A continuing trend of increased Kaplan Professional Master of Financial Planning enrolments has escalated further in the first study period of 2017, pointing to an uptake of advisers who see postgraduate education as a key component to their future success. Enrolments into the flagship qualification have increased by 20% compared to the first study period of 2016.

Additionally, enrolments have increased by 25% since the education bill was introduced into parliament in November last year.

Kaplan Professional CEO Brian Knight said he was delighted advisers were taking the longer-term perspective and utilising the time they have to achieve as high a standard as possible, and not just waiting to be told what the minimum standards will be. “We have already had record enrolments since the announcement … we have also had many more come to us saying ‘what do I need to do to be the best I can be?’ “I am impressed with the commitment from advisers; it is obvious they are taking this very seriously and have pride in the development of their profession.

“Much like other highly-regarded professions, advisers are treating higher education and professional development as crucial pillars in enhancing performance and competitiveness,” he said.

Knight said it was critical advisers were encouraged to pursue progression and go beyond the bare minimum.

“It should not just be seen as a ‘minimum standard’ advisers need to ‘tick off’ … it goes beyond that.

“A pure financial planning masters degree is a framework to learn, question and implement to significantly expand one’s knowledge as a thinker and strategist.

“Our final capstone project is designed to allow advisers to bring together all the knowledge and skills accumulated during their studies and work experience, and apply it in a practical way which is relevant to them personally or their practice,” he said.

Kaplan Professional Head of Faculty Jennifer Hornsey said the research undertaken in the capstone project would contribute directly to the industry.

“It gives both practical and academic rigour, and a depth of knowledge to the sector like the extensive body of knowledge available in other well-established fields of finance.

“Hopefully it also encourages advisers to continue on the research path because it is extremely important to extend the sector’s collective knowledge in a practical sense … this will contribute to the broader community acknowledging financial planning as a profession.

“Interesting research topics have included financial planning for families with a disabled child; financial literacy and debt management; the value of networking in financial planning; underinsurance in Australia; financial advice and generation X; and the cognitive biases of professional athletes in financial decision-making,” she said. Knight urged advisers to have confidence in their knowledge and ability amidst the new standards.

“We believe advisers who undertake a postgraduate qualification should not be unduly concerned with the standards; they will be as prepared as they can to meet them regardless of what they are – they will be degree-qualified and well-equipped to undertake an industry exam regardless of its format.

“Those that are on, or start their education journey now, are the advisers of the future … the leaders and professionals who will be recognised by the industry, the government, but more importantly, their clients and the broader community,” he said.

 

SOURCE: Kaplan Professional.

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