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MEDIA RELEASE

15 January 2019

FASEA Releases Education Pathways Policy

FASEA has released its final FPS001 Education Pathways Policy.

The policy was informed through consultation with stakeholders in March and June 2018 and through 92 formal submissions received during FASEA’s consultation process in November 2018.

The policy details the range of education pathways for new entrants and existing advisers including a defined recognition of prior learning framework for existing advisers.

Under the policy the maximum requirement for a new entrant will be an approved bachelor degree of 24 subjects and for an existing adviser will be a graduate diploma of 8 subjects. The minimum requirements for a new entrant will be an approved graduate diploma of 8 subjects and for an existing adviser will be 1 subject being FASEA’s bridging course – the FASEA Code of Ethics and Code Monitoring Bodies.

The amount of education an adviser will be required to undertake will depend on the amount of education they already have. Recognition of prior learning will be available for an advanced diploma of financial planning (including the historical 8 course Diploma of Financial Planning), completion of approved coursework to attain a designation and completion of relevant degree subjects.

FASEA also confirms its intentions to update the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2018 on a regular basis to add further approved historical degrees, new programs and courses pursuant to its accreditation process.

The consultation process has afforded FASEA the opportunity to refine the pathways such that:

  • Financial planning (including financial advice areas of superannuation, retirement, insurance and estate planning) and investments (including investments such as shares, derivatives, foreign exchange and options) have been added as relevant degree subjects; and
  • Advisers holding a non-relevant degree who have completed between 4 and 7 of the relevant degree knowledge areas will be awarded 2 credits as recognition of prior learning.

“We thank stakeholders for their constructive input during the consultation period. We believe we have produced an education pathway that is consistent with the legislative requirement, achievable for financial advisers and accords with the expectations required in other professions in Australia” said FASEA Chief Executive Stephen Glenfield.

The Legislative Instrument, Explanatory Statement and Policy can be viewed here