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Regarding Tier 1 Compliance

Discussion in 'Financial Planning Study Group' started by L'homme, 27th Aug, 2009.

  1. L'homme

    L'homme Active Member

    Joined:
    27th Aug, 2009
    Posts:
    27
    Location:
    Mel
    Dear all:

    I am a recent Commerce graduate and am in the process of securing an entry-level position at a stock broking firm.

    The biggest hurdle for me is that the boss only wants people RG146 compliant so that we can start working immediately, although the HR relieved us by saying as long as we have the intention of obtaining the qualification, she will be happy to interview.

    I've done some research on available courses and have come to know RG146 as the prerequisite for anyone wanting to work in the industry.

    For now, Tier 1 compliance is enough to get me started. I've seen many on the forum talking about the DFS, which I assume is the fuller package,no?

    My question is: How long does it take to become tier 1 compliant? provided I can commit myself to studying FT and working hard on it. I am looking for the quickest way to acquire RG146 so really I don't care much about what I learn. I also had a look at the course contents, which find strikingly similar to what I leanred at Uni. So hopefully it will be a breeze.

    My second question is: Which institution? the boss handed me the Kaplan brochure, so I guess I can't go wrong with them. The thing is, I was told it takes normally 30 hours for completing the Part A and B, another 15 for Part C-advisor skills. If I wanna speed things up, would it be better to enroll in workshops? I am aware that Kaplan doesn't do workshop and I am only asking not because I want extra help in studying, but perhaps it's more intensive thus shortening the length of time required? If it makes no difference over time, I will most likely go for distance training.

    And finally, a little a bit of my background.Finance degree, derivative trading experience, I consider myself in tune with the market and regulatory participated in stock discussion at uni club events. well-versed in stock valuation modeling and good knowledge in a variety of financial instruments.
    will these help speed things up?

    Thanks for listening!
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi L'homme,

    Welcome to the industry.

    Have you already checked http://www.asic.gov.au/eTraining/eTrain.nsf ?
    Are any of the subjects you did listed on ASIC as RG146.

    Regulatory Guide 146 is the "Licensing : Training of financial product advisers" http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg146v1.pdf/$file/rg146v1.pdf

    Previously also known as Policy Statement 146 and prior to that Interim Policy Statement 146. Chances are that the name will be changed again in the future...

    The Diploma in Financial Services is usually four subjects, one would assume as you are going into stockbroking you may want to complete the Financial Markets pathway? Alot of talk in these forums are around the Financial Planning pathway which includes things like personal insurances and superannuation. The Financial Markets pathway includes Industry, Economics, Investments and either Derivatives or Analysing Financial Statements which as you previously said you've probably covered in your degree.

    If you are serious about stockbroking only do Kaplan as they bought FinSIA's course and being serious about your career you'll also join FinSIA. FINSIA | Membership categories

    Also be good to the backoffice staff...

    Cheers,

    Dan
     
  3. L'homme

    L'homme Active Member

    Joined:
    27th Aug, 2009
    Posts:
    27
    Location:
    Mel
    Hi, Dan, thank you so much for replying!


    I checked the ASIC website, a quick search returned mostly post-grad subjects from melb uni, I only hold a bachelor degree so no exemption for me:(

    I was wondering can I expect to complete tier 1 within 2 weeks? Seeing how there's significant overlap with my uni subjects and only made up of three components( ie. generic knowledge, specialist knowledge and advisor skills)
    Kaplan Professional | Tier1

    Lol on that back staff bit.
     
  4. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi L'Homme,

    With your prior knowledge you may be able to complete the course material quite quickly.

    Baffles me why Melb Uni isn't completely RG146 as RMIT is...

    Good luck with it all and let us know how it goes.

    Cheers,

    Dan
     
  5. L'homme

    L'homme Active Member

    Joined:
    27th Aug, 2009
    Posts:
    27
    Location:
    Mel
    Hi Dan:

    Just what I needed to hear, thanks!

    I am not surprised not finding my Melb Uni on the list. It's always like that, the elitist image crap, I wish it could just get off its high hose and be more like RMIT(ie. more practical for students).