Training in the Finance Sector - Innovation & Business Skills Australia

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