School of Professional Finance THE SCHOOL OF PROFESSIONAL FINANCE GRADUATE DIPLOMA IN FINANCIAL PLANNING 2013 2014 Gateway to the Prestigious International Designation Certified Financial Planner professional The Institute of Bankers in Ireland A RECOGNISED COLLEGE OF UNIVERSITY COLLEGE DUBLIN School of Professional Finance
Graduate Diploma in Financial Planning Planner professional as being knowledgeable, competent, ethical and professional to the highest global standards. At present there The Graduate Diploma in Financial Planning is a highly regarded postgraduate qualification aimed at those who wish to develop their financial planning knowledge and skills to the highest are 147,800 CFP professionals in 24 countries around the world (148 of whom are in Ireland) and this number is expected to continue growing at a steady pace. international standards. This is a joint initiative of the Institute of Bankers in Ireland, LIA and the Irish Tax Institute and is delivered by the Institute of Bankers School of Professional Finance. The Institute of Bankers in Ireland is a recognised college of University College Dublin. Requirements for becoming a Certified Financial Planner professional Financial Planning Standards Board Ireland (FPSB Ireland) requires that a candidate who wishes to become a Certified Financial Planner professional in the Republic of Ireland must, inter alia, The six modules on this programme are specifically designed to provide financial planners with the knowledge and understanding of the applicable regulatory requirements, the mechanisms and purpose of the main investment products and the ability to satisfy their individual clients financial planning and investment portfolio needs. This programme seeks to deepen candidates technical knowledge of areas such as asset, finance and risk management and provide the tools to develop effective mutually beneficial client relationships. Programme Outcomes On successful completion of the Graduate Diploma in Financial Planning candidates will be able to: Hold both the Qualified Financial Adviser (QFA) designation and the Graduate Diploma in Financial Planning; Have successfully completed the certification examination of FPSB Ireland; Have met the three-year experience requirement in Financial Planning as set out by FPSB Ireland; Accept the Continuing Obligations for certification; Commit to the ethics and standards required of CFP professionals. Programme Structure The Graduate Diploma in Financial Planning is an 18 month Employ the constituent disciplines underpinning financial planning, including investments, pensions, taxation and estate planning; Apply the analytical, problem solving and decision making skills programme consisting of six modules, delivered over three semesters. For the academic year 2013 2014, commencing in September 2013, it is planned (subject to demand) to offer the programme in two locations: required to undertake complex and comprehensive financial planning; Evaluate economic, financial and other relevant data to create integrated financial plans; Integrate a deep understanding of professional values and Dublin (IFSC), evenings - with lectures taking place on two evenings per week Portlaoise, day - with lectures taking place all day (10am - 5pm) every Monday ethical issues with excellence in financial planning execution. Subject to operational constraints and academic requirements, As well as being an educational award in its own right, the Graduate Diploma in Financial Planning also acts as a gateway to the prestigious international designation Certified Financial Planner. Gateway to Prestigious International Designation Certified Financial Planner professional candidates may opt to take either one or two modules each semester. Candidates commencing in September 2013 (and taking two modules per semester) may, therefore, expect to complete the Diploma in January 2015. Successful candidates who wish to proceed to CFP certification will then have to meet the requirements laid down by FPSB Ireland, which include a final certification examination. CFP certification is the world s most widely respected financial planning designation and it marks the individual Certified Financial CFP, CERTIFIED FINANCIAL PLANNER and are trademarks owned outside the United States by Financial Planning Standards Board Ltd. Financial Planning Standards Board Ireland Limited is the mark s licensing authority for the CFP Marks in the Republic of Ireland, through agreement with FPSB. For further information on CFP certification, visit www.fpsb.ie. 2
Year 1 Term 1 (September 2013 to December 2013) Principles and Ethics of Personal Financial Planning Tax and Estate Planning Term 2 (February 2014 to May 2014) Retirement Planning Asset Management Year 2 Term 3 (September 2014 to December 2014) Financial and Risk Management Integrated Personal Financial Planning Module Overview Principles and Ethics of Personal Financial Planning Economic Concepts; Legal Concepts including Contract Company and Partnership Law; Time Value of Money Concepts and Calculations; Financial Planning Process; Regulatory and Ethical Environment; Assessment of Risk Tolerance; Soft Skills. Financial and Risk Management Personal Financial Ratios; Financing Strategies; Cash Flow Management; Financial Statements; Business Financial Statements; Personal Protection Needs; Temporary Insurance; Whole of Life Assurances; Serious Illness Insurance; State Ill Health Benefits; Savings and Investment Policies; Taxation of Policy Benefits; Legal Issues Regarding Life Insurance. Integrated Personal Financial Planning Fact-finding; Use of Financial Mathematics and Spreadsheets in Financial Planning; Segmented Financial Planning for Special Circumstances; Comprehensive Financial Planning; Multi-disciplinary Case Studies. Before registering for the Integrated Personal Financial Planning module candidates must have: 1. Successfully completed the four Year 1 modules and 2. Be currently registered for/have completed the Financial and Risk Management module Tax and Estate Planning Income Tax; Capital Gains Tax; Capital Acquisitions Tax (including taxation of gifts and inheritances); Succession and Estate Planning; Philanthropy; Fundamentals of Corporation Tax and Stamp Duty; International Issues. Retirement Planning Need for Retirement Provision; State Pensions; Personal Retirement Provision; Employer/Employee Pensions Schemes; Retirement Benefit Arrangements; Pension Fund Limits; Pension Fund Investment; Investment Restrictions; Marriage Breakdown and Pensions Adjustment Orders (PAO); Regulation of Pensions Arrangements; Other Employee Benefits; Fact-finding for Retirement Planning; Retirement Planning; Case Studies. Asset Management Role of Investment; Asset Classes; Investor Types; Investment Structures and Markets; Market Equilibrium; Fundamental Market Value; Derivatives; Efficient Markets; Risks - Types and Measurement; Modern Portfolio Theory; Behavioural Finance; Portfolio Management; Property Management; Alternative and Socially Responsible Investing; Portfolio Construction; Investment Management and Measurement. Who Should Undertake this Programme? This Graduate Diploma is ideal for Qualified Financial Advisers (QFAs), AITI Chartered Tax Advisers (CTAs), Accountants, Business Graduates and other professionals who wish to enhance their knowledge and skills to postgraduate level. It will help candidates develop careers as professionals providing complex and wide ranging financial planning for their clients. Location The Graduate Diploma in Financial Planning is delivered by lectures in Dublin city centre and Portlaoise (subject to demand). Entry Requirements For entry to the programme candidates must have one of the following: Relevant Honours Business Degree, or Equivalent Relevant Professional Qualification (e.g. Qualified Financial Adviser (QFA) with three years relevant work experience, AITI Chartered Tax Advisers (CTAs), Accountants, Solicitors and Barristers) For holders of the QFA Designation, the three years relevant experience must have been obtained in the banking and financial services industry. Candidates should have a basic working knowledge of Microsoft Excel before commencing the programme. 3
Exemptions Holders of the AITI Chartered Tax Adviser (CTA) qualification are eligible to apply for an exemption from the Tax and Estate Planning module. If you wish to apply for this exemption, please indicate accordingly on the application form. (An administration fee of 55 is payable in respect of processing any exemption applications). Exemptions for Holders of Graduate Diploma Holders of the Graduate Diploma in Financial Planning will, on application, receive exemptions from the following modules from the Professional Diploma in Financial Advice: Investment, Life Assurance, Pensions and Financial Planning. Application Process Early applications are encouraged. An application form may be downloaded from the websites of the Institute of Bankers in Ireland (www.bankers.ie), LIA (www.lia.ie) or the Irish Tax Institute (www.taxinstitute.ie). The closing date for applications is Friday, 2rd August 2013. Late applications will be considered if places are still available. Further Information Further information may also be requested from the following: Assessment Candidates are assessed by a combination of examinations and continuous assessment, based on assignments and case studies. Fees 1,100 per module, payable at the beginning of each semester. Tax relief may be available to candidates who are paying the programme fees in an individual capacity, further information on the tax relief is available at www.revenue.ie. Dr. Gerry Grenham Head of Postgraduate Programmes School of Professional Finance, The Institute of Bankers in Ireland, 1 North Wall Quay, IFSC, Dublin 1. Telephone: 01 611 6526 Email: gerry.grenham@bankers.ie www.bankers.ie/postgrad Professional Body Membership You must be a member, or become a member of the Institute of Bankers in Ireland, the Life Insurance Association or the Irish Tax Institute to undertake this programme. Award Those who successfully complete this programme are awarded the Graduate Diploma in Financial Planning by UCD. This is a postgraduate qualification included on the National Framework of Qualifications at level 9 and carries 60 ECTS credits. Emma Hill LIA, 183 Kimmage Road West, Dublin 12. Telephone: 01 709 9843 Email: emma.hill@lia.ie www.lia.ie Grace McRandal Senior Manager of Professional Education Irish Tax Institute Longboat Quay, Grand Canal Harbour, Dublin 2 Telephone (Direct): 01 6631713 Email: gmcrandal@taxinstitute.ie www.taxinstitute.ie 4
Student Testimonials Marie Bradley, Bradley Tax Consulting Pension planning and personal financial planning form a big part of my work, and I decided to undertake the Graduate Diploma in Financial Planning to improve my knowledge and skills in this area. I really enjoyed using the skills acquired to complete case studies - the facts of which were based on real life scenarios - which have relevance to my day to day role. I also benefitted from completing class assignments on issues relevant to the current global economic environment. As a tax adviser my service offering has been enhanced arising from the knowledge acquired by participating in the programme. Declan Kelly, AIB Bank Participation and completion of the Graduate Diploma in Financial Planning has been a very positive experience for me over the past two years, both from a professional and personal point of view. Being involved in the programme was a great opportunity to step back from my daily role and it afforded me the chance to look at my own job role in a fresh way. The programme, while challenging in many respects, was extremely worthwhile as it has improved my overall technical capability in dealing with clients. It has offered me the opportunity to think differently and it has enhanced my ability to bring more value to all interactions that I have with clients. Completion of the programme has also allowed me to sit the Certified Financial Planning exam and to become a Certified Financial Planner professional. I would have no hesitation in recommending this programme to others. Liam Mc Grory, Omac Life & Pensions Ltd I undertook the Graduate Diploma in Financial Planning to increase my knowledge and understanding of personal financial planning and to be in a better position to offer a more detailed service to clients. The modules are very relevant and I enjoyed attending lectures, working in project groups, researching product design and construction and working on case studies. This programme has provided me with the professional skill set to provide clients with the best possible service and the confidence to deliver that service in a structured manner. I would recommend this programme to anyone who provides, or would like to provide a holistic personal financial planning service to clients. 5
The Institute of Bankers in Ireland A RECOGNISED COLLEGE OF UNIVERSITY COLLEGE DUBLIN Founded in 1898, The Institute of Bankers in Ireland is the professional education body for bankers and financial services practitioners on the island of Ireland. The Institute is one of the oldest and most respected banking institutes in the world with over 33,000 members. The Institute of Bankers in Ireland is a recognised college of University College Dublin. The Institute of Bankers in Ireland (a company limited by guarantee and not having a share capital) Registered Office: 1 North Wall Quay, Dublin 1. Registered Number: 197171 LIA is the professional education and development association for those who work in all areas of the Financial Services industry. With just under 10,000 members LIA s mission is to enhance the knowledge, competence and skills of our members and students who work in all areas of the Financial Services industry. This translates into assisting our members and students in the following three distinct ways: 1. Attaining educational qualifications and resulting MCC (Minimum Competency Code) accreditations (i.e. designations) through our various educational courses in other words, their licence to provide financial advice 2. Retaining their designations by keeping up to date with legislative, regulatory and industry changes - through our annual Regional and National face-to-face CPD seminars and our online CPD facility, MyCPD 3. Developing themselves personally and professionally through our NON MCC courses, our Regional and National NON CPD seminars and workshops, and regular relevant articles published on our website and in our quarterly journal, The Professional The Irish Tax Institute is the leading representative and educational body for Ireland s AITI Chartered Tax Advisers (CTA) and is the only professional body exclusively dedicated to tax. Its members provide tax expertise to thousands of businesses, multinationals and individuals in Ireland and internationally. In addition many hold senior roles within professional service firms, global companies, Government, Revenue and state bodies. The Institute is the leading provider of tax qualifications in Ireland, educating the finest minds in tax and business for over thirty years. The AITI Chartered Tax Adviser (CTA) qualification is the gold standard in tax education and the international mark of excellence in tax advice. A respected body on tax policy and administration, the Institute engages at the most senior levels across Government, business and state organisations. Representing the views and expertise of its members, this plays an important role in the fiscal and tax administrative discussions and decisions in Ireland and in the EU. 6