These days, continuing education is vital for those operating in the finance industry. With FSRA requiring minimum education standards for those providing financial advice, continuing education has become an integral part of life for most finance professionals. Here we look at some of the education options available.

Minimum education requirements
For advisers providing financial advice to retail clients, including the recommendation of most financial products, FSRA requires a suitable level of education before this advice can be given. The minimum education requirements for providing financial advice include appropriate training in order for the adviser to be able to competently provide that advice. Relevant training courses are available in a number of formats including computer based courses, face to face assessment, offsite training, and on the job training. Advisers can find the full range of approved courses on the Training Register available on the ASIC website at www.asic.gov.au. These courses must be completed through an approved assessor. The ASIC Training Register provides a list of approved training courses for advisers to become accredited in order to provide financial and product advice to retail clients in:

• Financial planning
• Deposit products
• Derivatives
• Foreign exchange
• General insurance
• Insurance broking
• Life insurance
• Managed investments
• Securities
• Self managed super
• Superannuation.

While ASIC sets the minimum educational requirements, membership of a professional body such as the Financial Planning Association of Australia (FPA) may impose their own stringent minimum educational standards.

Financial qualifications
While there are minimum educational standards that are required in order to provide financial advice to retail clients, or for membership of a professional body, there is no reason why advisers must only do the minimum training required. There are a range of higher qualifications that are available through universities that will enhance the adviser’s reputation. Here are a few options.

Diploma of Financial Planning – Australian and New Zealand Institute of Finance
For financial planners, or those who wish to enter the financial planning industry, this course develops skills and knowledge to provide a range of standard financial planning services and specialist paraplanning services. The course leads to compliance with ASIC PS 146 (Tier 1).

Master of Financial Planning – RMIT University
This course is available as a three year part time course or 1.5 year full time course. It is available as a distance education course. Upon successful completion of eleven
courses (seven RMIT courses and four CFP courses offered through the Financial
Planning Association - FPA), graduates of the Masters program will meet the
educational requirements for the CFP designation. A CFP (Certified Financial Planner) is the highest designation financial planners can attain.

For mortgage brokers
Mortgage brokers are different from most other financial advisers in Australia as there are currently no national minimum educational requirements. However most lending institutions will require mortgage brokers to have successfully completed the Mortgage Industry Association of Australia (MIAA) Initial Compliance Pack or the three modules individually consisting of the:

• MIAA Uniform Consumer Credit Code (UCCC) modules
• the MIAA Privacy Module, and
• the MIAA Compliance Essentials Module.

Continuing education for finance professionals is vital, and there are now many options available. Courses are avaialble through most universities and there are now a wide range of privately run courses available. Before starting a course, ensure it is an accredited course by ASIC.

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