AMP has announced the launch of a new competition aimed at university students who want to find out first-hand what it’s like to be a financial planner.
AMP’s University Challenge aims to enhance financial planning professional standards by increasing awareness of the profession among university students.
According to AMP, an estimated 200,000 students undertake related university programs, but less than 300 graduates enter into a financial planning career immediately after graduating.
Only 18 of our country’s 38 universities offer approved financial planning-related programs
Tim Steele, Director of the AMP Horizons Academy, said the competition had the potential to attract a greater number of tertiary-educated individuals to the profession.
“The AMP University Challenge brings together financial planning professional bodies, leaders in the field and a potential new generation of planners. It provides a unique opportunity for students to find out what it’s really like to provide financial advice and appreciate the positive impact it can have on people’s lives,” Mr Steele said.
The competition, which AMP says is an Australian-first, is supported by the Financial Planning Association (FPA) and Financial Planning Academics Forum, a recently formed group of academics working towards furthering universities participation in the financial planning profession.
FPA Chief Professional Officer, Dr Deen Sanders, said the Challenge has full FPA support.
“We’re really excited about this competition. As well as engaging bright young minds in the complex challenge of financial planning, it works towards some of the FPA’s broader objectives in terms of enhancing the professionalism of financial planning through University aligned CFP education that raises the education bar.
“Only 18 of our country’s 38 universities offer approved financial planning-related programs but we’ve seen growing interest in the profession as a topic in other study streams, such as Economics, Finance and Accounting,” Dr Sanders said.
Based on a similar competition run in the USA, the Challenge requires participants to prepare a short scoped advice discussion paper in response to a hypothetical client case study. Students can enter as individuals or in groups of up to three participants.
AMP says the top five teams will be invited to attend a finals event in Sydney, which will include a technical quiz and live client role-play presentation.
The winning team will receive a $5,000 AMP bank account, along with:
- A $10,000 grant for the winning team’s university to put towards financial planning programs
- Free student attendance to the 2011 FPA National Conference for each team member
- Free FPA student membership status for one year for each team member
- Registration to attend the 2012 AMP Planner Conference for each team member
- A $1,000 education voucher from the Financial Review Professional Education for each team member
Second and third prizes are $2,500 and $1,000 AMP Bank accounts for the team along with free FPA student membership for a year.
The competition opens on 25 July, with submissions due by 9 September 2011.
