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Discussion in 'Financial Planning' started by holman8a, 11th Sep, 2009.

  1. holman8a

    holman8a New Member

    Joined:
    11th Sep, 2009
    Posts:
    2
    Location:
    Adelaide, SA
    Hi guys, (didn't know where to post)

    I am about to finish a commerce degree at Adelaide University and am looking at using next year to get RG146 compliant. From what I have studied so far, I am only one subject short of being compliant in the generic knowledge and some specific knowledge areas.

    My degree does not offer full compliance, as it does not have a 'skills' component. Can anyone tell me what is meant by the skills component and what study can achieve this? Also, is the advanced diploma in financial services (financial planning) worth having?

    Cheers!
    Ryan
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Holman,

    There are further details Study Finance | ASIC RG 146* Tier 1 Compliance

    For your skills gap you can read Kaplan Professional | ASIC Compliance

    Depending on the subjects you have completed those subjects may give RG146 for those skills. According to ASIC:

    The Australian Qualifications Framework (AQF) training have different levels which are certificates, diplomas, degrees, grad cert, grad dip, masters and doctorate.

    If you've done something at a higher level, eg, degree or grad dip, why would you relearn the same information at a lower level?

    The Advanced Diploma in Financial Services (Financial Planning) is a lower level than a degree. It is meant to cover the minimum educational requirements to give financial advice. If you have RG146 in specific areas from a degree you wouldn't dumb it down to a diploma as you have already done those subjects at a higher level, you'll already have learnt the information. If your desperate to have the ADFS go to Kaplan and get recognition for prior learning (RPL) it'll be cheaper!

    Cheers,

    Dan
     
  3. holman8a

    holman8a New Member

    Joined:
    11th Sep, 2009
    Posts:
    2
    Location:
    Adelaide, SA
    Thanks a lot for the help Dan,

    The only subject I haven't completed is Portfolio Theory and Management III which I should be able to do in summer school.

    I wasn't really aware where a degree sat in terms of qualifications, but given I will soon have the degree would it be beneficial to do a masters or grad dip/cert?

    There seem to be quite a few options of further education, Kaplan seems to be the benchmark, but having looked at the register there seems to be a few other good ones, for example Masters in Commerce (Financial Planning) which can be done through distance learning from the University of West Sydney (at the not so low price of $18,000). Would you recommend any other institutions/courses in particular?

    Thanks again for all the help!
     
  4. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Holman,

    A Masters is an expensive way to become RG146 compliant and there are many cheaper options to achieve the same goal. Kaplan's Grad Dips or Grad Certs may be a cheaper way to achieve a similar goal. You can also find out more from RMIT about their B Bus (Fin Plan) and receive exemptions for subjects you have already completed. Probably speak to Kaplan first about the gap training as it may only cost a couple hundred to be compliant.

    Forum member BennyMarsh can enlighten us with more details about the M Com (Fin Plan) from UWS.

    Cheers,

    Dan