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DFP/DFS vs Masters

Discussion in 'Financial Planning' started by Tee, 29th May, 2011.

  1. Tee

    Tee Member

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    27th May, 2011
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    Hi all,

    I'm wanting to get into Financial Planning and am a bit confused about what qualification I should undertake.

    I already have a degree in business (accounting major). I was just going to do the DFS via Kaplan but have since found some Planner profiles that say they have a Masters in Financial Planning.

    Can anyone help me with the differences (there doesn't seem to be much difference in subjects?) and is there a more appropriate one to take in regards to industry recognition? The DFS is much cheaper so I'm not sure of the incentive of doing a Masters?

    Thanks :)
     
  2. Lloyd Harris

    Lloyd Harris Member

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    Location:
    Gold Coast, Qld
    Hi Tee,

    Glad to hear you are interested in getting into financial planning. It's an industry that needs good people.

    My suggestion would be to do the entry level course (DFP 1-4) to enable you to work and understand whether you like it. I have almost completed the Master's myself, and would suggest that it would be extremely hard for someone who does not have industry experience - no disrespect intended.

    That being said, I have taken great value from the postgraduate study and forums like this in developing my knowledge base, and so I would absolutely suggest you keep up the study once working in the industry!

    Best of luck.

    Cheers, Lloyd
     
  3. Tee

    Tee Member

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    Hi Lloyd,

    oh ok, I see now! I thought it may have just been an alternative pathway into the industry. Will do the DFP and go from there :)

    Thanks for your help!

    Tina
     
  4. AsxBroker

    AsxBroker Well-Known Member

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    Hi Tee,

    The main difference is the level, a Diploma is below your Bachelor in Business and that a Masters is above Bachelors.

    The table AQF > About the AQF > AQF Qualifications at the bottom of the page shows us that a Diploma is the lowest award in Higher education and that a Masters is the second highest (below a Doctorate).

    Also awards ABOVE degrees will usually receive exemptions for the Certified Financial PlannerĀ®.

    Cheers,

    Dan
     
  5. Tee

    Tee Member

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    Thanks for your reply Dan :) Yeah I'm aware of where they sit in terms of qualifications but I was more wondering if they were the same pathway into FP.

    Thanks for the note on exemptions, I wasn't aware of that :)
     
  6. AsxBroker

    AsxBroker Well-Known Member

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    Hi Tee,

    You can find RG146 courses here http://www.asic.gov.au/eTraining/eTrain.nsf

    Regulatory Guide 146 sets out licensing training of financial product advisers http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg146.pdf/$file/rg146.pdf

    As long as the course is on the RG146 register you can use that course to become an FP. Naturally, the higher the award (diploma, advanced diploma, bachelors, graduate diploma, masters) the better it looks.

    Good luck!
     
  7. Tee

    Tee Member

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    Thanks so much for the link and info Dan :) Helps a lot!