Hey FASEA! How about considering this?!!!
20th April 2018
We have a ‘related degree’ – now for a ‘related post-graduate qualification’…
In March, FASEA released updated guidance on the proposed education standards clarifying that ‘related’ degrees would include those with major areas of study in accounting, economics, finance, tax, law and/or financial planning. At the same time, the consultation process was opened seeking feedback on the practical application of the proposed standards.
So, let’s give credit where credit is due and say that’s a good step forward.
However, we also know that what converts a degree qualified person into a great personal financial advice professional is the additional ‘top-up’ of a number of elements which may come from a wide range of sources.
Take for example, a Chartered Accountant who specialises in financial advice, and for those who come from a different professional background, you can easily superimpose your situation onto this scenario. Have a look at the diagram below:
Whilst we’re pleased the degree now counts, we now have a situation where all the upskilling around a basic degree (below the dotted line in the table) is not being recognised as ‘related post graduate’ qualifications by FASEA.
So, which of these – if not all – must be included?
- Professional member association post graduate studies such as the CA program
- RG146 equivalent studies (including the CFP designation)
- Additional study to obtain member association specialisations
- Practical experience in both CA and financial planning areas as prescribed by ASIC
- Ongoing CPD for both accounting and financial planning to comply with both ASIC & member association requirements
- Codes of Ethics – CA as a minimum and often one, sometimes two, others.
Why is this important?
This is important because those who meet the ‘related post graduate’ criteria are only required to complete one university level subject to comply with the proposed standard, which is FASEA’s new Code of Ethics. Those who don’t meet the criteria will have to do an additional three modules of tertiary study.
As AccountantsIQ strongly supports FASEA’s desire to eliminate those practitioners from our industry who provide the community with poor advice and cause reputational damage to those who act in the client’s best interests, and if the completion of this one ethics subject across all advice practitioners would help to alleviate some community concerns, then AccountantsIQ supports this proposal.
However, we do not support the idea of requiring experienced practitioners to complete three modules of additional study ‘just for the sake of it’.
What is AccountantsIQ doing about this?
In the interest of the accounting industry and professional practitioners, AccountantsIQ will work hard to help the FASEA Board to understand how we deserve recognition of prior learning. We are involving ourselves in as many avenues as possible and will be making a submission in our own right to FASEA.
To that end we are actively seeking feedback from accounting professionals, financial planners, education providers and other member associations.
AccountantsIQ has also been appointed by Chartered Accountants Australia and New Zealand to advocate on behalf of their members and to assist in their submission to FASEA.
Tell us what you think!
Vote in our poll and tell us what you think.