deakin.edu.au/financial-planning

Your questions answered, Financial Planning

Melbourne Burwood Campus

Cloud Campus

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Frequently asked questionsAs a leading provider of financial planning education, Deakin University is committed to supporting your transition back into study and helping you navigate the new education requirements of the Financial Adviser Standards and Ethics Authority (FASEA). 

FASEA requirements

FASEA requires that all advisers will need to have completed a bachelor or higher degree by January 2024. While the extent of the study required will depend upon qualifications held and recognition of prior learning (RPL), as a minimum all existing advisers will need to complete further studies in Ethics.

All advisers will also be required to pass a national examination by 1 January 2021.

What are the different FASEA education pathways?If you are an existing adviser who has completed a FASEA-approved degree you will only need to study one unit, which is Ethics for Financial Services (the Deakin unit equivalent to a FASEA-approved bridging course).

If you are an existing adviser who has completed a relevant degree you will need to study a maximum of four units either as single enrolments or as a Graduate Certificate of Financial Planning.

Existing advisers with a non-relevant degree will need to study a maximum of seven units as part of a Graduate Diploma of Financial Planning.

Existing advisers with no degree may need to complete eight units from a FASEA-approved qualification.

Each education pathway is discussed throughout the remainder of this document including the potential for any reduction on the maximum number of units required based on RPL.

What is an approved degree?An approved degree is a degree qualification (undergraduate or postgraduate in financial planning) that has been accredited by FASEA. The current list of approved degrees can be accessed from the following link: fasea.gov.au/approved-programs-and-courses-list/.

What is a relevant degree?FASEA has not listed any degrees as being relevant degrees. Instead it defines a relevant degree as a completed bachelor, graduate diploma, or masters qualification in a related field of study which contains at least eight units in one or more of the designated fields of study in any combination:

• financial planning (includes financial advice areas of superannuation, retirement, insurance, estate planning)

• investments (includes all types of investments (e.g. shares, derivatives, foreign exchange, options etc.)

• accounting• taxation/tax law (as defined by the Tax Practitioners Board (TPB))• finance law • finance• business law (as defined by the TPB)• estate law• banking • economics.

What if you are an existing adviser who has completed a ‘relevant’ degree (in accounting, taxation law, finance, business law, investment, estate law, banking or economics)? You will need to study a maximum of four units consisting of three single enrolments and a capstone unit (these Deakin units are equivalent to FASEA-approved bridging courses). If you have completed an Advanced Diploma of Financial Planning, a Diploma of Financial Planning 1–8 awarded by the FPA, or coursework for professional designation approved by FASEA, you may be eligible to reduce this requirement through recognition of prior learning (RPL). This will result in you only needing to complete one Deakin unit, Ethics for Financial Services (the Deakin unit equivalent to a FASEA-approved bridging course).

It is possible to complete the four required units of study via Deakin’s postgraduate financial planning courses including the Graduate Certificate of Financial Planning and the Master of Business Administration (MBA) with a four-unit specialisation in financial planning.

What if you are an existing adviser who has completed a ‘non-relevant’ degree?You will need to study seven units from a FASEA-approved Graduate Diploma in Financial Planning (this will include three Deakin units equivalent to FASEA-approved bridging courses). This seven-unit requirement can be reduced through RPL with an Advanced Diploma of Financial Planning, coursework for professional designation, and/or completion of between four and seven units in fields from a relevant degree.

What if you are an existing adviser with no degree?You will need to study eight units from a FASEA-approved Graduate Diploma in Financial Planning including three Deakin units equivalent to the FASEA-approved bridging courses.

Is there an easier way to determine what study I need to undertake?The easiest way to determine the study you require to fulfil the FASEA requirements it to use our bespoke advisor education pathway tool. It’s easy-to-use, and will provide you with personalised results depending on your educational and professional experience, with links to the relevant Deakin units or courses. Deakin also has specialist student advisers who are able to help plan a course of study that will meet both FASEA’s education requirements as well as your career aspirations and education needs. Please refer to the back page of this document for the relevant contact details.

On pages 5 and 6, there is also a table providing general guidance on eligibility for credits and the number of units required to satisfy FASEA requirements based on the type of qualification you hold.

When do I need to complete my FASEA-approved degree?Your education pathway will need to be completed no later than 1 January 2024.

I have an Advanced Diploma of Financial Planning, with no degree and have less than three years in the industry. Can I enter directly into the Graduate Diploma of Financial Planning?If you do not have a degree, but have at least three years’ relevant professional work experience that demonstrates comprehensive knowledge in a financial planning environment, you can apply for entry into the Graduate Diploma of Financial Planning. If you do not have the relevant work experience you can complete the Bachelor of Commerce majoring in Financial Planning.

Advisers who have completed an Advanced Diploma of Financial Planning/Services (including the historical eight-unit Diploma of Financial Planning – “DFP 1–8” awarded by the Financial Planning Association), will be eligible to receive up to two credits within Deakin’s Graduate Diploma of Financial Planning and Master of Financial Planning.

Will undertaking these study options count toward Continuing Professional Development (CPD) and if so how much will one unit be worth?Formal study can count for up to 30 hours (of the 40 hours required) per annum as per FASEA’s standard on CPD. Please note that you will need to ensure that you satisfy the minimum amount of hours for each CPD category.

Can I complete the FASEA bridging courses without completing a formal qualification?Yes. Deakin offers three units that are equivalent to the FASEA bridging courses and are compliant with the new requirements. You have the option to take these units as stand-alone, non-award units via online, non-award units via online delivery, allowing you to study these units in your own time from anywhere in the world.

Can I complete the three units as part of a formal qualification?Yes. You can complete the three units as part of a formal qualification within any of our postgraduate courses – Graduate Certificate of Financial Planning, Graduate Diploma of Financial Planning, or Master of Financial Planning. If you’re looking for a broader qualification, we also offer a Master of Business Administration (MBA) with a four-unit specialisation in financial planning.

Do I still need to complete the national examination if I complete university studies?Yes. Under the new professional, ethical and education standards all advisers will need to pass the national examination (by 1 January 2021). You will also need to comply with a code of ethics and be covered by a compliance scheme that monitors and enforces compliance with the code of ethics (from 1 January 2020), meet annual CPD requirements (since 1 January 2019), and have a relevant bachelor or higher degree or equivalent qualification (by 1 January 2024). New entrants will also need to complete a professional year of work and training (since 1 January 2019).

Is Deakin offering support workshops to assist advisers with the national examination?Deakin intend on providing adviser exam preparation workshops from early 2020. These will provide you with support and advice on how best to prepare for the exam, including practice questions. There will be more information on workshops in the second half of 2019.

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Recognition of prior learning (RPL)

How do I find information on Deakin credits?If you are enrolling in the Graduate Diploma of Financial Planning, FASEA has established a limited but prescriptive list of RPL criteria. Existing advisers may be eligible for a maximum of two credits RPL, for each of the following:

• completion of an Advanced Diploma of Financial Planning/Services, or equivalent approved by FASEA

• completion of education undertaken in the process of attaining an approved professional designation

• completion of between four and seven units in a completed qualification as defined in the related degree definition (please see website for more detail: fasea.gov.au/education-requirements).

Deakin will grant RPL for Advanced Diploma of Financial Planning/Services as well as approved coursework for professional designations in-line with FASEA’s education policies.

While we are able to provide an informal indication of credit entitlements (upon email request), to obtain official approval you will need to submit an online RPL application form at the same time as your course application. If admission into Deakin is offered, credits will be confirmed with your offer or as soon as possible after an offer has been made. You can then decide whether to accept the offer or not. There are no costs involved in applying or seeking a formal credit assessment. For more information visit deakin.edu.au/how-to-apply and deakin.edu.au/rpl.

I have completed a Certificate of Financial Planning or a Fellow Chartered Financial Practitioner professional designation.  Will Deakin provide credit for professional designations?Once a professional designation is approved by FASEA, you may be eligible for up to two credits in our Graduate Diploma of Financial Planning and up to four credits in our Master of Financial Planning.

What if I completed my qualifications more than 10 years ago?FASEA has not placed a time limit on qualifications completed. Deakin will grant RPL for Advanced Diploma of Financial Planning/Services as well as approved coursework for professional designations, regardless of age, in-line with FASEA’s Education Policies.

General course information

What course do I complete if I don’t have a degree, but work in the financial planning industry?If you do not have a degree, but have at least three years’ of relevant professional work experience that demonstrates comprehensive knowledge in a financial planning environment, you can apply directly for postgraduate courses such as the Graduate Diploma of

Financial Planning. If you do not have the relevant work experience, you can either wait until you reach three years or you can enrol into the undergraduate Bachelor of Commerce (majoring in Financial Planning).

Is Deakin’s Graduate Diploma of Financial Planning approved by FASEA?While Deakin’s Graduate Diploma of Financial Planning has been accredited and approved by the Financial Planning Education Council, FASEA has yet to assess this qualification at any institution. With our Graduate Diploma containing the same units as those within our FASEA-approved Master of Financial Planning, we anticipate Deakin’s Graduate Diploma of Financial Planning will soon be approved.

What payment assistance is available for my course?Payment assistance is available for postgraduate award courses through FEE-HELP for domestic students. You can find more information at deakin.edu.au/payment-assistance.

Please note that FEE-HELP is not available for units taken as a single enrolment, rather than as part of a course such as a Graduate Certificate.

What is the cost of a unit?The 2019 cost for a unit in our postgraduate financial planning courses (Graduate Certificate, Graduate Diploma and Master of Financial Planning) is $3,250. FEE-HELP for domestic students is available. The cost of the non-award units (i.e. single enrolments) has not yet been finalised. This cost may be reduced if you are part of a large dealer group or professional association that has a formal agreement with Deakin. For more information on costs, please see deakin.edu.au/fees.

Can I go from a Diploma of Financial Planning straight into the Graduate Diploma of Financial Planning without an Advanced Diploma of Financial Planning?Yes. Existing advisers with at least three years’ of relevant work experience in the financial services sector are able to enter directly into the Graduate Diploma of Financial Planning without any prior qualifications.

If you’ve completed an Advanced Diploma of Financial Planning/Services (including the DFP 1-8 awarded by the Financial Planning Association), you will be eligible to receive up to two credits within Deakin’s Graduate Diploma of Financial Planning and Master of Financial Planning. For more information about entry information visit deakin.edu.au/financial-planning.

Is Deakin’s MBA (specialising in financial planning) an approved degree?No. Deakin’s MBA with a four-unit specialisation in financial planning has been designed to meet FASEA requirements for existing advisers who only have to complete four or less units of study (including three units equivalent to FASEA-approved bridging courses) but are looking for a broader qualification. A Graduate Certificate of Financial Planning is another option for this cohort of advisers. To complete more than four units, you will need to enrol into either a Graduate Diploma or a Master of Financial Planning.

Can I transfer to a Master of Financial Planning after completing a Graduate Diploma of Financial Planning?Yes. After completing the Graduate Diploma of Financial Planning, you can articulate (transfer) into the Master of Financial Planning with full credits.I don’t have a degree but I do have the basic RG146. Can I do the financial planning specialisation in Deakin’s MBA?

No. If you do not have a degree, Advanced Diploma of Financial Planning, or a professional designation, FASEA requires you to complete eight units comprising the Graduate Diploma of Financial Planning. As mentioned above, Deakin’s MBA only has provision to allow you to complete a four-unit specialisation in financial planning, which won’t be sufficient to meet FASEA requirements. However if you only have between one and four financial planning units to complete (for example, if you have an approved or relevant degree) then the financial planning specialisation within the MBA is an attractive option.

Where can I complete my studies?All units are available online via our award-winning Cloud Campus. This provides you with the flexibility to study what, when, and how you want, so you can fit your studies into your busy lifestyle. Units are also offered face-to-face at our Melbourne Burwood Campus. Deakin is exploring the option of offering units via an intensive/residential mode from 2020, which will allow you to complete one unit over four consecutive days via face-to-face seminars. We will let you know when these classes are confirmed and available.

How many offerings do you have each year?Three. Deakin operates a trimester study schedule which means Trimester 1 runs from March to June, Trimester 2 from July to October, and Trimester 3 from November to February.

How many units should I do at a time?If you are currently working full time we recommend taking only one unit per trimester until you are comfortable with a larger study load.

Other issues to consider

Why should I choose Deakin over other education providers?With an excellent reputation in financial planning education for more than 28 years studying at Deakin offers a whole host of benefits:

• We offer a full complement of financial planning courses at both undergraduate and postgraduate level. We also offer the three units as stand-alone non-award enrolments.

• All of our full time financial planning staff are either current or former advisers who understand the pressures of the profession.

• We offer online delivery for all units, which offers you the ultimate study flexibility.

• We offer complimentary mapping and RPL service.• We are ranked in the top 1% of universities worldwide

(ShanghaiRankings Academic Ranking of World Universities) and

in the Top 50 young universities in the world (QS and Times Higher Education top young universities).

• We are rated five stars for our world-class facilities, teaching and research (QS Stars University Ratings).

• Deakin Business School (DBS) is accredited by AACSB International, the longest serving global accrediting body for business schools in the world. Only 5% of business programs worldwide are AACSB accredited and DBS is one of only three in Victoria, Australia.

• You will graduate with a tertiary qualification from a university that is respected and widely recognised by the community.

• Each unit has a dedicated, allocated academic who is available to answer your queries and support your studies.

• Deakin has been recognised as the top-rated university in Australia for digital innovation (2017 Digital Edge 50) for eight consecutive years. We also achieved the highest level of overall student satisfaction amongst Victorian universities (AGS 2010–2015, GOS – QILT 2016–17).

Does Deakin enter into partnerships with licensees (B2B) and what are the benefits?Deakin offers a wide range of education services designed to meet the various regulatory requirements of FASEA. We are happy to discuss establishing B2B partnerships with licensees and other organisations that provide significant benefits in the form of course discounts and rebates, support services and a personalised student experience. Forming a partnership with Deakin will provide your organisation and advisers with access to a comprehensive range of education services including:

• a full complement of education courses that satisfy FASEA’s education requirements

• the ability to complete units as part as part of a qualification or as separate non-award single enrolments

• free credit assessments and mapping• study support and practice questions for the national examination• access to our top students as interns and/or work-ready graduates.To arrange a discussion about entering into a B2B partnership with Deakin, please contact bl-partnerships@deakin.edu.au.

What is the advantage of commencing my degree sooner rather than later? Commencing as soon as possible will allow you to pace your studies over an extended time and not risk meeting the cut-off date without meeting the new education requirements. An earlier commencement is particularly important if you need to undertake six–eight units of the Graduate Diploma of Financial Planning to ensure your studies are well completed before 31 December 2023.

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FASEA education pathways for existing advisers to satisfy minimum education requirements

Qualification Description Other studies completed

Credits granted into Graduate Diploma of Financial Planning

Education pathway options

Number of units to be completed

Approved degree

An approved degree is a degree qualification (a bachelor or masters degree in financial planning) that has been accredited by FASEA. The current list of approved degrees can be accessed at fasea.gov.au/education-requirements.

N/A N/A Complete one unitOne unit – Ethics for Financial Services

Relevant degree

FASEA has not listed any degrees as being relevant degrees. Instead they define a relevant degree as a completed AQF7, AQF8 (Graduate Diploma) or AQF9 qualification in a related field of study that contains at least eight units in one or more of the designated fields of study in any combination:

• financial planning (includes financial advice areas of superannuation, retirement, insurance, estate planning)

• investments (includes all types of investments (e.g. shares, derivatives, foreign exchange, options etc.)

• accounting• taxation/tax law (as defined

by the Tax Practitioners Board (TPB))

• finance law• finance• business law (as defined by

the TPB)• estate law• banking• economics.

None Four credits

Complete four units as either single enrolments or enrol in the Graduate Certificate of Financial Planning (GCFP) or Graduate Diploma of Financial Planning (GDFP)

Four units including a capstone unit

One or more of the following:

• Advanced Diploma of Financial Planning / Diploma of Financial Planning 1–8

• Coursework for professional designation approved by FASEA

Seven credits Complete one unitOne unit – Ethics for Financial Services

Qualification Description Other studies completed

Credits granted into Graduate Diploma of Financial Planning

Education pathway options

Number of units to be completed

Non-relevant Degree

Any degree completed at AQF 7 or above in a non-relevant field of study (i.e. discipline not included in relevant degree category as outlined above).

None One credit

Enrol in the Graduate Diploma of Financial Planning (GDFP)

Seven units of a GDFP including three Deakin units equivalent to FASEA-approved bridging courses.

Studies approved for credit:

• Advanced Diploma of Financial Planning / Diploma of Financial Planning 1–8• Coursework for professional designation approved by FASEA• Four to seven units in relevant fields

One of above Three credits

Enrol in the Graduate Diploma of Financial Planning (GDFP)

Five units of a GDFP including three Deakin units equivalent to FASEA-approved bridging courses, a capstone unit, plus any other unit.

Two of above Five credits

Complete three units as either single enrolments or enrol into a GCFP or GDFP

Three Deakin units equivalent to FASEA-approved bridging courses. Other units may be required if enrolling into a course

All three of above Seven credits Complete one unitOne unit – Ethics for Financial Services

No degreeNo formal degree qualification.

None Zero credits

Enrol in the Graduate Diploma of Financial Planning (GDFP)

All eight units of a GDFP

Studies approved for credit:

• Advanced Diploma of Financial Planning / Diploma of Financial Planning 1–8• Coursework for professional designation approved by FASEA• Four–seven units in relevant fields

One of above Two credits

Enrol in the Graduate Diploma of Financial Planning (GDFP)

Six units of a GDFP including three Deakin units equivalent to FASEA-approved bridging courses.

Two of above Maximum four credits

Enrol in the Graduate Diploma of Financial Planning (GDFP)

Four units of a GDFP including three Deakin units equivalent to FASEA-approved bridging courses.

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Published by Deakin University in March 2019. While the information published in this guide was accurate at the time of publication, Deakin University reserves the right to alter, amend or delete details of course offerings and other information published here. For the most up-to-date course information please view our website at deakin.edu.au.