I recently gave a presentation to the Vice Chancellors forum about the revamped Graduate Diploma in Financial Planning. As many of you would be aware The Corporations Amendment (Professional Standards of Financial Advisors) Act 2017 establishes a regulatory body FASEA (Financial Advisor Standards and Ethics Authority) to oversight the Financial Planning industry. From 1 January 2019, the new requirements come into force.
The Graduate Diploma of Financial Planning has been deemed the appropriate qualification for those existing planners who do not currently hold a relevant degree … and they have 5 years in which to attain the qualification.
As at 1 April 2018, there were 25,386
registered Financial Advisors in Australia and roughly 50% will need to undertake a Graduate Diploma in order to become compliant.
In June 2018, the Graduate Diploma of Financial Planning was accredited by FPEC – the Financial Planning Education Council. It is anticipated that all FPEC accredited courses will be endorsed by FASEA and so we are as well positioned as possible to take advantage of the short term demand from current advisors to become compliant. Our main competitors are Kaplan (private provider), Western Sydney, Deakin and Griffith universities. Web based searches will be the key drivers to securing students and well as word of mouth and institutional endorsement.
Dianne McGrath and Deirdre Keogh have worked tirelessly all year in order to have the degree accredited and ‘market-ready’, which has been extremely taxing as the requirements were only officially released on 19 November 2018. In addition they have attended the industry trade conferences in order to put CSU in the forefront of potential student’s minds – all credit and thanks to them for putting CSU in the best position possible to take advantage of this increased demand.
Head of School, Accounting and Finance
If you have course / subject news that may be of interest to the wider Faculty, please get in touch!