Chartered accountants (CA) and certified practising accountants (CPA) have already met most of the elements of the proposed education reforms and therefore should not be compelled to study further, AccountantsIQ has argued.
AccountantsIQ founding director Bronny Speed said professional advisers who have already fulfilled requirements set out by the Financial Adviser Standards and Ethics Authority (FASEA) and have not been under any form of disciplinary action by the corporate regulator should be allowed to continue to practise in their chosen field without further study.
Speed added this notion is further solidified by the fact all financial advisers have to complete an exam by 1 January 2021 in order to be able to provide advice beyond that date.
“So why should ‘study for study’s sake’ even be considered?” she noted.
“What’s the point of further bridging courses when the abovementioned exam will contain much of the same subject matter?”
“We understand the exam is compulsorily enshrined in law. But surely, that’s enough?”
After analysing the elements of FASEA’s published work program to raise the education and ethical standards of financial advisers, she said accountants are already educated professionals, have completed a three-year practical mentoring program, have 120 hours of continuous professional development per triennium, must adhere to a strict code of ethics and must undertake ongoing professional development.
While FASEA requires a related degree, she pointed out CAs and CPAs already have a related degree that has been assessed and approved by Chartered Accountants Australia and New Zealand or CPA Australia.
FASEA requires a related postgraduate degree, but CAs already have Tertiary Education Quality and Standards Agency-approved Australian Qualifications Framework 8 postgraduate qualifications, while CPAs will have completed certification courses at postgraduate level.