The Financial Planning Association (FPA) has announced that more than 500 students are now studying undergraduate degrees aligned with the FPA’s Certified Financial Planner (CFP) program across 17 Australian universities.

FPA chief executive Mark Rantall attributed the numbers to the success of Financial Planning Education Council (FPEC), which was formed in April 2010, as a joint initiative with Australia’s university community.

The FPEC has produced the first model Financial Planning curriculum framework that in the next few weeks will be sent for consultation to every Australian University.

Last year, the FPA announced its new education strategy, which will see all new members required to have an approved degree (or higher) before acceptance as an Associate Financial Planner from July 1, 2013.

Rantall says higher education standards are a critical step in “raising the bar” for the entire financial planning industry, reflecting the theme of the 2011 FPA Annual National Conference.

“In honour of the importance the FPA has accorded to lifting educational standards, we have dedicated a session chaired by Dr [Deen] Sanders at the FPA National Conference to present highlights of the exciting research that has been done in that field,” he said.

“I applaud the co-operation between the FPA and Australian universities as a major advance in the march towards ensuring a strong future for professional financial planning.

“I would urge FPA members and our Professional Partners to continue to support the Financial Planning Education Council, which relies on funding from the industry, in its efforts to raise educational standards and nurture well-educated financial planners in the next generation.”