Training in the Finance Sector - Innovation & Business Skills Australia

Applied Research in
Financial Services Report
January 2010
Prepared by Wendy Katz, Workplace Agenda

IBSA wishes to acknowledge the work of Wendy Katz of Workplace Agenda, who prepared this
report.
For further information about this report or any other work being undertaken by Innovation &
Business Skills Australia Ltd, please visit www.ibsa.org.au.
Innovation & Business Skills Australia Ltd
Level 11, 176 Wellington Parade
East Melbourne, Victoria 3002
Tel: 03 9815 7000, Fax: 03 9815 7001
Email: reception@ibsa.org.au
This work has been produced with the assistance of funding provided by the Commonwealth
Government through the Department of Education, Employment and Workplace Relations
(DEEWR).The views expressed in this work do not necessarily represent the views of DEEWR. In
addition, DEEWR does not give warranty or accept any legal liability in relation to the content of
this work.
2

Contents
Executive summary 4
Purpose 5
Scope of research 5
Methodology 6
Context 8
Training framework 10
Association education and training involvement 12
Underlying factors 21
Key barriers 22
Major threats and opportunities 25
Strategies 26
Appendix A – Discussion paper circulated prior to consultations 28
Appendix B – Consultation list 30
Financial Services Report Compendium Volume 32
3

Executive summary
Innovation and Business Skills Australia (IBSA) commissioned Workplace Agenda to undertake an applied
research study in the financial services industry to gain a better understanding of training delivered by, or on
behalf of, key financial services industry associations and professional associations. The project focused on
training delivered in the insurance and financial planning sectors, profiling 17 associations.
All the associations studied are strongly supportive of their members undertaking education and training.
Several associations are registered to deliver nationally recognised training, while others have forged links
with private providers.
The study found that nationally recognised vocational education and training (VET) is generally well
regarded and utilised by the insurance sector. In the financial planning sector, the Diploma of Financial
Services (Financial Planning) is the most popular qualification, mainly due to its alignment with ASIC RG146
training requirements, although it does also serve as one entry-level pathway. Data on public provision of
training for these sectors identifies limited uptake outside the Diploma of Financial Services (Financial
Planning) although the research suggests that demand is considerably stronger in the private provider and
association RTO market segments.
Nevertheless, higher education is becoming the more favoured training pathway for financial planning and
parts of the insurance industry, with increasing sophistication and differentiation in the range and content of
programs available.
The majority of the larger associations have put in place their own certification arrangements, which are
mostly aligned to tertiary level. A few have developed specialised training courses to meet niche
requirements. In addition, the ASIC requirement for continuing professional development has driven
demand for a wide range of short courses and other related activities across both sectors, but particularly
the financial planning sector. This is seldom nationally recognised, partly due to its topical nature and short
duration. A number of associations are taking a proactive role in offering and/or evaluating related training,
but others have expressed concern about the overall depth and quality of much related training.
While some of this training could potentially be delivered and recognised within the VET sector, the research
suggests there are significant issues to be addressed by IBSA concerning real or perceived barriers to
greater uptake of current nationally recognised qualifications, particularly in the financial planning sector.
A key concern relates to a perceived reduction in the quality of much commercially-provided training delivery
and assessment. While by no means critical of all VET providers, there is a strong perception that many
providers have cut training time and depth to an unacceptable level and that assessment is insufficiently
objective and consistent. Other factors include a preference for association ‘branding’ of training programs,
alignment with higher education, lack of qualification role clarity, complexity of the VET recognition
arrangements, thin markets restricting delivery by public providers, and incompatibility of much continuing
professional development activity with VET requirements.
A number of strategies are suggested for IBSA’s future consideration including: building closer ongoing
engagement with industry associations; focusing more closely on Training Package implementation issues;
seeking to gain more leverage in relation to the use of nationally recognised training to support continuing
professional development; and canvassing options to create stronger linkages between VET and higher
education qualifications.
4

Purpose
Innovation and Business Skills Australia (IBSA) commissioned Workplace Agenda to undertake an applied
research study in the financial services industry to gain a better understanding of training provided outside the
public funded and nationally recognised FNS04 effort, particularly training delivered by, or on behalf of, key
financial services industry associations and professional associations. The specific focus of the project was on
non-nationally recognised training delivered in the insurance and financial planning sectors.
This report provides:
• a description of the type, structure and extent of training currently provided outside of publicly funded
nationally recognised training by the associations and others consulted
• an outline of reasons why the alternative training options are more attractive to industry
• information concerning key barriers to greater uptake of IBSA’s nationally recognised qualifications
• an identification of prospects for establishing better links in the future between IBSA and associationsponsored
training, including any strategic actions that IBSA could take to strengthen those linkages.
The research findings will feed into the later stages of the Financial Services (FNS04) Training Package Review,
future industry engagement activities, future Environmental Scans (E-scans) and the development of workforce
development strategies.
Scope of research
The following dimensions of the research were agreed with IBSA at the outset of the project.
Industry sector definition
It was agreed that the focus of the research would be on the work areas/functions covered by the current
insurance and financial planning qualification streams within the FNS04 Training Package, specifically:
• insurance – insurance services, insurance assessment services, ASIC accreditation (life insurance), general
distribution, general insurance, insurance broking, life distribution, loss adjusting (but excluding workers
compensation)
• financial planning – financial practice support and financial planning (including ASIC accreditation).
Key associations
It was agreed that the research would include those industry and professional associations with primary
coverage of these sectors, but that it could extend to associations with primary coverage in other
aspects of the financial services industry, where their membership extended to one or more of the
study sectors. Not-for-profit institutes for these sectors would also be included where they had an
interest in training. While every effort was to be made to involve the larger associations, other
associations would also be invited to participate to provide a more rounded picture of current activity
and industry views. Associations with interests purely in the tertiary sector were excluded 1 .
1
For example, this would include the Institute of Actuaries of Australia (IAA).

Nationally recognised training
It was agreed that the research would focus primarily on the delivery of nationally recognised VET (both publicly
funded and otherwise) as well as other education and training (including higher education and non-AQF
delivery).
Nationally recognised training was identified for the purposes of this research as “training and assessment
delivered by a registered training organisation which meets the requirements specified in national
industry/enterprise Training Packages or in accredited courses” 2 . This training essentially leads to a qualification
(Certificate I to IV, Diploma, Advanced Diploma, Vocational Graduate Certificate or Vocational Graduate
Diploma) under the Australian Qualifications Framework or to a Statement of Attainment covering one or more
units of competency 3 .
Methodology
Approach adopted
The following approach was adopted in undertaking the research:
• desktop analysis of
o Financial Services Training Package FNS04 – insurance and financial planning qualifications
o FNS04 Financial Services Training Package Final Review Scoping Report, April 2009
o ASIC regulatory requirements
o insurance and financial planning careers literature
o IBSA e-scan and NCVER data
o association websites
o Parliamentary Joint Committee on Corporations and Financial Services – Inquiry into Financial
Products and Services in Australia (key association submissions and final report)
• preparation of a web item and short discussion paper (refer Appendix A) for distribution to those being
interviewed
• preparatory discussions with relevant IBSA Sector Advisory Committee (SAC) and Financial Services
Expert Working Group (EWG) members and related bodies, including the Australian Securities and
Investments Commission (ASIC), Finance Sector Union (FSU), the Enterprise Registered Training
Organisations Association (ERTOA) and several of its member companies, Learning Advisory Services
Australia Pty Ltd (LASA), and the Insurance Council of Australia (ICA)
• identification and confirmation with IBSA of key associations to be consulted during the research
• face-to-face, teleconference and/or email consultations with selected associations and a sample of other
key stakeholders
• preparation of a Draft Report, including a set of association training snapshots
• preparation of a Final Report, based on feedback received from IBSA on the Draft Report.
2
Source: www.training.com.au
3
During the course of the research, it became apparent that “national recognised training” is not a common term for many association
personnel, unless they had been directly involved in VET delivery issues (for example, through the association’s role as an RTO).
Furthermore, there is potential for confusion, given the wide use of related terminology by universities, the ASIC Training Register and
various association accreditation arrangements.
6

Associations selected
The associations selected to participate in the study have a diverse range of interests and representation. While
the sample includes predominantly national associations, there are also a number of Australasian associations
and two smaller state-based bodies. Several have significant membership bases, while others have smaller or
more discrete memberships.
A number represent one or both sectors, or a sub-set, while others have membership extending beyond these
sectors. In this regard, several major accountancy and superannuation associations are included, since their
membership extends to one or both of the study’s sectors. Some of the associations represent businesses (of
varying sizes) while others represent individuals, and some include both types of memberships. All however
have interests in advancing the training and development of their members.
For the purposes of the analysis, the associations can be grouped as follows:
Both insurance and financial services
Australian and New Zealand
Institute of Insurance and Finance
(ANZIIF)
Investment and Financial Services
Association Ltd (IFSA)
Financial Services Institute of
Australasia (Finsia)
An Australasian non-profit institute providing education, training and
professional development services to the insurance and financial services
industry
A national association representing the retail and wholesale funds
management, superannuation and life insurance industries (includes
representation of a number of financial advisory networks (FANs))
An Australasian professional association representing financial services
personnel
Primarily insurance
National Insurance Brokers
Association (NIBA)
Australasian Institute of Chartered
Loss Adjusters (AICLA)
Insurance Advisers Association of
Australia Inc. (IAAA)
Insight Insurers Brokers
Association
A national professional body for insurance brokers, with the NIBA College of
Insurance and Risk Professionals providing a professional association for
individual risk and insurance practitioners
A small Australasian institute representing insurance loss adjusters
A small national association representing insurance advisers
A small national industry body representing insurance brokers
Primarily financial planning
Financial Planning Association of
Australia (FPA)
Association of Financial Advisers
(AFA)
Association of Independently
Owned Financial Planners (AIOFP)
A national professional association representing financial planners and AFSL
businesses
A national industry association representing the financial advisers within
financial planning practices
A national association representing independently owned financial planning
practices
7

Primarily accounting
CPA Australia
Institute of Chartered Accountants
in Australia (ICAA)
National Institute of Accountants
(NIA)
CFA Society of Melbourne/ CFA
Society of Sydney (CFAS)
A national accounting body with a membership of financial, accounting and
business professionals
A national professional body representing chartered accountants (some
members involved in providing financial planning advice)
A national body representing accountants and business advisers (some
members involved in providing financial planning advice)
State-based associations of local CFA investment practitioners involved in
providing investment advice and/or other financial services
Primarily superannuation
Association of Superannuation
Funds of Australia Ltd (ASFA)
Self-Managed Super Fund
Professionals’ Association of
Australia (SPAA)
Australian Institute of
Superannuation Trustees (AIST)
A national industry association representing superannuation funds other than
SMSFs (some members involved in providing financial planning advice)
A national professional association representing SMSF professionals
including accountants, auditors, financial planners, lawyers, risk providers,
actuaries, administrators and educators
A national professional body representing the not-for-profit superannuation
sector (some members involved in providing financial planning advice)
In addition to the above associations, the researcher consulted with a small sample of enterprises and providers
to gain a broader perspective on industry’s requirements and how these related to association involvement in
training. Since this was not a representative sample, the report does not provide specific information on the
training arrangements within these organisations. However, the report will include references from time to time
to this aspect of the research. A full list of those consulted in the background research and in subsequent
consultation interviews is included at Appendix B.
As part of this research, individual summary sheets have been prepared for each of the associations included
in the study. These provide brief details on the roles, membership, certification/professional designations and
training provision arrangements for each association. An overall summary table has also been prepared for
quick reference. Both the summary table and individual summary sheets are included as a Compendium
Volume to this report.
Context
Industry arrangements
Insurance sector
Australia has a sophisticated and well established insurance market, incorporating life insurance, general
insurance and health insurance specialisations, among others. Recent amalgamations have resulted in a
market dominated by a small number of large companies, several of which have broadened their scope into
more general financial services. These companies now face competition from banks and subsidiaries of foreign
financial conglomerates.
8

Occupationally, the insurance sector has been noted for its relative stability in both occupational structures and
career pathways. Within the Financial Services Training Package, the current qualification structure reflects the
following relatively distinct occupational groups – insurance assessment services, insurance services, loss
adjusting, life distribution, general distribution, general insurance, insurance broking, and life insurance product
advising.
Financial planning
Financial planning has emerged more recently as a discrete industry sector and is still undergoing significant
structural and product change 4 . Originating from an insurance base, this sector is heavily product-driven and
specialised.
In some respects, the financial planning role straddles both the finance and insurance sectors 5 . People fulfilling
these roles may work in the large banks, insurance companies, building societies, credit unions, accounting
firms, dealerships/Financial Advisory Networks (FANs), specialised financial planning firms/practices, or other
types of financial institutions eg. superannuation funds.
Within the Financial Services Training Package, the current qualification structure reflects the following relatively
distinct occupational groups – financial practice support (ie. those performing a support role to qualified financial
planners and para-planners), financial planners 6 (ie. those providing a range of standard financial planning
services), senior technical staff, specialist/senior para-planners and senior financial planners (ie. those providing
a comprehensive range of services, across a variety of product environments including those involving complex
issues and/or innovative strategies 7 ).
Preliminary 2009 IBSA e-scan advice suggests that this is a potential growth industry 8 , with opportunities for
niche specialisation and generational change. It should be noted though that financial planning is still a small
industry compared with other financial service sectors such as accounting 9 .
Regulatory arrangements
While the insurance industry has historically had a strong training culture, the 2001 Financial Services Reform
legislation has played a major role in stimulating training across the financial planning sector and parts of the
insurance sector.
The insurance sector is subject to regulation by both the Australian Prudential Regulation Authority (APRA) and
the Australian Securities and Investments Commission (ASIC). The latter is of most relevance to this study, as
it involves regulation at the individual practitioner level concerning the provision of general and/or personal
advice, with associated training requirements.
4
For instance, the growth in relationship management and wealth management/creation, necessitating a more holistic, longer-term
approach involving the management of a wider range of client needs rather than one-off events.
5
Financial Planning, Career FAQs, 2006 (p9) notes that the vast majority of financial planning jobs are in the finance/insurance industry
sector, with a further 10% in property/business services and only 1.6% of financial planning/advice jobs in the public sector.
6
A distinction can be made between financial advisers and financial planners, though in practice these terms are often used
interchangeably.
7
Products are defined in relevant FNS04 financial planning qualifications as including insurance products, equities, derivatives, futures,
managed investments, superannuation, cash deposits and direct investments. The terms ‘complex’, ‘product environment’ and ‘services’
are not specifically defined in the Training Package financial planning units.
8
Financial Planning, Career FAQs, 2006 (p9) notes that this is driven by an ageing baby boomer generation and awareness among
younger generations that financial planning is important to their future wealth. Recent changes to superannuation arrangements are also
a factor.
9
Financial Planning, Career FAQs, 2006 (p8) noted a financial planning workforce of around 14,000-16,000 in 2005 compared with
14,000 in accounting.
9

In 2001, ASIC introduced extensive regulatory controls to apply to practitioners working in the insurance and
financial planning sectors. These included training requirements in the form of Policy Statement 146 (PS146) 10 ,
subsequently replaced by Regulatory Guide 146 (RG146) 11 . This led to the development of competency units
allied to the PS146/RG146 Tier 2 and Tier 1 training requirements. These were subsequently incorporated into
the FNS04 Training Package as electives in several of the Financial Services qualifications, including a number
of financial planning and insurance qualifications. The regulations also require that practitioners undertake a
certain amount of continuing professional development each year, including keeping a record of training
undertaken.
This regulatory framework is supported by its own quality assurance register, the ASIC Training Register, which
is accessible on the ASIC website 12 . The register is maintained on ASIC’s behalf by Learning Advisory Services
Australia Pty Ltd (LASA), which reviews all courses nominated for inclusion on the register against a number of
quality factors; the review does not extend to reviewing content in detail (other than to ensure it addresses the
relevant competency requirements) or checking on actual delivery of the training programs. Only courses
included on the register are accepted by ASIC for purposes of its RG146 training requirements and, as a general
rule, only nationally recognised training or other higher education courses that can demonstrate they are meeting
the ASIC competencies, are accepted.
These requirements have led to the development of a distinct RG146 compliance training market, both for initial
entry-level training and to support company and individual CDP obligations.
More recently, the Global Financial Crisis (GFC) has highlighted potential shortcomings in the regulation of the
financial services industry, leading to the recent Parliamentary Joint Committee on Corporations and Financial
Services Inquiry into financial products and services in Australia which heard calls for a lift in professional
standards and a review of regulatory and training arrangements, particularly in relation to the financial planning
sector.
Training framework
The growth of both the vocational education and training (VET) and higher education sectors – over the past two
decades particularly – and the increasing levels of choice available to enterprises and individuals in relation to
training providers and programs/arrangements have partly reflected and partly stimulated greater levels of
training demand across the insurance and financial planning sectors.
In the VET sector, the introduction of competency-based training and Training Packages led to a degree of
deregulation of training provision (in relation to curriculum content rather than training outcomes). When coupled
with the opening up of the training market, traineeships and User Choice, as well as increased flexibility in
training delivery processes (including an increasing focus on distance learning and workplace-based training),
this has led to a major expansion of training provision. This is particularly so in the private training market,
including the recognition of enterprise providers as Registered Training Organisations (RTOs). This has had a
noticeable affect on the delivery of training in the financial planning and to a lesser extent, insurance sectors.
Allied with this has been the strengthening of national quality assurance arrangements, most recently in the form
of the Australian Quality Training Framework (AQTF). Two recent developments – the announcement of the
10
Policy Statement 146 Licensing: training of financial product advisers
11
Regulatory Guide 146: Training of Financial Product Advisors – currently under review
12
http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Training%20of%20financial%20product%20advisers
10

establishment of a national VET regulatory body and the recent review of aspects of Training Package policy –
are also likely to have implications for delivery to the financial services industry.
In the higher education sector, the growth of institutions has seen an increased number specialising in the
financial services sector. This has also led to greater specialisation in the content of finance-related
qualifications, some innovation in relation to course delivery, and the development of some articulation
arrangements with specific VET qualifications.
Nationally recognised training in both the insurance and financial training sectors is delivered predominantly
through FNS04 Training Package qualifications rather than accredited courses.
Within the FNS04 Training Package, insurance qualifications include:
National Code Qualification Title
FNS30107
FNS40107
FNS50107
FNS60104
Certificate III in Financial Services
• Certificate III in Financial Services (Insurance Services)
Certificate IV in Financial Services
• Certificate IV in Financial Services (Insurance Assessment Services)
• Certificate IV in Financial Services (Insurance Services)
Diploma of Financial Services
• Diploma of Financial Services (ASIC Accreditation Financial Product Adviser in
Life Insurance)
• Diploma of Financial Services (General Distribution)
• Diploma of Financial Services (General Insurance)
• Diploma of Financial Services (Insurance Broking)
• Diploma of Financial Services (Insurance Services)
• Diploma of Financial Services (Life Distribution)
• Diploma of Financial Services (Loss Adjusting)
Advanced Diploma of Financial Services
The range of specialisations at the Certificate IV and particularly the Diploma level reflects the various
occupational streams and potential career paths within this sector. Certificate III and IV qualifications are also
available for traineeship pathways.
Within the Training Package, there are currently three financial planning qualifications 13 , as follows:
National Code
FNS40704
FNS50804
FNS60404
Qualification Title
Certificate IV in Financial Services (Financial Practice Support)
Diploma of Financial Services (Financial Planning)
Advanced Diploma of Financial Services (Financial Planning).
Certificate IV is available for traineeship pathways. Other qualification streams within the Training Package
cover the related services of risk management and superannuation.
13
Prior to the introduction of Training Packages, some of this training was developed and provided through industry associations. The
current FFNS04 Diploma was based on a course developed initially by the Securities Institute of Australia and subsequently further
developed into a benchmark industry qualification by the FSA.
11

Association education and training involvement
Over the past decade or more, many associations in the insurance and/or financial planning sphere have taken a
high profile in relation to training and professional development. This has taken forms ranging from direct
involvement in delivery through to more policy-based approaches including:
• establishing a training arm registered to deliver education and training through VET and/or higher education
processes to members and possibly other industry personnel; this may include the promotion of traineeship
arrangements
• developing and/or promoting customised training courses and/or professional development activities for
members’ use
• identifying educational pre-requisites, exemptions and/or training programs to underpin association
membership, professional designations and/or certification processes
• developing alliances with and/or supporting particular providers in relation to the development and/or
delivery of training programs, including related articulation arrangements
• providing quality assurance of training options to members through accreditation or endorsement of training
courses and/or providers eg accredited training registers
• providing policy input and feedback in relation to specific qualifications and/or other training options such as
Training Package qualifications, and
• promoting the value of education and training in the context of lifelong education and learning and industry
professionalism.
More specifically, in relation to training undertaken by or delivered on behalf of financial services industry/
professional associations, the study has identified five broad categories of training delivery:
• VET or nationally recognised training
• tertiary training
• professional certification
• specialised training courses
• continuing professional development (CPD).
(a)
Vocational education and training
The insurance and financial planning sectors draw on both vocational education and training (VET) and higher
education to provide entry qualifications and higher-level training.
A large proportion of VET training delivery for both the insurance and financial planning sectors is undertaken by
private providers 14 , which far outnumber TAFE institutes 15 in training delivery for these sectors. Much of this
delivery is through distance learning or a combination of face-to-face and distance learning. In addition many of
the larger banks and insurance groups have set up enterprise-RTOs, as have several of the larger industry
associations – notably ANZIIF, NIBA, ASFA, AIST, CPA and NIA. Others, such as FPA and Finsia, have
recently sold their training arms. Of the associations, several have alliances in place with private providers to
provide VET training to their members as a major entry pathway (such as ASFA and Finsia), while others
14
Private RTOs regularly mentioned by associations in the course of this project (in addition to association RTOs) included Kaplan
Professional (which is now the largest private provider of training for the financial services industry in Australia, having recently acquired
Tribeca and Finsia Education), RG146 Training Australia, Pinnacle, Quantum, Deakin Prime and Financial Review Professional Education
(which has recently acquired Financial Essentials). There are a large number of other, often smaller, providers.
15
Unlike other financial services sectors, such as accounting or book keeping, TAFE Institutes are not strongly represented. Public
providers have reportedly either lacked interest or found it ‘hard to gain traction’ in these industries.
12

provide links on their websites to private providers. One small association representing insurance loss adjusters
– AICLA – relies entirely on VET qualifications for training its membership 16 .
A review of the NTIS data base identified a range of providers with scope to deliver insurance and/or financial
planning VET qualifications, including a large number of private providers, a few TAFE institutes and all of the
association providers other than NIA. Virtually all the associations currently identify the relevant insurance or
financial planning Diploma or Advanced Diploma as a first possible membership entry point for financial planning
positions. Exceptions include the CFA Societies and superannuation association SPAA. The FPA has also
signalled its intention to work to raise the entry point for all financial planners (discussed further in a later
section) 17 .
The most recently available NCVER data 18 reflects very low take-up through publicly-funded VET of almost all
the insurance and financial planning VET qualifications, with the exception of the Diploma of Financial Services
(Financial Planning) 19 . However, this appears to be an under-estimate of total publicly-funded activity, and is
certainly not indicative of the extensive private training provision, including through industry associations, in
these sectors.
This study has identified one area of training delivery that is in particularly heavy demand – the delivery of
training courses meeting or incorporating the ASIC units from within the FNS04 Training Package 20 – resulting in
either a Statement of Attainment or a full qualification. This applies to both sectors, but particularly financial
planning.
As noted in the FNS04 scoping report:
Meeting ASIC compliance and technical specialisation requirements by completing training against a
number of FNS04 competencies rather than obtaining a whole qualification is also a common choice for
employees who already hold VET or higher education qualifications and professional association
membership. The ASIC approved Training Register lists several hundred programs for meeting
aspects of the Tier 1 compliance and more than 70 for Tier 2. A percentage of delivery against the
Training Package is leading to Statements of Attainment, including RPL, without the need or intention of
the learner to complete a whole Training Package qualification 21 .
The consultations suggest that a large number of private RTOs, virtually all of the association RTOs and a small
number of TAFE Institutes are involved in the delivery of courses meeting ASIC requirements (with a total of 250
courses currently listed on the ASIC Training Register as meeting ASIC RG146 Tier 1 requirements and 100 as
meeting ASIC RG146 Tier 2 requirements 22 ).
There is no definitive data available but the consultations suggest that private delivery of such training is of a
high order 23 , including significant delivery levels by the larger industry associations. The demand has reportedly
reduced a little in the past year following the GFC and as industry progressively skills up their workforces to meet
the ASIC requirements, but is likely to continue due to the ongoing need to train new entrants and upskill others.
16
although most members have previous higher education qualifications in other fields
17
Refer Education Expectations for Professional Financial Planners, FPA, November 2009.
18
Source: NCVER National Collection – referenced in FNS04 Financial Services Training Package Final Review Scoping Report, April
2009, p15
19
With take-up in 2007 for the Diploma of Financial Services (Financial Planning) of 239 compared with single or double digit numbers for
each of the other insurance and financial planning qualifications.
20
designed to be included at Certificate III/IV and Diploma/Advanced Diploma levels within the insurance and financial planning sectors
21
FNS04 Financial Services Training Package Final Review Scoping Report, April 2009, p18
22
This included 139 Tier 1 financial planning courses, 153 Tier 1 insurance courses, 79 Tier 2 insurance courses and 146 Tier 1
superannuation courses.
23
possibly in the high thousands of enrolments annually
13

If the current review of the ASIC requirements leads to changes in the Regulatory Guide, it could also generate
new demand for upskilling.
Insurance
Industry feedback from the consultations suggests that the insurance qualifications within the Training Package
continue to be well regarded by the industry and form the basis of well-recognised entry level pathways within
this sector. Industry personnel are able to meet ASIC compliance requirements through attaining relevant units
within the insurance qualifications or through short courses leading to a Statement of Attainment. Within the
insurance sector, the traineeship pathway is also reportedly well patronised, both through publicly-funded and
other training provision.
Many enterprises strongly support the value of VET in providing underpinning knowledge and skills, and in
supporting mobility across the enterprise. There is also some indication of a renewed interest in nationally
recognised training to enhance multi-skilling and build basic competencies, with recent increases in enrolments
in some Diploma programs. Formal VET training is supported, however it is often undertaken by ‘mapping’ work
roles back to Training Package qualifications/units.
Other employers, while strongly supporting training, have moved away from nationally recognised VET and
associated qualifications toward a more enterprise-specific focus. In these enterprises, training is often
undertaken on-the-job on an ‘as needs’ basis, with the exception of mandatory compliance training.
As noted in the FNS04 Scoping Report:
Where the competencies are wholly employment related in specialist functions such as insurance
assessment or credit management then accessing the competencies may be predominantly informal in
the sense they are valued and underpin workplace learning. 24
Financial planning
The situation in the financial planning sector is somewhat different from that in the insurance sector. While the
Diploma and, to a lesser extent, Advanced Diploma are often promoted as the standard entry qualifications for
the sector, there are significant alternatives available in the form of tertiary qualifications (in strong demand by
some employers and increasingly promoted by several associations) as well as several industry certifications.
Financial planning specialists may also enter the sector from other allied sectors, such as accounting, and
therefore simply seek to ‘top up’ their knowledge. While this may be achieved through completing a Diploma or
Advanced Diploma, there are also several related Graduate Certificates 25 and Diplomas available as well as
other higher education courses 26 . The Diploma is still utilised as an entry point for some working within the
financial planning sector, but increasingly new entrants and employers are seeking out undergraduate and
postgraduate qualifications as preferred entry pathways, possibly ‘topped-up’ with a VET qualification or
Statement of Attainment. At the other end of the spectrum, traineeships are available, though possibly in less
demand than in the insurance sector.
As noted earlier, the strongest demand for financial planning VET is reportedly in meeting ASIC compliance
requirements, through attaining the relevant Tier 2 or 1 ASIC units within the Financial Planning qualifications,
frequently in the form of a Statement of Attainment.
24
FNS04 Financial Services Training Package Final Review Scoping Report, April 2009, p18
25
A further Graduate Certificate in Financial Planning Practice Management was accredited in Victoria in 2004, but take-up at the time
was low and this has since been discontinued.
26
Though many tertiary programs do not directly incorporate the ASIC competencies, there is some evidence of an increase in focus on
compliance aspects within tertiary finance programs, including at postgraduate level.
14

(b)
Higher Education
Higher education courses are an established entry point for many careers within the finance industry, for
example within the funds management area, as well as more specialised insurance areas, such as actuarial
studies. Increasingly however, higher education courses are expanding to address aspects of insurance and
financial planning. Submissions to the PJC inquiry into financial products and services in Australia 27 and
consultation interviews also suggested a growing sophistication and differentiation in higher education offerings
in this area.
Most of the larger associations consulted in the course of this study supported higher education as a key
component of financial planning career paths. Others include tertiary studies within their suggested financial
planning career paths. Several – including FPA, Finsia, NIBA, SPAA, CPA, ICAA and CFA Societies 28 – make
tertiary studies a requirement for professional recognition (through association membership and/or higher-level
professional credentialing).
The FPA is one of the few which specifically rates higher education programs. Under this arrangement, it lists
graduate and postgraduate programs from twelve universities and higher education institutions which meet its
pre-requisite or advanced standing requirements for entry to its CFP professional certification program 29 . One
program awarded advanced standing by FPA, for example, is the Charles Sturt University Master of Applied
Finance with specialisation studies in Financial Planning, which can be undertaken through distance learning or
face-to-face. This Masters program incorporates an ‘Introduction to Financial Planning’ as well as risk
management and insurance, superannuation and retirement planning, estate planning, property investment and
taxation strategies units. Completion of the course allows exemption to two of four requisite units for the FPA
CFP program.
The ICAA also offers a Pathways Plus program through which it provides members with a summary of
postgraduate study options offering them study credit based on their Chartered Accountant designation – a
Graduate Diploma achieved following completion of the ICAA postgraduate accounting program (the Chartered
Accountant Program (GradDipCA)). 30 Through member research, the ICAA determined that up to 50% of its
members had an interest in pursuing further postgraduate study. The Institute has therefore identified Graduate
Diploma or Masters courses currently offered by Australian Universities that align to the specific career pathways
which members expressed an interest in pursuing, including financial planning 31 .
The AFA also promotes a lifelong education ‘Education Pathway’ for its members, which includes foundation
‘industry education’ (ie nationally recognised training) combined with experience and continuing professional
development, leading to its certification program (FChFP) 32 , a Bachelors or Masters of Financial Advice, and
ultimately a Phd or Doctorate of Business Administration (DBA) 33 .
In addition to existing tertiary requirements for membership or certification, many of the submissions to the PJC
inquiry proposed that undergraduate qualifications be the minimum entry-level for financial planning roles. This
was reiterated in the recent FPA release of its white paper – Education expectations for professional financial
27
Parliamentary Joint Committee on Corporations and Financial Services Inquiry into financial products and services in Australia, 2009
28
Refer Compendium Volume summaries for further information.
29
FPA publication – Entry Pathways to the CFP Certification Program, as at 8 July 2009 – available at
http://www.fpa.asn.au/files/CFPRegCoursesAdStand.pdf.
30
The ICAA has accredited higher education status.
31
Refer www.charteredaccountants.com.au/A122227554.
32
deemed to be equivalent to tertiary level by the AFA
33
Further information on the AFA Education Pathway is available at www.afa.asn.au/members_education.php .
15

planners. In addition to the accounting profession which requires tertiary studies (or the equivalent) 34 from its
practicing accountants, NIBA, IAST and SPAA have higher education policy platforms to lift the level of minimum
qualifications for their practicing members to tertiary level.
While the trend toward a higher education minimum qualification stems largely from a professionalism platform, it
also partly reflects strong disenchantment with the depth, quality and consistency of VET training provision. This
issue is discussed further in a later part of this report.
(c)
Professional certification
As well as proposing a higher qualification entry level base, many of the larger financial planning associations
have introduced stand-alone professional certification programs to signify basic or higher levels of professional
attainment. Most are promoted as being equivalent to undergraduate degree or higher. These may be coordinated
directly by the association or managed by an outside body, but ultimately responsibility for setting the
appropriate standards lies with the association, or its global initiator.
Examples of major professional certification 35 arrangements within the financial planning sector include:
• FPA – Certified Financial Planner (CFP ® Practitioner)
• AFA – Chartered Financial Practitioner (FChFP) 36 , and
• AIOFP – Certified Financial Strategist (CFS).
Two of the major accountancy associations have also introduced financial planning specialist certification
programs 37 :
• CFA Societies – Certified Financial Analyst (CFA), and
• CPA Australia – CPA Financial Planning Specialist (FPS)
as have two superannuation associations:
• SPAA – SMSF Specialist Advisor (SSA) certification program 38
• ASFA – ASFA Accredited Investment Fiduciary (ASFA AIF®).
These programs are at different levels of maturity. The CFP, for example, is one of the oldest, best-known
financial planning certification trademarks, introduced in the United States in the early 1970s and now delivered
globally. The supporting program is delivered in Australia by Deakin Prime for FPA and requires adherence to
globally-accepted standards, knowledge and assessment requirements in its delivery. Of FPA’s approximately
9,000 practising financial planners, over 5,700 are Certified Financial Planners 39 .
34
These include: CPA Australia – CPA; ICAA – Chartered Accountants Program (GradDipCA); NIA – Master of Commerce qualification
(delivered by the University of New England through distance education); CFA Societies – CFA.
35
The term ‘certification’ is used by various associations in different ways – both in the formal sense (ie such as the FPA’s CFP
certification which requires regular compliance and renewal checks and can be taken away if the member does not satisfy the
association’s renewal requirements) and a designation (such as CA or CPA which cannot be taken away from an individual unless they
are expelled for a breach of their professional obligations).
36
ICAA is an accredited higher education institution and delivers a Chartered Accounting Graduate Diploma as a higher education
program.
37
This is in addition to the established accountancy certifications of CFA, Certified Public Accountant (CPA), Chartered Accountant
Program (GradDipCA) (ICAA) and Professional National Accountant (PNA) (NIA).
38
in addition to its specialist SMSF Specialist Auditor certification program
39
Sources: FPA Submission to the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into financial products
and services in Australia p38, and FPA Annual Report, 2009.
16

Similarly, the FChFP designation was developed outside Australia by the National Association of Malaysian Life
Insurance and Financial Advisors (NAMLIFA) in 1996 and subsequently adopted by the Asia Pacific Financial
Services Association (APFinSA) in 2001 as the unified designation for its member associations in 11 countries 40 .
The insurance sector does not have such a strong tradition of separate association credentialling programs.
However, the national association for insurance brokers (NIBA) has recently introduced a new Certified
Professional Insurance Broker (CPIB) certification, and indications for its take-up within the industry are
apparently promising. This certification was introduced by the NIBA College to “provide a CPD pathway for
senior brokers wanting to sharpen their skills”. The CPIB program covers standards/capabilities that NIBA
brokers have identified as differentiating the expertise of less experienced members and those at professional
level.
ANZIIF also maintains a certification program – the CIP (Certified Insurance Professional) program – designed to
“set the standard of professionalism for the insurance and financial services industry”. Unlike those
arrangements outlined above, the ANZIIF program relies on completion of appropriate VET and/or higher
education qualifications delivered by the Institute together with other requirements such as adherence to the
Institute’s Code of Ethics.
Many of the certification arrangements have pre-requisites for entry and/or successful awarding of certification
that involve some combination of experience, educational qualifications, ethical commitments and meeting other
specific membership requirements. The FPA for example, has both pre-requisites for entry to its certification
program and for the awarding and maintenance of the certification.
All the above certification arrangements comprise some component of formal training, often delivered through a
combination of face-to-face and distance education, together with formal assessment/RPL, which may be in the
form of a self-assessment and/or examination (either open- or closed-book, and possibly multiple-choice) 41 .
They may also require candidates to undertake on-the-job assessments and/or practical assignment(s), such as
preparation of a financial case study. In most cases, certification is only open to associate members who have
already met minimum requirements. In the majority of cases, undergraduate or other qualification pre-requisites
and/or prior experience requirements apply; meeting ASIC requirements is also a common requirement. Other
ongoing requirements, such as meeting required levels of continuing professional development and adherence
to a particular Code of Ethics, may also apply.
Several associations promote broader forms of recognition and/or ‘certification’ – often tied to particular
membership categories. These are frequently based on attainment of specified levels of VET and/or higher
education qualifications, including ASIC compliance requirements. Such arrangements 42 include:
• FPA – Associate Financial Planner; Estate Planning and Life Risk Specialist (LRS) Specialist Accreditation
Programs
• Finsia – Associate (A Fin), Senior Associate (SA Fin), Fellow (F Fin), Senior Fellow (SF Fin)
• AIOFP – Premium Adviser
• NIBA – NIBA College Associate, Qualified Practising Insurance Broker (QPIB), Qualified Financial Services
Representative (QFRS), Fellow
• ANZIIF – CIP Affiliate, CIP Associate, CIP Senior Associate, CIP Fellow
• AICLA – Affiliate (AICLA (Aff)), Associate (ACLA), Fellow (FCLA), both Associates and Fellows (Chartered
Loss Adjuster)
40
Source: http://en.wikipedia.org/wiki/Financial_planner
41
Some associations provide assessment-only pathways.
42
These are additional to certification titles/post nominals accorded following completion of the various association certification programs.
17

• IAAA – Certified Insurance Professional
• ASPA – General Member
• ASFA – Associate, Fellow
• NIA – Member (MNIA), Professional National Accountant (PNA).
The benefits of association certification vary across associations but frequently include:
• gaining a certification – through a recognised associate certificate based on independent standards and
rigorous quality assurance processes
• meeting consumer expectations – recognition by peers and clients
• career growth and enhancement – gaining specialised and/or current knowledge and skills; meeting
recruitment pre-requisites; enhancing global recognition and career prospects
• personal satisfaction – meeting a professional challenge
• marketing/promotional advantage – either direct (such as through association endorsement) or indirect (such
as through association publicity and networking opportunities), and
• access to further membership benefits – such as continuing professional development activities.
Unlike AQF qualifications, there is no nationally accepted hierarchy or description of association certification
levels, or any national quality assurance program, although some certification programs have global industry
recognition. 43 Many associations would see this as an advantage – allowing them to set and maintain higher
standards and to differentiate themselves from other associations and/or non-members. The transparency of the
credentialing programs also varies. Nevertheless, this form of training is now well established – operating as an
adjunct or alternative to nationally recognised VET and tertiary qualifications.
Employees in the financial and insurance sectors can often hold more than one certification from different
associations – either within or across industry sectors. This is probably most common across industry sectors –
for example where a person has moved from accounting to financial planning specialisations and holds both
CPA and CFP credentials, or from general financial planning to specialise in superannuation.
Further details on the certification arrangements and related programs are included in the individual summaries
in the report’s Compendium Volume.
(d)
Specialised training courses
In addition to delivering Training Package qualifications, higher education courses and/or certification programs,
as outlined above, a few associations have invested in the development of specialised niche courses to meet
perceived gaps in the market (eg. a growing demand for specialist financial skills), to align with international
standards and/or to provide alternatives to existing recognised training courses.
Those identified during the research directly relevant to the financial planning and/or insurance sectors include:
• FPA Specialist Accreditation Program for Estate Planning – a workshop and self-study short course 44
developed in conjunction with the University of Technology Sydney and Est Plan, and structured to meet the
Society of Trust and Estate Planning (STEP) 45 practitioners’ criteria, and
43
The FPA has also proposed that all education programs should provide a clear entry pathway to professional designation.
44
The short course component represents nationally recognised training, since it leads to a statement of attainment.
45
an international professional body for workers in the trust industry and the field of estate administration
18

• FPA Specialist Accreditation Program for Life Risk Specialists – a relatively new self-study program for
specialist risk advisers or CFP practitioners
• NIBA Vocational Graduate Diploma of Financial Services – a distance education program focusing on risk
management and product development, designed for experienced practitioners who have undertaken prior
qualifications in a risk and insurance area.
In addition, the research identified two superannuation-specific specialist courses developed by associations:
• ASFA Superannuation Trustees Course – a knowledge-based course delivered by fi360 under a partnership
arrangement with ASFA, and
• AIST Certificate of Foundations in Trustee Governance Course – an education program developed by the
association in 2008 to accommodate new Trustee Directors as well as those looking to expand or refresh
their knowledge or address their fit and proper requirements. 46
Other potential training gaps mentioned in passing during the research as needing further course development
included specialised education courses in areas such as risk, debt management and gearing strategies.
(e) Continuing professional development (CPD) 47
ASIC has driven a major focus on CPD within both the insurance and financial planning sectors. However, it has
not been overly specific in relation to the level or type of activities that might meet these requirements.
In the absence of a clearer specification of requirements, the FPA requirement for a minimum of 120 hours CPD
over three years for its CFP Practitioner members (an increase over the earlier requirement of 30 hours per
annum, now only applicable to its Associate Financial Planners) has essentially become the industry standard
for financial planning, though some associations still support a level of 90 hours per triennium and others are
silent on this area. In the insurance sector, 25 hours per annum appears to be the accepted minimum standard,
though one association now requires 40 hours per annum.
Most associations now also require a set level of professional development as a condition of membership and/or
certification 48 . Some associations specify the extent of particular types of CPD, for example the ICAA’s
requirement that Financial Planning Specialist members of the Financial Planning Chapter devote 40% of their
total minimum training and development hours to financial planning CPD. Others allocate points (usually on a
one hour one point basis) but this is frequently self-assessed, particularly in the insurance sector.
Most associations offer some CPD, with the larger associations providing access to an increasing range of CPD
options. These typically include some combination of:
• conferences – including the association’s annual conference
• review of professional material – including articles, podcast series, DVDs and audio packages
• short courses – including RG146 compliance, specialised courses and more topical matters, often offered
through distance learning
• training and/or assessment for professional designations, associations and licences
46
recognised by Victoria University as an elective unit of the University’s MBA program
47
CPD or PD are commonly used acronyms for continuing professional development, along with CPD points; ANZIIF also uses the term
CIP points to refer to ongoing professional development aligned with its CIP (Certified Insurance Professional) membership levels.
48
An ANZIIF publication notes for instance that “in order to be truly specialised, professionals must keep their skills updated, keep
abreast of changes in their working environment and continue to extend their knowledge and learning … we have encountered an almost
overwhelming agreement that in order to be truly professional our members must move from a voluntary position of undertaking
professional development (PD) activities to a mandated requirement of membership.”
19

• face-to-face briefings – including seminars, workshops, presentations, information sessions, forums,
symposiums and corporate briefings
• networking events – from regular networking arrangements through to business luncheons.
More specific CPD activities noted during the research include:
• product training
• participating in a mentoring program
• participation on association committees
• serving as instructor, teacher or discussion leader
• authoring published texts or other publications on related topics
• voluntary services to the industry and community
• individual research activities.
The majority however rely on a mix of association training and activities, in-house company activities (frequently
in line with ASIC or APRA requirements on the licensee) and external CPD offered on a fee-for-service basis by
training providers 49 or other groups. Many associations also provide CPD plan templates and on-line CPD
recording systems.
Apart from recognised training and structured short courses, most CDP has a narrow, more immediate activitydriven
focus, is frequently non-assessed and quite often product-driven, with several interviewees suggesting it
is too sales focused and not sufficiently targeted at best practice skills development. 50 Typically it will
encompass regulatory changes, compliance updates and topical sector issues or skills updates; some CPD also
extends to generic skills and management topics such as business skills, communication and leadership.
Several associations have put in place formal CPD registers which serve as both an information resource and
quality control measure. These include the:
• FPA Accredited Education Register – which includes reviewed FPA and other programs/activities/events,
with associated points allocation
• NIBA CPD Register – which includes a range of programs from corporate in-house sessions through to
courses assessed against NIBA’s own quality education criteria
• SPAA Register of Accredited Activities – an extensive range of CPD options subject to an independent
review by an external body against a set of industry-endorsed superannuation standards deemed equivalent
to undergraduate level, accessible to members only
• AFA and ASFA systems for professionally accrediting/assessing articles for their members
• AIST Continuous Professional Development chart – which lists and assigns points to CPD activities run by
the association and a range of other associations, providers and other bodies
• ANZIIF awards points according to the ‘rigour and duration’ of the PD activity.
49
Training providers frequently assign points to CPD activities on a per hour or per $x basis – a practice that can prove costly for small
and particularly regional operators. In some instances the points allocation is done in conjunction with key associations, which vet the
activities and assign appropriate points levels. RG146 Training Australia has such an arrangement with FPA and AFA for an on-line
assessed professional reading service, and it is understood that Kaplan Professional has a similar arrangement for its CPD program.
50
In this regard, the FPA has proposed that all Continuing Professional Development (CPD) should include mandatory training in ethics,
and that Australian Financial Services Licensees should dedicate resources and attention to the supervision of CPD to ensure it focuses
on professional alignment, rather than simply compliance with RG 146.
20

Most recently, the FPA has moved beyond a focus on the hours of CPD toward a more quality-driven training
position, in line with the view that members should be encouraged to consider a range of options for
development of both their personal and professional capacities. The FPA has since developed a more
sophisticated process for accrediting CPD activities and allocating points, based on an active/passive quality
continuum. 51 The FPA also registers member agents to undertake the accreditation of their own companies’
internal training courses, following completion of an FPA Accredited Assessor training program.
In the insurance sector, NIBA has established a CPD accreditation process. It requires its members to obtain a
minimum of 17.5 structured hours of CPD annually (from the required 25 hours) from at least two of the following
training categories: nationally accredited industry education courses, programs listed on the NIBA CPD Register,
professional participation activities and industry leadership activities. Unstructured training involving professional
reading or individual research activities is accepted up to 7.5 hours.
In the absence of clear data from associations concerning the range and uptake of CPD and other training, it is
difficult to gauge the full extent of CPD training provision. However, considering the average annual
requirements of 25-30 hours training, there is clearly a significant level of structured and less structured training
being undertaken – both in the form of recognised and non-recognised training. Based on membership levels
alone, for instance, FPA CFP practitioners must be undertaking at least 360,000 total hours CDP per annum.
Underlying factors
The previous section provided an overview of the type, structure and extent of training currently provided outside
nationally recognised training, focusing on the range of associations with membership in the financial planning
and insurance sectors.
It is clear from the research that a number of factors are driving training levels in these sectors, including:
• ASIC compliance requirements – in relation to Tier 2 and Tier 1 competencies, and ongoing CPD
• enterprise requirements for entry-level training and upskilling solutions – encompassing varying mixtures of
VET, higher education, structured and on-the-job in-house training solutions outside VET and/or higher
education, and association certification and/or other specialised training programs, depending on the
training culture and philosophy of the enterprise HR area and the marketing ability of the various provider
bodies
• association membership and/or certification requirements – driven partly by individual learners and partly by
enterprise support
• individual learner and community perceptions – with various factors such as price, availability, professional
and enterprise expectations driving the choice of training program.
In theory, association certification programs, specialised courses and some of the more structured CPD courses
could be delivered and recognised within the VET system, provided they met AQF requirements. In practice,
however, several factors are working to minimise this outcome:
• branding – the majority of the associations studied in this research have intentionally set out to develop
independent certification systems that will meet the particular needs of their individual member and
51 Further information on this continuum is included in the Guidelines for FPA Accredited CPD Assessors, 2009, p10.
21

company base and provide greater differentiation from other available qualifications – in some instances this
is dictated by international brand requirements 52
• quality control – the capacity to ensure a high level of quality control over the content, delivery and
assessment process also appears to be driving most of the certification arrangements; in some instances
these processes are being handled by tertiary providers on behalf of the association but, as will be outlined
in the next section, there is a growing level of scepticism on the part of several associations concerning the
quality control processes within VET and unease about the AQTF requirements for mutual recognition of
outcomes across providers ie one aspect of the ‘nationally recognised’ tag
• standards alignment – most of the association certification and/or training-linked membership requirements
in the financial planning sector, and in parts of the insurance sector, are aligned at tertiary level; there is also
a concerted push to lift entry-level standards to undergraduate level, partly on professionalism grounds and
partly on quality assurance grounds
• lack of qualification role clarity – while the Diploma and Advanced Diploma financial planning options have
been available for some time, there has been a perceived lack of distinction between the levels and a lack of
incentive – from a career path and regulatory perspective – for many to undertake further training at the
higher level; this has been compounded by the alignment of the Tier 1 ASIC units at Diploma and Advanced
Diploma levels, the increasing importance of association credentialing as a further training commitment and
the growing attractiveness of higher education options
• administrative ease – there is a perception that the VET training system is complex and slow to respond to
industry requirements and also time-consuming and costly to administer on an ongoing basis; this has
influenced many associations to invest in developing their own branded training programs (particularly for
specialised short courses) and also to avoid public funding and its associated ‘redtape’ (particularly in
relationship to traineeship user choice funding)
• thin markets – given the small numbers of people seeking higher-level insurance training, the small size of
these sectors relative to other financial services sectors, the diversification of training options for those
seeking to enter or upskill in the financial planning sector, and the current dominance of private providers in
these sectors, there is little incentive for the TAFE system to extend its engagement beyond current levels
either in the form of fee-for-service training or through development of new higher-level Training Package
programs
• type of training – a large proportion of the CPD effort is incompatible with VET requirements, being too
unstructured, specific, topical or narrowly focused to accommodate VET and AQF framework requirements.
Key barriers
The key barriers to greater uptake of nationally recognised training are closely linked to the factors outlined
above. This section will focus on the current suite of FNS04 nationally recognised qualifications and the issues
associated with their uptake by industry and association members.
Before discussing key barriers, it must be noted that the extent of current uptake is still unclear. As noted earlier
in the report, NCVER statistics suggest a very low uptake of publicly funded training qualifications across the full
suite of insurance and financial planning qualifications, other than the Diploma of Financial Services (Financial
Planning). However, this has been queried during the report consultations, as at least one association reports
delivering significant numbers of publicly-funded traineeship programs.
52
for instance, in relation to the CFP , FChFP, CPA and CFA brands
22

Certainly it would appear that private providers and associations have high ongoing levels of fee-for-service
demand for the Diploma and to a lesser extent Certificate III and IV and Advanced Diploma – in the context of
meeting ASIC RG146 requirements. Much of this is for short courses and Statements of Attainment. However,
these qualifications would also appear to be in demand for entry-level training purposes, through enterprises,
private providers and associations. Further research would be required to determine the exact level of this
participation.
The research did though identify a number of barriers or perceived barriers to greater uptake of the suite of
FNS04 insurance qualifications. These are outlined below.
ASIC competencies
There is a high level of criticism of the current ASIC competencies on the grounds that they tend to encourage a
focus on products and compliance processes rather than the development of skills relating to the provision of
more strategic advice and relationship-building. The depth, detail about underlying knowledge, and flexibility of
the competencies are also subject to criticism as are the ‘one size fits all’ approach and the lack of definition of
key terms such as ‘complex’ distinguishing Tier 1 from Tier 2 competencies. While this has not necessarily
deterred providers from delivering against the respective Training Package qualifications, it has led to criticism of
the resulting VET courses.
Training Package content issues
As noted earlier, issues raised in relation to Training Package content related more to the financial planning than
the insurance sector qualifications. Also the concerns raised during the research tended to be more general
than specific.
Key issues raised related to: the depth and clarity of the specification of knowledge and skills; the lack of a clear
distinction between the Diploma and Advanced Diploma levels; a stated concern by one interviewee that the
Training Package qualifications are too ‘regimented’ for people working in white collar occupations; and concern
on the part of others that they are too generic and do not sufficiently meet the needs of a complex, rapidly
changing and increasingly specialised industry.
One industry interviewee noted that it was difficult to apply generic skills to specific workplace requirements.
The FPA white paper called for a commonly recognised curriculum for financial planning, based on the FPSB
curriculum topics, as well as an objective assessment mechanism (such as an independent external
examination) and at least one year of full time supervised work in client facing activity following their formal
tertiary qualifications. A large association also queried why the growing inter-relationship of the insurance and
financial planning sectors was not more clearly acknowledged.
The most persistent complaint was that the focus on meeting ASIC needs, when combined with the move from
an ‘industry-developed’ course to Training Package qualifications, had led to a perceived reduction in the
standard of the previous Diploma qualification.
Quality issues
Many associations raised serious misgivings about the quality of delivery and assessment of VET programs,
citing the varying quality and frequently short duration of courses across VET providers. While by no means
critical of all VET providers, there is a strong perception that many providers have cut training time and depth to
an unacceptable level and that assessment is insufficiently objective and consistent. This has led to a lack of
confidence in VET by industry and difficulties for learners in identifying high quality providers.
23

Reasons put forward for this perceived reduction in quality include: the flexibility resulting from the ‘de-regulation’
of curriculum content; the trend toward delivery through distance learning and ‘short quick fixes’ to meet both
provider and learner preferences; the issues raised above about ASIC competency content; and the proliferation
of private RTOs following the open up of the VET training market. The AQTF processes are also criticised for
focusing more on training processes than on the quality of the course content, its delivery and assessment.
With the perceived reduction in the quality of training and consequent concern about the value of VET outcomes,
some associations have come to the view that they can only control the consistency of quality by providing their
own training (eg. through own certification programs) or through establishing preferred partnership arrangements
with VET and/or higher education providers.
Status of VET
The importance of VET pathways for the insurance sector and an alternative entry-level pathway for many in the
financial planning sector was generally acknowledged by associations in this study. Nevertheless, it is clear that
many associations value tertiary pathways more strongly than VET pathways, particularly in relation to financial
planning. They also report that tertiary-trained entrants subsequently undertaking VET training to meet ASIC’s
RG146 requirements do not generally value the training or Statement of Attainment/ qualification received.
The reasons for this view vary. Many point to VET shortcomings in relation to quality, rigour, content, flexibility,
accessibility, and depth of training in comparison with higher education courses. Others view higher education
as having a stronger focus on critical thinking, research, strategic thinking, and the synthesis of information –
qualities particularly valued in relation to the provision of financial advice.
As noted earlier, the FPA has recently issued a position paper strongly advocating tertiary qualifications as the
foundation for professional practice. The paper proposes that “university education provides the rigour and
discipline to develop a broad-based foundational understanding as well as analytical and numerical competency
to adequately prepare candidates for a lifelong career in the financial planning sector” and that “professionally
aligned curriculum delivered at a tertiary level will ensure the industry produces new entrants with a strong and
consistent analytical capacity and a breadth of commercial understanding, ready to be moulded in the field as
successful financial planners”. 53 It also notes that the tertiary sector is increasingly adopting ‘work integrated
learning strategies’, long a key feature of VET training.
Certainly there appears to be a growing level of support for a degree qualification as the minimum entry level
qualification for the financial planning sector, although some of those interviewed pointed to the potential for this
to lead to increases in costs for students, inequity of access and concerns about the lack of a practical focus in
many higher education courses.
Attitudes to formalised training and learning
A number of practical considerations were cited as restricting the attractiveness of VET as a training pathway.
These included:
• a primary focus by many enterprises on immediate skill and competence requirements at the individual job
level rather than broader, more portable competencies and associated qualifications; in fact qualifications
can be a disincentive for many enterprises as they are seen to encourage mobility and many associations
reported a lack of pressure from members to have training recognised
• while ‘mapping’ of work requirements to normal work activities has become more common, this is also a
time-consuming exercise unless the enterprise already has established a training capability
53
Education Expectations for Professional Financial Planners, FPA, November 2009, p9
24

• many licensees are focused on meeting minimum regulatory requirements rather than broader professional
development
• from an employee perspective, time pressure and cost factors are leading many to seek out shorter, quicker
training solutions, with formal training and associated qualifications not necessarily valued; this is
particularly true for existing older workers, where formal qualifications are not necessarily good motivators
• for many associations, the processes for development and recognition of new VET qualifications together
with subsequent system-maintenance costs are seen as onerous and complex; one association noted that
while they have been prepared to go down this path in the past, it is now seen as “not an efficient use of
member fees”
• developing a program outside the VET system or in conjunction with a higher education provider was seen
as having other advantages such as allowing more autonomy and ongoing control over the content and
quality of delivery
• a number of associations also commented that they did not have close working relationships with IBSA and
would appreciate a greater level of engagement and support in relation to the implementation of Training
Package qualifications.
Major threats and opportunities
The above issues and developments suggest a number of potential threats and opportunities for IBSA and
nationally recognised training.
The research has identified some real concerns in relation to the content, structure and use of the FNS04
financial planning qualifications, largely driven by current regulatory approaches and concerns with the Training
Package model and associated quality assurance arrangements. All this is leading to association attempts to
better differentiate their certification product and to strengthen the professional standing of their members, with a
consequent strengthening in support for higher education over VET qualifications.
Some specific areas of concern that could be noted include:
• the general lack of support for the Advanced Diploma of Financial Services (Financial Planning) relative to
the Diploma of Financial Services (Financial Planning) as a major career pathway to professional financial
planning positions
• the heavy reliance on regulation as a driver of training in the financial planning sector, having some
unintended consequences (such as reducing the take-up of full Diploma and higher level qualifications) and
could have a major impact on the attractiveness of the related qualifications if ASIC heeds the call to lift
educational standards
• a risk that continuing disenchantment with the quality of VET delivery could minimise the downstream value
of the current Training Package review exercise and potentially damage the FNS04 and IBSA ‘brand’
• the potential for associations to further develop and promote their own parallel certification programs as an
alternative to the recognised training programs and/or a complement to accredited tertiary studies, with a
consequent risk of the disengagement of some associations from the VET system.
One positive however is that all the associations are still strongly supportive of education and training (including
VET recognised training), and the current regulatory framework reinforces this, both through the immediate
training requirements associated with RG146, and the strong support for continuing professional development.
25

In addition, there are some signs that enterprises are turning back to structured training and multi-skilling 54 in the
current economic climate.
Within the insurance sector, the FNS04 qualifications are generally well regarded and appear to form a
continuing strong foundation for career paths in that sector. A key challenge is therefore to identify ways to
strengthen linkages with emerging industry credentialing arrangements and with higher education qualifications.
Within the financial planning sector, however, continuing demand for Training Package qualifications over
industry association and tertiary options cannot be assumed and will need careful monitoring over the coming
years.
In this context, perhaps the major window of opportunity for IBSA is in relation to the significant volume of
training being delivered in annual CPD. While a large proportion of this will continue to be associated with short
courses or activities relating to topical industry issues and developments, there would appear to be some real
potential for IBSA to explore, in conjunction with the associations, options for greater utilisation of Training
Package competencies to underpin CPD short courses – particularly around the identification and promotion of
suitable skill sets (including using units drawn from IBSA’s financial services, IT and business services
qualifications).
Strategies
Strategically, IBSA is in a difficult position. It effectively has responsibility for the content of the key VET training
product, in the form of the Training Package qualifications, and has already aligned them closely with regulatory
arrangements, but has little control over the quality of the regulatory requirements themselves or the extent to
which they potentially affect interest in the Training Package. Likewise, it does not have a great deal of control
over the downstream implementation of its Training Package product.
The FNS04 Final Review Scoping Report called for “better alignment of the qualifications to professional
membership and more promotion of the Training Package as an industry skill benchmark.” 55 This is perhaps
difficult given that the quality of VET delivery is being questioned by many, and a majority of associations are
seeking to differentiate their product and build professionalism through alignment with tertiary qualifications.
On the positive side, VET is well regarded in the insurance sector and still plays a key role in both entry-level
training and up-skilling. In the financial planning sector, VET has a role as one established entry pathway and in
meeting RG146 requirements. Moreover, there is still interest on the part of several associations in forging
closer links with IBSA.
In this context, there are a number of possible strategies arising from the research findings that could assist
IBSA to build closer linkages with industry and professional associations in these sectors. In particular, it is
suggested that IBSA seek to:
• build closer ongoing engagement with industry associations, recognising their key role as intermediaries to
industry, including:
○ open up a dialogue concerning the potential for closer linkages between VET qualifications and industry
certification arrangements, specialist and CPD courses
54
This is consistent with recent IBSA e-scan feedback that there is a growing interest in multi-skilling, transferability and soft skills.
55
Final Review Scoping Report, April 2009, p18
26

○ host more regular communication/update sessions with association staff eg concerning new products,
review processes, feedback systems
• focus more closely on implementation issues for these sectors, including:
○ provide comprehensive advice to RTOs and state/territory VET regulatory bodies on best practice
learning and assessment strategies, including the issue of training depth and duration
○ facilitate the development of RTO networks (including public, private, enterprise and association RTOs)
○ promote the value of the AQTF Excellence Criteria in identifying best practice RTOs within the insurance
and financial planning sectors
• canvass options to create stronger linkages between VET and higher education qualifications, including:
○ clarify the purpose and target group of the FNS04 qualifications (particularly the Diploma and Advanced
Diploma of Financial Services (Financial Planning)) in the context of other available entry pathways and
qualifications
○ enter the policy debate concerning standards and professional recognition
○ canvas interest in the introduction of Vocational Graduate Certificate and/or Diploma qualifications,
particularly within the financial planning pathway
• seek to gain more leverage in relation to the use of continuing professional development in building
workforce capability, including:
○ provide more explicit guidance to industry and RTOs concerning the potential use of Training Package
units and skill sets in professional development training
○ consider identifying and promoting useful skill sets from other IBSA qualifications and Training
Packages including information technology, project management, marketing and sales qualifications.
27

Applied Research in Financial Services:
Insurance and Financial Planning Sectors
Appendix A
Innovation and Business Skills Australia (IBSA) has engaged Workplace Agenda Pty Ltd to undertake an applied
research project in the financial services industry.
The project will seek to gain a better understanding of training provided outside nationally recognised vocational
education and training (VET). By exploring the reasons for this choice and any barriers to greater uptake of
Training Package qualifications, the research will seek to identify ways in which IBSA can work more closely with
industry and key associations and build linkages with this training delivery.
Project scope
The research will be limited to the insurance sector (including general insurance, insurance assessment services,
insurance broking, insurance services, life distribution and loss adjusting) and the financial planning sector.
Workers compensation is not included as a specific focus in this study.
The primary focus will be on training undertaken by or delivered on behalf of key financial services industry/
professional associations. The research will also encompass some key enterprises and training providers.
The outcomes of this work are expected to feed into the later stages of the Financial Services (FNS04) Training
Package Review, future industry engagement activities, future Environmental Scans (E-scans) and the
development of workforce development strategies.
Current training provision
The insurance and financial planning sectors draw on both vocational education and training (VET) and higher
education to provide entry qualifications and higher-level training.
Within VET, the primary form of recognised training is through qualifications and/or units within the FNS04 Financial
Services Training Package. The Package includes a suite of qualifications for both the insurance and financial
planning, as follows:
• Insurance - Certificate III – Advanced Diploma, with specialisation options at the Certificate IV and Diploma
levels, reflecting the wide occupational diversity within this sector.
• Financial planning - Certificate IV – Advanced Diploma, reflecting the higher level of qualifications generally
required for entry into this sector.
According to the most recently available NCVER data, take-up of most of these qualifications through publiclyfunded
VET is relatively low across both sectors, with the exception of the Diploma of Financial Services (Financial
Planning). This data does not however include private provision, with many providers registered to deliver
qualifications from the FNS04 Training Package – particularly at the Certificate IV and Diploma level (for the
insurance sector) and the Diploma and Advanced Diploma level (for the financial planning sector).
28

In addition, a wide variety of training courses are offered or supported by financial services industry/professional
associations, enterprises and private providers outside nationally recognised training (ie. both VET and higher
education).
This non nationally-recognised training ranges from introductory and specialist short courses through to longer
training programs. It may support entry to the industry, more advanced training and/or ongoing professional
development. In some cases, the training is linked with regulatory/licensing requirements and/or association
membership and/or accreditation requirements.
Factors affecting the decision to offer/use nationally recognised training or other forms of training will vary but may
include:
• training content – coverage, level of generality/specialisation, capacity for customisation/relevance to industry
context, level of application, currency
• structure of qualifications – availability of skill sets, links with career entry/progression points (including higher
education), value of full qualifications
• delivery arrangements – delivery patterns (mode, locations, times, length of courses), quality of delivery and
assessment
• ‘branding’ opportunities
• quality assurance considerations
• alignment with regulatory/legislative requirements
• alignment with association membership and/or industry accreditation/ certification requirements, including
ongoing professional development requirements.
Consultation questions
• What nationally recognised VET and higher education training do you provide/support/use Do you
or another organisation provide the training
• What other training do you provide/support/use Do you or another organisation provide the
training (Information on programs offered including scope/areas of specialisation, duration, target market,
outcome, and variance from Training Package qualifications would be useful.)
• Is the training linked to association membership, accreditation and/or regulatory requirements
• If applicable, what are your major reasons for using non-recognised training
• Are there any significant barriers to greater uptake of the FNS04 Training Package and/or to
establishing closer linkages with the Training Package
29

Appendix B
Consultation list
The following people, listed in alphabetical order, were consulted as part of the research project.
John Anning, Insurance Council of Australia (ICA)
Karen Barrett, Australian Financial Markets Association (AFMA)
Neil Burton, Association of Superannuation Funds of Australia Ltd (ASFA)
Ric Calder, Wesfarmers GeneraI Insurance
Lisa Carroll, CPA Australia
Julie Catanach, ANZ
Kerry Curtin, Financial Planning Association of Australia Limited (FPA)
Alan Daniel, Chisholm Institute of TAFE
Paula Dexter, Westpac
Lloyd Driscoll, National Institute of Accountants (NIA)
Michael Eichler, Insurance Australia Group Services Pty Ltd (IAG)
Hugh Elvy, Institute of Chartered Accountants of Australia (ICAA)
Linda Evans, National Insurance Brokers Association (NIBA)
Bill Friend, Insight Insurance Brokers Association
Kate Frost, NIBA College of Insurance & Risk Professionals
Rachel Gallagher, Australian Institute of Superannuation Trustees (AIST)
Rohit Gupta, Innovation and Business Skills Australia (IBSA)
Andy Haigh, RG146 Training Australia
Peter Johnstone, Association of Independently Owned Financial Planners (AIOFP)
Angela Jolic, Finance Sector Union (FSU)
Jodie Kafer, Learning Advisory Services Australia Pty Ltd (LASA)
Andre Lewis, Andre Lewis and Associates Pty Ltd
Tony Libke, Australasian Institute of Chartered Loss Adjusters
Tim Mackay, Quantum Financial Services
Susan McCarthy, Innovation and Business Skills Australia (IBSA)
Murray Morgan, Insurance Advisers Association of Australia Inc. (IAAA)
Jack Oliveri, Australian Securities and Investments Commission (ASIC)
Clim Pacheco, Australian and New Zealand Institute of Insurance and Finance (ANZIIF)
Vera Paratore, Investment and Financial Services Association (IFSA)
Gordon Rennie, ANZ
Anna Ridgway, Innovation and Business Skills Australia (IBSA)
Belinda Robinson, Association of Superannuation Funds of Australia (ASFA)
Mark Sinclair, RG146 Training Australia
Andrea Slattery, Self-Managed Superannuation Funds Association (SPAA)
Rebecca Slingo, CGU
Jim Taggart, Association of Financial Advisers (AFA)
30

Maria Theodore, Australian Securities and Investments Commission (ASIC)
Rob Thomason, CPA Australia
Russell Thomas, Financial Services Institute of Australasia (FINSIA)
Dennis Trevarthen, Ability Associates Australia, Pty Ltd
Anthony Tyrrel, Enterprise Registered Training Organisations Association (ERTOA)
Peter Wilmshurst, CFA Society of Melbourne
Max Wilson, NSW Property and Financial Services ITAB
31

Financial Services Report Compendium Volume
Contents
Summary table: Financial services associations – education and training involvement 33
Financial services associations: individual summaries
○ Australian and New Zealand Institute of Insurance and Finance (ANZIIF) 38
○ Investment and Financial Services Association Ltd (IFSA) 42
○ Financial Services Institute of Australasia (Finsia) 43
○ National Insurance Brokers Association (NIBA) 45
○ Australasian Institute of Chartered Loss Adjusters (AICLA) 53
○ Insurance Advisers Association of Australia Inc. (IAAA) 55
○ Insight Insurance Brokers Association (Insight) 56
○ Financial Planning Association of Australia (FPA) 57
○ Association of Financial Advisers (AFA) 63
○ Association of Independently Owned Financial Planners (AIOFP) 66
○ CPA Australia 67
○ Institute of Chartered Accountants in Australia (ICAA) 69
○ National Institute of Accountants (NIA) 72
○ CFA Societies of Melbourne and Sydney (CFAS) 74
○ Association of Superannuation Funds of Australia Ltd (ASFA) 76
○ Self-Managed Super Fund Professionals’ Association of Australia (SPAA) 81
○ Australian Institute of Superannuation Trustees (AIST) 83
32

Summary table: Financial services associations 56 – education and training involvement
Organisation
Membership
type/area(s)
RTO status/
provider alliances
VET Higher education Certification
programs 57
Other specialist
programs
CPD 58
Both insurance and financial services
Australian and
New Zealand
Institute of
Insurance and
Finance (ANZIIF)
Individual &
company (Australia
& NZ):
• Insurance
• Financial
services
• Yes
• RG146
compliance
• Delivers range
of FNS04 quals:
◦ General
insurance
◦ Insurance
broking
◦ Life
insurance
◦ Loss
adjusting
◦ Financial
planning
◦ Risk
management
◦ Workers
comp.
Seeking
articulation with
higher education
institutions
• Offers extensive
range of CPD
activities
• Recording
service
• Delivers
traineeships
Investment and
Financial
Services
Association Ltd
Company:
• Retail &
wholesale funds
management
• No
• RG146
compliance
• Supports short
courses for
• Offers CPD
• Encourages
other CPD eg
Financial
56 Includes the range of associations included with links to insurance and/or financial planning sectors included in research project; information extracted from websites and interviews
57 Includes structured training arrangements only; several associations also have systems of designations &/or post nominals (refer detailed summary sheets)
58 Continuing professional development, also referred to as professional development by some associations

Organisation
Membership
type/area(s)
RTO status/
provider alliances
VET Higher education Certification
programs 57
Other specialist
programs
CPD 58
(IFSA)
• Superannuation
• Life insurance
some roles
Essentials
Financial
Services Institute
of Australasia
(Finsia)
Individual:
• Financial
services
(Australia & NZ)
• No
• Alliance with
Kaplan
• RG146
Compliance
• Supports range
of VET courses
Tertiary quals
required for some
membership
categories
• Offers CPD
• Financial
Advising
Special Interest
Group
Primarily insurance
National
Insurance
Brokers
Association
(NIBA)
Company (NIBA) &
Individual (NIBA
College)
• Insurance
intermediaries
• Yes - NIBA
College
• Delivers RG146
compliance
• Delivers Cert III
through to
ADFS(FP) 59
• Delivers several
other programs
based on
FNS04 units
• CPIB viewed as
tertiary level
Certified
Professional
Insurance Broker
(CPIB)
• Offers extensive
range of CPD
activities
• NIBA CPD
Register
• Delivers
traineeships
Australasian
Institute of
Chartered Loss
Adjusters (AICLA)
Individual
• Loss adjusters
• No
• Certificate in
Loss Adjusting
Practice &/or
DFS (Loss
Adjusting) 60 are
required for
various
membership
levels
Range of CPD
activities
Insurance Individual: • No • RG146 • A few activities
59 FNS04 Advanced Diploma of Financial Services (Financial Planning)
60 FNS04 Diploma of Financial Services (Loss Adjusting)
34

Organisation
Membership
type/area(s)
RTO status/
provider alliances
VET Higher education Certification
programs 57
Other specialist
programs
CPD 58
Advisers
Association of
Australia (IAAA)
• Insurance
advisers
compliance
• Encourages
members to
seek VET
training
• Promotes
ANZIIF CPD
Insight Insurance
Brokers
Association
(Insight)
Company:
• Insurance
brokers
• No
• RG146
compliance
Range of CPD
activities
Primarily financial planning
Financial
Planning
Association of
Australia (FPA)
Individual &
company:
• Financial
planning
• No
• RG146
compliance
• Accept
ADFS(FD) as
one entry
pathway to CFP
program
• DFS(FD) 61 min.
ed. qual for AFP
membership 62
Require tertiary
qualification of
undergraduate or
higher level for
CFP practitioner
status
Certified Financial
Planner (CFP)
• Estate Planning
program
• Life Risk
Specialist
Accreditation
Program
• Accredited
Education
Register
• Range of CPD
activities
• Recording
service
Association of
Financial
Advisers Ltd
(AFA)
Company:
• Financial
planning
• No
• Alliance with
RG146 Training
Australia
• RG146
compliance 63
• Supports range
of FNS04 quals
inc. DFS(FP) &
ADFS (FP)
AFA Education
Pathway includes
higher education
(Undergraduate
degree, Masters,
PhD, DBA 64 )
Chartered
Financial
Practitioner
(FChFP)
Supports RG146
Training Australia
CPD
Association of
Independently
Company: • No • Requires min.
of DFS(FP) for
Supports higher • Offers CPD
61
FNS04 Diploma of Financial Services (Financial Planning)
62 Associate Financial Planner is the FPA membership group before the CFP Practitioner membership level
63 As per regulatory requirement for financial planning and/or insurance positions – specific applicability varies across positions/sectors throughout table
64 Doctorate of Business Administration
35

Organisation
Membership
type/area(s)
RTO status/
provider alliances
VET Higher education Certification
programs 57
Other specialist
programs
CPD 58
Owned Financial
Planners (AIOFP)
• Independently
owned financial
planning
practices
• Alliance with
Kaplan &
Adelaide
University
CFS
designation
education
• ASX PD training
sessions
Primarily accounting
CPA Australia
Individual:
• Accountants
(inc. financial
planning
specialists)
• Yes
• Delivers RG146
compliance
• Delivers
DFS(FD)
Degree in
accounting (or
related discipline)
required pre-req for
CPA
• CPA
• CPA Financial
Planning
Specialist (FPS)
Range of SPD
activities
Institute of
Chartered
Accountants in
Australia (ICAA)
Individual:
• Chartered
accountants
(inc. financial
planning
specialists)
• No
• Web link to
Kaplan,
Pinnacle &
Quantum
• RG146
compliance
• Supports CertIV
– ADFS(FP)
• Accredited
higher
education
provider
• Delivers
Graduate
Diploma
ICAA Chartered
Accountant
Program
(GradDipCA)
Pathway plus
program
• Offers range of
CPD but
relating to
accountancy
• 40% financial
planning CPD
required for
Financial
Planning
Specialists
National Institute
of Accountants
(NIA)
Individual:
• Accountants
(inc. some
financial
planning
specialists)
• Yes
• Delivers RG146
compliance
• Cert IV –
ADFS(FP) is
one entry point
for membership
• Bookkeepers
Certificate
required for
public practice
• Degree in
accounting is
one entry point
for membership
Professional
National
Accountant (PNA)
Establishing CPD
program
CFA Society of
Melbourne/
Individual:
• CFA
• No CFA is viewed as
tertiary equivalent
Certified Financial
Analyst (CFA)
A few events
36

Organisation
Membership
type/area(s)
RTO status/
provider alliances
VET Higher education Certification
programs 57
Other specialist
programs
CPD 58
Sydney (CFAS)
accountants
Primarily superannuation
Association of
Superannuation
Funds of
Australia Ltd
(ASFA)
Individual:
• Superannuation
funds inc.
corporate,
industry, public
sector & retail
(inc. financial
planners)
• Yes
• RG146
compliance
• Delivers CertIV,
DFS(FP),
DFS(S) 65 &
ADFS(FP)
• Delivers
traineeships
• Supports higher
education –
Undergraduate
degree,
Bachelors,
Graduate
Certificate/
Diploma,
Masters
• Superannuation
trustees course
• Range of CPD
activities
• Recording
service
Self-Managed
Super Fund
Professionals
Association of
Australia (SPAA)
Individual:
• SMSF advisers
(inc. financial
planners)
• No
• RG146
compliance
• Requires
undergraduate
or equivalent
degree for
membership
SMSF Specialist
Advisor (SSA)
& SMSF Specialist
Auditor
(SSAud)
Register of SPAA
Accredited
Activities
Australian
Institute of
Superannuation
Trustees (AIST)
Company:
• Not-for-profit
superannuation
funds (inc.
financial
planners)
• Yes
• Alliance with
Kaplan
• Delivers RG146
compliance
• Delivers
DFS(FP) &
ADFS(FP)
• Certificate of
Foundations in
Trustee
Governance
Course
• Certificate of
Trustee
Practice
• Certificate of
Superannuation
Practice
• Range of CPD
activities
• Register of CPD
activities
• Recording
service
65 FNS04 Diploma of Financial Services (Superannuation)
37

Australian and New Zealand Institute of Insurance and Finance (ANZIIF)
Industry coverage
ANZIIF is a leading non-profit institution providing education, training and professional development services
to the insurance and financial services industry in Australia, New Zealand and the Asia Pacific region – it
represents both general insurance and insurance broking as well as life insurance, loss adjusting, financial
planning, risk management, workers compensation. Its members include both firms and individuals.
ANZIIF has its origins in the late 1880s and merged with the Insurance Institute of New Zealand (IINZ) in
2000.
Membership requirements
ANZIIF has a number of membership levels:
• Ordinary Member – an open level of membership with no qualification requirements.
• Member – open to people who have completed a tertiary degree in any discipline or completed ASIC
Tier 1 compliance
• CIP Affiliate – open to people who have undertaken the Institute’s Affiliate program in General/Life
Insurance prior to the implementation of AQF courses
• CIP Associate – open to people who have completed a Certificate IV General Insurance qualification or
equivalent 66
• CIP Senior Associate – open to people who have completed a Diploma or Advanced Diploma
qualification or equivalent
• CIP Fellow – open to people who have achieved Fellowship of the Institute
Certification and industry designations
To attain the ANZIIF CIP designation, members need to attain defined qualifications and maintain their
technical skills and knowledge through an annual program of professional development, as well as abiding
by the ANZIIF Code of Ethics and Standards of Professional Conduct to ensure the highest standards of
professional practice.
ANZIIF has a set of logos and post nominals for each of its CIP membership levels, as follows:
66
A recognition of equivalence to the ANZIIF qualifications is considered where personnel have other financial services
qualifications.
38

There is also a general ANZIIF logo for use by all members and an “ANZIIF Member” postnominal.
Nationally recognised VET training
ANZIIF is an RTO and provides a wide range of nationally recognised training for the general insurance,
insurance broking, life insurance, financial planning and workers compensation areas.
In addition, ANZIIF offers a range of ASIC RG146 Tier 2 and Tier 1 compliance programs 67 to allow
companies to meet their Australian Financial Services Licence (AFSL) obligations. Successful completion
of these programs leads to the issuing of a Statement of Attainment.
The training for full qualifications and ASIC compliance courses is based on the Financial Services FNS04
Training Package units, but in many instances goes beyond the packaging requirements.
Training is offered through distance learning with assessment through assignments, case studies and
multiple-choice questions as well as RPL. The training is supported by online support and references, a
student mentor program, student support staff, subject matter experts and a suite of learning resources.
Specific courses offered include:
General insurance
• ASIC RG146 compliance courses
○ Tier 2 General Insurance – General Advice – full day online workshop
○ Tier 2 General Insurance – Personal and General Advice – full day online workshop
○ Tier 1 General Insurance – two modules of 12 weeks each
○ Providing Personal Accident and Sickness Insurance Advice – 15-20 hours self-paced learning
• Certificate III in Financial Services (General Insurance) – duration of one-two years depending on state
requirements
• Certificate IV in Financial Services (General Insurance) – five modules of 12 weeks each
• Diploma of Financial Services (General Insurance) – four modules of 12 weeks each
Insurance Broking
• ASIC RG146 compliance courses
○ Tier 1 Compliance Providing Advice in Insurance Broking (Accelerated Compliance) – duration of
seven weeks online learning
○ Providing Insurance Advice for Broking Clients – 15-20 hours self-paced learning over a maximum
of 40 days
• Certificate III in Financial Services – Insurance Broking – duration of one-two years depending on state
requirements
• Diploma of Financial Services – Insurance Broking – five modules of 12 weeks each
Life insurance
• ASIC RG146 compliance courses
○ Providing Advice in Life Insurance (Accelerated Compliance) – seven weeks online learning
67
The ANZIIF website notes that these represent a significant part of its training delivery.
39

○ Life Insurance and Superannuation – two modules of 12 weeks each
• Diploma of Financial Services (Life Insurance) – six modules of 21 weeks each
Loss adjusting
• Certificate IV in Financial Services (Loss Adjusting) 68
• Diploma of Financial Services (Loss Adjusting)
Financial planning
• ASIC RG146 compliance courses
○ Financial Planning, Managed Investments, Derivatives, Securities, Life Insurance and
Superannuation – four modules of 12 weeks each
○ Life Insurance and Superannuation – two modules of 12 weeks each
• Providing Advice in Life Insurance (Accelerated Compliance) – seven weeks online learning
• Diploma of Financial Services (Financial Planning)
• Advanced Diploma of Financial Services (Financial Planning)
Risk Management
• Diploma of Financial Services (Risk Management) – four modules of 12 weeks each
• Advanced Diploma of Financial Services (Risk Management) – four modules of 12 weeks each
Workers Compensation
• Diploma of Personal Injury Management (Workers Compensation) – four modules of 12 weeks each
The Institute also offers the following traineeships 69 in general insurance and insurance broking:
• Certificate III in Financial Services (General Insurance)
• Certificate III in Financial Services (Insurance Broking)
• Certificate IV in Financial Services (General Insurance)
The Institute provides a service to map in-house company programs against national competencies and
national qualifications and, should the company require, undertakes the role of the specialist RTO to award
certification of staff.
It has also put in place articulation arrangements with higher education institutions eg Charles Sturt
University, Deakin University and University of Technology, Sydney.
Other training
The Institute provides a range of professional development training 70 .
The Institute delivers professional development seminars, on-line PD 71 (including lectures, short quizzes,
case studies and workshops), face-to-face workshops, networking and ongoing discussion groups,
leadership events and other PD opportunities around Australia, New Zealand and Hong Kong. The Institute
PD activities are available to members and other interested parties (at a higher price). ANZIIF workshops
68
This course may attract public funding.
69
These programs may attract public funding for students eligible for federally funded traineeships.
70
This is defined by ANZIIF as the process of keeping professional skills and knowledge up-to-date through either formal or informal
activities. This includes any activity that is educational and adds legitimate value to members’ knowledge and skills as a
professional.
71
The ANZIIF website notes that InSITE is the largest online general insurance professional development program available and is
used by thousands of insurance professionals each year to maintain their skills and knowledge.
40

cover a wide variety of topics, from an introductory level to specialist streams and job roles as well as
broader business skills such as presenting effectively and time management; they are presented in a range
of formats including face-to-face and online. The range of Australian workshops includes:
Introductory workshops (for new entrants or support staff)
• Introduction to General Insurance (Australia)
• Introduction to Liability Insurance
• Essentials of Life Insurance and Superannuation
• Introduction to Insurance Law
• Essentials of Business Interruptions Insurance (Australia)
• Commercial Insurance Fundamentals
• Introduction to Personal Accident and Sickness
• Privacy
• Fundamentals of Motor Vehicle Insurance
• Causes and Effects of Underinsurance
• Insurance Claims Services Provider Program
Intermediate workshops (for those with 1-3 years’ experience)
• Introduction to Risk Management
• Introduction to Industrial Special Risks Insurance
• Introduction to Reinsurance
• Professional Indemnity and Directors’ and Officers’ Insurance
• Business Interruptions Insurance Claims (Australia)
• Commercial Claims Fundamentals
• Effective Business Presentation Skills
Advanced workshops (for those with over 3 years’ experience)
• Creating Value in General Insurance
• Business Advantage: Making Regulation Work for You
• Institute conferences and events
The CIP program requires that ANZIIF members complete and record a minimum of 25 CIP points of
professional development activities each calendar year. This may also assist them to meet ongoing training
requirements of ASIC RG 146.
Acceptable PD includes ANZIIF PD activities, relevant in-house training, product training and voluntary
services to the industry and community. CIP points are allocated by the Institute according to the rigour and
duration of the PD activity undertaken. One CIP point is usually equivalent to one hour of activity, although
this may vary depending on the type of activity.
Further information
Further information is available on the ANZIIF website (www.theinstitute.com.au) concerning ANZIIFdelivered
qualifications, membership categories and continuing professional development requirements.
Key reference documents include:
• Your guide to the Certified Insurance Professional Program 72
• Institute Handbook 2010 73 .
72
Available for download at http://www.theinstitute.com.au/anziif/downloads/download_home.cfm
41

Investment and Financial Services Association Ltd (IFSA)
Industry coverage
IFSA is a national not-for-profit organisation which represents the retail and wholesale funds management,
superannuation and life insurance industries 74 . This includes a number of Financial Advisory Networks
(FANs) 75 . IFSA does not have individual members. FINSIA members are responsible for 96% of funds
under management.
Membership requirements
Full membership is available to any organisation actively participating in the managed investments,
superannuation or life insurance industries (as defined on the IFSA website) – there are currently around 90
full member companies. Any organisation which provides professional and other services to the managed
investments, superannuation or life insurance industries and supports the objectives of the association is
eligible for support membership.
Certification and industry designations
IFSA does not have a specific certification program or confer post nominals on members.
Nationally recognised VET training
IFSA is not an RTO but does provide a web link to Financial Essentials 76 .
Other training
IFSA runs a number of activities to inform its members including the IFSA Annual Conference and IFSA
Annual Life Insurance Conference as well as regular Key Issue Presentations.
IFSA’s aligned training provider, Financial Essentials, also conducts a range of CPD programs accredited
through the Financial Planning Association (FPA) for financial advisors and planners, which could be utilised
by IFSA members for their in-house training, along with training offered through other RTOs and training
providers.
Further information
Further information is included on the IFSA website (www.ifsa.com.au).
73
Ibid
74
IFSA also represents a range of service suppliers supporting the industry, such as legal and accounting firms, research houses,
asset consultants, and information technology providers.
75
A FAN is the holder of an Australian Financial Services Licence which enables it and its Authorised Representatives to provide
financial advice to the public. Australia’s largest 100 FANs provide support and services to more than 15,000 Authorised
Representatives. The main function of FANs is the provision of services to advisers operating under the FAN's Licence, or to those
advisers operating under their own Licence who do not have the resources or infrastructure to maintain the relevant services. A
number of larger FANs provide structured training programs utilising on-line training with inbuilt monitoring to ensure that
representatives undertake the minimum amount of training prescribed by the organisation.
76
An RTO that is now part of Financial Review Professional Education
42

Financial Services Institute of Australasia (Finsia)
Industry coverage
Finsia was formed in 2005 through the merger of the Securities Institute of Australia (SIA) 77 and the
Australasian Institute of Banking and Finance (AIBF) 78 .
Finsia is a professional association representing more than 17,000 individuals working across the spectrum
of the financial services industry in Australia and New Zealand. It includes coverage of people working in
wealth management, financial dealer groups, paraplanners and infrastructure support.
Membership requirements
There are a number of membership levels, based on academic qualifications, industry experience and
contributions to Finsia, including:
• Affiliate – personal investors and current students with no formal tertiary qualifications
• Associate – hold a Diploma, Graduate Certificate or a Degree from an accredited education provider or
other recognised industry qualification and are working in the industry
• Senior Associate – hold a Postgraduate Diploma or a Masters from an accredited education provider or
other recognised industry qualification, and at least three years career experience working in the
financial services industry.
• Fellow – hold a Masters Degree or Graduate Diploma and at least five years career experience working
in the financial services industry.
• Senior Fellow - awarded by invitation only from the Finsia Board and provided to professionals who are
suitably qualified and have given a significant contribution to Finsia and/or the financial services
industry.
• Life Member - a Senior Fellow whom the Finsia Board has elevated in recognition of distinguished
service to Finsia.
Note: many Finsia members also maintain membership of the relevant industry sector association.
Certification and industry designations
Finsia allocates post nominals to four of its membership levels as follows:
• Associate (A Fin)
• Senior Associate (SA Fin)
• Fellow (F Fin)
• Senior Fellow (SF Fin).
Nationally recognised VET training
FINSIA recently sold its education arm to Kaplan and has a current contractual arrangement to refer
members to Kaplan for training services. Kaplan delivers 11 ‘award’ courses – from Certificate IV to
Masters level.
77
Established in 1966
78
Established in 1886
43

Other training
Continuing professional development
Finsia does not stipulate a minimum number of professional development (PD) hours or points for
membership, however it suggests as a guide that industry professionals should undertake at least 20 to 30
hours of PD per year.
Finsia holds an annual conference and offers a number of seminars, luncheons and corporate
briefings/showcases, to which PD points have been allocated according to the number of hours of the PD
event. In addition it hosts a number of special interest groups including a Financial Advising special interest
group 79 which offers targeted professional development and networking events and discussion forums.
Further information
Further information is included on the Finsia website (www.finsia.com) concerning professional development
activities and training links.
79
See http://www.finsia.com/Content/NavigationMenu/Professional_Develop/SpecialInterestGroups/default.htm for details.
44

National Insurance Brokers Association (NIBA)
Industry coverage
NIBA is the peak professional body for insurance brokers. Currently there are around 500 NIBA member
firms dealing in or advising on risk insurance products. A few members also provide financial planning
advice, generally through life brokers.
NIBA has also established the NIBA College of Insurance and Risk Professionals to provide:
• a professional association for individual risk and insurance practitioners
• professional memberships to individual practitioners
• high quality, relevant education and training services to the sector.
NIBA College membership is open to all those with a career in the insurance risk industry.
The relationship between NIBA and the College is illustrated as follows 80 :
Membership requirements
There are two levels of NIBA membership:
• Principal Membership – for companies, trust partnerships or sole traders working as a general, life,
reinsurance broker or underwriting agency; must have a director/shareholder/partner that is able to
qualify as a NIBA College QPIB or QFSR.
• Corporate Associate membership – for subsidiary companies of a Principal Member; must have
either a NIBA College QPIB or a QFSR in a responsible position in their office.
In addition, there are two levels of NIBA College membership 81 – Practitioner 82 or General – aligned to
qualification level, relevant industry experience and Continuing Professional Development (CPD)
participation, as follows:
80
Source: NIBA website
45

Practitioner classes
• NIBA College Associate - practitioner class of membership for those who are studying towards an
accredited program under the level of Diploma of Financial Services at NIBA College, or already hold
a full or partial financial services qualification under the level of Diploma.
• Qualified Practising Insurance Broker (QPIB) 83 - practitioner class for those who have fully
qualified as a broker. Applicants must at least have:
○ a Diploma of Financial Services (Insurance Broking) with NIBA College or another registered
training organisation or equivalent
○ a minimum of 4 years experience as an insurance broker
○ participated in continuing professional development as required by the NIBA Board in the prior 12
month period
• Qualified Financial Services Representative (QFRS) - practitioner class for those who have fully
qualified as advisers in areas other than insurance broking. Applicants must at least have:
○ a Diploma of Financial Services with NIBA College or another registered training organisation
or equivalent;
○ minimum of 4 years experience providing financial services; and
○ participated in continuing professional development as required by the NIBA Board in the 12
month period prior to the date of his/her application.
• Certified Professional Insurance Broker (CPIB) – practitioner class for senior QPIBs. Applicants
must at least have:
○ completed the NIBA College Certified Professional Insurance Broker Program (CPIB)
○ been a QPIB for a minimum of 2 years and have a minimum of 6 years experience as a
practicing insurance broker; and
○ participated in continuing professional development as required by the NIBA Board in the prior
12 month period
• Fellow of the College is a senior practitioner class for those who have undertaken
higher vocational qualifications in insurance or insurance broking. Applicants must at least have:
○ an Advanced Diploma of Financial Services or Graduate Diploma of Financial Services from
NIBA College or equivalent;
○ a minimum of 2 years experience as a CPIB, or 5 years as a QPIB or QFSR; and
○ participated in continuing professional development as required by the NIBA Board in the 12
month period prior to the date of his/her application.
Non- practitioner class
• NIBA College Affiliate - non-practitioner class of membership for those working in the sector but
without a qualification in a broking or risk related area. Affiliate members may work in a variety of
business support roles such as training managers, underwriters, claims handlers, compliance officers,
financial planners or customer service representatives. Applicants must at least be employed in a
licensed or legally authorised financial services business under Chapter 7 of the Corporations Act
2001 (Cth).
81
NIBA College membership is open to all those with a career in the insurance risk industry.
82
These are members working in broking or insurance advisory or management roles
83
The College has around 2,500 practitioner members who have attained the designation Qualified Practising Insurance Broker
(QPIB) – recognised as the industry standard for fully competent brokers.
46

Certification and industry designations
NIBA College members may be eligible for professional credentials in the form of internationally recognised
marks/designations, as follows:
NIBA College Associate - entitled to use the post nominal “NIBA College (Associate)" and
use the above logo on their business materials while this class of member.
Qualified Practising Insurance Broker (QPIB) - entitled to use the post nominal “NIBA
College (QPIB)" and use the above logo on their business materials while this class of member.
Qualified Financial Services Representative (QFRS) - entitled to use the post nominal
“NIBA College (QFSR)” and use the above logo on their business materials while this class of member.
Certified Professional Insurance Broker (CPIB) of the College - entitled to use the post
nominal “NIBA College (CPIB)” and use the above logo on their business materials while this class of
member.
NIBA College Fellow - entitled to use the post nominal “ NIBA College (CPIB Fellow)”, “
NIBA College (QPIB Fellow)”, or “ NIBA College (QFSR Fellow)” depending on member's prior level of
membership, and use the above logo on their business materials while this class of member.
Nationally recognised VET training
NIBA College is an RTO offering a broad range of qualifications for the insurance and risk sector in the
areas of for life and general insurance broking, life and general insurance and financial planning. The
College’s educational services are open to all industry participants not just NIBA member firm employees.
47

The College offers full qualifications from the Financial Services FNS04 Training Package from Certificate II
through to Advanced Diploma 84 . These can be undertaken by coursework or workplace assessment.
Traineeships are available at the Certificate II, III or IV level, with the option of including Tier 2 ASIC
accreditation. Most of the Certificate III training is delivered through traineeships, which have proved
particularly attractive to smaller member firms.
In addition, ASIC compliance courses are available utilising units from the FNS04 Training Package 85 -
these courses are listed on the ASIC Training Register and lead to a Statement of Attainment.
NIBA will also ‘benchmark’ in-house training programs against the Financial Services Training Package
qualifications, to allow these courses to be included on the ASIC Training Register.
In addition to the FNS04 qualifications, NIBA offers a number of specialised broking qualifications designed
to apply to all industry roles from responsible officers to licensees, based on the FNS04 units and/or NIBA
competencies:
(a) Broker Management short course
This VET course is run over 10-12 months and results in a Statement of Attainment for partial
completion of the Advanced Diploma of Financial Services.
(b) Vocational Graduate Diploma of Financial Services
The Graduate Diploma is a distance learning program 86 accredited by VETAB. It focuses on risk
management and product development, and is most suitable for experienced practitioners who have
undertaken prior qualifications in a risk and insurance area. The course is underpinned by a set of
NIBA competencies. Entry to the course is open to those brokers and insurance managers who have
achieved:
• extensive work experience and evidence of a capacity to undertake tertiary studies in
insurance/insurance broking such as relevant professional qualifications (Diploma of Financial
Services (Insurance Broking) or Advanced Diploma of Financial Services); or
• a degree from a recognised university or other equivalent higher education institution and a
minimum of two years work experience. Graduates in other fields may apply for entry into this
program provided they have had relevant industry experience for a period of not less than five
years.
(c) Senior Professional Assessment programs
The following short courses are available in financial planning:
• Senior Professional Assessment 1 – for Financial Planning Advisers with 5 years advisory
experience (leading to NIBA College Membership of QFSR)
84
Typical duration of delivery is as follows: full Certificate II and III (6-12 months); full Diploma courses in Broking or Risk
Management (12-24 months); full Advanced Diploma course (12 – 24 months).
85
Tier 1 and 2 Broking Adviser short courses have a typical duration of 3-6 months.
86
Usually run over 18-48 months.
48

• Senior Professional Assessment 3 – for Business or Dealership Managers with 5 years
management experience (leading to NIBA College Membership of Fellow).
A diagram illustrating the NIBA College of Insurance and Risk Professionals qualifications pathway is
available at http://www.nibacollege.com.au/resource/QualificationsPathway.pdf.
(General Advice and/or Broking)
Other training
The NIBA College also conducts a number of its own programs in addition to the FNS04 qualifications,
including– this is not nationally recognised VET training. Details are included below.
(a)
Certified Professional Insurance Broker (CPIB)
The CPIB program has been recently introduced by the NIBA College to provide a CPD pathway for
senior brokers wanting to sharpen their skills. It is only available to NIBA College members and is
linked with a specific level of NIBA recognition (see Certification and industry designations section
above). The program can also serve as a bridge between the Diploma program and the Advanced
Diploma and/or Graduate Diploma programs. The CPIB course content covers those
standards/capabilities 87 that NIBA brokers have identified as differentiating the expertise of less
experienced QPIBs and those at professional level. The program includes eight modules covering
professional broking practice, ethics and professional practice, networking and collaboration, leadership
in broking practice, broking and technical expertise, development and management of relationships,
sales and marketing, and presentation and persuasion skills.
The CPIB program is designed as a workplace-based program, involving high levels of interaction
supported by a work mentor and is formally assessed. It is also available as a recognition (assessment
only) pathway 88 for brokers who:
• hold a Diploma of Financial Services (Insurance Broking) from NIBA College or another
registered training provider
• have been a practitioner member of NIBA College at the Qualified Practicing Insurance Broker
(QPIB) level for a minimum of 2 years
• have been a practicing broker working with clients or a broker managing those who deal with
clients
• have more than 6 years broking experience.
(e)
Continuing Professional Development
The College provides a range of professional development programs for qualified practitioners
seeking to keep their skills and knowledge up to date. These include short courses (eg Broker
Management, NIBA College PA or SPA programs), e-learning programs, professional development
seminars and workshops, industry conferences/annual NIBA convention and industry networking
events, and the NIBA mentoring program.
87
Including CPIB Standard 1 - Critically analyse Broking Practice; CPIB Standard 2 - Manage own ongoing Professional
Development; CPIB Standard 3 - Networking for the Insurance Broking Role; CPIB Standard 4 - Provide leadership in Broking
Practice; CPIB Standard 5 - Analyse, Design & Negotiate insurance & risk management; CPIB Standard 6 - Develop and manage
relationships; CPIB Standard 7 - Devise and implement sales and marketing strategies in insurance broking; CPIB Standard 8 -
Present persuasively and effectively
88
This pathway is similar to the Senior Professional Assessment programs and allows experienced brokers to assess themselves
against the professional standards.
49

Members are required to obtain 50 CPD hours over two years, including a minimum of 17.5
structured hours of CPD annually from at least two of the following training categories:
nationally accredited industry education courses 89 , programs listed on the NIBA CPD Register 90 ,
professional participation activities 91 and industry leadership activities 92 .
Members can claim a maximum of 7.5 hours annually in the following unstructured training
categories: professional reading or individual research activities.
Activities that have insufficient focus on developing an individual’s professional skills, knowledge or
attributes even if they are related to work are not eligible for NIBA CPD. These include: business
planning, strategy or marketing meetings; promotional or marketing events such as product launches;
staff induction and systems training; motivational sessions; in-house business updates or internal
networking events; training provided by RTOs that is not sufficiently relevant to insurance or broking or
to the participant’s specific job role.
NIBA College maintains a CPD Register covering a range of programs from corporate in-house
sessions through to courses which have been assessed against NIBA's own quality education criteria.
Members can apply to have their in-house programs included on the NIBA CPD register.
Current NIBA CPD programs are predominantly on-line and include:
Duration CPD
Points
NIBA Product and Technical Training (Responsible Managers)
Assessing Market Needs 3 hours 3
Business Planning Review Processes 4 hours 4
Establishing Client Risk Assessment Methodology 2 hours 2
Establishing Supplier Relationships 2 hours 2
Human Resources Management 3 hours 3
Implementing Promotional Strategies 3 hours 3
Information Support Systems 2 hours 2
Introduction to Business Planning 5 hours 5
Marketing Distribution Channels 3 hours 3
Operational Procedures 3 hours 3
Sales and Marketing Plans 3 hours 3
Staff Training Programs 2 hours 2
89
These are courses with an assessable outcome and may include: an Australian vocational qualification like a Certificate II or III,
Diploma or Advanced Diploma including NIBA College PA or SPA programs; and higher level study by course work or supervised
research at an approved tertiary institution leading to a qualification: degree, graduate certificate, graduate diploma or master’s
degree.
90
Quality Assessed Programs deliver measurable learning outcomes and are assessed as exhibiting additional quality training
criteria. All programs which meet the NIBA quality assessment can earn extra CPD points per contact hour for participants.
91 These programs meet the basic NIBA CPD accreditation criteria but do not necessarily have measurable learning outcomes. To
count towards your CPD the program must be listed on the NIBA College CPD Register. Eligible program include: distance
education or online programs with a formal assessment; adult education courses relevant to, or extending existing areas of
broking/insurance practice; lectures, seminars, workshops, industry discussion groups and forums for the exchange of technical
information relevant to practitioners; exhibitions and conferences relevant to the area of practice; in-house training; and business
meetings with a keynote address and question time.
92
These are activities you do to educate the wider industry and include: writing articles, papers or presentations; technical
committee work; and teaching or student or workplace mentoring.
50

NIBA Product and Technical Training (Tier 1)
Assessing Client Requirements & Providing Advice 4 hours 4
Broker-Underwriter-Client Relationships 2 hours 2
Business Interruption - Intermediate 6 hours 6
Claims Management I 3 hours 3
Claims Management II 3 hours 3
Customer Service (Tier 1) 3 hours 3
Distribution Role of the Insurance Broker 4 hours 4
Implementing Insurance Program Changes 3 hours 3
Insurance Markets (Tier 1) 3 hours 3
Insurance Reports and Underwriter Selection 2 hours 2
Insurer Products and Broker Services 2 hours 2
Legal Requirements and Ethical Responsibilities 6 Hours 6
Maintaining Client Relationships 4 hours 4
Managing Changes to Risk Exposure 3 hours 3
Marketing Strategies for Insurance Brokerages 4 hours 4
Negotiating Terms of Insurance 2 hours 2
Negotiation Skills 4 hours 4
Occupational Health and Safety 1 hour 1
Preparing Submissions for New Business 3 hours 3
Product Development 3 hours 3
Professional Indemnity 6 hours 6
Professional Indemnity - For Clients 6 hours 6
Risk Assessment and Treatment 3 hours 3
Risk Identification 3 hours 3
Risk Management 3 hours 3
Roles and Responsibilities of Underwriters 2 hours 2
Service Performance 2 hours 2
Sickness and accident 2 hours 2
The Claims Process 3 hours 3
NIBA Product and Technical Training (Tier 2)
Client Claims Service 3 hours 3
Collect, Analyse and Use Information 2 hours 2
Consumer Credit Insurance 2 hours 2
Contract Works Insurance – An Introduction 1 hour 1
Customer Service 1 3 hours 3
Customer Service 2 2 hours 2
Effective Workplace Communication 2 hours 2
Home building and contents 2 hours 2
Insurance Markets 2 hours 2
Insurance Products (Agency) 2 hours 2
Interpersonal Skills for Tier 2 Advisers 2 hours 2
Motor vehicle insurance 2 hours 2
Occupational Health & Safety 1 hour 1
On-going Customer Service (Agency) 2 hours 2
Personal and Professional Development 3 hours 3
Placing and Confirming Client Insurance 3 hours 3
Providing Advice (Agency) 2 hours 2
Risk Management Principles 1 hour 1
51

(f) Other
Travel insurance 2 hours 2
Work Team Communication 1 hour 1
Working in the Financial Services Industry 3 hours 3
Workplace Health and Safety 3 hours 3
The NIBA College has also identified a number of job functions and competencies to assist members in
drawing up annual training plans, and supplies checklists of the job functions for the five most
commonly found roles in brokerage or underwriting offices. Since actual job titles for individuals with
similar job functions often differ across firms of varying size and structure, NIBA College uses the
following generic terms to describe each job:
• responsible officer – covers a licensee, partner, managing director or senior manager in a
brokerage or underwriting agency
• account executive – covers experienced and Tier 1 qualified insurance brokers or authorised
representatives
• assistant broker – covers less experienced and Tier 2 qualified insurance brokers and authorised
representatives as well as claims handlers and para-planners
• claims manager – covers a person with supervisory responsibility for claims in a brokerage or
underwriting agency. Administration manager: covers administration and compliance managers in
a brokerage or underwriting agency.
The job functions and related competencies for each job have been grouped under the following
categories:
• management or support
• planning and control
• sales & marketing
• client service
• operations & compliance
• technical knowledge
• personal effectiveness.
Training officers can modify these job descriptions to suit the organisation’s requirements. For
example, an individual’s job may be a mixture of job functions for two or more job descriptions. A
common situation is where the licensee in a small business combines the role of managing director and
administration manager or the account executive may also undertake claims management functions.
Further information
Extensive supporting information is included on the NIBA website (www.niba.com.au) concerning training
and professional development options through NIBA and the NIBA College of Insurance and Risk
Professionals. Key reference documents include:
• NIBA College of Insurance and Risk Professionals qualifications pathway 93
• CPIB Guide 94 – audiovisual presentation.
93
Available at http://www.nibacollege.com.au/resource/QualificationsPathway.pdf.
52

Australasian Institute of Chartered Loss Adjusters (AICLA)
Industry coverage
AICLA has approximately 1000 members throughout Australia, New Zealand, South-East Asia and the
Pacific region. It resulted from a merger of the Australian Institute of Loss Adjusters (AILA), Chartered
Institute of Loss Adjusters Australasian Division (CILA), and the Institute of Loss Adjusters of New Zealand
(ILANZ) in 1997.
Membership requirements
There are four levels of membership:
• Provisional – must be practicing as a loss adjuster, complete an introductory module FSA501
Introduction to Loss Adjusting 95 within 6 months of joining AICLA and complete four modules from
Diploma of Financial Services (Loss Adjusting) 96 within three years of joining AICLA
• Affiliate – have completed four modules in the Certificate in Loss Adjusting Practice 97 and have CPD
accreditation 98
• Associate – Have completed the Diploma of Financial Services (Loss Adjusting), hold CPD
accreditation, have 5 years experience as a loss adjuster
• Fellow – have been an associate for five years, have completed two subjects from the ANZIIF
fellowship course or two university subjects, hold CPD Accreditation, and ten years experience as a
loss adjuster
Members can refer to themselves as chartered loss adjusters on completion of the Diploma and CPD
requirements and after a period of practical work experience.
Certification and industry designations
Members may use the following post nominals:
• Affiliates – AICLA (Aff)
• Associate – ACLA (and may use the title “Chartered Loss Adjuster”)
• Fellow – FCLA (and may use the title “Chartered Loss Adjuster”)
Nationally recognised VET training
The Certificate IV in Financial Services (Loss Adjusting) and Diploma of Financial Services (Loss Adjusting)
FNB50599 are offered by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) in
conjunction with AICLA 99 .
94
Can be viewed at https://www.nibacollege.com.au/html/CFID=1403182&CFTOKEN=33555424
95
A module from the ANZIIF Diploma in Financial Services (Loss Adjusting)
96
From the Certificate IV in Financial Services (Loss Adjusting)
97
Ibid
98
Have met the AICLA Continuing Professional Development requirements
99
AICLA has developed a suite of supporting materials; throughput is around 600 modules completed by members per year
53

Other training
Most members will have already obtained a degree (law, accountancy, engineering) and practiced in
another field before commencing as loss adjusters.
All practising members of the Institute are also expected to comply with the requirements of continuing
professional development ie to accumulate 30 points over the financial year through AICLA’s Continuing
Professional Development (CPD) program, which is delivered largely on-line. This includes an annual
convention, seminars and workshops on industry issues. The accumulation of points is on a selfassessment
basis (1 point per hour CPD) which is subject to random audits. There are limits on the amount
of professional reading that can be counted toward CPD points.
Further information
Further information about the Institute can be found at www.aicla.org. Key reference documents include:
• AICLA Loss Adjusting Qualifications and Career Pathway 100
• Careers Pack 101 .
100
Available at http://www.aicla.org/download/Qualifications-and-Career-Pathway.pdf
101
Available at http://www.aicla.org/download/career-pack.pdf
54

Insurance Advisers Association of Australia Inc. (IAAA)
Industry coverage
The IAAA is a trade/professional association and was established in 1989, having previously been known as
the Insurance Agents Association of Australia and before that the Australian Multi-Agents Association. It
represents the interests of insurance advisers throughout Australia, and has a membership base of around
100 members 102 .
Membership requirements
The Association has two levels of membership – full membership and associate membership (for those
working in the insurance industry, managers, product salespersons etc.)
Certification and industry designations
Members demonstrating 40 additional hours of CPD a year may call themselves a “Certified Insurance
Professional”
Nationally recognised VET training
Members are encouraged to seek Tier 1 and Tier 2 ASIC compliance training programs and other training
and educational programs through the Australian and New Zealand Institute of Insurance and Finance
(ANZIIF).
Other training
The IAAA provides meeting and networking opportunities for members, access to speakers, and training
and education (e.g. technical skills) opportunities through the ANZIIF Certified Insurance Professional (CIP)
scheme.
Further information
Further information concerning IAAA can be found at http://www.iaaa.com.au/.
102
The overall membership is gradually reducing reflecting the changeover to authorised representatives under insurance broker
arrangements. Under the new arrangements, agents are not being replaced when they leave the industry.
55

Insight Insurance Brokers Association
Industry coverage
Insight Insurance Brokers Association is an industry body for insurance brokers. Its membership base
consists of 32 small-medium sized insurance brokers operating across 120 locations throughout Australia in
both outer metropolitan and regional areas. Insight was established in 1996 as the Regional Insurance
Brokers Association (RIBA), founded by a cluster of insurance brokers from Ballarat Victoria. In 2006 the
Regional Insurance Brokers Association altered its membership base to include insurance brokers
throughout Australia in both metropolitan and regional areas. The following year the association changed its
name to the Australasian Association of Insurance Brokers (AAIB). In 2008 it became the Insight Insurance
Brokers Association
Membership requirements
Members must meet ASIC CPD requirements.
Certification and industry designations
There are no specific arrangements.
Nationally recognised VET training
Insight has an arrangement with ANZIIF to provide training to members on demand – the most common
qualification held by members is the Diploma of Financial Services (Financial Planning).
Other training
Insight promotes various educational activities for its members, including workshops, seminars, Professional
Development Group to provide technical training and career develop skills and an Annual Conference. CPD
activities are ratified either through NIBA (CPD points) or ANZIIF (CIP points).
Further information
Further information concerning Insight can be found at www.insightinsurance.com.au.
56

Financial Planning Association of Australia (FPA)
Industry coverage
• Largest professional association in Australian financial planning industry.
• Nearly 12,000 individuals and Australian Financial Service Licence (AFSL) businesses as members,
including approximately 9,000 practising financial planners 103 , with over 5,700 of these being Certified
Financial Planners 104 .
• Members include financial planners from a variety of backgrounds and disciplines and companies that
provide products and services to the sector; include financial advisors, para-professionals, managers
and specialist advisors.
Membership requirements
There are two levels of practitioner membership (in addition to principal membership for AFSL holders):
• CFP ® 105 Practitioner – to be admitted as a CFP ® practitioner member of the FPA, an undergraduate
degree, Masters degree or PhD is required, plus completion of CFP ®
Certification Program, and a
minimum of three years approved practitioner experience 106 within the last five years including
Authorised Representative status for 12 months prior to application; an individual who resigns their
membership also resigns their CFP status.
• Associate Financial Planner (AFP) 107 – requires completion of the Diploma of Financial Services
(Financial Planning) 108 and RG146 compliance together with Authorised Representative status, and a
minimum of one year approved practitioner experience including Authorised Representative status for
the full period.
Certification and industry designations
The FPA is the only organisation licensed in Australia to authorise the CFP ® marks, a globally recognised
mark of professionalism for financial planners. The FPA’s CFP ® Certification Program is aligned to the
Financial Planning Board (FPSB) Body of Knowledge 109 and Financial Planner Competency Profile 110
Pre-requisites for entry to the CFP ® Certification Program include:
103
Source: FPA Submission to the Parliamentary Joint Committee on Corporations and Financial Services Inquiry into financial
products and services in Australia p38.
104
Source: FPA Annual Report, 2009.
105
Also known as CERTIFIED FINANCIAL PLANNER TM
106
This may include two years relevant experience plus one year practitioner experience ie. in other words, an individual might work
in a para-professional role for up to 2 years but must be engaged in providing comprehensive financial planning advice for at least
12 months (i.e. as a financial adviser) before they will be admitted as a CFP practitioner.
107
The minimum entry standard for FPA practitioner membership.
108
Financial Services Training Package (FNS04) qualification
109
The FPSB is an international body linked to the CPA. The FPSB Body of Knowledge is defined as “the knowledge that a
financial planning professional must be able to draw on to deliver planning advice to clients or when interacting with colleagues in a
professional capacity”.
110
Available on the FPSB website at http://www.fpsb.org/site_docs/070000_bklt_CompProf.pdf
57

• current individual membership of the FPA
• 12 months appropriate relevant experience (including Authorisation with an AFS Licensee or verified
Record of Experience) 111
• FPA approved education pathway ie one of the following:
○ FPA approved bachelor’s degree, master’s degree or higher in financial planning 112
○ Bachelor’s degree, master’s degree or higher in a finance-related discipline that has been
assessed by the FPA on a case by case basis through transcript review 113
○ Advanced Diploma of Financial Services (Financial Planning) or the discontinued FPA Diploma of
Financial Planning 114
○ Accountancy designation (CA, CPA or PNA) 115 plus Diploma of Financial Services (Financial
Planning).
To retain the right to use the CFP marks, CFP professionals must satisfy ongoing renewal requirements
including Continuing Professional Development (see below), re-confirm their acceptance of the conditions of
CFP certification and renew their certification/membership annually.
Nationally recognised VET training
While the FPA was previously a Registered Training Organisation (RTO) in its own right, it has since wound
down this aspect of its operations.
The FPA now relies on the ASIC Training Register to guide members as to available nationally recognised
training that meets the ASIC RG146 requirements (through statements of attainment and/or full VET and
tertiary qualifications). Members can otherwise access other general sources (such as the National Training
Information Service and RTO/higher education provider websites) to identify other recognised training
options.
Completion of the Advanced Diploma of Financial Services (Financial Planning) is recognised as one entry
point for those wishing to pursue CFP ® Certification 116 . The FPA does not provide specific advice or
recommendations to members concerning individual courses or RTOs.
All members seeking to obtain CFP ®
Certification membership must also have completed a tertiary
qualification. Advice is provided to members on university courses that provide entry and/or accelerated
entry to the CFP ® Certification Program, but again the FPA does not specifically recommend individual
qualifications or higher education institutions.
111
Two years experience is required before candidates can enrol in the final unit.
112
FPA recognises 12 universities as offering degrees providing direct entry to CFP Certification Program (some provide
exemptions through recognition of Advanced Standing ie. exemption from three units of the CFP Certification Program: CFP2 –
CFP4). The exemptions are included on the FPA’s Accredited Education Register.
113
If someone has a degree in a finance related discipline such as commerce or accounting, a Diploma of Financial Services
(Financial Planning) would be accepted as sufficient bridging study.
114
Qualification in place prior to development of Training Packages: mapped by FPA as equivalent to the Advanced Diploma of
Financial Services (Financial Planning)
115
Candidates who hold CPA or CA designation and have completed their professional association’s financial planning
specialisation education requirements receive exemptions from CFP2-CFP4 inc. Exemptions are not granted on the basis of
experience and/or for studies completed more than ten years prior to the application.
116
If a person has a degree in a finance related discipline such as Commerce or Accounting, FPA will accept the FNS04 Diploma as
sufficient bridging studies.
58

Other training
The FPA conducts or auspices training in a number of discrete areas outside the scope of nationally
recognised VET and tertiary qualifications. These include:
(a)
CFP ® Certification Program
• CFP1-4 certification program 117 (linked to FPSB Body of Knowledge requirements)
• CFP5 certification assessment (against FPSB Financial Planner Competency Profile) – includes
three-hour open-book multiple choice examination, preparation of a Financial Plan Case-study,
including a Statement of Advice, and an on-the-job assessment of communication skills by a
current supervisor (involving a minimum of two observation events).
The program is only open to FPA members (ie AFP members with RG146 compliance). Deakin Prime
is contracted by FPA to manage the program and ensure it meets international certification
requirements. While not an accredited university program, FPA views it as aligning at postgraduate
level.
(b)
FPA Specialist accreditation program
FPA provides professional education and accreditation for practitioner members (both CFP ® and AFP
levels) in specialist areas of advice through a number of FPA Specialist Accreditation Programs.
These largely self-study programs have been developed to meet a growing demand for specialist skills
for financial planners. The major specialist programs are:
• Estate Planning professional designation program (developed in conjunction with the University of
Technology Sydney and Est Plan, and structured to meet the Society of Trust and Estate
Practitioners (STEP) 118 criteria); includes a workshop and UTS short course 119
• Life Risk Specialist (LRS) Accreditation Program for specialist risk advisers or CFP practitioners;
only two intakes to date.
(c)
Continuing Professional Development
In addition to the broad ASIC requirements concerning CPD activities, the FPA requires all practitioner
members to undertake minimum levels of CPD, as follows:
• CFP ® Professionals – 120 points/triennium with a minimum of 35 points each year
• Associate Financial Planners – 90 points/triennium with a minimum of 25 points each year.
The FPA introduced a new CPD policy effective from July 2009. The policy encourages a broader,
more meaningful (both technically and professionally) range of education, with the aim of extending
117
Exemptions for Units CFP2-4 are granted in some cases; such exemptions are not granted on the basis of experience and/or for
studies completed more than ten years prior to the application.
118
An international professional body for workers in the trust industry and the field of estate administration.
119
The short course component represents nationally recognised training, since it leads to a statement of attainment.
59

professional development beyond the compliance regime and encapsulating a more complete model of
what it means to be a professional adviser 120 .
Continuing professional education may be in the form of nationally recognised VET and higher
education courses, but typically includes a high proportion of non-nationally recognised training.
Acceptable FPA CPD includes:
• completing self-study or sit-down courses provided by education providers, employers,
associations and others 121
• successfully completing training and/or assessment for a variety of professional designations,
certifications and licenses (including CPD activities offered by other membership bodies)
• attending continuing education programs and passing continuing education tests administered by
the Affiliate, particularly in the Code of Ethics and Professional Standards.
• attending live presentations delivered at professional gatherings/association meetings
• serving as an instructor, teacher or discussion leader on personal financial planning topics
• authoring published texts or books on personal financial planning topics.
The FPA allocates points to events based on an active/passive continuum 122 . Typically CPD programs
attract 1 CPD point per hour or, in the case of FPA accredited programs/events, up to 2 CPD points
(where development activities are more active). Advanced Diploma and postgraduate Financial
Services units attract 15 CPD points. There are specific points caps on the inclusion of non-FPAaccredited
activities, and minimum requirements for ethics-related CPD per triennium. All Practitioner
Members must complete a Professional Development Plan and track their activity on a Professional
Development Record.
All FPA CPD programs are available to Principal members to tailor and can be run in-house; these are
also available to non-FPA members for an increased fee.
The FPA reviews and accredits its own programs/activities/events 123 against a quality continuum 124 .
These are then placed on its Accredited Education Register 125 along with the FPA Specialist
Accreditation Programs. Examples of recent FPA CPD events include:
Workshops
• Business Succession Planning - Buying, Structuring, Growing and Selling a Practice
120
As outlined in FPA paper Education expectations for Professional Financial Planners, November 2009.
121
One course utilised by members, for example, is the Financial Review SMSF Advisor Education Program – a distance education
program designed to assist participants develop essential knowledge and skills relevant to retail financial product advice in SMSFs;
this program requires prior attainment of the five SMSF competency units from the NFS04 Financial Services Training Package; an
SMSF Adviser Education Program (Prior Learning) program is also available.
122
Further information on this continuum is included in the Guidelines for FPA Accredited CPD Assessors, 2009, p10
123
Examples of recent FPA workshops include ‘Lead Generation – Establishing and Developing Relationships with Accountants’,
‘Business Succession Planning – Buying, Structuring, Growing and Selling a Practice’, and the 2009 Pre Conference CPD Pro
Series (intensive training on specialist topics that have an immediate impact on the bottom line and professional reputation). Other
recent FPA CPD offerings include online interactive sessions with leading financial experts, other online programs, special
education supplements for self-study, programs exploring recent regulatory changes in relation to SMSF (provided on-line by
Financial Essentials on behalf of FPA) and National Conference discussion sessions and advanced workshops. Refer
www.fpa.asn/au/FPA_Content.aspxDoc_id=6009 for further details. More extensive information on FPA CPD activities (including
seminars and workshops, educational DVDs and CPD programs) is available at
http://www.fpa.asn.au/FPA_Content.aspzDoc_id=6003.
124
Refer Guide for FPA CPD Assessors p10
125
The FPA CPD Accreditation Register, including FPA CPD points assigned to each activity/event is available at
www.fpa.asn.au/FPA_Content.aspxDoc_id=4013
60

• Lead Generation - Establishing and Developing Relationships with Accountants - intensive training
on specialist topics
• Chapter events
• FPA National Conference
• Pre Conference CPD Pro Series
Virtual CPD
• CPD Live & Online
Self-study CPD
• CPD Quarterly - a special education supplement in Financial Planning Magazine
• Life Risk Specialist (LRS)Accreditation Program
• SMSF Borrowings
• SMSF Adviser Education Program
• SMSF Adviser Education Program (Prior Learning)
Other CPD programs
• CPD Quarterly self-assessments
• Philanthropy - Introduction and application for professional advisers
• Introductory Guide to Philanthropy
• SMSF Specialist Training
On-line programs
• Introduction to AML/CTF
• AML/CTF for financial planners
• AML/CTF for licensees
Education DVDs
• Influencing the Ethical Culture of an Organisation
Programs and events run by FPA member companies, for example conferences, may also be assessed
and included on the register. The Accreditation Register currently lists a further 411 such events
ranging from briefings and workshops to short courses, seminars and conferences 126 .
FPA also registers agents of Principal members (known as FPA Accredited Assessors) to undertake
the accreditation of their own companies’ internal training courses, following completion of an FPA
Accredited Assessor training program. These courses are not included on the FPA’s Accredited
Education Register.
Further information
Further information is available on the FPA website (www.fpa.asn.au). Key reference documents include:
• Guide to CFP ® Certification, 2009 127
• CFP ® Certification Assessment Handbook, CFP5, Semester 1, 2008 128
• Advanced Standing Pathways to the CFP ® Certification Program, as at 17 November 2008 129
• FPA’s Continuing Professional Development Policy, 2009 130
126
Full details of these CPD activities are only available to members.
127
Available at http://www.fpa.asn.au/files/CFP09GuidetoCertification2009v3.pdf
128
Available at http://www.fpa.asn.au/files/CFPCertificationAssessmentHandbook.pdf
129
Available at http://www.fpa.asn.au/files/CFPRegCoursesAdStand.pdf
130
Available at http://www.fpa.asn.au/files/PubCPDPolicyFinalDraft23.pdf
61

• FPA’s Continuing Professional Development Policy 2009, Guide for Licensees 131
• Guidelines for FPA Accredited CPD Assessors, 2009 132
• FPA Guide to Accrediting Professional Reading Material, 2009 133 .
CFP ® , CERTIFIED FINANCIAL PLANNER TM and are certification marks owned outside
the U.S. by Financial Planning Standards Board Ltd. Financial Planning Association of Australia
Limited is the marks licensing authority for the CFP marks in Australia, through agreement with
FPSB.
131
Available at http://www.fpa.asn.au/files/CPDPolicyGuideforLicensees.pdf
132
Available at http://www.fpa.asn.au/files/CPDAccreditationGuidev6.pdf
133
Available at http://www.fpa.asn.au/files/FPAGuidetoAccreditingProfessionalReadingmaterial.pdf
62

Association of Financial Advisers Ltd (AFA)
Industry coverage
• AFA is a national association, representing financial advisers working within large, medium and
small financial planning firms, and has been in operation for over 60 years.
• The current membership base is around 1300 members 134 .
• Members provide a range of financial advice including in relation to risk insurance, retirement
planning, superannuation and investment.
Membership requirements
Ordinary or associate membership is available for individuals and organisations (including
Australian Financial Services Licensees (AFSL), life/general insurance company managers, fund
managers and other corporations associated with the financial services industry). Student
affiliation is also available.
Members must among other things:
• be a current Authorised Representative (if applicable)
• be a financial adviser as defined in the Articles of Association of the AFA..
Ordinary members must also be RG 146 compliant and both ordinary and associate members
must meet AFA continuing education requirements (see below).
Certification and industry designations
The AFA promotes an AFA Education pathway leading to certification as a Fellow Chartered
Financial Practitioner (FChFP) – introduced in 2008. This international designation is recognised
by the eleven members of the Asia Pacific Financial Services Association (APFinSA) including
Australia, Hong Kong, India, Japan, Macau, Malaysia, New Zealand, the Philippines, Singapore,
Taiwan and Thailand.
Pre-requisites for enrolling in the AFA FChFP program 135 include:
• membership with AFA
• evidence of at least 5 years’ continuous practitioner experience with an AFSL – candidates
with less experience can enrol in the program but must meet this experience requirement
before they can receive the FChFP designation
• evidence of current representative status with an AFSL
134
Source: AFA submission to the Parliamentary Joint Inquiry into Financial Products and Services, July 2009, p4
135
Also known as the Fellowship.
63

• evidence of completion of the Diploma of Financial Services (Financial Planning) and
Advanced Diploma of Financial Services (Financial Planning) 136 or AFA-approved
equivalents 137 .
Non-members may also enrol in the coursework, but will not be able to use the designation unless
they become AFA members. Members must also have been practising for at least five out of eight
years to use the designation.
Nationally recognised VET training
The AFA does not have RTO status, but has endorsed RG146 Training Australia as its education
partner for delivery of its Education Pathway. RG146 Training Australia delivers a range of
nationally recognised training programs, including the Diploma of Financial Services (Financial
Planning) and the Advanced Diploma of Financial Services (Financial Planning). The Diploma and
Advanced Diploma programs delivers the outcomes defined in the ASIC Regulatory Guideline 146.
These programs are listed on the ASIC Training Register; they are provided through face-to-face or
distance/online education, as well as through customised training delivered on-site.
The AFA also promotes an AFA FChFP/Education Pathway for lifelong learning and education.
This includes formal VET qualifications (Diploma of Financial Services and Advanced Diploma of
Financial Services (Financial Planning) 138 ) as well as the FChFP course 139 , and through higher
education (Bachelors/Masters of financial advice and subsequently a PhD or Doctorate of Business
Administration (DBA)). Other aspects of the Education Pathway include appropriate experience,
peer to peer learning and mentoring and ongoing professional development.
Other training
(a) Fellow Chartered Financial Practitioner (FChFP) program
The FChFP program is offered by the AFA (developed in partnership with RG146 Training
Australia); while providing structured and assessable training, the certification program does not
result in an AQF qualification.
The program is made up of four courses:
• Ethics and compliance in practice
• Client engagement and advice
• Understanding, applying and implementing financial solutions
• Managing an advice business.
136
Members who have completed the Advanced Diploma of Financial Services (Financial Planning) or the FPA’s CFP receive
advanced standing toward the FChFP program and only need complete two of the four component courses.
137
For example, CPA holders would not need to complete taxation aspects.
138
Incorporating appropriate ASIC units
139
This is not an accredited VET or higher education course, but is deemed by the AFA to be equivalent to a postgraduate
qualification.
64

The workshop program comprises four courses, each with the following structure:
• intensive two day weekend workshop – with the option of covering the content through
distance learning
• 12 week self-study period during which each candidate completes a practice-based
assignment (approx 2,500 words) and prepares for an examination
• examination (3 hour open-book) and assessment of assignment by assessor panel.
(b) Continuing professional development (CPD)
It is also a requirement of AFA membership that each member undertakes 120 hours CPD every
three years. This may be in the form of relevant VET and/or higher education programs, but could
also include a range of non-nationally recognised activity, including the FChFP program and
shorter activities, such as half-day workshops and conferences.
AFA does not currently provide specific advice concerning the range of appropriate CPD, although
it includes a weblink to RG146 Training Australia which has a range of CPD Central articles that
are officially accredited by the AFA and the FPA. Each article is supported by a short multiplechoice
assessment task, which is assessable by RG146 Training Australia, with points awarded
according to levels agreed by the associations.
AFA is however in the process of investigating options to partner with external bodies to identify
relevant CPD activity, including the identification of related credit point levels.
Further information
Further information is available on the AFA website (www.afa.asn.au) concerning the AFA
Education Pathway and related qualifications, certification arrangements and continuing
professional development requirements. Key reference documents include:
• AFA FChFP/Education Pathways brochure 140
• Continuing Professional Development brochure 141 .
140
Available at www.afa.asn.au/members_education.php.
141
Available at www.afa.asn/memers_edu_cpd.php.
65

Association of Independently Owned Financial Planners (AIOFP)
Industry coverage
The AIOFP was formed in 1998 to differentiate independently owned financial planning practices from the
institutionally owned sector.
Membership requirements
A company is eligible to be a member if it is:
• fully independent with no conflicting ownership from any fund manager, life insurance company, bank,
credit union or other financial institution, and
• operates an Australian Financial Services License (AFSL).
The Association also reviews the reputation and trading records of all member companies.
AIOFP members cover around 160 practices and employ around 2500 advisers nationally. Their average
age is 58, with many having originated in the life insurance industry.
Certification and industry designations
The Association awards a Certified Financial Strategist (CFS) designation and Premium Adviser. Training
and experience pre-requisites for award of the CFS designation include education on ASX and Industry
Fund strategies and products to ensure they are familiar with the entire market offerings, as well as being
appropriately qualified (minimum of Diploma of Financial Services (Financial Planning) and experienced
(three years minimum) 142 . Members must also attend 4 hours of training each year through the ASX (ie 4
CPD points). The CFS ‘certification’ is encouraged but not a requirement of association membership.
Nationally recognised VET training
The AIOFP is not an RTO but has a partnership arrangement with Kaplan and Adelaide University, who are
also coordinating their efforts to some extent.
Other training
The AIOFP provides a number of CPD activities for members, including presentations at state member
meetings. The meetings also incorporate ASX PD training sessions eg. on self managed super funds,
which generate 2 CPD points each.
Further information
Further information is available on the AIOFP website (www.aiofp.net.au) concerning related qualifications,
certification arrangements and continuing professional development requirements, including:
• A New Era of Financial Advice Delivery 143 – includes information on the Certified Financial Strategist
(CFS) Designation.
142
There are also a number of other criteria members must meet, including subscription to the AIOFP Filtered Research Committee or similar
impartial compliance and research system, which the Association believes is a principal confounding factor in the quality of advice given, regardless
of the level or quality of training undertaken.
143
Available at www.aiofp.net.au/files/A_New_Era_of_Advice_Delivery/pdf.
66

CPA Australia
Industry coverage
CPA Australia has a membership of more than 122,000 finance, accounting and business professionals
across 100 countries, and can trace its origins back to the late 1800s. It was reported in a 2006
publication 144 that CPA had at that point more than 450 financial planning specialists within this membership
base; these would probably be largely working within accounting firms that also offer financial planning and
advice services. Financial planning personnel can also be drawn from those with an accountancy
background.
Membership requirements
Membership is open to people who have completed the CPA Program (see below).
Certification and industry designations
CPA Australia conducts the international CPA certification program, which allows members to use the CPA
post nominal. Pre-requisites for gaining CPA certification include completion of a degree in accounting (or a
related discipline), completion of the CPA Program and at least three years' relevant work experience.
CPA Australia also has a Financial Planning specialisation – CPA (FPS) - Financial Planning Specialist 145 .
To be eligible for this specialisation, members must be a CPA and have demonstrated experience and
education specifically in financial planning as well as successfully completing the CPA (FPS) examination.
Nationally recognised VET training
CPA Australia is an RTO and delivers RG 146 compliant training in a number of specialist knowledge areas
leading to a Statement of Attainment against the relevant ASIC units from the FNS04 Financial Services
Training Package. Members also have the option to complete the Diploma of Financial Services (Financial
Planning). These courses are recorded on the ASIC Training Register.
Other training
CPA Program
The CPA Program (recently reviewed and updated) comprises 14 education segments, made up of a
foundation level and a professional level, and a fully integrated practical experience requirement 146 . The
focus of the program is on accountancy skills – it includes a number of core segments together with a small
number of specialisation options but these do not include financial planning segments.
The completion of an accredited or recognised degree, such as an accounting degree, will often meet all the
requirements of the foundation level and allow commencement at the professional level. To begin the
foundation level of CPA Program candidates do not need to have completed an undergraduate degree.
144
Career FAQs Financial Planning, 2006
145 Further information about the use of CPA Speciailist designations is available at
www.cpaaustralia.com.au/cps/rde/xchg/SID_3F57FECB_1A1A7ADA/cpa/hs.xsl/805_4242_ENA_HTML.htm
146 Full details are available at www.cpaaustralia.com.au/cps/rde/xchg/SID_3F57FECB_1A1A7ADA/cpa/hs.xsl/801_ENA_HTML.htm
67

However, to advance to CPA status they need to hold a bachelors degree or a postgraduate award
recognised by CPA Australia.
To attain CPA status, candidates must complete the professional level within six years.
Continuing Professional Development
CPA Australia members are required to undertake 120 hours of structured training averaged over a
triennium. While some may be met through structured VET or higher education courses, there is a
significant component of short courses and events.
The APS 12 Statement of Financial Advisory Service Standards – a professional statement for financial
planning issued jointly with the AICAA in 2005 – requires all members working in financial planning to
commit amongst other things to on-going professional development and to agree to abide by a voluntary
code of conduct 147 .
The CPA website 148 provides further information on the CPA Australia CPD requirements, forms to record
CPD activity and a listing of a range of CPA books and print-based learning material, conferences and
congresses, e-learning training courses (online and CD-ROMs), other events and networking events 149
offered by CPA Australia. Members are able to access any other learning and development opportunities
offered by other organisations to fulfil their CPD requirements.
In addition to activities relating to the technical aspects of accountancy, the CPD activity listed includes a
small number of activities specifically relating to financial planning, as well as a number of broader subjects
relating to business skills, personal skills and leadership 150 , which would have relevance for those working in
financial planning, as well as other members.
Further information
Further information is available on the CPA Australia website (www.cpaaustralia.com.au) concerning related
qualifications, certification arrangements and continuing professional development requirements. Key
reference documents include:
• CPA: the global accountancy designation for strategic business leaders: Partnering with employers
around the globe 151
• APS 12 Statement of Financial Advisory Service Standards, Miscellaneous Professional Statements,
October 2005 (joint publication with the Australian Institute of Chartered Accountants in Australia) 152
• A guide to APS 12 Statement of Financial Advisory Service Standards (joint publication with the
Australian Institute of Chartered Accountants in Australia) 153 .
147
APS 12 refers to CPA Australia By-Laws which provide specific guidance on their CPD obligations. Members who must meet
applicable regulatory standards for example must undertake CPD relevant to these obligations.
148
Refer www.cpaaustralia.com.au/apps/training/browse.aspxCPSSessionID=DIS-3F57FECB-9FT7E8962
149
Currently includes a total of 923 items.
150
Specific topic areas include auditing, business strategy and operations, finance and treasury, financial accounting, financial
planning – advisory, financial planning – personal, governance, HR and administration, IT – desktop applications, IT- general,
management accountancy, management and leadership, personal development, sales and customer facing skills, supervision, tax
planning, taxation – general, and other.
151
Available at http://nowboarding.cpaaustralia.com.au/downloads/employer_partnering_brochure.pdf
152
Available at www.cpaaustralia.com.au/cps/rde/xchg/SID_3F57FECB_1A1A7ADA/cpa/hs.xsl/2372_16404_ENA_HTML.htm.
Includes information on competencies required of CPA Financial Planning Specialists.
153
Ibid
68

Institute of Chartered Accountants in Australia (ICAA)
Industry coverage
• The ICAA was formed in 1928 and is the professional body representing Chartered Accountants in
Australia. The Institute represents over 50,000 Chartered Accountants and 12,000 accounting
graduates. 154 This includes around 1700-2000 authorised representatives (not all of whom are
practicing financial planners).
• Members work in diverse roles across commerce and industry, academia, government and public
practice throughout Australia and in 140 countries around the world. Members of the Institute operate
and hold a wide range of roles within the financial services industry and work in a range of practices –
from small through to major financial institutions and financial product manufacturers. Many members
are involved in the financial services industries, including financial planning. 155
• The Institute has a Financial Planning Chapter, with about 1,400 members. 156
Membership requirements
A pre-requisite for membership is completion of the ICAA Chartered Accountants Program (GradDipCA) that
includes a Practical Experience Program. Affiliate membership is also available.
The following membership requirements apply to ICAA’s Financial Planning Chapter:
The Financial Planning Chapter consists of two categories of participation, practicing and non-practicing
members. The FP Chapter is open to members of the Institute who specialise and those who are interested
in Financial Planning. The Financial Planning Chapter has two categories of participation, described as:
Non-Practicing Members
Non-Practicing Members are Financial Planning Chapter Members who are interested in receiving
information and a defined range of services from the Chapter, are not subject to any rules or conditions of
membership and pay a nominal subscription fee.
Practicing Members
Practicing members of the Financial Planning Chapter are Chartered Accountants who successfully apply
for Specialist Membership of the FP Chapter. CA - Financial Planning Specialists work in financial planning
and wealth management and are subject to various continuing conditions of membership as defined in the
Regulations (R10).
Certification and industry designations
ICAA members can use the designation GradDipCA (following completion of a training program and related
experience – see below).
With the increasing number of members providing financial advisory services, the Institute and the CPA in
2005 jointly developed a specific professional standard for those members who provide Financial Advisory
154 Source: ICAA submission to the inquiry into financial products and services in Australia, July 2009
155 Ibid
156 Source: FAQs Financial Planning, 2006
69

Services – the APS 12 Statement of Financial Advisory Service Standards. This standard is currently under
review by the Accounting Professional and Ethical Standards Board (APESB).
Nationally recognised VET training
ICAA does not have RTO status. Nor does it have specific or preferred provider(s) in relation to the
completion of ASIC RG146 compliant courses. (The Institute previously had a relationship with the
Financial Services Institute of Australasia until its education business was sold to Kaplan Professional) Its
website does provide links to a number of private providers offering such training including Kaplan
Professional, Pinnacle Financial Services Academy, and Quantum Financial Training 157 .
Between them, in addition to providing RG146 compliance training, these providers also provide training in
VET at Certificate IV, Diploma and Advanced Diploma levels, as well as Higher Education programs at the
Graduate Certificate, Graduate Diploma and Masters levels, and a range of short VET courses meeting
specialist skills requirements (eg financial planning, life insurance). Most financial planning members who
have completed Diploma level training or equivalent (usually prior to joining the Institute) will also undertake
some superannuation and life insurance training.
Other training
The ICAA provides postgraduate training in the accounting field, as well as facilitating further education and
encouraging wide-ranging continuing professional development.
(a) Graduate Diploma of Chartered Accounting (GradDipCA)
This ICAA postgraduate accounting program includes five modules – four technical modules (taxation,
audit and assurance, management accounting and analysis, and financial accounting and reporting) as
well as a final integrative module (ethics and business application). The curriculum is built around
technical competence 158 , understanding of the core components of accounting, communication and
business report writing skills, and emphasises an applied rather than theoretical approach to learning,
with opportunities for candidates to apply their knowledge through a range of learning activities. Each
module combines self-study materials with 12 hours of face-to-face classes per module, delivered over
four focus sessions, usually completed over around two years. 159 Assessment is via attendance at
focus sessions, a project and a final examination. While studying, candidates must complete three
years of work experience, be employed by an organisation recognised by the Institute and be mentored
by a Chartered Accountant.
As an accredited higher education provider, the ICAA awards a Graduate Diploma of Chartered
Accounting on successful completion of the study. While not directly related to financial planning or
RG146 compliance requirements, the GradDipCA provides underpinning knowledge and skills that
could assist those working in the financial planning field – for example in relation to ethics,
communication skills and taxation which is a key component of financial planning.
(b) Pathways Plus program
Pathways Plus provides members with a summary of postgraduate study options offering them study
credit based on their Chartered Accountant designation.
157
The ICAA previously had a partnership arrangement with FINSIA, prior to the sale of its education arm to Kaplan.
158
The ICAA website reports that the underlying competencies match the International Federation of Accountants (IFAC) educational standards for
entry to the profession.
159 Refer www.charteredaccountants.com.au/A120050862.
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Member research showed that up to 50% of members expressed an interest in pursuing further
postgraduate study following the attainment of their Chartered Accountant qualification. The Institute
has therefore identified Graduate Diploma or Masters courses currently offered by Australian
Universities that align to the specific career pathways which members expressed an interest in
pursuing. The following areas were the top four pathways: MBA; Finance; Financial Planning and
Taxation 160 .
(b) Continuing professional development
The ICAA supports members in their meeting the ICAA-prescribed minimum levels of ongoing training
and development (120 hours every three years – including at least 90 hours of formal training plus up to
30 hours of technical reading). The ICAA website notes that “Many means of meeting training and
development requirements are available. Members may use the resources of the Institute, their own
resources, those of other organisations, or many prefer some combination. There is a great deal of
flexibility in how to achieve training and development requirements. It is the responsibility of the
member to interpret an activity and to judge whether the activity was personally and professionally
developing.” 161
Acceptable types of training and development activity include lectures, courses, seminars, workshops,
conventions, discussion groups, congresses, Professional Development Forums, symposiums, etc
conducted by the Institute, other reputable bodies, educational institutions and in-house 162 . The ICAA
provides a range of workshops, information sessions, podcast series, DVDs, audio packages and runs
an annual conference, but these generally appear to focus on areas outside financial planning (other
than in relation to SMSFs). It also will tailor in-house training programs in technical skills, business
skills, and personal development area 163 .
The ICAA requires Financial Planning Specialist members of the Financial Planning Chapter (as with
other areas of specialisation such as audit and tax) allocate 40% of their total minimum training and
development hours to this area of specialisation. The Institute does not include a register of courses,
but does provide a Training and Development record form and members can also update the education
component of their membership record online. The Training and development records of institute
members is audited as part of the Institute’s overall Quality Review program
Further information
Further information is available on the ICAA website (www.charteredaccountants.com.au) concerning the
ICAA and related qualifications, certification arrangements and continuing professional development
requirements.
160
Refer www.charteredaccountants.com.au/A122227554.
161
Refer www.charteredaccountants.com.au/A116939931.
162
Full details are included in the ICAA Members’ Handbook (Regulations relating to training and development).
163 For example technical skills training in superannuation, business skills training in business process improvement and process management, and
personal development training in managing teams and time management. Full details are available at
www.charteredaccountants.com.au/training_development/client_training_solutions/training_topics.
71

National Institute of Accountants (NIA)
Industry coverage
The NIA represents over 20,000 accountants, business advisers, academics and students throughout
Australia and internationally. A small number of NIA’s members offer financial planning services. Financial
planning personnel can also be drawn from those with an accountancy background.
Membership requirements
The NIA has four membership levels:
• Associate (ANIA) – requires Advanced Diploma in Accounting or University Degree in Accounting;
Bookkeepers Certificate required for public practice
• Member (MNIA) – requires Advanced Diploma in Accounting plus NIA Program (Stage 1) plus three
years of relevant industry experience OR University Degree in Accounting plus three years of relevant
industry experience; for public practice must hold current MNIA, PNA or FPNA status and hold
Professional Indemnity Insurance and have completed the NIA Public Practice Orientation Program
• Professional National Accountant (PNIA) – requires Advanced Diploma in Accounting plus NIA Program
(Stage 1 and 2) plus Mentored Experience Program OR University Degree in Accounting plus NIA
Program (Core) plus Mentored Experience Program
• Fellow Professional National Accountant (FPNA) – requires current PNA status plus 10 years
experience (including 5 years at a senior level) plus seven years full membership.
NIA members wishing to offer public practice services must hold a public practice certificate (PPC). To be
eligible for a PPC, NIA members must have completed suitable studies in Australian Taxation Law and
Australian Company Law. Because PPCs will only be offered to members of MNIA or higher designations,
PPC holders will hold a degree or equivalent.
Certification and industry designations
The NIA allows members to use postnominals based on the member meeting the applicable educational
and experience requirements.
Nationally recognised VET training
The NIA currently has its own RTO (Accounting Education Australia Pty Ltd) 164 . Several qualifications from
the Financial Services Training Package (FNS04) are delivered ranging from Certificate IV through to
Advanced Diploma. These are provided in accounting and bookkeeping rather than financial planning.
The NIA RTO offers RPL options for experienced accountants to achieve formal qualifications.
Other training
The NIA Program is the NIA’s professional education pathway enabling members to progress from
Associate (ANIA) level membership to Member (MNIA) and ultimately Professional National Accountant
(PNA) level.
164 NIA is in the process of registering a new RTO in place of this body – to be registered as NIA
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The NIA Program consists of two components: a Master of Commerce qualification 165 (delivered by the
University of New England through distance learning) combined with a mentored work experience
component. The NIA Program Stage 1 involves two core subjects (strategic management for Professional
Practice, and Business and Professional Ethics) plus 2 electives selected from 7 electives. The NIA
Program Stage 2 involves 2 core subjects (Issues in Company Financial Reporting, and Issues in Auditing
and Professional Practice) plus 2 electives. Those holding an Advanced Diploma in Accounting (or
equivalent) must complete eight subjects plus the three-year Mentored Experience Program, while those
with an approved University Accounting degree must complete the four core subjects plus the three-year
Mentored Experience Program to become a PNA. None of the core or elective modules in this program
relates specifically to financial planning.
NIA members are required to undertake 80 hours of structured Continuing Professional Education (CPE)
per two year period. It is recommended that 40 structured hours are completed annually.
Further information
Further information is available on the NIA website (www.nia.com.au) concerning related qualifications,
certification arrangements and continuing professional development requirements.
165 The NIA’s educational standards have been assessed by the International Federation of Accountants (IFAC) as equivalent to IFAC international
standards.
73

CFA Society of Melbourne/CFA Society of Sydney (CFAS)
Industry coverage
The CFA Society of Melbourne and the CFA Society of Sydney (formed in 1996) are associations of local
investment practitioners engaged in a wide variety of roles including investment advisers, corporate finance,
portfolio management and security analysis.
Both societies are member societies of the CFA Institute - a global, nonprofit member organisation of
financial analysts, portfolio managers, and other investment professionals, headquartered in the USA. One
of the aims of the two Australian societies is to encourage professional development through the CFA
program, along with promoting a high level of professional conduct. CFA members are all tertiary qualified;
many also have work connections with American companies, but this has been changing over recent years
and membership is also drawn from local companies (especially the big 4 banks) and others seeking a
globally recognised designation/qualification.
The CFAS 166 reported a membership of around 780 members in August 2007, with 86% holding the
Chartered Financial Analyst designation. The CFA Society of Melbourne 167 reports a current membership
of around 330.
Membership requirements
CFA Society membership is closely tied to CFA Institute membership, which has three levels of
membership:
Affiliate membership requirements include:
• meet CFA society requirements, which vary by society
• agree to adhere to and sign the Member's Agreement and Professional Conduct Statement
• two qualified sponsors
Regular membership requirements include, but are not limited to:
• 48 months of acceptable professional work experience
• passing the Level I CFA exam or the Standards of Practice Examination
CFA charter holder membership requirements include, but are not limited to:
• 48 months of acceptable professional work experience
• passing the Level I, Level II, and Level III CFA exams.
Certification and industry designations
Members who have passed the CFA Program have “earned the CFA Charter” and can use the CFA
designation. The CFA designation is seen as a demonstration of professional achievement.
166
Source: CFAS website
167
Source: CFA Society of Melbourne website
74

Nationally recognised VET training
The CFA Societies do not have any formal involvement with VET or Australian higher education training
programs.
Other training
Chartered Financial Analyst (CFA) Program
Chartered Financial Analyst (CFA) Program is self-study curriculum and examination program for
investment specialists, focusing on investment knowledge, standards and ethics and aligned at a
postgraduate level. It involves a rigorous curriculum covering a broad range of investment-related subjects
(including in the third year, private wealth management), and involving three levels of examination requiring
hundreds of hours of study over at least three years. The CFA Program, its curriculum, exams and grading
are administered by the CFA Institute, but the two CFA Societies act as the initial Australian point of
reference.
Note: the CFA qualification is not recognised for Australian immigration purposes.
Continuing Professional Development
The Societies hold occasional professional development activities, such as speaker sessions on topics such
as ethics.
Further information
Further information is available on the CFA Society of Melbourne website
(www.membersocieties.org/melbourne) and the CFA Society of Sydney (CFAS) website (www.cfas.org.au)
concerning related qualifications and continuing professional development opportunities.
75

Association of Superannuation Funds of Australia Ltd (ASFA)
Industry coverage
ASFA is a not-for-profit, member based organisation representing the superannuation funds (other than
SMSFs).
Membership requirements
ASFA membership encompasses corporate, industry, public sector and retail funds as well as
specialist service providers (including administrators, investment managers, custodians, legal advisors
and accountants) and individual members.
Minimum education requirements for Associate status include one or more of:
• Diploma of Financial Services (Superannuation) or Diploma of Financial Services (Financial Planning)
• Graduate Certificate listed on ASIC’s Register of compliant courses for RG146 in superannuation
• Relevant higher qualification (see Fellow).
The minimum education requirements for Fellow status include one or more of the following:
• Advanced Diploma of Financial Services (Superannuation)
• ASFA Diploma of Superannuation Management (ASFA qualification previously available)
• Bachelors qualification with a superannuation major and listed on ASIC’s Register of compliant courses
for RG146 in superannuation
• Graduate Diploma or Masters Degree listed on ASIC’s Register of compliant courses for RG146 in
superannuation
• actuary who has completed Part III of Institute of Actuary’s Program
• recognised accountant who has completed courses listed on ASIC’s Register of compliant courses for
RG146 in superannuation
• lawyer who has completed formal training relevant to superannuation.
Certification and industry designations
ASFA has several levels of recognition available to individuals working within the superannuation industry:
• ASFA Accredited Investment Fiduciary (ASFA AIF)
• Associate of ASFA (AASFA)
• Life Members of ASFA (Hon. FASFA)
• Fellow of ASFA 168 (FASFA).
A formal qualification relevant to superannuation is a prerequisite for anyone wishing to obtain Associate or
Fellow status.
The minimum education requirements for Fellow status include one or more of the following:
168 An Associate or fellow must continue to be a financial member of ASFA either by employment with a member organisation or
through individual membership.
76

• Advanced Diploma of Financial Services (Superannuation)
• ASFA Diploma of Superannuation Management (ASFA qualification previously available)
• Bachelors qualification with a superannuation major and listed on ASIC’s Register of compliant courses
for RG146 in superannuation
• Graduate Diploma or Masters Degree listed on ASIC’s Register of compliant courses for RG146 in
superannuation
• actuary who has completed Part III of Institute of Actuary’s Program
• recognised accountant who has completed courses listed on ASIC’s Register of compliant courses for
RG146 in superannuation
• lawyer who has completed formal training relevant to superannuation.
Minimum education requirements for Associate status include one or more of:
• Diploma of Financial Services (Superannuation) or Diploma of Financial Services (Financial Planning)
• Graduate Certificate listed on ASIC’s Register of compliant courses for RG146 in superannuation
• Relevant higher qualification (see Fellow).
ASFA also offers the ASFA AIF® Designation for superannuation trustees (refer Other training section
below). ASFA members who successfully complete the exam and maintain appropriate CPD can use the
post nominal ‘ASFA AIF’.
Nationally recognised VET training
ASFA is maintaining its RTO status so as to provide quality training products to members, though they are
free to go to other providers. It offers the following suite of qualifications, including the option of undertaking
individual units within the qualifications:
• Certificate IV in Financial Services (Superannuation)
• Diploma of Financial Services (Superannuation)
• Diploma of Financial Services (Financial Planning) – requiring the successful completion of the
following four subjects within three years – ASFA 146 Superannuation; Insurance; Investment;
Financial Planning 169
• Advanced Diploma of Financial Services (Superannuation) – including advanced standing for those
holding the Diploma of Financial Services (Financial Planning) or (Superannuation)
• RG146 Compliance
• Traineeships 170 .
Other training
Superannuation trustees course
This course is knowledge-based and delivered by fi360 Australasia under a partnership arrangement with
ASFA and involves an online multiple-choice examination.
169
This course is usually taken by members who also offer financial planning advice or are looking at obtaining the qualification as
part of their RG146 compliance requirements ie those that offer personal advice in superannuation or financial planning.
170
Certificate IV in Financial Services (Superannuation) – the demand has been high this year but there are ongoing challenges with
attracting funding and cross-jurisdiction activity. ASFA does not use user choice funding at this stage due to the rigorous reporting
process, though this may change in the future due to the implementation of new data systems.
77

Continuing professional development
ASFA recommends that members implement CPD programs for their staff. These should be appropriate to
the learning needs of the individual and preferably balanced across a variety of activities including
structured learning activities with clearly articulated learning outcomes (including semester based studies,
workshops, ASFA conference, Trustee InFocus seminars, roadshows, luncheons and other technical
events), participation in discussion groups and committees and other learning activities such as technical
reading.
ASFA runs a number of related activities, and provides a CPD customisation service and CPD recording
service for members.
Points required or recommended to be attained each year are as follows:
• Associates and Fellows - ASFA mandates 30 CPD points per year to maintain status - at least 15 points
(half the minimum) must be completed through ASFA activities.
• trustees - ASFA recommends 30 CPD points per year, including at least 15 from trustee-specific
activities.
• compliance professionals, relationship managers and senior managers - ASFA recommends 30 CPD
points per year
• administrators, call centre staff - ASFA recommends 20 CPD points per year.
ASFA CPD Points are allocated according to a combination of the number of hours and effort involved and
the learning outcomes. The following list is largely focused on superannuation issues but includes several
activities relevant to both insurance and financial planning 171 .
Approved activity
Number of points
Subjects leading to ASFA qualifications:
• ASFA 100 Superannuation
• ASFA146
• Administration
• Trusteeship *
24 points on successful completion
• Insurance 172
• Investment
(Workshops related to these activities are not awarded
• Financial Planning 173
points separately)
• Australia’s Retirement income System *
• Legal Framework *
• Self managed Superannuation funds
• Defined Benefit Funds
• Taxation
ASFA National Conference *
Up to 18 points for full registration
ASFA AIF designation course *
12 points for full course
ASFA 1 day Workshops:
6 points per day
• Superannuation foundations
171
Source: http://www.superannuation.asn.au/CPD-points-table/default.aspx
172
Unit within Diploma of Financial Services (Financial Planning)
173
Ibid
78

• Admin KnowHow
• Trustee KnowHow *
• Advanced Trustee KnowHow *
ASFA half-day Workshops:
• FSR How not to give advice
• Advanced Trustee KnowHow *
o Legal
o Insurance
3 points per half day
o Governance
o Investment
• Quarterly legal Update *
• Retirement Income Streams
ASFA Roadshows
3 points
3 points - workshop only
RG146 Compliance Update
10 points - successful completion of assessment
6 points - workshop only
Skills workshop
4 points - assessment only
10 points - workshop and assessment
ASFA Luncheon
1 point per luncheon with technical content
ASFA Trustee Breakfasts/Twilight Seminars * 1 point per session
Assessed Technical Reading Activities
Publishing of learned article in Superfunds or
3 points per article
other ASFA paper
Best Practice CPD quiz package
3 points per quiz (max. 12 points per annum)
Superfunds CPD quiz package
11 points per annum
Committee/Discussion/Participation Activities
ASFA Committee Members
1 point per meeting (max. 10 points)
ASFA Discussion Groups
1 point per meeting (max. 6 points)
ASFA Exam markers
Up to 3 points per semester
ASFA Assignment markers
3 points per semester
ASFA course development
Up to 5 points per semester
Research and presentation at ASFA event * 3 points per presentation
* Activities can be counted towards trustee and AIF requirements.
External CPD
The number of points for non-accredited courses is at half the rate for accredited courses ie 1 point for 2
hours of learning activity.
Personal reading can be counted at the rate of 1 point for 4 hours. A diary must be kept. Reading
recognised through assessments cannot be counted again.
Further information
Further information is available on the ASFA website (www.superannuation.asn.au) including information
concerning certification arrangements, qualifications and continuing professional development requirements.
79

Key reference documents include:
• ASFA Membership – the Strategic Choice 174
• ASFA Qualifications – Reach your peak 175
• ASFA Qualifications Map 176
• RG146 and Licensing – Compliance … Get ahead of the pack 177
• ASFA Workshops – Your One Stop Shop 178
• ASFA’s Professional Recognition Policy 179
• ASFA CPD Solutions – the faster, hassle-free way of earning CPD 180 .
174
Available at http://www.superannuation.asn.au/membership/default.aspx
175
Available at http://www.superannuation.asn.au/qualifications/default.aspx
176
Available at http://www.superannuation.asn.au/qualifications/default.aspx
177
Available at http://www.superannuation.asn.au/RG146/default.aspx
178
Available at http://www.superannuation.asn.au/learning-development/default.aspx
179
Refer http://www.superannuation.asn.au/recognition-policy/default.aspx
180
Available at http://www.superannuation.asn.au/CPD/default.aspx
80

Self-Managed Super Fund Professionals Association of Australia (SPAA)
Industry coverage
SPAA represents professional advisors who provide advice in the area of SMSFs. Its core focus is to raise
the standard of advice provided by all professionals to the SMSF industry, and it is committed to promoting
a high standard of education among SMSF professionals and assisting them to work within the regulatory
framework.
The association promotes itself as the leading professional association for all SMSF professionals within
Australia, including but not limited to accountants, auditors, financial planners, lawyers, risk providers,
actuaries, administrators and educators.
A significant number of SPAA members have accountancy backgrounds. Many members are also members
of other associations eg CPA, ICAA, NIA and other financial planning associations.
Membership requirements
SPAA has three membership levels, available to individuals only:
• Associate – requires a mentor
• General – requires an undergraduate or equivalent qualification and current practice in the SMSF
industry, together with RG146 compliance through completion of an ASIC-approved Tier 1 course on
superannuation
• Specialist –
a) SMSF Specialist Advisor (SSA)
b) SMSF Specialist Auditor (SSAud)
The SPAA membership base includes wholesale members (eg those working within large banks and dealer
groups who provide advice to other advisors) and retail members (who provide advice to SMSF trustees).,
Certification and industry designations
The Association offers members two specialist designations on completion of related programs – SMSF
Specialist Advisor (open to a range of SMSF professionals including financial planners, accountants,
lawyers and actuaries) and SMSF Specialist Auditor (for audit professionals with a higher requirement and
responsibility for skills and knowledge due to their statutory obligations). Eligible SPAA members may
choose to do one or both of the programs. Successful completion of the program(s) leads to the award of
the related specialist designation and recognition as a SPAA Specialist Member.
Nationally recognised VET training
SPAA is not an RTO and does not have a policy on preferring particular providers, other than in relation to
specific courses included on the SPAA Register after external review (see below). SPAA practice is to
promote higher education qualifications over VET qualifications for all participants than is currently required
or expected within the Financial Services sector.
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Other training
Specialist accreditation programs
The two SPAA Accreditation Programs – SMSF Specialist Advisor and SMSF Specialist Auditor - involve a
120 multiple-choice on-line examination, and a Professional History and Experience evaluation and a peer
review check.
CPD
SPAA members are required to undertake 120 hours CPD over 3 years, with a minimum of 20 CPD points
to be achieved in the first two years. A sample of members is subject to an external Quality Review
Program (QRP) each year – this entails inspection of CPD records, an online self-assessment of practice
processes and possibly a follow-up interview. Acceptable CPD includes all SPAA events, participation in
SPAA activities, SPAA accredited courses and programs, other professional conferences, seminars,
workshops, technical discussion groups and committee involvement as well as professional reading. CPD
points awarded per activity vary according to the type of activity, link with SPAA accreditation processes and
degree of emphasis on superannuation and SMSF compared with other related areas 181 .
SPAA assists in the identification of suitable courses through a Register of SPAA Accredited Activities which
is accessible to members only, along with an online system to record CPD electronically. The register
includes a wide range of related areas including investment, finance products, compliance, business
practice, superannuation, SMSF and financial planning. Currently there are about 62 courses on the register
ranging from short courses and activities through to full qualifications. A small number of courses on the
register are also on the ASIC Training Register. Items included on the SPAA register are subject to
independent quality review by an external organisation 182 against a set of industry-endorsed superannuation
standards 183 equivalent to undergraduate level leading to the award of points (ie hour equivalents).
Educational courses that are subject to external accreditation are awarded more points.
Several other financial planning sector associations include CPD on the SPAA register eg ASFA. SPAA
also has an MOU with the FPA to progressively include its CPD activities on the SPAA register, starting with
conferences. A number of VET/higher education providers and larger enterprises also submit courses for
inclusion on the register.
Further information
Further information is available on the SPAA website (www.spaa.asn.au).
include:
Key reference documents
• SPAA Specialist Advisor Program – SMSF Specialist Advisor 184
• SPAA CPD Policy 185 .
181
Refer SPAA CPD Policy
182
Name withheld at request of SPAA
183
These are deemed by SPAA to be equivalent to undergraduate level.
184
Available at http://spaa.asn.au/portal/content/view/140/171/
185
Available at http://spaa.asn.au/portal/content/view/143/174/
82

Australian Institute of Superannuation Trustees (AIST)
Industry coverage
The AIST is a professional body representing the not-for-profit superannuation sector (ie industry,
government and corporate funds). Many of its member superannuation funds offer financial planning
services (providing personal or general advice) and/or use third party financial planning advice.
Membership requirements
The AIST has two types of membership:
• Registered Fund Membership – for superannuation funds in the not-for-profit superannuation sector
• Individual Membership – for current or former trustee director or fund employee in the not-for-profit
superannuation sector.
Certification and industry designations
There are no specific certifications or designations offered by the AIST, although AIST is working on the
development of an accreditation system for practitioner members - for affiliates and associates.
Nationally recognised VET training
AIST is an RTO and runs a number of courses, including nationally recognised courses. These latter include
AIST RG146 for the Superannuation Industry 186 (providing a Statement of Attainment against the Diploma of
Financial Services (Financial Planning), and the Diploma of Financial Services (Superannuation) and
Advanced Diploma of Financial Services (Superannuation). The RG146 course is also included on the
ASIC Training Register.
The Diploma of Financial Services (Financial Planning) and Advanced Diploma of Financial Services
(Financial Planning) 187 are available to members through an arrangement with Kaplan under which it
provides the IP, maintenance, administration and assessment of the program while the AIST facilitates
delivery.
Other training
(a)
Structured training programs
Most of the AIST training is superannuation-specific. For example, the AIST delivers a specialised
competency-based training program for trustee directors and other superannuation professionals (Certificate
of Foundations in Trustee Governance Course) which is recognised by Victoria University as an elective unit
of the University’s MBA program. Other course certifications delivered to members include the Certificate of
Trustee Practice or Certificate of Superannuation Practice (awarded automatically following accrual of 30
186
Until recently, the AIST was running round 50 RG146 courses a year, but this has reduced a little more recently to around 30-40
courses a year. This course involves four days of facilitated tuition together with a substantial assignment and an examination.
187
Including Diploma ‘modules’ covering risk management, investment planning, and superannuation and retirement planning and
Advanced Diploma ‘modules’ covering taxation planning, estate planning, investment planning, and financial plan construction and
review.
83

hours attendance at AIST professional development events including successful completion of CPD courses
during the calendar year).
(b)
Professional Development Accreditation Program
The AIST conducts a number of professional development seminars and technical short courses and
seminars for superannuation fund staff, run by industry experts and economists. These focus on
superannuation topics but also cover some broader areas (eg superannuation induction; investment
principles; defining, managing and mainstreaming environmental, social and governance issues; RG146
refresher course; and communication and presentation skills workshop). The AIST also recognises a
number of specific or general-type CPD activities undertaken by other bodies or provided by members inhouse.
These are listed on the AIST website 188 .
AIST currently conducts the following Professional Development activities. AIST enrols people for all
professional development sessions and events, therefore keeping a register of attendance. No proof of
evidence is required for attendance at the following professional development sessions and events.
Professional Development
RG 146 for the Superannuation Industry
Units 1 - 4 of the Diploma of Financial Services (FP)
Units 5 - 8 of the Advanced Diploma of Financial Services (FP)
Core Investment Principles Workshop
Advanced Investment Principles Workshop
Presentation and Communication Skills Workshop
Trustee Induction Workshop
In-house Board Training
In-house Staff Training
Conference of Major Superannuation Funds (CMSF)
Australian Super Investment Conference
Workshops (eg. TPD & Death Benefits, PS 146 Refreshers, etc)
Professional Development Seminars
CPD Value
24 hrs
24 hrs per unit
24 hrs per unit
6 hrs
4 hrs
6 hrs
4 hrs
same as hrs of training
same as hrs of training
15 hrs (or part thereof)
10 hrs (or part thereof)
3 hrs per workshop
1 hr per seminar
188
Sourced from AIST website at www.aist.asn.au/learning/accreditation/program/continuous-professional-development-chart.aspx.
84

Professional Development Luncheons
Women in Super Luncheons
1 hr per lunch
1 hr per lunch
AIST also recognises the following Non-AIST Professional Development activities that AIST. This enables
members to add them to their CPD Register to maintain an accurate record of all professional development
undertaken. This is based on an honour system (ie. no proof of evidence is required), however, random
audits are conducted throughout the year to verify authenticity.
Professional Development
RG 146 for the Superannuation Industry (other providers)
Superannuation conferences provided by regulators, other industry associations or
other institutions
Reading Investment & Technology and other industry publications
Writing and publishing superannuation related articles in professional journals
Preparation and presentation at superannuation conferences as noted above
Successful completion of university, college or technical and further units that focus
on superannuation and/or investment issues.
Other industry seminars
Other industry luncheons
Web-based learning modules
CPD Value
12 hrs
4 hrs for 1 day conf
8 hrs for 2 day conf
6 hrs (per annum)
1 hr
1 hr
8 hrs
0.5 hrs
0.5 hrs
1 hr per module
The AIST also provides an AIST Accreditation Program as a service to members. This is an on-line
program that records members' commitment to on-going professional development by recording the number
of hours per year they spend attending accredited training programs and professional development events,
and their successful completion of courses.
Further information
Further information is available on the AIST website (www.aist.asn.au) concerning the Institute’s learning
and professional development activities and policies. Key reference documents include:
• Continuous professional development chart 189
• Learning and Professional Development booklet 190 .
189
Available at www.aist.asn.au/learning/accreditation-program/continuous-professional-development-chart.aspx.
190
Available from AIST.
85