The road to become a financial planning professional
RSC has been training financial advisers to develop the knowledge and skills required to become an informed and qualified adviser who is “fit and proper” in terms of FAIS for many years and learners often ask me, when they complete the NC Wealth Management SAQA ID 57608 with us, “what next? Or “What do I do now I have this qualification?”
Well it depends on the learners goals and aspirations, if they are only in a job giving advice as a stepping stone to management then future study should include management programs and business degrees, but, if they want to become a technical specialist financial planning professional, the path is very different. Becoming a financial planning professional is the focus of this article and I have looked at the programs available. If you want to follow the management route, I will cover this a later stage.
NC: Wealth Management SAQA ID 57608 NQF 5
At RSC we have always considered the NC Wealth Management to be the first “step” in the journey to becoming a financial services professional and as such we have always followed a syllabus for this qualification that ensured a general practitioner of broad range of financial advice, providing abroad range of skills and knowledge in compliance, regulations, the environment, risk, retirement, tax, savings and investments, although this qualification does allow for specialisation in:
- Investment planning and CIS
- Retirement Planning
- Estate Planning
- Business Insurance
- Employee Benefits
- Health
- Risk and Short term
- Practice management and marketing
So if you have completed the generic financial advice program through us you could look at attending skills programs in the above specialisations to gain specialist skills and knowledge you may need while adding credits to your existing qualification and meeting the requirements for CPD or continuing professional development in terms of FAIS or your professional or membership body.
Universities and Colleges
Many would rather put their energies into studying towards a further or higher level qualification that would also provide useful knowledge and skills while maintaining or improving their fit and proper status.
They would also want a pathway that will eventually lead to becoming a CFP or Certified Financial Planner with the FPI which is at a NQF level 8 and you would usually need to achieve a level 7 qualification to gain entrance to the post graduate diploma from a number of institutions which include:
- University of Free State
- Milpark Business School
- University of Johannesburg
- University of Stellenbosch
- Nelson Mandela Metropolitan University
The focus of this article is on UFS and MILPARK as I have been in discussions with these two institutions and have a clear understanding of the content and procedures. I will investigate the others and their offerings in the near future and include these in a future article.
UFS – RPL to gain entry to Post Graduate Diploma: Financial Planning
Using a Level 5 Qualification – NC Wealth Management
The UFS has a process that will allow highly competent and experienced individuals to complete a RPL (Recognition of Prior Knowledge) assessment and, if successful the learner is given access to the Post Graduate Diploma : Financial Planning. This will compete the education requirements to become a CFP or Certified Financial Planner with the FPI – Financial Planning Institute. They would also need to successfully complete the board examination, meet the ethical requirements and experience requirements of the FPI.
Requirements for access to this RPL process:
- Relevant NQF 5 completed qualification of 120 credits
- Senior Certificate
- At least 5 years relevant experience in a broad range financial services advice
The process for a learner with a relevant level 5 qualification:
- Application – providing all required documents
- Screening by the UFS
- Recommended for RPL
- Case study is completed in work place in strict time frame
- Case study assessed
- Invited to Workshop
- Open Book Knowledge Test
- Guideline for Portfolio of Evidence
- Complete Portfolio and submit
- POE assessed
- If successful in the RPL process direct admission to the POST Graduate Diploma Financial Planning in the next year.
RSC will be providing guidance to all their level 5 Wealth Management learners, when attempting this challenging RPL process. Contact us and we will send you the UFS application pack to start the process.
RSC will provide guidance on eligibility for this process and if, based on your past performance on our programs and current experience have the required knowledge and skills to complete this RPL successfully. We will also help with a skills audit to see if you have any areas that need to be improved before attempting the RPL.
We would also provide guidance on what route to follow if you are not successful with this RPL
There is also more information and the UFS applications that can be down-loaded from our website – www.rscnetwork.co.za
Level 6 Qualification In Financial Services
There are a number of options for further study for the financial adviser at level 6 and these include:
- Advanced Certificate in Financial Planning – MILPARK – 120 credits at NQF 6 for one year
- ND: Financial Markets – FASSET – 240 credits at NQF 6
Advanced Certificate in Financial Planning
This one year certificate program is offered by MILPARK and tuition is by distance learning. The program is made up of the following modules and the learner would need to complete 6 of these modules:
- Business Management for Financial Planners
- Corporate Financial Planning
- Legal Aspects of Financial Planning
- Personal Financial Planning
- Practical Applications for Financial Planners
- Taxation for Financial Planners
- Law
ND: Financial Markets
This unit standard based qualification is quality assured by FASSET and the learner would need to complete 240 credits by distance learning or facilitated workshops. There are very few training provider doing this qualification and RSC is investigating offering it during 2016 once the accreditation process is completed.
The program is made up of the following unit standards and would be ideal for a financial adviser who specialises in investments:
- Client Relationships in FS industry
- Business Ethics
- Ethics in Financial Markets
- Corporate Governance and Compliance
- Rules and Regulations of Financial Markets
- International Financial Markets
- Settlement Process in Financial Markets
- Micro and Macro Economics
- Cause and Effects of Economic Events
- Risk in Financial Markets
- ReportingAccounting and Spread sheets using technology
- Analyse Financial Statements
- Mathematical and Statical calculations
- Computer as a business tool
- Offering advice on deals based on the financial environment and market status
- Recommend and Manage non Discretionary Portfolios
- Analyse and Evaluate Financial Markets
These programs would not provide admission to the post graduate qualification in themselves but you could apply for admission to the MILPARK and UFS Post Graduate qualification through RPL.
MILPARK will allow a learner who completed the Advanced Certificate in Financial Planning to complete a RPL and if successful to be given entrance to their Post Graduate Diploma in Financial Planning.
UFS will also allow a holder of a relevant level 6 to attempt the RPL process. Requirements for access to this RPL process:
Relevant NQF 6 completed qualification of 120 or more credits
Senior Certificate
At least 5 years relevant experience in financial services advice
The process for a learner with a relevant level 6 qualification, is similar to the one above but is a little shorter, the case study in the workplace is not required:
- Application – providing all required documents
- Screening by the UFS
- Recommended for RPL
- Invited to Workshop
- Open Book Knowledge Test
- Guideline for Portfolio of Evidence
- Complete Portfolio and submit
- POE assessed
- If successful in the RPL process direct admission to the POST Graduate Diploma Financial Planning in the next year.
RSC will be providing guidance to all learners attempting this challenging RPL process and you can contact us and we will send you the UFS application pack to start the process.
RSC will provide guidance on eligibility for this process, if existing qualifications are relevant and will provide a pre assessment of your current level of skills, knowledge and experience to ascertain if you have the required levels of skill and knowledge and what areas need to be improved.
There is also more information and the UFS applications that can be down loaded from our website – www.rscnetwork.co.za
Both on these institutions limit the number of learners they will accept each year through this RPL process so it is a real possibility that you may not be successful. If you do not qualify or are unsuccessful in the above RPL you would need to complete a level 7 or an acceptable degree to gain admission to the Post Graduate Diploma. This usually will require a study period of a minimum of 3 to 5 years.
Level 7 Qualification and qualifications that provide entrance to Post Graduate Diploma in Financial Planning
Many qualifications or degrees with honours or a level 7 component may provide access to the Post Graduate qualification but they would need to be relevant and at the required level.
There are however two degrees, that I have investigated, that are focussed on financial planning and would provide access to the POST Graduate Qualification.
UFS
The UFS has a B.Juris – a Law degree with a focus on financial planning that provides distance learning over a 3 year time frame to provide knowledge and skills required by a financial planner and provides entrance to their Post Graduate Diploma: Financial Planning.
You will meed a National Senior Certificate with an AP score of 33 points, 50% or more in English or Afrikaans and 50% or more in Maths or 70% in maths literacy. They do provide a RPL process for learners with experience in the industry and while the Level 5 Wealth Management Qualification will not provide credits, it will be taken into account in this process.
The program would cover the following:
- Economics 1&2
- Financial Planning Law 1,2 & 3
- Financial Practice 1,2 & 3
- Law of persons
- Law of Contract
- Labour Law
- Legal Interpretation
- Insurance Law
- Law of Succession and Estates
- Business Trust Law
- Law of Business Enterprises
- Tax Law
- Law of insolvency and liquidation
- Law of things
- Accounting for Law 1, 2
RSC will be offering workshops to supplement the UFS self study material and help prepare learners for the exams for this qualification. We will also help lay a foundation for completion of the Post Graduate Diploma.
The workshops will provide:
- Guidance on complex concepts of law
- Guidance on the various calculations required and use of a financial calculator
- Templates and formulas for completing various calculations required to provide financial advice.
- Useful financial planning techniques and skills
- Practical application and provide context for the knowledge contained in the workbooks
- Guidance on completion of the assignments, exams and case studies
Visit www.rscnetwork.co.za to find more information on the tuition program offered by RSC and linkages to the UFS website for applications and support.
MILPARK
They offer Bachelor of Commerce with major in financial planning – 370 credits Level 7.
You will need a Senior Certificate with English and Maths, with a sore of 24 using the MILPARK scoring system. They will also allow learners with out Math to start the program under certain circumstances and they must complete Business Math in the first semester. They also offer a RPL entrance for a small number of learners each year.
Their Level 6 certificate is not a requirements for this degree and learners intending to do the degree and then complete the Post Graduate Program should enrol for the degree and bypass the level 6 certificate.
The generic business subjects are provided through distance learning and facilitated learning in Gauteng but the financial planning subjects are only available through distance learning.
The areas covered include:
- Economics
- Accounting
- Business Management
- Risk Planning
- Investment Planning
- Advanced Investment Planning
- Retirement Planning
- Legal Aspects of Financial Planning
- Marketing Management
- Corporate Financial Planning
- Estate Planning
- Taxation
- Case Study
RSC will be offering workshops to supplement the MILPARK self study material and help prepare learners for the exams for this qualification and to help you lay a foundation for completion of the Post Graduate Diploma.
The workshops will provide:
Guidance on complex concepts of law
Guidance on the various calculations required and use of a financial calculator
Templates and formulas for completing various calculations required to provide financial advice.
Useful financial planning techniques and skills
Practical application and provide context for the knowledge contained in the workbooks
Guidance on completion of the assignments, exams and case studies
Level 8 Post Graduate Qualifications
To become a CFP you would require a post graduate qualification in financial planning and both of these institutions offer distance learning tuition for this qualification.
Entrance requirements for this qualification are:
- an applicable bachelor’s degree, or
- an applicable advanced diploma, or
- an applicable qualification at NQF 7 with a minus of 120 credits
- a small number of learners will be allowed entrance t the RPL process discussed earlier.hrough
This qualification is designed to provide the planner with in-depth skills and knowledge required by the “General Practitioner” Financial Planner and is made up of 4 modules which can be completed in one year. These are:
- Personal Financial Planning
- Investment Planning
- Estate Planning
- Retirement Planning
- Risk Management
- Corporate Financial Planning
- Business Entities
- Business Insurance
- Health Benefits
- Employee benefits
- Financial Statements and Ratios
- Legislation and Regulations
- Learners who completed the B.Juris would not need to complete this module
- Integrated case study and a Board Exam set by FPI
For those of you, who qualify for entry to the Post Graduate Diploma: Financial Planning due to existing qualification – NQF level 7, relevant B Degree or having completed the UFS RPL process we will be offering workshops to supplement the UFS self study material and help prepare learners for the exams for this qualification and the PCE( board exam) to help you achieve CFP status with the FPI.
The RSC workshops will provide:
- Guidance on complex concepts of law
- Guidance on the various calculations required and use of a financial calculator
- Templates and formulas for completing various calculations required to provide financial advice.
- Useful financial planning techniques and skills
- Practical application and provide context for the knowledge contained in the workbooks
- Guidance on completion of the assignments, exams and case studies
The program will be structured as follows:
Day | Unit | Description | Training Methodology | |
LFPE 5800 | Financial Planning Environment | |||
1 | 1 | Principles of Financial Planning | Provide overview of program and study technique | |
2 | Legal Framework* | |||
3 | Compliance* | |||
4 | Personal Financial Management* | |||
2 | 5 | Time Value of Money | Exercises and Practice calculations | |
3 | 6 | Tax planning | Exercises | |
7 | Behavioral finance* | |||
8 | Economics* | |||
9 | Legislation Summary* | |||
LFPP 5800 | Personal Financial Planning | |||
4 | 1 | Investment Planning | Exercises and practice | |
5 | 2 | Retirement Planning | Exercises and practice | |
6, 7 | 3 | Estate Planning 1 | Exercises and practice calculations | |
Estate Planning 2 | ||||
4 | Long term Insurance* | |||
LFPC 5800 | Corporate Financial Planning | |||
8, 9 | 1 | Employee Benefits | Exercises and practice | |
2 | Business Insurance | Exercises and practice | ||
3 | Business Entities* | |||
5 | Health Care | |||
10 | 4 | Financial Statement and Ratios
|
Exercises and practice calculations | |
LFPS 5800 | Case studies
|
|||
11, 12. | 1 | Establish Relationships and Professional Framework | Case studies | |
2 | Data* | |||
3 | Attitude goals and Objectives* | |||
4 | Issues and Problems* | |||
5 | Analysis | |||
6 | Strategies | |||
7 | Synthesis and Recommendations | |||
8 | Implementation* | |||
9 | Periodic Review* | |||
10 | Legal and Professional Compliance* | |||
· Self Study and reading |