Advisers who have completed coursework to attain the CPA designation in or after 1989, offered by CPA Australia, have been awarded one credit recognition for prior learning (RPL).
In addition, advisers who completed specific financial planning electives as part of the study to attain the CPA designation have been awarded two credits for RPL. The specific financial planning electives are detailed in the Approved Recognition of Prior Learning List.
Advisers who have completed coursework to attain the chartered accountant designation in or after 1972, offered by CA ANZ, have been awarded one credit for RPL.
FASEA said the 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,” it explained.
“For example, existing advisers with a relevant degree who have completed the coursework to attain the CPA designation, including the financial planning electives, will receive four credits for their relevant degree and two credits for their CPA coursework. As a result, these advisers will only be required to complete the FASEA Ethics for Professional Advisers bridging course.”
FASEA chief executive Stephen Glenfield said the awarding of credits for coursework to attain the CPA and CA ANZ designations provides appropriate recognition to existing advisers who have undertaken these further studies.
The standards authority said it is continuing to assess coursework to attain professional designation applications that have been received from professional associations.
CA ANZ financial advice leader Bronny Speed said it was pleasing that FASEA has recognised the CA program since 1972 when it became a requirement for chartered accountants to complete a degree plus postgraduate studies.
“CA ANZ has a long history of understanding the need for high education standards,” Ms Speed said.
“Having worked hard with, and alongside, FASEA over the last 18 months to lift standards, the next step is to continue to engage with them to clarify what studies will count for further credits.”
Ms Speed said this includes maximum recognition for their completion of a relevant degree, further studies to gain the CA designation as well as studies to enable registration on ASIC’s Financial Adviser Register.
“As trusted advisers, chartered accountants have enjoyed the confidence of Australians over many generations, and we consider the greater public interest has not been served by the decision to not wholeheartedly recognise the long hours of rigorous study required to gain and maintain the CA designation,” Ms Speed said.
“Across the country, in local communities and large cities, we are seen as a trusted and educated group of financial professionals who are working every day to serve the interests of mums and dads and local businesses.”
Ms Speed said there could still be an exodus of chartered accountants from the advice sector which is likely to “significantly reduce the overall level of training and expertise in the industry and have the complete opposite effect to FASEA’s goal to raise the standards of financial advice”.
“We want to see trust brought back into the system, not trusted advisers leaving it,” Ms Speed said.
