Journal

Posted April 21, 2020

Posted By Meghann Cannon

FASEA updates recognition of prior learning

Prepared by Catherine Evans

FASEA continues to approve courses for recognition of prior learning.  

In the last week, FASEA has announced recognition of coursework undertaken to attain a professional designation from the Financial Planning Association (FPA) and the Certified Practicing Accountants (CPA).

Advisers who have completed coursework to attain FPA professional designation for Life Risk Specialist between 2009 and 2018 or coursework to attain FPA professional designation for Accredited Estate Planning Strategist between 2010 and 2013 have been awarded 1 credit RPL.

Advisers who have completed coursework to attain the CPA Associate designation between 1985 and 1988 have also been awarded 1 credit RPL.

A maximum of two credits towards completion of higher education requirements can be awarded for an existing adviser who has completed one or more of the prescribed approved courses to attain a professional designation. These credits are in addition to any credits available for completing other relevant studies.

For example, existing advisers with a relevant degree who have completed the coursework to attain the CPA Associate designation between 1985 and 1988 will receive 4 credits for their relevant degree and 1 credit for their CPA coursework. As a result, these advisers will only be required to complete the 3 FASEA bridging courses to meet the education standard.

FASEA has also confirmed its approval of the Graduate Diploma in Financial Planning for University of Canberra commenced between 1 January 2003 and 31 December 2005.

Advisers who have completed this course are only required to complete a FASEA Ethics for Professional Advisers bridging course to meet the education standard. 

FASEA ethics bridging courses are currently offered at 11 universities throughout Australia.

The full list of approved recognition of prior learning courses can be found on the FASEA website (link).

As far as new courses that have been approved, Standards Authority has approved the following new courses for RMIT University:

• Master of Financial Planning

• Graduate Diploma of Financial Planning

Completion of either the Master or Graduate Diploma of Financial Planning will enable candidates to satisfy the education standard.

In addition, FASEA has approved three (3) bridging courses to be offered by RMIT University

• Professional Ethics;

• Financial Planning Regulatory Obligations; and

• Behavioural Finance Advice.

The bridging courses are available for existing advisers to meet their education requirements.

What is still not fully locked away is the timing for completion of further study. We are still waiting on the extension (to end of 2025) to be formally passed by both houses of parliament. While we don’t anticipate any issues (given both political parties support the change), we still need to see the legislation passed.

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