What do FASEA’s proposed education reforms really mean

for accountants who provide financial advice?

 

 

 

AccountantsIQ explains….

 

Consider the diagram below which examines the situation of a Chartered Accountant who provides financial advice:

Above the dotted line:

  • A ‘related’ degree is one from an Australian institution with a major or specialisation in Accounting, Economics, Finance, Tax, Law or Financial Planning.
  • Clarification from FASEA is required to understand whether those with an overseas degree plus post graduate studies or an ‘unrelated’ degree plus post graduate studies would be considered as holding a ‘related’ degree.

Below the dotted line:

  • Under FASEA’s current proposal, an accountant who holds a ‘related’ degree without ‘related’ post graduate studies, will be required to complete 3 university level subjects (approx. 120 hours each) in the areas of The Corporations Act, FASEA’s Code of Ethics and Behavioural Finance.
  • Under FASEA’s current proposal, an accountant who holds a ‘related’ degree with ‘related’ post graduate studies, will be required to complete 1 university level subject (approx. 120 hours), being FASEA’s Code of Ethics.
  • Clarification of recognition for CA, CPA, SSA or CFP programs as ‘related’ post graduate qualifications is being sought.
  • To date, there is no recognition for ongoing experience with recorded CPD to meet ASIC and professional member association requirements.
  • There is also no recognition for adherence to CA/CPA Code of Ethics (or other professional Codes of Ethics such as Tax Practitioners Board, FPA or SMSF Association).

Add your voice to ours….vote in our poll!

AccountantsIQ is preparing a submission to FASEA on its proposed guidance for education pathways for existing advisers. We would love to hear your views. Please submit your feedback using the form below. 

 

Do you agree with AccountantsIQ that, at a minimum, FASEA should consider further study, experience, ongoing CPD and Code of Ethics as ‘post-graduate qualifications’?

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