Firstly, what new skill(s) could be added to existing jobs to fulfil a need. Secondly, is there an opportunity to combine skills and functions from different jobs or industries to create new specialisations. Thirdly, what new employment opportunities will develop to solve future problems. Some future jobs they identified included “Alternative Currency Banker”, “Financial Technologist” and “Seed Capitalist”.
According to the article 20 percent of all online currency trades are already being done online, hence the need for Alternative Currency Bankers. Seed Capitalists, professionals who focus on high-risk early-stage start-ups have for some time been operating but this kind of activity is expected to grow in the digital age. The demand for Financial Technologists who develop new strategies such as selling and advising on micro investments can also be expected to grow.
Over the shorter term employment trends in Australia’s financial services are being driven by changing demographics. In the 1990s and 2000s Financial Planning came to the fore. More recently we have seen growth in employment relating to the area of providing advice in establishing and running Self Managed Superannuation Funds.
The current trend is growth in Estate Planning and Trustee Services which is being driven by the largest demographic group, the baby boomers. In the short to medium term we could expect future employment growth in advising on aged care issues with people becoming increasing concerned regarding their capacity to have an adequate level of care and assistance in their twilight years.
The other driving force in financial services employment is of course prompted by regulatory change. Driven by the well publicised scandals and recent Senate inquiry and the introduction of higher educational levels and training many older planners and advisors will no doubt consider leaving the profession.
This should create opportunities for younger people to enter the profession. Technology is having and will continue to have an impact on the financial planning function taking a lot of the process work out of the hands of advisors. Balanced against this is the changing cultural mix in Australia which will require advisors to develop new skills or order to better relate to clients and meet their needs.
The aim of the committee was to examine educational standards and increase transparency to help protect consumers. Amongst the report’s recommendations was the creation of a national register national register of all AFS licensees’ qualifications, training and professional memberships.
The register has not been without some controversy with some noting that the requirement to list only the last five years work history is insufficient to determine the good character of advisors.
In addition the PJC report recommended the establishment of an independent Financial Professionals' Education Council (FPEC) to set standards for education and continued competency of financial advisers. The PJC report also recommended that advisors obtain a relevant degree qualification by 1 January 2019, undertake an assessment of competence, pass a registration exam and undertake ongoing mandatory professional development. Financial advisers would also need to be members of a professional association and comply with a code of ethics and professional standards.
Some organisations are moving to meet the recommended educational standards already, for example, NAB is requiring its planners to have a university degree and hold CFP accreditation by 2017. AMP has gone further than the minimum degree requirements mandating that all of their advisors complete an accredited Masters level qualification.
Against this background there is a clear push for most advisors to upgrade their academic qualifications as soon as possible if they intend to continue in the profession. The CSU Master of Applied Finance has been updated with these developments in mind. The Masters of Applied Finance is accredited with the Financial Planning Association. The course is delivered online with the latest learning material prepared by leading industry professionals. Regular real-time online meetings enable you to interact with peers and lecturers. Those completing the CSU Master of Applied Finance with studies in Financial Planning are approved for exemptions for CFP 2, 3 and 4 with the FPA.
Did you know?
From the first of July 2015 the FPA will recognise 20 CPD points for each successfully completed subject in the accredited suite of subjects in the Master of Applied Finance. The subjects include Financial Planning (FIN560), Risk Management and Insurance (FIN562), Estate Planning (FIN563) and Superannuation and Retirement Planning (FIN564). This means those undertaking the Masters of Applied Finance can not only gain exemptions for CFP 2, 3 and4 but at the same time obtain CPD points. To claim CPD points FPA members will have to log their completed subjects into their CPD records.
Presented by one of Australia’s leading professionals in the area of Estates Practice– Michael Perkins, the course is presented in four online modules over four weeks. Learning material is supported by online meetings and forums. There is no cost to enrol, however due to demand, all participants must register. The course will commence on September 9.
For further details and to enrol in Foundation Engagement Skills in Estate Planning, visit the website.
The Foundation Engagement Skills in Estate Planning MOOC is the first of two MOOCs with the second, an Introduction to Self Managed Superannuation Funds, to be held later in 2015. Those who successfully complete the assessments in both MOOCs can apply for credit in the CSU Master of Applied Finance course.
All subjects in CSUs post graduate finance offerings are taught on CSU’s interact2 online education platform and have been developed by a team of leading finance industry professionals and academics. Online learning material includes lectures, videos, case studies and current readings. Students can interact with lecturers and their peers via chat rooms and real time online meetings. Learning material is current and designed to meet professional accreditation requirements.
All of CSUs finance courses have been carefully designed with the needs of professionals in mind. As Professor of Finance at CSU Adam Steen notes “Few people, particularly those in full time employment, have the luxury of being able to attend regular on-campus weekly classes. Our online learning platform enables student to take control of their learning, professional qualifications and careers. Each subject has been designed to engage students with their learning using a variety of learning media – education for learning and not merely for compliance.”
CSU would also like to announce a new Estate Planning specialisation in the Master of Applied Finance. With the largest demographic group in Australia fast entering the retirement phase the growth in demand for Estate Planners and their services is taking off. With this in mind the specialisation has been designed to complement the existing specialisations in the Masters of Applied Finance in Banking and Financial Planning. CSU is the only Australian University to offer a post-graduate specialisation in Estate Planning.
The Master of Applied Finance (Estate Planning specialisation) is accredited with The Society of Trust and Estate Practitioners (STEP). STEP is the worldwide professional association representing Estate Practitioners and Trustees and the largest global body representing practitioners dealing with family inheritance and succession planning. STEP currently has over 20,000 members across 95 countries including Australia.
The new developments in Finance education at CSU have in part been driven by the changing nature of the industry and its regulation. Last December the Parliamentary Joint Committee (PJC) on Corporations and Financial Services released its report into professional standards and education. The report recommended all financial advisors will need to comply with minimum degree qualification by 1 January 2019.
Those considering a career in financial services or those already in the finance industry wanting to update their qualifications should consult the CSU finance courses site or give our admissions office a call on 1300 135 435
16th October 2015
Last chance to enrol in the Masters of Applied Finance to commence studies in session three for 2015 note that classes commence on the 16th of November 2015
CSU prides itself on preparing its students for the world beyond university. One way we help students on that journey is through the Charles Sturt University Foundation Trust. The Fund aids and promotes excellence in the education, research and service activities of Charles Sturt University by seeking, receiving and administering private sponsorship for the benefit of the University.
This support helps Charles Sturt University place a priority on areas of regional and professional importance as well as provide valuable assistance in the way of scholarships to students. With your help, we can continue to ensure all students with the desire to study at university have the same opportunity to achieve their goals.
Contact us today to find out how you can make a real difference.