplace and credentialed through DeakinDigital. The course comprises three Deakin Business School units that specifically complement the 10 Professional Practice credentials students gain in the Master of Professional Practice (Financial Planning). The first two units must be taken by all students, regardless of their level of study. A final two credit point research project forms the capstone for the master s degree. Course Summary - M759 Master of Professional Practice (Financial Planning) AQF Level 9 Duration Course rules Study mode options Admission requirements Professional recognition 1 year full time or part time equivalent Students must complete the following to gain the qualification: 2 core units (2 credit points) Capstone research project (2 credit points) 10 Professional Practice Credentials (via DeakinDigital) Online a bachelor s degree in any discipline, be RG146 compliant and have at least five years of relevant professional experience in providing financial product advice to retail clients, at appropriate depth and breadth, across the majority of ASIC s list of skill and knowledge requirements 1, or a Graduate Certificate of Professional Practice Applicants without an undergraduate degree who are RG146 compliant and have at least five years of relevant professional experience in providing financial product advice to retail clients at appropriate depth and breadth may enrol in the Graduate Certificate of Professional Practice (Financial Planning) and upon completion, articulate into the Master of Professional Practice degree. Deakin Business School has applied to the Financial Planning Association of Australia to have the Master of Professional Practice (Financial Planning) assessed as an approved degree by the Financial Planning Education Council. Graduates would then be eligible for entry into the CERTIFIED FINANCIAL PLANNER Certification Program which is offered by the Financial Planning Association of Australia. The Master of Professional Practice (Financial Planning) is recognised by the Association of Financial Advisers as a pathway into the Fellow Chartered Financial Practitioner (FChFP) designation. Graduates who successfully complete the Master of Professional Practice (Financial Planning) are eligible for entry into the AFA s Fellow Chartered Financial Practitioner designation and may receive advanced standing. 1 ASIC s knowledge requirements are listed in its Regulatory Guide 146 Licensing: Training of financial product adviser (see Appendix A paragraph ). ABOUT DEAKINDIGITAL DeakinDigital is the first market-ready credentialing solution in the world. Backed by Deakin University, DeakinDigital Professional Practice Credentials offer employers a framework for identifying skill gaps, improved professional development and accreditation. DeakinDigital works strategically with employers to align professional development to business goals. For financial planners, credentials can be counted towards a master s degree at Deakin University. The Master of Professional Practice (Financial Planning) is a great way to receive recognition of workplace experience and skills allowing you to complete a degree more efficiently. Credentialing professional practices gives businesses the data to make better decisions about their people and to be a high performing organisation. 4 DEAKIN.EDU.AU/FINANCIAL-PLANNING

5 Applicants without an undergraduate degree who are RG146 compliant and have at least five years of relevant professional experience in providing financial product advice to retail clients, at appropriate depth and breadth, may enrol in the Graduate Certificate of Professional Practice (Financial Planning) and upon completion, articulate into the Master of Professional Practice (Financial Planning). GRADUATE CERTIFICATE OF PROFESSIONAL PRACTICE (FINANCIAL PLANNING) STEP ONE Meet entry requirement STEP TWO Financial Planning Development unit STEP THREE Professional Practice Credentials DeakinDigital Communication Professional Expertise Proficient STEP FOUR Professional Research and Analysis unit Problem solving Teamwork MASTER OF PROFESSIONAL PRACTICE (FINANCIAL PLANNING) STEP FIVE STEP SIX Professional Practice Credentials DeakinDigital Deakin Capstone Research Project unit Professional Expertise Advanced Professional Ethics Global citizenship 2 credit points Digital literacy Critical thinking Self-management DEAKIN BUSINESS SCHOOL 5

6 SAMPLE ADVISER EDUCATION PROFILES Title First provided advice Product areas can advise on Degree (Year completed) Adviser A Executive Director/Practice Principal 1995 Full service * Adviser B Director/Financial Adviser 2004 Full service * Started science degree Adviser C Senior Financial Planner 2003 Full service * Adviser D Senior Financial Planner 2001 Full service * Commenced (70%) B.Accounting ( ) Adviser E Senior Financial Planner 2006 Full service * Adviser F Risk Specialist 2003 Life products; superannuation Adviser G General Manager 1990 Full service Adviser H Director/Principal Adviser 1979 Full service Adviser I Principal 1999 Full service Adviser J 1979 Full service Adviser K 2012 Full advice Adviser L 2015 Life Products; Superannuation Adviser M 2009 Full advice B.Arts (2008) Adviser N 2013 Full advice B.Science (2012) Adviser O 2012 Full advice MBA * Deposit & Payment Products; Derivatives; Government Debentures, Stocks, Bonds; Life Products; Managed Investment Schemes; Retirement Savings Account Products; Securities; Superannuation; Margin Lending Facility WHY STUDY WITH DEAKIN BUSINESS SCHOOL? The course has been specifically designed for professionals needing higher education qualifications that are credible, validated and offer new ways to match capability and opportunity. You can have your prior learning and work experience recognised through awarding of professional practice credentials and credits DBS academics are leaders in their field with significant work experience within the financial planning and accounting area You will extend and challenge your learning through undertaking independent research that demonstrates knowledge of applied research principles and methods, and demonstrates practical application of a relevant knowledge area You will gain a postgraduate qualification in financial planning that is recognised by Australia s two leading financial planning bodies, the FPA and AFA, with advanced standing in their respective professional programs The flexible educational delivery options offer students a choice in the time, pace, place, content, learning style, assessment, and collaborative opportunities of study experience. A range of student support and retention services are provided to ensure a successful study experience. 6 DEAKIN.EDU.AU/FINANCIAL-PLANNING

7 Advanced Diploma (Year completed) Diploma (Year completed) Professional affiliations Proposed qualification MFP/MPP (FP) Credits for prior learning (MFP only) Financial Planning (2003) Life Insurance (1990) CFP MPP (FP) via Grad Certificate of Professional Financial Services (Financial Planning) (2005) Financial Planning (2004) Studying FChFP, AFA, AFP, SMSF Association MPP (FP) via Grad Certificate of Professional Financial Planning (2007) Financial Planning (2005) MPP (FP) via Grad Certificate of Professional Financial Planning (1997) Accounting (1994) AFP MPP (FP) via Grad Certificate of Professional Financial Planning (2007) AFP MPP (FP) via Grad Certificate of Professional Completed 2 units in Financial Planning (2005) Financial Planning (2003) MFP via Grad Certificate of Financial Planning 1 Financial Planning (2000) CFP MPP (FP) via Grad Certificate of Professional Practice (FP) OR MFP via Grad Certificate of FP Financial Planning (2002) CFP MPP (FP) via Grad Certificate of Professional Practice (FP) OR MFP via Grad Certificate of FP Financial Services (2006) AFP, SMSF Specialist Advisor MPP (FP) via Grad Certificate of Professional Practice (FP) OR MFP via Grad Certificate of FP Financial Planning (2002) Certificate Business Studies Accounting (1983) AFP; AIPA MPP (FP) via Grad Certificate of Professional Practice (FP) OR MFP via Grad Certificate of FP Financial Planning (2014) Financial Planning (2012) AFA; AFP; SMSF Association MFP via Grad Certificate of FP 4 Financial Planning (2015) B. Commerce (FP) 1 Financial Planning (2009) MPP(FP) Financial Planning (2013) MFP 2 Financial Planning (2011) MPP(FP) DEAKIN BUSINESS SCHOOL 7

8 WHICH COURSE IS RIGHT FOR ME? For an obligation-free discussion around choosing the Deakin financial planning course that s right for you, please Deakin Business School - details below. MORE INFORMATION Course Director Master of Professional Practice (Financial Planning) Mr Marc Olynyk Deakin Business School [email protected] Phone: Course Director Master of Financial Planning Dr Adrian Raftery Deakin Business School [email protected] Phone: Published by Deakin University in June While the information published in this guide was accurate at the time of publication, Deakin University reserves the right to alter, amend or delete details of course offerings and other information published here. For the most up-to-date course information please view our website at deakin.edu.au. Deakin University CRICOS Provider Code: 00113B