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GradDip in FP vs Masters in FP

Discussion in 'Financial Planning' started by andrewmkchan, 14th Mar, 2012.

  1. andrewmkchan

    andrewmkchan New Member

    Joined:
    14th Mar, 2012
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    Location:
    Sydney, NSW
    Hi, I'm new to this forum and looking to start my career in financial planning.

    I have taken a look at the forums, information packs and had a chat with some practicing financial planners and believe that financial planning may be the profession for me.

    However, I am having a difficult time deciding where to start.

    I have a B Science (Psychology) degree and looking to do postgraduate study to get into the field in contrast to undergraduate (diploma, another bachelors)

    My two options, as I see them, are:

    1. Grad diploma in financial planning from Kaplan - 1 yr part time
    2. Master's degree in Commerce (Financial Planning) from UWS - 2 yr part time

    My questions for investEd:
    a) Which course will be more attractive to employers looking for someone with no financial planning experience?

    b) Will there be a chance I will be overqualified if I have a Master's degree with zero experience?

    c) If I was to complete the GradDip in 1 year and immediately start working as a junior paraplanner/financial planner - would this be a better path to take than spending 2 years studying the Masters?

    d) Focusing on the institutions - How reputable is a diploma from Kaplan? How reputable is a masters of commerce (financial planning) from UWS?

    Any and all advice will be welcome.
     
  2. Terryw

    Terryw Well-Known Member

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    You may be able to get advance standing or credit for the grad dip subjects if you later decide to do the masters.

    Does UWS have a grad dip which you could upgrade to a masters?
     
  3. andrewmkchan

    andrewmkchan New Member

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    Location:
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    Uws has the grad cert which is not rg146 compliant.
    I do understand that graddip gets advanced standing.

    Another thing to consider is that the masters at uws is only 4k$ more than the kaplan graddip for a higher level qualification - making the uws better value. Not the most important thing but is quite interesting.
     
  4. Terryw

    Terryw Well-Known Member

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    I am intending to do a masters in law/taxation at UNSW/ATAX next year. It is mainly about taxation, but there are a few financial planning subjects there too. Have you looked into this course?

    Not sure if it is RG146 compliant though.
     
  5. andrewmkchan

    andrewmkchan New Member

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    Location:
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    Thanks terry, i took a look at it and it doesnt meet the rg146 requirement unfortunately. I guess its because he focus is taxation and not financial planning.
     
  6. Lloyd Harris

    Lloyd Harris Member

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    Gold Coast, Qld
    Experience

    Hi mate,

    I would suggest that you should just start at the beginning, by getting compliant with the RG146 through something like a diploma of financial planning.

    Your learning will make much much more sense if you can apply it while in the industry on the job. You just need to get a foot in the door even if it is in an admin or paraplanning role - that's what I did.

    I have done the postgrad quals such as Grad Dip Fin Planning and a Masters Degree in finance, and I think that your life will be a misery if you don't already have industry experience. Further to this, you won't take as much from the learning unless you can apply it as you go.

    Best of luck!