Griffith University is claiming a nationwide first with its new financial planning-program accreditation under rigorous new industry guidelines. The Griffith Business School’s Department of Accounting, Finance and Economics was the first in the country to secure accreditation for its financial planning program.
The framework, launched by the Financial Planning Education Council (FPEC) late last year, defines the financial planning curriculum for degree qualifications, establishing uniform standards for content, modes of delivery and assessment regimes across university programs.
“For students completion of an accredited degree program is effectively a pathway to professional membership with the peak body (Financial Planning Association of Australia),” said associate professor Mark Brimble.
“There is now unprecedented, across-the-board clarity about the graduate outcomes expected for financial planners. The broader mandate is about professionalising the industry. The FPA now has an enforceable code of conduct, and an approved degree will be required for membership from July 1, 2013.”
Professional, quality service
Brimble believes the new framework, along with a renewed relationship between academics and the industry, will nurture a professional environment.
“There has been a notable swing towards quality service and professional service in this industry,” he said.
“With financial literacy now being pushed in schools, a greater awareness of what financial planning is about can be anticipated in the community. People will more aware about when it is a good idea to seek professional help and when to do it themselves.
“Professional associations are critical to future careers. Simultaneously, quality of graduate is vital to the trustworthiness and ongoing strength of the associated industry. Griffith has taken the lead in this.”
Leading the way – with options
Christine Smith, head of Griffith Business School’s Department of Accounting, Finance and Economics, said the university had “runs on the board” in this area.
“The industry has now taken action to address a problem and again Griffith is leading the way as the first university accredited under the new guidelines,” she said.
The Bachelor of Commerce (Financial Planning) is offered on three campuses and in three modes: a traditional mode involving two semesters of study a year over three years full time or six years part-time; an accelerated mode involving three trimesters of study a year over two years full time or four years’ part-time studies; and a professional mode incorporating three full-time trimesters followed by six part-time trimesters while employed part-time in a two-year paid internship with industry.
