January 17, 2019
FASEA released the final version of its Education Pathways Policy, in which it has broadened the range of relevant degree subjects it will accept and extended the opportunities for advisers to access credits in recognition of prior learning.
In a statement from the Authority accompanying the release of the final version of its Education Pathways Policy, FASEA notes the amount of education an adviser will be required to undertake will depend on the amount of education they already have.
As in earlier drafts, FASEA says recognition of prior learning will be available for:
- An advanced diploma of financial planning (including the historical 8 course Diploma of Financial Planning)
- Completion of approved coursework to attain a designation
In this final version, however, the Authority has added a third avenue for recognition of prior learning, which is:
- Completion of relevant degree subjects
For this additional avenue, FASEA notes: “Advisers holding a non-relevant degree who have completed between 4 and 7 of the relevant degree knowledge areas will be awarded 2 credits as recognition of prior learning.”
Following industry feedback, the term ‘relevant degree’ has also been expanded to include financial planning and investments studies. FASEA states: “Financial planning (including financial advice areas of superannuation, retirement, insurance and estate planning) and investments (including investments such as shares, derivatives, foreign exchange and options) have been added as relevant degree subjects.
The following table details the recognition of prior learning and the consequent number of subjects that will be required of advisers for each of the different pathways defining existing advisers:
Advisers can click here to access the final version of the Financial Adviser Standards and Ethics Authority’s Education Pathways Policy.