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Bach. of Bus. in Financial Planning from "Open Universities Australia"

Discussion in 'Off Topic' started by Stonewall, 31st Aug, 2007.

  1. Stonewall

    Stonewall Member

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    Hi,
    I've a mate who is thinking about doing a Bachelor of Business in Financial Planning
    through Open Universities Australia.

    I've never heard of this institution- they seem to roll correspondence courses from legit universities into a degree (though each degree centers around a single university). Seems like a decent enough setup. There are no requirements to get into the course - but I expect anyone who is not up to scratch won't graduate - thereby keeping the quality of the end graduate.

    Anyone have an opinion on how well regarded this degree would be?
     
  2. islandgirl

    islandgirl Well-Known Member

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    I believe they are a joint venture arrangement though some of the major universites such as Griffith, Monash and Curtin. All the courses come from them and are funnelled through Open Universites. I think they should still be well regarded.
     
  3. DaveA

    DaveA Well-Known Member

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    If you dont know what it is, how will employers think about it???

    maybe your first step is look at the financial planners association and see if there is a post grad course you need to do to be "qualified" or industry recognised, something similar to a CPA or CA in an accountants field, if so will this degree give you entry to the course...
     
  4. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Mate, just tell him to do it through Kaplan (formerly known as Tribeca).

    Home

    Mark
     
  5. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Requirements to work as a planner are completion of the first four units of the Diploma. I've been hearing talk over the last couple of years that they are going to extend that to all eight units (Diploma and Advanced Diploma). To work as a paraplanner, they say you need to be at least PS146 compliant, which means nothing.

    True story: when I was studying I saw all over the place in ad's - must be PS146 compliant. Naturally, I'd heard of this, but didn't really know what it meant so I rang ASIC (lol). The response I got what that there are no formal guidelines for PS146 compliance, it's up to the employer to determine whether you comply or not. I'm not joking that's what I was told.

    Anyway, I thought maybe I'd gotten come greenie in the call room who'd only been there a few months and didn't really know, so I rang back a few weeks later - and got the same answer. I was floored.

    Mark
     
  6. Stonewall

    Stonewall Member

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    interesting - I've sent her a link to this thread.
     
  7. Meisie

    Meisie Member

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    If you get the degree through 'Open Universities Australia' it will not say this on the degree. It will be from the University itself. For example if the 'Bach of Business (Financial Planning) degree was completed it would say "RMIT University" not "Open Universities".

    Employers will have no way of knowing if you did the degree by distance or on campus unless you tell them.

    This degree (along with others on the open universities website) will be sufficent to get into the CFP program. It is exactly the same as doing the degree on campus.
     
  8. D-Train

    D-Train New Member

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    I did a Bachelor of Accounting via Open University (then called Open Learning). I ended up with a degree from the University of South Australia.

    Of all 24 subjects I did, the Financial Planning units were the most interesting, the most useful, and also the most enjoyable. The downside of it is, if you have a question about anything, you have no one to talk to as you don't get access to tutors. I've often wondered what going to a normal uni would be like, where you get to have tutorials to ask your questions.

    On the other hand, if you do your DFP through Kaplan, the courses are easy, and you only have to do 8 subjects. But as I understand it, you can't do your CFP unless you have a degree.
     
  9. Dr Lobster

    Dr Lobster Well-Known Member

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    After not receiving enough marks in the hsc to get into the uni course I wanted I commenced a bachelor of arts at macquarie. I got booted for not showing up.

    After a while I started a part time (nite) course at tech - diploma in accounting - 4 yrs

    After I finished I started a bachelor of business via open learning (correspondence) , after completing a bunch of subjects I then transferred to a bachelor of business at monash uni ( which was where the open learning course was run from). I completed this degree via correspondence and majored in accounting - 6 yrs.

    Then I completed my cpa via correspondence - 2.5 yrs

    During my studies I had various full time jobs in a number of accounting type roles.

    After over 12 years of part time study I no longer account.

    Go figure.

    I really liked correspondence, getting to classes was a non-event for me, I worked for companies that couldn't give a stuff if a bloke was trying to get somewhere, so if you had to work instead of get to class they didn't care, it was a case of just get the work done. Study leave was taken as annual leave in some instances.

    So correspondence gave me the flexibility to get the qualis I wanted at the time. Back when I did it open learning did not lead to a degree, it was chance to prove to that you could handle the work load via correspondence. They were heading in the direction of providing an entire degree via open learning at a uni however when I did it, it was early days and we were kinda guinea pigs. Once we did an examine in the bar at the wentworth dog track - no races or grog o course !!!

    I got my degree with honours after being told I was not worthy by a uni. My degree was obtained without contact with anyone from the uni except comments written on marked up assignments.

    I'm proud of my achievement, the establishment can get stuffed.

    Open learning provided me with that opportunity, it was great !!!
     
  10. Meisie

    Meisie Member

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  11. bonecrusher

    bonecrusher Member

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    Hi all

    I aslo have seen ads etc for this type of study from home.

    Not sure if this is the place to ask but do any of you know of a place or site where you can input say an occupation and then see what qualifications you need.

    eg
    Lawyer
    Mortgage Broker
    accountant
    Financial planner
    Truck driver

    Some of course are obvious and easier to figure out.

    Failing this what would be the best way to find out if one is considering a career change.

    Cheers
    BC
     
  12. Meisie

    Meisie Member

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    Job Guide 2007

    Try this website. Seach for the job you want and if you then click on "State/Territory Specific Information" down the bottom it will tell you what you need to do to work in this role and also where you can go to do the courses.

    Hope this helps! :)
     
  13. bonecrusher

    bonecrusher Member

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    Thankyou very much Meisie.

    Cheers
    BC
     
  14. Meisie

    Meisie Member

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    No problem

    Hopefully it has what you are after.

    What kind of career change are you looking at?
     
  15. Norak Bastiat

    Norak Bastiat Well-Known Member

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    If they let anyone in, it's not a good signal to employers that the graduate is skilled.
     
  16. AsxBroker

    AsxBroker Well-Known Member

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    B BUS (FP)

    Hi Stonewall,

    I am currently doing this course.
    As some have said, OUA is a group of university's offering courses via distance learning.

    Each subject can be done through different universities but all come together to form the degree.

    OUA is aimed at mature age students, which from last time I read the rules was anyone that left highschool more than 3 years ago (Basically anyone over age 21).

    I think our friend Norak is missing the point of a degree, a degree is a further qualification after highschool, who cares if you've don't have any previous qualifications? The idea is that you do a degree and complete. When your out the otherside you've got a degree.

    If your friend wants to do financial planning I would strongly suggest that they complete the intro to fp, insurance, super and investments as four subjects. These are the equivalent of PS146 which is misquoted by recruiters, the good people at ASIC have for the second time renamed the Policy Statements to Regulatory Guides (originally they were Interim Policy Statements). Anyway, these four subjects are on the ASIC training register (http://www.asic.gov.au/etraining/etrain.nsf/ByProviderC?OpenView&Start=1&Count=999&Expand=4.18#4.18) It also is slightly higher being degree courses vs diploma subjects as the Dip FS (FP) is open book vs degree being closed book exams.

    I agree with Doctor Lobster, the establishment can go jump...

    If your friend is looking for the simple solution I do agree with Mark that Tribeca/Kaplan is the most straightforward. Your friend would want to do the Dip FS (FP), the course which D-Train refers to (DFP) is no longer offered as it did not fall with in the Australian Qualifications Framework and the FPA basically sold the rights to Tribeca/Kaplan.

    Though some recruitment companies are a bit funny if you don't have a degree though there will always be someone who'll give your friend a chance.

    If your friend wants to do CFP, tell them to take one step at a time. I'm currently completing the CFPC which is the final assignment and exams and they are very tough.

    Cheers,

    Dan
     
  17. Meisie

    Meisie Member

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    It is just the same as uni, if you fail you will not get the qualification. Yes they let just about anyone in - but so does TAFE and most Arts degrees!

    No one is going to keep paying $695 per unit if they keep failing. If you fail you have to pay again. I think this will quickly get rid of the people that are not serious.

    You have to do a placement that generally goes for a year and all the exams are supervised paper exams.

    So by the end of it you will have a degree and one years work experience.


    As I said in my previous post, the employer will not know how you got the qualification unless you tell them. Self study takes a lot of commitment as most people do it whilst working. I think employers will look upon it favourably.

    Hehe maybe im a bit biased... I'm thinking of doing it next year after the Diploma. I think its great for people like me in the industry who dont want to study full time.
     
  18. Stonewall

    Stonewall Member

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    Thanks all

    Hm very interesting perspective Meise. Ive found all your posts entertaining and at the same time informative - thank you for your replies
     
  19. Norak Bastiat

    Norak Bastiat Well-Known Member

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    I think there are two hypotheses on this: (1) education increases productivity and so what matters is what you learn, and (2) education is a signal to employers of high type so the education needs to be selective so graduates can signal to employers. The latter is called the Spence model. It's probably not a case of one is right while the other is wrong. I think both are probably right.

    I'm cherry-picking here but Arts at Melbourne Uni requires an ENTER of 95. Of course just because you're around smart kids doesn't mean you're in a good degree.