UTS offers new Master of Financial Planning
With the financial planning industry facing significant change in the wake of financial advice reforms and the banking royal commission, UTS Business School has announced it will introduce a new Master of Financial Planning in 2019.
The degree will be open to both new entrants to the industry and existing financial planners seeking to update their qualifications, following the introduction of the new Financial Adviser Standards and Ethics Authority (FASEA) certification standards.
Our new Master of Financial Planning is designed to meet the current FPEC certification requirements. We expect full certification to be attained before the program begins running in 2019. We are committed to attain FASEA accreditation once they are released.
“The financial planning industry is facing significant changes both with the introduction of the new qualification standards and recommendations from the Banking Royal Commission – the combination of these two will reshape the industry,” said Associate Professor Navone.
“We will likely see a shift towards more independent planners. To cater for this our new program will provide training in how to run a financial planning business, as well as advanced interpersonal communication skills and professional ethics,” he said.
Another area in high demand is specialised knowledge around aged care and retirement planning. This will be offered as an advanced course in the new Master’s program, together with a capstone unit that integrates skills learnt across all subject areas.
There are more than 25,000 individuals currently licensed by ASIC who have until 2024 to meet the new FASEA requirements, and new entrants to the financial planning industry will now have a clear academic path to follow.
The UTS Master of Financial Planning was developed following extensive consultation with industry, and is structured to enable students to combine full-time work and study. Every subject will be delivered in block mode over two non-consecutive weekends, consolidated by an additional online component.
“The opportunity for classroom interaction with a group of highly motivated and engaged peers is an important component. It allows students to blend theory and practice by workshopping financial planning case studies and examples,” says Associate Professor Navone.
“Our research showed that many people move into financial planning as a second career, having previously worked in banking and finance in areas such as portfolio management. The flexible structure ensures they can complete the degree while still working full-time,” he says.
Entry to the Master of Financial Planning is available in both Autumn or Spring sessions in 2019 and a Graduate Certificate in Financial Planning and a Graduate Diploma in Financial Planning will also be available.