The NC wealth management qualification at level 4 and 5 which allowed a huger range of specialisations, will be available to new learners until June 2019 and after this will be replaced by the new range of QCTO qualifications. The existing Wealth Management qualification contained a range of unit standards at levels 4 to 6 which allowed specialisations in Long-term insurance, investments, health, risk and general financial advice due in excess of 500 credits available to make up these specialised qualifications of 120 credits each.
INSETA and the QCTO facilitated a process to develop new qualifications from these outcomes based unit standards into a range of new qualifications (or awards) that will be quality assured by QCTO(Quality Council for Trades and Industries)
Ray Strodl from RSC was part of the team of training providers, industry representatives and professional bodies who developed the new qualifications by repurposing the outcomes of the old qualifications and creating this range of new qualifications or awards as they are called in the QCTO process.
These new programs will provide training in the folloing specialised areas:
- Underwriting – level 4
- Long term insurance – level 4 and 5
- Short term Insurance – level 4 and 5
- Investments level 5 and 6
- Health level 5
- Financial Advice – level 6
- Compliance – level 6
These awards will be at a range of levels from level 4 for new entrantswith level 5 and level 6 for more experienced learners, with level 7 programs being planned for future impementation.
This will also provide a clear learning path for learners and a gate way to NQF 8 post graduate qualificiotns in financial planning and professional membership of the Financial Planning Institute as a CFP or Certified Financial Planner.
RSC is develping new material for these programs which will include a broader rande of blended learning tools and methods to help learners becoome competent and willl be piloting these new methods during the train out period of the old qualificaiotns providing these new developments to the learners as an added benefit to the current training programs.
This means that the current blended learning programs run by RSC which use RPL, self study, research, case studies, knowledge tests, practical assignments and work place assignments to ensure competence will be making more use of electronic and online support for these programs which will include over time:
- Online pre assessment
- Video lectures with automated slides of knolwedge material and pratical application of this knowledge
- Reading material online in ebook format
- Online links to important resources and documents
- Online tests and assignments
- Online support for practical and work placed assignments
- Submission of assignments in electronic format
- Audio books of all reading material
- Practice exams to prepare for regulatory exams and external summative assessments
- Online computer based class of business trainng as introduction to the program material and industry
These changes and improvements will be implemented during the teach out period of the existing qualificaiotns and new and existing learners will be provided these additional resources as they become available during the next year. In June 2019 when the new qualifications replace rhe existing program thiese new systems will be bedded down and implemented.