The Financial Adviser Standards and Ethics Authority (FASEA) has approved credits for coursework to attain professional accounting designations as part of its education standards for financial advisers.
Advisers who have completed coursework for a professional designation from CPA Australia or Chartered Accountants Australia and New Zealand (CAANZ) have been awarded the credits for recognition of prior learning by the authority.
FASEA chief executive Stephen Glenfield said: “The awarding of credits for coursework to attain the CPA and CAANZ designations provides appropriate recognition to existing advisers who have undertaken these further studies.”
The authority awarded one credit to advisers who had completed coursework for the certified practising accountant (CPA) designation from CPA Australia in or after 1989, and awarded two credits to those advisers who completed specific financial planning electives as part of their studies to attain the CPA designation.
In addition, it awarded one credit to advisers who had completed coursework for the chartered accountant (CA) designation from CAANZ in or after 1972.
CAANZ financial advice leader Bronny Speed said: “It is 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.
“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,” Speed said.
In related news, FASEA also confirmed its approval of three higher education historical graduate diploma courses:
- the Graduate Diploma in Business (Personal Financial Planning) commenced between 2002 and 2012, offered by the University of Southern Queensland,
- the Graduate Diploma of Financial Planning commenced between 1998 and 2007, offered by the Financial Services Institute of Australasia (FINSIA), and
- the eight-unit Graduate Diploma of Applied Finance and Investments commenced between 1991 and 2007, offered by FINSIA, where study included either the investment management stream or financial planning-related electives.
The authority said advisers who had completed one of the approved graduate diplomas would be required to undertake the FASEA Ethics for Professional Advisers bridging course in order to meet the education standards.
“The approval of these additional graduate diplomas gives advisers a clear pathway to meet the education standard by 1 January 2024,” Glenfield said.
FASEA recently confirmed it would recognise coursework for obtaining a specialist SMSF designation and award credit for the work if undertaken in or after 2005.
Last month, it released the first batch of graduate diploma and bridging courses approved for use by financial advisers to meet the new mandatory education requirements.