Announcements

FASEA approves additional Recognition of Prior Learning and Bridging courses

Feb 18, 2020

Recognition of Prior Learning – AFA and SAFAA

The Standards Authority has approved applications for the recognition of coursework to attain a professional designation from the Australian Financial Advisers (AFA) and Stockbrokers and Financial Advisers Association (SAFAA) as part of its education standards for financial advisers.

Advisers who have completed coursework to attain the FChFP and/or ChLP designation between May 2009 and June 2013, offered by the AFA, have been awarded one credit recognition for prior learning (RPL).

Advisers who have completed Professional Diploma in Stockbroking coursework to attain the SAFAA Specialist designation from 2001, offered by SAFAA, have been awarded one credit RPL.

The approved RPL courses have been added to FASEA’s Approved Recognition of Prior Learning list (link) and will be added to a future Degree, Qualifications and Courses legislative instrument.

Bridging Courses

FASEA has today confirmed its approval of the Financial Advice Regulatory and Legal Obligations and the Behavioural Finance Client and Consumer Behaviour bridging courses for Swinburne University.

The bridging courses are available for existing advisers to meet the Education Standard.

FASEA’s review of the courses follows an application from Swinburne University. The approval is recognition of the alignment of the listed courses with FASEA’s required curriculum and standards.

The approved bridging courses will be added to a future Degree, Qualifications and Courses legislative instrument.

“The approval of these additional bridging courses builds on the body of courses approved by FASEA and provides additional choice to advisers seeking to meet the education standard,” FASEA Chief Executive Officer Stephen Glenfield said.

FASEA has since 2017 approved a wide range of courses that meet required curriculum standards including 66 Historical Courses, 63 current Bachelor or higher degrees and 27 Bridging courses.

FASEA is committed to continuing to assess any further applications received from Higher Education Providers in respect of courses to meet FASEA’s education standard.

The full list of FASEA approved degrees, Bridging Courses and Graduate Diplomas is available on the FASEA website (link).

“The awarding of credits for coursework to attain the AFA’s and SAFAA’s designations provides appropriate recognition to existing advisers who have undertaken these further studies.  The approval of Swinburne’s bridging courses build on the body of courses approved by FASEA and provide additional choice to advisers seeking to meet the education standard,” FASEA Chief Executive Officer Stephen Glenfield said.

For guidance on courses required to meet the Education Standard, Advisers are invited to use the online Education Pathways tool (link) or apply to FASEA using the Australian Qualification Feedback Service (link).

Additional Background
FASEA’s review of the professional designation programs follows an application from each of the professional associations. The approval is recognition of the course content and assessments advisers are required to undertake to successfully complete the programs.

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 CIMA or CFA designation will receive 4 credits for their relevant degree and 1 credit for their CIMA or CFA coursework.  As a result, these advisers will only be required to complete three courses.

FASEA has approved credits for coursework to attain a professional designation for 8 professional associations. FASEA will continue to assess applications for credit for education undertaken towards a professional designation as they are received.  The full list of approved recognition of prior learning courses can be found on the FASEA website (link).

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.

 

 

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.